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200701003 sueh rents), all of whieh shall be deemed to be and remain a part of the property covered by this Deed of T mst~ and all of tht: fort:going, together with said properly (or the le~jsehold estate I I' thIS I ked of Trust is OIl a leasehold) are hereinafter referred to as the "Propt:rty _" Borrower undt:rstands and agret:s that MERS holds only legal tille to the interests granted by I~orrower in this Ueed of Trust: hut, if necessary to eomply with law or custom, MI':RS, (as nominee h)f Lender and Lender's successors and assigns), has the right: to exercise any or all of those interests, including, but not limited to, the right to fl)reelose and sell the Property; and to take any action reyuired of Lender including, but not limitt:d to, releasing or canceling this Dt:t:d of Trust. TO SECUHI\ to T ,ender the repayment of the indebtedness evidenced by Borrower's note dated January 26, 2007 and extensions and renewals thereof (herein "Note"), in the principal sum of U_S_ $ 33,600.00, with mterest thereon, providing for monthly installments of pnneipal and mlerest, with the balance of the indebtedness, if not sooner paid, due and payable on February 1, 2022~ 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 eonWined 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 for encumbrances of record, Borrower covenants that Borrower wanants and will defend generally the title to the Properlv against all claims and demands, subject to encumbrances of reeord_ UNIF()RM CClVf.:NANTS Borrower and Lender covenant and agree as follows: I Paymcnt of Pnneipal and lnli::rt:st. Borrowt:r shall promptly pay when due the principal and interest indebtedness evidenced hy the Noli:: and late charges as provided in the Note, 2, Funds for Taxcs and Insuranee_ Subject to applicable law or a written waiver hy I ,ender, Borrower shall pay to Lender on the day monthly payments of principal and interest Clre payable under the Note, until the Note is paid 111 tillL a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (including condominium and plClnned unit development assessments, if Clny) 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 ha;mrd insurance, plus one-twelfth of yearly premium installments till' mortgage insurance, if any, all as reasonably est.imated initially and from time to time by I ,ender on the basis of assessments and bills Clnd reasonablt: estimates thereoL Borrower shall not be obligated to make such pClyments ot' F~lllds to Lender to the extent that Horrower makes such payments to the holder of a prior mortgage or dced of trust if such holder IS an institutionallt:nder_ If Borrower pays [.\mds to Lender, the Funds shall be held in an institution the deposits or accounts of which art: insurt:d or glwnmteed hy a fedeml or slMe agency (including Lender if Lt:mlt:r is such an institution)_ Lender shall apply the Funds to pay said tClxes, assessments, insurance premiums and ground rents_ Lender may not. charge for so holding and applymg tht: FUIlds, analV/.1IIg said account or verifvmg and compiling said assessments and bills, unless Lcnder pays Borrower interest on the Funds and applicable law permits Lender to make such a eharge_ !1orrower and Lendt:r Illay agrt:e in writ.ing at the time of execution of this Deed of Trust that interest on the Funds shall be paid to Borrower, and unless such Clgreement is made or applicable law rcquires such interest to be paid, Lender shall not be requlfed to pay Borrowt:r any intt:rt:st. or earnings on the Funds. Lt'nder shall give to Borrower, without charge, an annual Cleeounting of thc hInds showing credits and debits to the Funds Clnd the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums seeurcd by this Decd of TrusL If the amount of the Funds held by I ,ender_ together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rent.s, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall he, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds_ If the amount of the Funds hcld by Lendcr shall not be sufficient to pay taxes, assessments, insurance premiuIlls and ground rents as they fall due, Ilorrower shall pay to l,t:nder any amount necessary to make up the deficiency in one or more payments as Lender may require, Upon payment in full of all sums secured hy this I ked of Trust, Lender shall promptly refund to Borrower any Funds held by I,ender. I I' under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by I ,ender, I,ender shall apply, no later than immt:diately prior to t.he sale of the Pmpt:rly or it.s acyuisit.ion by Lender, any Funds held by Lcnder at the time of application as a credit against the sums secured hy this Deed of Tms!. 3. Application of Payments, Unless applicable law provides otherwise, all payments received by Lcnder under the Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by BOITower under paragwph 2 hereof, then to interest payable on the Note, and then to the principal of the Note_ 4. Prior Mortgagcs and Deeds of Trust~ Charges~ Liens_ Bon-ower shall pert()m1 all of Borrower's obligations under any mortgage, deed of trust or otht:r security agreement with a lien which has priority over this Deed of Trust, including Borrower's covenants to make payments when due_ BOlTower shall puy or cause to he paid alltaxt:s, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Deed of Tmst, and leasehold payments or ground renls, if any_ 5_ Ila;T,ard Tnsurance, Bon'ower shall kcep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and such other hazards as Lender may require and in such amounts and for such periods as Lt:ndt:r may require_ The insurance carrier providing the insurance shall be ehoscn hy Borrower subject to approval hy Lender; provided, 1I1CIt such approval shall not. he unreasonably withhcld_ All msuwnct' policies and renewals thereof shall be in a form acceptable to Lendt:r and shall include a standard mortgage clause in favor of and in a form aeeeptahle to Lender. Lender shall have the right to hold the policies and rl'newals t.hereof, subJect to the tem1S of any mortgagt:, deed of tIust or other security agreement with a lien which has priority over this Deed of Tmst In the event of loss, Borrower shall givt: prompt notice to the insurance carrier and Lender. Lender may make proof or loss If not made promptly hy I ~orrower. Pago 2 of 5 Ini~iaJ.: &J . _ 00 FF--4_" 1 (I\F) (0209)