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86- 105068 LNIFORM COVENANTS Borrower and Lender covenant and agree as follows: 1. Payment of 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. Z. Funds for Taxes and insurance. Subject Inapplicable law or to a written waiver by I ender. Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in full. a sum ( "Funds ") equal in one- twelfth of (a) yearly taxes and assessments which may attain priority over this Security Instrument. (b) yearly, leasehold payments or ground rents on the Property. if any: (c) yearly hazard insurance premiums:.and (d) year(} mortgage insurance premiums, if any. 'rhese items are called "cscrow items." Lender may estimate the Funds due on the . basis of current data and reasonable estimates of future escrow - items. The Funds shall be held in an institution the deposits or accounts ofwhich are insured or guaranteed by a federal or state agency- (including Lender if Lender is such an institution). 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 shall be paid on the Funds. Unless an agreement is made d +r applicable law requires interest to be paid, tender shall not he required to pay Borrower any interest or earnings on 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 bt 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 (if 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 & 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'_ 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 fourth, to interest due: and last. to principal due. 4. Charges; Liens. Borrower shall pay all taxes. assessments. charges- fines and imptrsitxxts attributable to the Property which may attain 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 shall pay them on time directly to the person owed payment- Borrower shall promptly furnish to Lender all notices, o amounts to be paid under this paragraph_ If Borrower makes 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 Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender: (bl contests in good faith the lien by, or defends against enforcerent 4the lien in. legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture t -f any part of the Property_ or (c) secures from the holder of the lien an Agreement satisfactory to Lender subordinating tf a hen to this Security Instrument_ if lender deterrtr�nrc that any part of the Property- is subject to a lien which may attain priority ;aver this Security Instrument. Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or mom of t he actions sex forth above within 10 days of the giving of notice. 5. Hazard Insurance. Borrower shall keep the improvements raw existing or hereafter erected on the Prcvperts insured against loss by fire. hazards included within the term -'extended coverage'- and any other hazards for which Leader requires insurance. Shis 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 mx be 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 u< Lender all receipts of paid premiums and renewal notices. In the event of lass. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not tirade 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 Lenders security is not Icssened. If the restoration or repair is not economically feasible or Lenders securit e, y would be lessened, the insurance peal cede shall b 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 10 days a notice from Lender that the insurance carrier has offered to settle a claim. then Lender may collect the insurance rroceeds. Lender may use the procceds to repair or restore the Property or to pay sums secured by this Security Instrument. whether tot not then due. The ?0 -day pen od will bmn when the notice is given. Unless Lender and Borrower otherwise agree in wasting. any application of proceeds to principal shalt not extend or postpone the due date of the monthly payments referred to in paragraphs I and 2 (x change the amount ofthe payments. If under paragraph 11) the Property is acquired by Lender, Borrowers 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 tier ur.ty Instrument immediately prior to the acquisition. 6, Preservation and Maintenance of Properly; leaseholds. Borrower shall not destroy, damage.- r,ub.tamml!y change the Property. allow the ProperTy to deteriorate or commit waste. If this Security Instrument is on a icaxiteid Borrower shall comply- with the provisions of the lease. and if Borrower acquires fee title to the Property, the leaselsoi3 and fee title shall not merge unless Lender agrees to the merger in writing. i. Protection of Lenders Rights its tine Property +iartgage Insurance. if Bormwer fad'- to E ,' the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may sigoificantiy affect Lender's 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 Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priori} over ibis 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 7, Lender does not have to do sa. Any amounts disbursed by Lender under this paragraph 7 shall become additional debt of Harrower secured by this Security Instrument Unless W rTower and Lender agree to other terms of payment, thex amounts shall tzar intere t Enrol the date of dishumement at the 'tote rate and shall he payable. with interest, upon notwc from Lender io Wi -rowel requesting payment