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11
<br />RE-RECORDED
<br />1046�0 '
<br />87- 104478 87.--104670
<br />law requires such interest to be paid, Lender "I not be required to pay Borrower any interest or earnings on the Funds, Leader shall
<br />give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each
<br />"t to the Funds was made. The Funds are pkdgttd as additional security for the sums secured by this Deed of Trust.
<br />If the amount of the Funds held by Loader, together with the future monthly installments of Funds payable prior to the due dates of taxes,
<br />insurance premiums and ground rents, shill exceed the amount required to pay said taxes, assessments, insurance premiums and
<br />ground rents as they fail 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 Leader shall not be sufficient to pay taxes, assessments, insurance premiums and
<br />pound reins as they fail due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the slate notice
<br />is malted by Leader to Borrower requesting payment thereof.
<br />Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any Funds held by Leger. 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 Leader, 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. Applicallon of Pgtncea4. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I
<br />and 2 hereof shalt be applied by Lender first in payment of amounts payable to Lender by Borrower under para. -raph 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 />d. Cier;ar Bens. 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 shagl 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 />S. iiasord lasasoe. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire,
<br />hazards included within the terms "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 Leader shall not require that the amount of such coverage exceed that amount of coverage required to pay
<br />the sums secured by this Dead of Trust.
<br />Tice insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval
<br />shall not be untesvionably 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 making 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 Leader. 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 reocipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and
<br />Leader. Lender may make proof of doss if not made promptly by Borrower .
<br />Unless L�enda and Borrower otherwise apes in writing, insurance proceeds shall be applied to restoration or repair of the Property
<br />damaged, provided such restoration or repair is economically feasible and the security of this geed of Trust is not thereby impaired. If such
<br />restoration or repair is not economically feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds shalt be
<br />applied to the starts secured by this Dad of Trust, with the excess, if any, paid to Borrower. if the Property is abandoned by Borrower, or if
<br />Borrower fad to respond to Lender within 30 days from the date notice is mailed by Leader to Borrower that the insurance carrier offers to
<br />settle a claim for insurance benefits, I ender is authorized to collect and apply the insurance proceeds at tender's option either to restoration or
<br />repair of the Property or to the stuns sacred by this Dad of Trust.
<br />Unless Leader 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 1 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 in and to the proceeds
<br />thereof resulting from damage, to the Property prior to the sale or acquisition shall past to Leader to the extent of the sums secured by this Deed
<br />of Trust immediately prior to such salt or acquisition.
<br />6. Peaser*sedoa and Nbsis eeaMR of Property. Leaaeholdls: CoodowAokms, Peened Usk Derdd®/eaeata. Borrower shalt 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 Trust is on a leasehold. If this Deed of Trust 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 />the by -laws and regulations of the condominium or planted unit development, and constituent documents. If a condominium or
<br />planned unit development rider is executed by Borrower and recorded together with this Deed of Trust, the covenants and agreements of such
<br />rider shall be incorporated into and shall amend and supplement the covenants and agreements of this feed of Trust as if the rider were a part
<br />hereof.
<br />7. !settles of lAndev's Security. If Borrower faits to perform the covenants and agreements contained in this Deed of Trust, or if any
<br />action or proceeding, is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain,
<br />cue 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 interest, including, but
<br />not limited to, disbursement of reasonable attorrett's fees and entry upon the Property to make repairs. If Lender requited mortgage insurance
<br />as a condition of making the loan secured by this Dead of Trust. Borrower shall fay the premiums required to maintain such insurance in effect
<br />antill such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement or applicable
<br />fir. Borrower shall pity the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Leader pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower
<br />secured try title Deed of Trust. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from
<br />Leader to Borrower requesting payment thereof, and stall bear interest from the date of disbursement at the rate payable from time to there 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 />teen inseresi at the blow rate peratisisible under applicable law- Nothing contained in this paragraph 7 shall require Lender to incur any
<br />or take any acticia 1
<br />g, Inspection. Leader may make or cause to be state reasonable entries upon and inspections of the Property, provided that Leader shall
<br />give Mice prior to any such i t:n specifying reasonable cause therefor related to Lender's interest in the Property.
<br />1. Coessimseasilew The proccods of any award or claim for damages, direct or consequential, in connection with any condemnation or
<br />other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender
<br />In the evenn of a sotal telling of the Property, the premeds shall be applied to the sums secured by this [)red of Trust, with the excess, it any,
<br />ell to Borr In the evera of a partial taking of the Property, unless Bttrrorwer and Lender otherwise agree in writing, there %hall he applied
<br />to At 4u nn secured by toes De rd of Trust such pxofsrtioo of the p focred% as n equal to that projuni m which the amount of the sums secured!
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