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87- 104676
<br />applicable law requires such interest to be paid, Lender shall riot 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 />dolru to the Funds was mask. Ilse Funds are pledged as additional security for the sums secured by this Deed of Trust.
<br />If the amount of the i tinds hold by Lender, together with the future monthly installments of Funds payable prior to the dose dates of taxes,
<br />assessments. insurance premiums and ground rents, shall exceed the amount required to pay sajd taxes, assessments, insurance premiums and
<br />around 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 />installsocrus of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and
<br />groin rents as they fail due, Borrower shall ay to Lender any amount necessary to make up the deficiency within 30 days from the date notice
<br />is wed 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 Lender. If
<br />wrier paragraph Ig hereof the Property is sold or the Property is otaerwise a.;quired 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 the Deed of Trust.
<br />3. Application of ra7awts. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1
<br />and 2 hereof shall be applied by Leader first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest
<br />payable on the Note, then to the principal of the Noe, and then to interest and principal on any Future Advances.
<br />4. Chaves; Liter. 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 lasehoaid payments or ground rents, if any, in the manner provided under paragraph 2 hereof
<br />or, if not aid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to
<br />Leader 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 segued 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. Hawd Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by rare,
<br />hazards included within the term "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 sectored by this Dee! of Trust.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by !..ender; provided, that such approval
<br />shall riot be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not
<br />aid 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 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 aid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier and
<br />Lender. Lear may make proof of loss if not made promptly by Borrower.
<br />Una lender and Borrower otherwise agree 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 Deed of Trust is not thereby impaired. If such
<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 Dad of Trust, with the excess, if any, aid 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 mailed by Lender to Borrower that the insurance carrier offers to
<br />settle a ear► for insurance benefits. Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or
<br />repair of the Property or to the sums secured by this Deed of Trust.
<br />Uaiesa 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 i installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. if under paragraph h8
<br />hereof the Property is acquired by Leshder, oil 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 pass to Lender to the extent of the stems secured by this Dad
<br />of Try immediately prior to such seek or acquisition.
<br />•. rame l nod is , - w I of I+tegwe ,; I.ea OmW; Condominiums; Plumed Unit Devekn mead. Borrower shall keep the
<br />Property in good repair and shall not conceit waste or permit impairment or deterioration of the Property and shall comply with the provisions
<br />of any !me if this Deed of Trust is on a kaSehohd. 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 />development, the by -Laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or
<br />pWmW tarot development rider is executed by Borrower and recorded together with this Dad of Trust, the covenants and agreements of such
<br />rider dull be incorporated into and shall amend and supplement the covenants and agreements of this Dad of Trust as if the rider were a part
<br />hereof.
<br />I. TeeuetiM of Leaws Seewky. If Borrower facia to perform the covenants and agreements contained in this Deed of Trust, or if any
<br />action or proceed" is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain,
<br />insolvency. code enforcettent, or arrangements or proceedings involving a 1iankrupt or decedent, then Lender at Lender's option, upon notice
<br />to Borrow, may make such , disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br />net Baited to, disbursement of reasonable attorney's fora and entry upon the Property to make repairs. If Lender required mortgage insurance
<br />as a condition of making the loan secured by this Dad of Trust, Borrower shall pay the premiums required to maintain such insurance in effect
<br />uned h time as the requifemou for rich insurance terminates in accordance with Borrower's and Lender's written agreement or applicable
<br />law. Borrower shall ay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof.
<br />Any amounts Osburail by Lewder pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower
<br />secured by OW Deed of Try. Unless Borrower and Lender agree to other tents of payment, such amounts shall he payable upon notice from
<br />lAnder to Borrower requesting payment thereof, and shall bur interest from the date of disbursement at the rate payable from time to time on
<br />00t§t$RdW4 principal Under the Note WMM payment of interest at such rate would be contrary to applicable law, in which event such amounts
<br />bear aterat at the highest rate partisissible under applicable law. Nothing contained in this paragraph 7 shall require tender to incur any
<br />expense or ate any actson hereunder.
<br />g. hopetdw. Lender day make or cam to be made entries upon and inspections of the Property, provided that Lender shall
<br />gtivK burrower 6000 prior its any such i "*Ofyi" tMonable cause therefor related to Lender's interest in the Property.
<br />1. C4ndeasafte. The proccals of any award or claim for damages. direct or consequential, in coanection with any condemnation of
<br />property. or part thereof, or for conveyance lieu of condemnation, are hereby assigned and shall be paid to Lender .
<br />to ale event of a total taking of the Property, the pr %hall be applied to the sums secuted by this iii of Trust, with the excess, if any,
<br />paid In Borrower, In The of a Partial tatting of the Property, unless Borrower and d. eader otherwise agree in writing, thcrc shall he apry hod
<br />to at* bpd this of Trust such prolitwtkin of the proceeds as is equal tor, that protxomon which the amount of the sums scoured
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