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84 - 006116 UNIFORM COVENANTS Borrower and Lender covenant and agree as follows: 1, Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptlj 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. Subjecl to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monlhly payments are due under the Nole, until the Note is paid in full, a sum ("Funds") equal to one.twelfth of: (a) yearly laxes 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 federal or Slate agency (including Lender if Lender is such an institution), Lender shall apply Ihe 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 pennits 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 orapplicablelliw requires inter"'t 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 and the purpose for which each debit to the Funds was made, The Funds are pledged as additional security for Ihesumssecured by thIS Securitv Inslrument, If the amount of the Funds held by Lender, together with the future momhly payments of Funds payable prior 10 the due date!- oflhe escrow nems, shall exceed the amount required to pay the escrow ilems when due, the excess shall be; at Borrower's option, either promptly repaid to Borrower or credited 10 Borrower on monthly payments of Funds. If the amount of the Funds held by Lender i~ nnt sufficient to pay the escrow Itet1iS when duel Borrower shaii pay to 'Lender any amount necessary to make up the deficiency III oue or more payments as required hy Lender, Upon payment III full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower" any Funds held by Lender. If under paragraph 1 q Ihe Property is sold or acquired by Lender, Lender shall apply,noJater 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 SUlllS secured by this Security Instro" '" ,,' " 3, Application of Payments. Unless aophcable h,w rr",."; ",~", ,}tilerwise; all pyments received by Lender under paragraphs I and 2 shall be applied: Ii,,;, to lale dmy,;"" due ,vV ""' In,t Note, second, 10 prepayment charges due under the Note: thIrd, to amounls payable under paragraph 2; fourth, to interest due; and last, to principal due. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges. fines and impositions attributai>le to the Property whi.ch may attain pnonty over this Security Instrument. and. ieasehoid payments or -ground rentS" -if any.' Borrower shall pay th",e obligatlons III the manner provided in paragraph 2, or if not paid in that manner. Borrower shall pay them on ume directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph" If Borrower makes these payments direclly, Borrower shall promplly furnish to Lender receipts eV1dencing the pavments. Borrower shall promptly dIscharge any lien which has pnorilY over this Security Instrumem unless Borrower; (a} agrees III wntlllg to the payment of the obligatIOn secured by the lien III a manner acceplable 10 Lender; (b) contests in good failh the lien by, or defends agamst enforcement of the lien Ill, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or f"nenure of any part of the Property; or (c) secures from the holder of Ihe lien an agreement sansfactory to Lender subordInating the lien to this Security I nstrumen!. If Lender delennines that any part of the Property IS subject to a lien which may attam priorily over Ihis Securily Inslrument, Lender may give Borrower a nollce Idennfymg the lien" Borrower shaH satisfy the lien or take one or more of the actions set forth above within 10 days of the gIving of nollce. S, Huard Insuranee. Borrower shall keep t he Improvements now existing or hereafter erected on the Property msured agamslloss by fire, hazards Included wnhm the term .'extended coverage" and any other hazards for which Lender reqUIres in,uranc~ This msurance shall be mallltallled In the amounts and for the periods that Lender reqUIres. The Insuranc.e carner provldmg the Insurance \h.aH ~ t:hosen t'Jy Bo!"r~\wer sllbject to Lender~s approval which s.hall I1()l he unreasonably Withheld. Ail insurance pohcies and renewals shall be acceptable to Lender and shall include a slandard mortgage clause, Lender shail have the nght to bold the poliCIes and renewals, If Lender requires, Borrower shall promptly give to Lender all receipts of paId premIUms and renewal nollces. I n the event of loss, Borrower shall give prompt notice 10 the insurance carrier and Lender. Lender may make proof of loss If not made promptly by Borrower. Unless Lender and Borrower otherWIse agree m wming. Insurance proceeds shall be applied 10 restoration or repair of the Property damaged. if the restoration or repan is economically feasihle and Lender's security is not lessened, If Ihe restoration or repau is not economIcally feaSIble or Lender's security would be !e"..sened. the insurance proceeds shall be applied to the sums secured by thIS Secunty Instrument, whether or not then due, with any excess paid to Borrower, If oorrower abandons the Property, or does nol answer WIthin 30 day' a notice from Lender Ihat the insurance carner has offered to setlle a claim. then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Propeny or to p~y sums secured hy this Security Instrument. whether or not then due" The 30.day period will begin when the notice is !liven Unless Lender and Borrower otherWIse agree m wnung, any application of proceeds 10 prindpal shall not extend or postpone the due date of the monthly payments referred to lU paragraphs I and 2 or change the amount of the payments, If under paragraph 19 the Prope.rty IS acqutred by Lender. Borrower's right to any lHsurance policies and prnceeds re'u!ring from damage to the Property pnor to the acqUlsiuon shall pass 10 Lender to the extent of the sums secured by this Security Instrumentimmedllltely prior to the acqUlsnion 6. F'rewnation and Maintenance of Propert)': Leaseholds. Borrower shall not destroy. damage or substantiailj change the Property, allow the Property to deteriorate or ('ommlt waste. If thIS Secunty lllslrument is on a leasehold, Borrower ,hall comply With tlie proviSions of the lease. and ,f oorro...er a,'qUlres fee tllle to the Propeny, the leasehold and f<<: ntle shall not merge unless Lender agree;, to the merger H1 writing, 7. P"rma:timi Gf Leiida-~-s Ri~ti in th~ PtopcTt).; !'\iortgage insurance. !f lh)rro\\'er fails W perfom1 the w\o'enants and ag.:ttments contained in thiS Security Instrument. or there IS a iegai pn)Ccealng that may slgnJficantl~' affect Lender".$, ri~ht'S in the Property {such as a proceeding m bankruptcy, prohate. ft1f condemnut1on or tn enforce law,~ or regulafioml. then Lender may do and pay for whatever IS necessary to prot""t the value of the Propeny and Lender', nghts ill the Property, Lender's IiCltO",. may Illclude paYlllg any sums secured hy a hen whIch has pnont\' over thIS Sccunty instrument, appeanng in court. paymg re.aso-nablc aUt:lrneys" f~ and ent.ermg I.m the Proper1Y tn make rt:paif-s. Although Lender may take actH)o under thIS paragraph 7, Lender dr~ not hq'vc h.t do :\_p A~~J a~,,(;u-nt.,,;; ;.hs.b-ur-M:'u by Lender under lhi~ paragraph 7 ;;.hajj becume additIonal debt uf Bnrrnwt~r '\en.Hed bv {hl~ ~untj initP.mlt'-n~_ Cn:~,!!. Borro-wel' and lender agrct" h} other te'rm'\ (lfpaynlt':nL Ihc~t' ;.Hn{)unr~ ~ha1! bt:.ar Hltere..f l"rflftl the date of daOuncmCfit at the ~nte rate and \hall bt~ payable, 1,~ nh !ll!t~fe;.L uf'(ln 1'\'.\t1\.:>:' fft!rn l.-t:nde!" Ip B;1nnwef r"","',,",HOlt pay"'.,,,\.