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I
<br />100516
<br />Borrower and Lender covenant and agree as follows:
<br />1. PAYMENT of PRINCIPAL, AND INTEREST. Borrower shall promptly
<br />pay when due the principal of and interest on the indebtedness
<br />evidenced by the Note, prepayment and late charges as provided in the
<br />Note.
<br />2. FUNDS OCR TAXES AND INSURANCE. Subject to applicable law or
<br />to a written waiver by Lender, Borrower shall pay to bender on the day
<br />monthly installments of principal and interest are payable under the
<br />Note, until the Note is paid in full, a sum (herein "Funds ") equal to
<br />one - twelfth of the yearly, taxes and assessments which may attain
<br />priority over this Deed of '.crust, and ground rents on the Property, if
<br />any, plus one - twelfth of yearly premium installments for hazard
<br />insurance, all-'as reasonably estimated initially and from time to time
<br />by Lender on the basis of assessments and bills or reasonable
<br />estimates thereof.
<br />The Funds shall be held by Lender. Lender shall apply the Funds
<br />to pay said taxes, assessments, insurance premiums and ground rents.
<br />The Funds are pledged as additional security for the sums secured by
<br />this Deed of Trust..
<br />If the amount of the Funds held by Lender, together with the
<br />future monthly installments of Funds payable prior to the due dates of
<br />taxes, assessments., insurance premiums and ground rents shall exceed
<br />the amount required. to pay said taxes, assessments, insurance premiums
<br />and ground rents as they fall due, such excess shall be, at Borrower s
<br />"pt'o"•• either P =omY lY Levold to Borrower or credited to Borrower "on
<br />future monthly installments of Funds. If the amount of the Funds held
<br />by Lender shall not be sufficient to pay taxes, assessments, insurance
<br />premiums, and ground rents as they fall due, Borrower shall pay to
<br />Lender any amount necessary to make up the deficiency within thirty
<br />(30) days from the date notice is mailed by Lender to Borrower
<br />requesting payment thereof.
<br />Upon payment -An full of all sums secured by this Deed of Trust,
<br />Lender shall promptly refund to Borrower any Funds held by Lender. if
<br />under Paragraph 19 herein the Property is sold or the Property,'. is
<br />otherwise acquired by Lender, Lender shall apply, no later . than
<br />immediately prior to the sale of the Property or its acquisition -by
<br />Lender, any Funds held by Lender at the time of application as a.
<br />credit against the sums secured by this Deed of Trust.
<br />3. APPLICATIQN of PA M, Unless applicable law provides
<br />otherwise, all payments received by Lender under the Note and
<br />Paragraphs 1 and 2 hereof shall be applied by Lender 1) first to
<br />interest payable on the Note, 2) then in payment of amounts payable to
<br />Lender by Borrower under - Paragraph 2 hereof, and 3) then to the
<br />principal of the Note.
<br />MRGES: LIENS. Borrower shall, pay all taxes, assessments
<br />and other charges, fines and impositions-attributable to the Property
<br />which may attain a priority over this Deed of Trust, and leasehold
<br />payments or ground rents, if any, in the manner provided under
<br />Paragraph 2 hereof, or, if not paid in such manner, by Borrower making
<br />Payment, when due, directly to the paYee thereof. Borrower shall
<br />Promptly. furnish to Fender all notices.'of amounts due under this
<br />paragraph, and in the event Borrower shall make payments directly,
<br />Borrower shall promptly furnish to Lender receipts evidencing such
<br />payments. Borrower shall promptly discharge any lien which has
<br />Priority over this Deed of Trust; provided, that Borrower shall not
<br />be required to discharge any such lien so long as Borrower shall agree
<br />in writing to the payment of the obligation secured by such lien in a
<br />Lmanner acceptable to Lender, or shall in good faith contest such lien
<br />by, or defend such enforce of such lien in, legal proceedings which
<br />operate to prevent the enforcement of the lien or forfeiture of the
<br />Property or any part thereof.
<br />7
<br />Mr,
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