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r- I L I 84-- 004480 UNIFORM 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. 2. Funds for Taxes and Insurance, Subject to applicable law or to a written waiver by Lender, Borrower shalJpay to Lender on the day monthly payments are due under the Note, until Ihe Note is paid in full, a sum ("Funds") equal to 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) yearly mortgage insurance premiums, if any, These items are called "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 held in an institution Ihe deposits or accounts of which are insured or guaranteed by a federaIor state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to paytheescrowitem;s, 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. Borro~~ __and Lender may agree in writing that interest shaU be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, Lender shall not be 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 andihe purpose for which each debit to the Funds was made, The Funds are pledged as additional security for. the sums secured by tbis 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 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 othel"-'ise, all payments received by Lender under paragraphs I and 2 shall be applied: first, to late charges due under the NC!e: ',.~ond, to prepayment charges due under the Note: third, to amounts payable under paragraph 2; fourth, to inter", uc, a. ,j last, to principal due, 4. Charges; Liens, Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which m3\' attain priority over this Security Instrument. and leasehold oavments or ground rents. if anY. Borrower shall pay these obligations in the manner pro~ided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly 10 the person owed payment. Borrower shall promptly furnish to Lender aU notices of 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; (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 sallsfactory 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 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 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 [hat Lender requires. The insurance carrier providing the insurance shaH be chosen by Borio-wer subject to Lender's approval which ~ha1i not be unreasonably withheld All insurance policies and renewals shall be acceptable to Lender and shall include a slandard 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 ofloss, 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 reslOration or repair of the Property damaged. if the restoration or repair is economically feasible and Lender's security 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 this Seeurity Instrument, whether or not then due, with any excess paid 10 Borrower, If Borrower abandons the Property, or does not answer within 30 days a nOlice from Lender that the insurance carrier has offered to senle a claim, then Lender may colleel the insurance proceeds. Lender may use the proceeds to repair or restore the Propeny or to pay sums secured by this Security Instrument, whether or not then due. The 3D-day period will begin when the nOlice is given. . Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shaH not extend or postpone the dne date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of the paymel1ls. 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 securc-d by Ihi. Security Instrument immediately prior to the acquisition. 6, Preservation and Maintenance of Property; Leaseholds, Borrower shaUnot deslroy, damage or substantially change the Property, allow the Property to deteriorate or commit \\.'astc. If thiS Security Instrument i.... on a leasehold. Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title tu the PTllpert}. the leasehold and fee title shall not merge unless Lender agrees to the merger in wriling. 7, Protection or Lender's Rights in the Property; ;\lortgage Insurance, I f Borrower fat Is !O perform I he covenants and agreements. contained tn this Security Instrument. or there is 11 legal pro~eedll1g that may ~Ignificalltly affect Lender's rights in the Property (such as a proceeding In bankruptcy, probate. fOf condemnation i,1r to enfon.'l'.:' laws. l'f regulations), then Lender may do and pay for whatever is necessary to prutect the yaIue \..)f the Property and Lcnder'~ nghts in the Property. Lender's actions may include paying any sum~ s(~.;ured by a lien \\,:hidl has pril)rIlY o\er thIS S~Lurit) Ins.trument, appearing in court, paying reasonable attorneys' fec~ and entermg on the Property to make ri.'pairs.. Ahlll)ugh Lender may take action under this paragraph 7, Lender does nol have to do so, Any amounts disbursed by Lender under this paragraph 7 shall OeLlHnc Jdoltwnal debt i,)f Borr'l.)\\t:r s.(;'dlrcd b) lhls. Security Instrument. Unless Borrower and Lender agree to other term~ ClfpaymcI1l, thcsl," ~rnoullb ,hall bear tn[t'rc:-;! from the date of disbursement at the Note ralt: and ..;hall he rayabJt'. "'jth intere~t. upl.m no[j~'t' (rom Lender [~\ H~lfTl)\\l.:r requestlIlg payment.