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200211160 TO SECURE to Lender the repayment of the indebtedness evidenced by Borrower's note dated SEPTEMBER 24, 2002 and extensions and renewals thereof (herein "Note"), in the principal sum of U.S. $ 46, 000.00 , with interest thereon, providing for monthly installments of principal and interest, with the balanu: of the indebtedness, il'not sooner paid, due and payable on SEPTEMBER 24, 2027 ; the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Deed of Trust; and the performance of the covenants and agreements of Borrower herein contained. Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Property, and that the Property is unencumbered, except fnr encumbrances of record. Borrower covenants that Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to encumbrances of record. UNIFORM COVENANTS. Burrower and Lender urveant and agree as follows: 1. Payment of Principal and Interest- Borrower shall promptly pay when due the principal and interest indebtedness evidenced by the Note and late charges as provided in the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in (kill, a sum (Irorein "Funds ") equal to one - twelfth of the yearly taxes and assessments (including condominium and planned unit development assessments, rally) which may attain priority over this Deed of Trust and ground rents on the Property, if any, plus one - twelfth of yearly premium installments for hazard insurance, plus one - twelfth of yearly premium installmmits for mortgage insurance, ifany, all as reasonably estimated initially and from time to time by Lender on the basic of assessments and bills and reasonable estimates thereof. Borrower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage ar deed of trust if such holder is an instn¢io Sid lender. If Borrower pity., 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, insurance premiums and ground UNITS. Lender shay not charge for So holding and applying the Funds, analyzing said account or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender m make such a charge. Borrower and Lender may agree in writing at the thine of execution of this Deed of Tmst that interest on the Funds shall he paid No Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or camingS on tine Funds. ixnder 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 by this Deed of Trust. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground Tents, shall exceed the amhount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. if the anhount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay rah Lender any amount necessary to make up the deficiency iu one or more payments as Lender nay require. Upon payment in full of all sums secured by this Deed of Trust, Lander shall promptly refund m Borrower any Funds held by Leader If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immaudiately prior to die 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. 1 Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Nulc and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Bnonhwcr under paragraph 2 hcrWf, then to interest payable oil the Note, and then to the principal of the Note. ,F Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this Deed of Trust, including Borrower's Covenants to make payments when due. Borrower shall pay or cause to be paid all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain it priority over this Deed of Trust, and leasehold payments or ground rents, Harry. 5. Aazrrd Iraurunce. RoT owcr shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the temp "extended coverage ", and such other lovards as Lender may require and in such aznounts and for such periods as Lender may require. Tine insurancl carrier providing the insurance shall he chosen byBorower subject m approval byLender; 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 ill favor of and in a form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms ofary mortgage, deed of oust ar other see UIIty agreenhent with it lien which has priority over this Deed of Trust. to tie event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. It the Property is abandoned by Borrower, or if Borrower fails to respond m Lender within 10 days four the (laic notice is mailed by Lender to Burrower that the insurance earner offers to settle a claim for insurance benefits, Lender is auThorized To collect and apply the insurance proceeds at Leader's option either to restoration or repair rat the Property or to the sums secured by this Deed of Trust. 6. Preservation and Maintetatrz of Property; Lrenx olds; CnUdnminimns; Plmnhtd Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Deed of Thnst is on a leasehold. If this Deed N I' HRA.SII ICON U MORIGAG1 1180 :Si II LMC UNIFOIW INS, RITIMEN'C F 5142 11 1.. ... .."_ s,. ,n a coo um Papc 2 M 5