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88- 10;;;ijj2 UNtPORM COVI!NANTS. Borrower and lender covenant and agree as follows: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedneu evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest on any Future Advance~ secured by this Deed of Trusl. 2, Funds lor Tuea and II.liurance. Subject to appllcllble law or to a written \"!aiver by Lender, Borrower shall pay to lender on the d:W monthly installments of principal and interest are payable under the Note. un!;; ~::- "late Is paid in full, a sum (herein "Jlunds") equal to one-twelfth of the yearly taxes and assessments which may attain priority over this Deed of Trust, and b'round rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yeady premium installments for mortgage insurance, if any, all as reasonably estimated initially and from lime to time by Lender on the basis of assessments and bills and reasonable estimates thereof. 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 rents. Lender ma~ nol charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assesaments and bills, unless Lender 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 that Interest on the Funds shall be paid to 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 earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showmg credits and debits to the Funds and the purpose for whicb eacb debit to the Funds was made. The Funds are pledged as additional security for the aUmJ lICCUCCd by this Deed of Trust. If the amount of the Funds held by Lender, together with the future monlhly installments of Funds payable prior to the due dates of talles, assessments, insurance premiums and ground rents, shall exceed the amount required to pay SlId taxes. assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's Oplion, either promptly repaid to Borrower or credited to Borrower on monthly installmer:ts of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessmenls, insurance premiumJ and ground rents as they fall due. Borrower shan pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Deed of Trusl, Lender shall promptly refund to Borrower any Funds held by LeDder. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by lender at the time of Ifplication as a credit against the sums secured by this Deed of Trust. 3. Appllcatloa 0 P_)'IDenlS. Unless applicable law provides otherwise. all payments received by Lender under the Note and paragraphs I and 2 hereof shall be applied by Lender first in poIyment of amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to,the principal of the Note, and then to interest and principal on any Puture Advances. 4, Charta; LIe.. Borrower shall pay aUtalles. aSICSsments and other charges, fincs and impositions aUributable to the Property which may attain a priority over this Deed of Trust, and leasehold payments or Bround rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making paymenl, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender aU notices of amounts due under this paragraph, lIIld in tbe event Borrower shall maltc payment directly, Borrower shall promptly furnish to Lender receipts evidencing 5tu:h payments. Borrower shan promplly discha~e Iny lien which has priority over this Deed of Trust; provided, that Borrower shall not be required to dJschUJC any such hen SO long as Borrower shall agree in writing to the paymenl of the obligation 5e<:Ured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in. legal procecdinp which operate to prevem the enforcement of the lien or forfeiture of the Property or any pan thereof. 5, HaunllllAnace. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by Ire, hazards Included within the term "elltended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided. that Lender shan not require that the amount of such coverage exc:eed that lU1'.ount of coverage required 10 pay the sums secured by tbis Deed of TroSL The imurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided. that ,uch approval shall not be unreasonably withheld, All premiums on insurance policies shall be paid in the manner provided UDd~r paraarapb 2 hereof or, if not paid in such manner, by Borrower makinB payment. when due, directly to the IDsurance carner. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mongagt: clause in favor of and in form acceptable 10 Lender. Lender shall hllve the right to hold the policies and renewals thereof. and Borrower shall promptly furnish to Lender all renewII notices and all receipts of paid premiums. In the event of Joss. Borrower shall,ive prompt notice to the insurance carrier and lender. Lender may make proof of loss if not made promptly by Borrower. Unlcsl LeIlder and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of Ihe Propeny damaaed, provided such resloration or repair is economically feasible and the security of this Deed of Trust is not thereby impaired. ]f such restoration or repair is not economically feasible or if the security of tbis Deed of Trust would be impaired, the insuranc:e proceeds Ihall be applied to the sums lecured by this Deed of Trost, with the excess, if any, paid to Borrower. If tbe Property Is abandoned by Borrower, or if Dorrower fails to respond 10 Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to seule a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender'a oplion either to restoration or repair of the Property or to the auOlS ICCUred by this Deed of TrosL Unless Leader and 8orrower otherwise agree in writin" any such application of proceeds to principal sball not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of sucb installmenb. II unckr paragraph 18 hereof the Properly Is acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Pro perl)' prior 10 the sate or acquisition shall pass to Lender to the extent of the sums secured by this Deed of Trust immediately prior 10 such uleor acquisition. 6. P~do. uti MaIntenance of Property; Leaseholrts; CoDdominiums; Planned Unit DenlopmentL Borrower ,hall keep the Property in good repair and shall nol commit wasle or permit impairment or delerioralion of the Property and shall comply wilh the provisions of Iny lease if this Deed of Trust is on a leasehold. If this Deed of Trust is on a unit in II condominium or a planned unit development, Borrower shall petform all of Borrower's obligations under the declaration. or covenants ereatin. or governing the condominium or planned unit development, the by-laws and regulations of the condominium or plaaned unit development. and constituent documents. If a condominium or planned unit development rider is exccuted by Borrower and recorded togelher wilh this Deed of Trust, the covenanls and agreements of such rider shall be Incorporated into and shall amend and supplement the covenanls nnd agreements of this Deed of Trust as if the rider were a ~rt hereof. 7, PntectIoa of Leader'1I Security. If Borrower fails to perform the covenanta and asreements contained in this Deed of Trust, or If any action or proceeding is commenced which malerially affects Lender's inlerest in the Properly, includlnJ, but DOt limited to, eminent domain, insolvency, c:ode enforcement, or arrangements or proceedings involving a bankrupl or decedent, then Lender at Lender', option, upon notice to Borrower, may make such appearances, disburse such sums and takc such KUon al is necessITY to protect Lender's interest, including, but not limited to. disbursement of reasonable attorney's fea and entry upon the Property to make repairs. If lender required mortgage insurance as a condition of mlkinlthe loan lecured by this Deed of Troll, Borrower shall pay the premiums required to maintain such insurance in effect until such time as Ihe requirement for such Insurance tenninates in accordance with Borrower's and Lender's writlen aareement or applicable law. Borrower ahall pay Ihe amount of till mortgage insurance premiums in Ihe mllnner provided under parall'aph 2 hereof. Any amounts disbuned by Lender punuant to this paragraph 7, with inlcrest Ihereon. shall become addilional indebtedness of Borrower aecured by Ihis Deed of Trust, Unless Borrower and lender agree to other lerms of payment, such amounts shall be p*yable upon notice from Lender to Borrower requesting pa)'ment thereof. nnd shall hear inlerest from the date of dltbunement at the rale payable from lime to lime on outstanding principall/nder the Note unless payment of interesl 111 IUCh rille would be contrary to applicnble raw. In which event 511Ch amounts shall bear inlernl nt Ihe highest rnte permlulble uncler applicable law. Nothinll contained in thla paragraph 7 shall require l.ender to incur nny expel/se or IlIke any Ktloo hereunder. I. l..,.u.... Lender may m~kll or CIIUIC to be made reas~n~ble entries upon nnd inspections of the Property, provided Ihllt Lender ahallllve Borrower nollce prll>r to any such Inspedlon speeirrinll fCll10nllbl. c."'. th.....,ln, ,..Inl..d to t"OdN" Interal In the Protle"v.