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88- 106649 UNIFORM COVENANTS Borrower and Lender covenant and agree us rollows: I. Paymtnl or Principal and l.t....l; Pr<P1ymtnl and l.ate Charges. Borrower shall promptly PRY when due the principal DrUId interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 1. fundi for Tuesaad Insurance. Subjecl10 applicable law or 10 D wrincn waiver by Lender, Borrower shall PBY to Lender on the day monthly payments an: due under the Note, u"tilthe Note Ir- paid in full, It sum ("Funds") equal to onc--twctnh or: (.) yearly .."cs and assessments which may auain priority over this Security Instrumenlj (b) yearly I....hold payment' or ground rents on Ihe Properly. ir any; (c) yearly hazard insurance premiums; and (d) yearly monpae insurance premiums. irany. These items are called "escrow ittms." Lender may estimate the Funds due on the basis ofcurrcnl data and reasonable eslimtltes affuture escrow items. The Funds shall be held in an institution the deposiu or accounts of which are insured or guaranteed by a rederal or stale .....cy (including Lender if Lender is such an institution). Lender shall apply the Funds to psy the escrow items. Lender may not charse ror holding and applying Ihe Funds, analyzing the account ur yerirying the escrow items, unless Lender pays Borrower interest on the Funcb and spplicablc law pennits Lender to make such a charge. Borrower and Lender may agree in writing Ihat interest shall be paid on the Funds. Unless an agreement is made or appUcahle law requires interest to be paid, Lender shall not be required 10 pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without chargc,11I1 annual accounting oftl.lc Funds showing credits and debits to the Funds 8"ld the purpose for which each debit to the Funds W8.!i made. The Funds arc p(edgcd as additional security for the sums secured by this Stcurity Instrument. If the amount orthe Funds held hy Lender, together with the ruture monlhly paymenu of Funds payable prior lu the due datCi of the escrow items, shall exceed the amount required to pay the escrow hems when duct the excess shall be, at Borrower's option. either promptly repaid 10 Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up tbe deficiency in one or more payments as required by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund 10 Borrower any Funds held hy Lender. !funder paragraph 19 the Property is sold or acquired by Lender. Lendershall apply, no later than immediately prior 10 the sale of the ProperlY or its acquisition by Lender, any Funds held by Lender at the time or application as a credit Bgainst the sums secured by this Security Instrument. 3. AppUcall.. Dr Pay..tnll. Unless appUcable law pmyides otherwise, all payments received by Lender under paragraphs I and 2 shall be applied: first. to late charges due under the Note; secuud, 10 prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. CIIartta; lie... Borrower shall pay all taxes, assessmenU. charges, fines and impositions allributable to the Property whicb may attain priority. over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obUgations in the manner provided in paragraph 2, or ifnot paid in Ihat manner, Borrower shall pay them on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts 10 be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the paymen'ts. Borrower shall promptly discharge any lien which has priority oyer this Security Instrumenl unless Borrower. (a) agrees in writing 10 the paymenl orthe obUgation secured by the lien in a manner acceptable to Lender; (b) contests in good faith tbe lien by, or defends against enforcement of the lien in, legal proceedings wbich in the Lender's opinion operate to prevent the enforcement or the lien or forfeiture or any pari or the Properly; or (c) secures from the holder of the lien an agn:cment salist'actury to Lender subordinating the lien to this Security Instrument. IrLender detennines that any part or tbe Propeny is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more oftbe actions set forth above within 10 days of the giving or notice. 5. Huard Insu.ruee. Borrower shan keep the improvcments now existing or hereafter erected on the Property insured againstlnss by fi.... hazards included wilhin the Ienn .'extended coyerage" and any other hazards ror which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Bonower subject to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall ioclude a standard morlgage clause. Lender shall baye the right 10 hold the poUcies and renewals. If Lender requires, Borrower shall promptly giyeto Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof ofloss ifnot made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied 10 restoration nr repair or the ProperlY damaged. if the restoration or repair is economically feasible and Lender's security is notlcsscned. If the reslOration or repair is not economically feasihle or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by tbis Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property. or does not answer within 30 days a notice from Lender that the insurance carrier has olrered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Properly or to pay suma secured by this Security Instrument, whether or not then due. The 3Q-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing. any application of proceeds to principal shall not extend or postpone the due date of the monthly paymenU referred to in paragraphs I and 2 or change the amount of the payments. !f under paragrapb 19lhe Property is acquired by Lender, Borrowcr's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 6. ~Il.. and Malntenanee or ProperJi'; Leuebolda. Borrower shall not destroy, damage or substantially change the Propeny, allow the Propeny to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions oftbe lease. and if Borrower acquires fee titJe to the Property. the leasehold and fee tille ahall not merge unless Lender agrees to the mUICf in writing. 7. PrcrtecIl.. or Lender', R1gbta in the Property; MOrl_ I..uranee. Ir Borrower fails 10 perfonn lhe covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender', rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations). then Lender may do and pay for whatever is necessary to protect the value of the Propeny Bnd Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Inslruman, appearing in court, paying reasonable atlomcys' fees and enlering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph' shall become additional debt of Borrower secured by Ihis Security Instrument. Unless Borrower and Lender agree to other tenns of payment. these amounts shall bear interest from the date of dilbunement al the Note rale and shall be payable. with mterest, upon notice from Lender 10 Borrower reqUC5tinl payment.