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- 101487 such manner, by Borrower making payment, when due, directly to the insurance carrier. In the evert any policy is not renewed on or before ten 110) days of its expiration, the lender, to protect its interest, may procure insurance on the improvements, pay the premiums and such sums shall become immediately due and payable with interest at the rate set forth in said note until paid and shall be secured by this Deed of Trust. Failure by Borrower to comply say, at the option of lender, constitute a default under the terms of this Deed of Trust. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of said premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Deed of Trust is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds shall be 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 Borrower fails to respond to lender within thirty (30) days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Deed of Trust. Unless Lender and Borrower otherwise agree in writing, ary such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in Paragraphs 1 and 2 hereof or change the amount of such installments. If under Paragraph 18 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 thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Deed of Trust immediately prior to such sale or acquisition. 6. PRESERVATION AND MAINTENANCE OF PROPERTY; in good repair and shall not commit waste or permit impairment or deterioration of tlee Property and shall comply with the provisions 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 shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by -laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or plarceed unit development rider is executed by Borrower and recorded together with this Deed of Trust, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Deed of Trust as if the rider were a part hereof. 7. PROTECTION OF LENDER'S SECURITY. If Borrower fails to perform the covenants and agreements conta in this Deed of Trust, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent dcwiain, insolvency, code enforcement, or arrangements or proceedings involviTC a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse stu:h sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of reasonable attorney's fees aru entry upon the Property to make repairs. Any amounts disbursed by ,,erxier pursuant tra thi ra { r aph -7, with interest thereon, shall. beccm* c+dditiona., -- ndebtedIT-wss .A nc:>rrt r .tC +�rExi R