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. 88- ~06984 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment or PrIncipal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds ror Tn.. and Insurance. Subject to applicable law or to a written waiver by Lender, Borrowershall pay to Lender on Ihe day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds'") equal to one-twelfth of: (a) yearly taxes and assessments which may attain priority over this Securit:; Instrument; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard insur""ce premiums; and (d) yearly mortgage insurance premiums, if any. These items are caUed "escrow items:' Lender may estimate the Funds due on the basis of current data and reasonable estimates of future escrow items. The Funds shall be beld in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an instilUtion). Lender shall apply the Funds to pay the escrow items. lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and lender may agree in writing that interest shaD he paid on the Funds. Unless an agreement is made or applicable law requires interest to be .paid, Lender sball not be required to pay Borrower any interest or earnings nn the Funds. Lender shall give to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Security Instrument. If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to the due dates of tbe escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's option. eitber promptly repaid to 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 the 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 to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by this Security Instrument. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraphs I and 2 shall be applied: first. to late charges due under the Note; second, to prepayment charges due under the Note; third, to amounts payable under paragraph 2; fourtb. to interest due; and last. to principal due. 4. Chargesj Liens. Borrower shall pay all taxes, assessments, charges. fines and impositions attributable to the Property which may auain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shan 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 payments. Borrower !thaIl prumptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property: or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that an)' part of the Property is subjL'Ct to a lien which may attain priority over this Security Instrument. Lender may give Borrower a notice idcntifying the lien. Borrower shall satisfy the licn or takc one or morc of the actlons set forth above within 10 days of the giving of notice. S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured ngainstlo~s by fire, hazards included within the tenn "cxtended covernge" and ::my other hazards for which Lender requires insuram:c. lltis insurance shall be maintained in the amounts and for the periods thllt Lender requires. The insurance carner providing I he insurance shall be chosen by Ilorrowcr subject to Lender's approval which shan not be unreasonably withheld. All insurance po1icie~ and renewals shall be acceptable to Lender and shall indude a standard mortgage clause. Lender shall have the rigl1t to hold the policies and renewals. If Lender require.. Borrower shaH promptly give to lender all receipts of paid premiums and rc:newal notices. In the event of los~. Borrower shall give:' prompt notice to the insurance carrier and Lender. Lender may make proof of loss Ifnot made promptly by Borrower. Unless Lender ~md Borrower otherWise agree 10 wnting. insurance proceeds shall be applied to restoration or repL.ir of the Property damaged, if the restoration or repair IS L'ConomicaJly feasible and Lender's secunt).' IS not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened. the insurance proceeds shall be applied to the sums secured by (hls Security Instrument. whether or not then due, with any execs.' paid 10 Borrower. If Borrower abandons the I)roperty. or does not answer within 30 days a notice from Lender that the 1I1~urance carrier has offered to settle a claim. then Lender may collect the in!turance proceeds. Lender may use the proceed!t to repair or restore the Propert)' or to pay sums secured by this Security Instrument, whether or not then due. The 30.day period will begin when the notice is given. LJlless Lender and Borrower otherwise agree 111 writing, any application of proceeds to prindpal shall nOl extend or postpone the due date of the mOll1hly payments referred to in paragraphs \ and 2 or ~hange the amount of Ihe payment!'!. If under paragraph 1 q the Property is acquired by Lender, Borrowcr's right to any 1I1surance policies and proceed!'! resulting from damage to thc Property prior 10 the acquisition shall pass to lender to the extent of the sums ~ecured by thl" Secun(y Instrument immediately pnor to the acquisit: In. 6. Preservotion ond !\laintenancc of Property; Leaseholds. Borrower shall nol deslroy, damage or subslanllUlly change the Property. allow the Propeny to deteriorate or commit waste. If th1s Security Instrument is on a leasehold. Borrower shall comply with the provision~ of the lease, and if Borrower acquires fee title to Ihe Property. Ihe ler!sehold and ree utic shall not merge unless lender agrees to the merger in writing. 7. Protection of Lender's Rights in the Property; \tortgn~c Insurance. If Rnrrnwer falls to perform the covenants and agreements contained in thi~ Security Instrumenl. or there i:-. a legal proceeliing that may "olgOlfic.Jlltly affect Lender's rights in the Property (such a~ a proceeding 111 bankruptcy. prubalc, for condemnation or tn enforce laws or regulations), then lender may do and pay for whatever is necessary to protecl Ihe \'alue of Ihe Pn~reflY and Lender's rights In Ihe ProperlY. lcnder'~ aclions may include paying any ~ums secured by a lien \\o.hil'h htl~ prlllrlly over thiS Secunl~' Instrumenl. appearing in court, paying rCa!>onable allorneys' ft'es and e1Henng on the Prnprrty 10 tlwke rcpmrs. Although Lender may take acllml under Ilw. paragraph 7. Lender does not 113\11." 10 do so Any amnunls disbur!\cd by Lender under Ihl!. paragraph 7 shull become addlllonal dehl of Borrower ..t"cured by lhls Secunty In..trulTIcnl. Unh:ss Borrower and Lender agree 10 other tern1S of puymenl. thl'''C UT1HHlIll'o shall bear lIlh..rt.-s1 from the dale (If dl'ohur..emenl ill thc Note rilte and \hall be payable. with lmere's!. lIPUf) Iltllll"C fn'Dl Lcnder III Btlrf{l\\,C'r rC4ucsl1t1g paymrnl