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20120000� bills and reasonable estimates ther�f. Borrower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments w the holder of a prior mortgage or deed of tivst if such holder is an institutional lender. ff Borrower pays Funds to Lender, 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 Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, inc��ran�e premiums and ground rents. L.ender may not charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assessments and bills, unless I_ender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Deed of Trust tUat interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law re�uires such interest to be paid, Lender shall not be required to pay Bonower 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 wluch each debit to the Funds was made. The Funds are pledged as additional security for the sums s�ured by this Deed of Trust. If the amount of the Funds held by I.ender, together with the future monthly ��atallme.�r� of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they faU due, such excess shall be, at Borrower's oprion, either prompily repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, ;nc��ranse premiums and ground rents as they fall due, Borrower shall pay to Lender any amount n�essaiy to make up the deficiency in one or more payments as L,ender may require. Upon payment in full of all sums secltred by this Deed of Trust, Lender shall promptly refund to Borrower any F�nds held by Lender. If under paragraph 17 hereof the Properly is sold or the Properly is otherwise acquired by Lender, Lender shall apply, no later tban 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 Deed of Trust. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, and then to the principal of the Note. 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower sl�all perform all of Borrower's obligations under any mortgage, d�d of trust or other s�uriry agr�ment with a lien wluch has priority over this Deed of Tn�st, including Bonower's covenants to make payments when due. Borro�ver shall pay or cause to be paid all tases, assessments and other charges, fines and imposidons attn'butable to the Property which may attain a priority over ttus Deed of Trust, and leasehold payments or ground rents, if any. 5. Hazard Insurance. Bonower shall keep the improvements now eadsting or hereafter erected on the Properly insured against loss by fire, bazards included within the term "extended coverage," and such other hazards as Lender may require and in such amounts and for such periods as Lender may require. The insurance cazrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender shall have the right to hold the policies and renewals ther�f, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this Deed of Trust. 1-11159 Second Mongage-NE 1l80 Amended 7/04 VMP � VMP781NE1111051 W ohers Kluwer FManciel Servicea Page 3 of 8