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M <br />f ` <br />app3lldble law q t s ch interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall <br />,� <br />give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for whicti each <br />debit to the FundF was matte. The Funds are pledged as additional security for the sums secured by this Deed of Trust. <br />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, <br />assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and <br />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 <br />installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and <br />ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice <br />is mailed by Lender to Borrower requesting payment thereof. <br />Upon payment in frill of all stuns secured by this Deed of Trust, Lender shall promptly refund to Borrower any Funds held by Lender. If <br />under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately <br />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 <br />secured by this Deed of Trust. <br />- 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I <br />and 2 hereof shall be applied by Lender first in payment of amounts payable to Leader by Borrower under paragraph 2 hereof, then to interest <br />payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. <br />4. Charges Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which <br />may attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof <br />or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to <br />Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly <br />furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Deed of Trust; <br />provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the <br />obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien <br />in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. <br />5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against Ions by fire, <br />hazards included within the tetra "extended coverage". and such other hazards as Lender may require and in such amounts and for such periods <br />as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay <br />the sums secured by this Deed of Trust. <br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval <br />shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not <br />paid in such manner, by Borrower snaking payment, when due, directly to the insurance carrier. <br />All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of <br />and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to <br />Lender all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier and <br />Lender. Lender may make proof of toss if not made promptly by Borrower. <br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration a repair of the Property <br />damaged, provided such restoration or repair is economically feasible and the security of this Deed of Trust is not thereby impaired. If etch <br />restoration or repair is not economically feasible or if the security of this Dead of Trust would be impaired, the insurance proceeds shall be <br />applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if <br />Borrower fails to respond to Lender within 30 days from the date notice is matted by Linder to Borrower that the insurance carrier offers to <br />settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance Mocmds at Lender's option either to restoration or <br />repair of the Property or to the sums secured by this Deed of Trust. <br />;_ r <br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due <br />date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. If under paragraph 18 <br />hereof the Property is acquired by Lender, all right. title and interest of Borrower in and to any insurance policies and to and to the proceeds <br />thereof resulting from damage to the Property prior to the sale or acquisition shall pass to ?.ender to the extort of the sums secured by this Deed <br />of Trust immediately prior to such sale or acquisition. <br />6. Preservation and Maintenance of Property; Lessebe ls; Como ; Plume! Usk De.tlepasesb. Borrower shall keep the <br />Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions <br />of any lease if this Deed of Trost is on a leasehold. If Lhts Deed of Tnst is on a unit in a condominium or a planned unit development, Borrower <br />shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit <br />development, the by -laws and regulations of the condominium or planned unit de% elopmeat, and constituent documents. If a condominium or <br />planned unit development rider is exwited by Borrows and recorded :ojiether with this Deed of Trust, the covenants and agreements of such <br />rider shall be incorporated into and shall amend and supplement the covcnanL, and agreements of this Deed of Trust as if the rider were a part <br />hereof. <br />7. Protection of Leader's Security. if Borrower fats -o perform the covenants and agreements contained in this Deed of Trust, or if any <br />action or proceeding is commenced which matenaliy affects Lender's interest to the Property, including, but nut limited to, eminent domain, <br />insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice <br />to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's intemT including, but <br />not limited to, disbursement of reasonable attorney's fees and entry upon the Property to snake rep_ airs. If Lender required mortgage insurance <br />as a condition of making the loan secured by this Deed of Trust. Borrower shall pay the premiums i equired to maintain such insurance in effect <br />until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement or applicable <br />law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. <br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower <br />secured by this feed of Trust. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from <br />Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on <br />outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts <br />shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any <br />expense or take any action hereunder. <br />i <br />L 8. Imperil". Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall <br />give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. <br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or <br />^` <br />other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. <br />fl <br />In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Deed of Trust, with the excess, if am, <br />- <br />paid to Horr, >wcr in the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in wnting, there shall be applied <br />to the tuna . cmd by tins Deed of I rust such proportion of the proceeds its is equal to that proportion which the amount of the sums securt J <br />M <br />