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F L :'�.�t 100883 UVtfORtMCCtvE%ANTS. BortvwerandLmderco� •ettantandazreeasitrl3�w, 1. Payment of Princ*el aced Interest: Prepitivinet t and Late Charges. Borrower shall promptly pay when due the principal ofand interest on the debt evidenced by the Note and arty prepayment and late charges due under the Vote. 2. Rids farTattes mil Insurance. Subject to applicable law or toil written waiver by Lender. Borrower shall pay to Lender ort the day monthly payments arc due under the dote. until the dote is paid in full. a sum ("Funds.") equal to one- twelfth of: (a) yearly tars and assessments which may attain priorit% aver this Security Instrument: (b) yearly leasehold payyments or ground rents on the Property, if any: icl yearly hazard insurance premiums: and td) yearly mortgage insurance premiums, if any. These items are called "escrow items." Lander may estimate the Funds due on the basis of camstt data and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if fender is such an institution). Lender shall apply the Funds to pay the escrow items. Lander may not charge for holding and applying the Funds. analyzing the account or verifying the escrow items, unless Lender pays Borrower interest cm the Funds and applicable law' permits Lender to make such a charge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, Leader shall not he required to pay Borrower any interest or carmligs on the Funds. Lender shad give to Borrower, without charge, an annual accounting of the Fund. ;hawing credits and debits to the Funds and the purpose for which each dthit to the Funds was made. The Fund:. 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 the escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be, at Borrower's option, either 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 io 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 Lende. ender paragraphs I and 2 shall be applied: first, to late charges due under the Note; second. to prepayment charges due urger the Note; third, to amounts payable under paragraph 2; fourth. to interest due: and last, to principal due. g. Charges: Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable t0 the Property which may attain priority . over this Security Instrument, and leasehold payments or gi-OUM os. if any. Borrower shall pay these obligations in the manner provided in paragraph 2. or if not paid to that mannc. 7 ower shad': pay than on time directly to the person owed payment. Borrower shall promptly furnish io Lander all nct,: _> ,)f amounts to be paid under this paragraph. If Borrower snakes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Insirument unless Borrower ;a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable w 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 pan 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 any part of the Property 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 of the actions set forth abtn e within 10 days oft he giving of notice. 5. Hazard insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for 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 Borrower subject to Lender's approval which shall not he unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to 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 of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged. if the restoration or repair is economically feasible and Lender's securin is not lessened. If the restoration or repair is not economically feasible or Lenders security would be lessened, the insurance proceeds shall be applied to the sums secured by this 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 earner has offered to settle a claim, then Lender may collect the insurance proceeds Lender may use the proceeds io repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 10 av period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal &hail not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and or change the amount of the payments. If under paragraph 19 the Property is acquired by Lender. Borrower'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. Preservation and Maintenance of ProperW-, Leaseholds. Borrower shall not destroy. damage or substantially change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a icasehold. Borrower"] comply with the provisions of the lease. and if Borrower acquires fee title to the Property, the leasehold and fee title shah not merge unless Lender agrees to the merger in writing. 7. Protection of Leader's Rights is the Property; Mortgage Insurance. if Borrower fails to perform the covenants and agreements contained in this Security Instrument. or there is a legal proceeding that may significantly affect Leridef s tights in the Property (such as a proceeding in bankruptcy, probate. for condemnanon or to enforce Saws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a hen which has priority o%er''his Security Instrument, appearing in court. paying reasonable attorneys' fees and entering on the Property to make repairs Although Lender may take action under this paragraph, Lender does not have to do so Any amounts disbursed by Lender under this paragraph' shall become additional deht of BorroK er secured by this Securty Instrument. Unless Borrower and Lender agree mother terms of payment. these amounts shall hear interest from the date of disbursement at the Note rate and shall he payable. with interest. upon rint:ce nom L ender to Borrower requesting payment. I