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86- 103835
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<br />appl cabje law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall
<br />give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funo's and the purpose for which each
<br />debit to the Funds was made. 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 data of taxes,
<br />assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and
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<br />I : ground rents as they fall dote, 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 full of all sums secured by this feed of Trust, Lender shall promptly refund to Borrower any Funds held by Lender. If
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<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
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<br />secured by this Deed of Trust.
<br />3. Application of Paymeats. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I
<br />acid 2 hereof shall be applied by Lender 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 Note, and then to interest and principal on any Future Advances.
<br />4. CbarVm; 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 feed 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 Trout;
<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 latiarunce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire,
<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 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 he 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 Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to
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<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
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<br />Lender. Lender may make proof of loss if not made promptly by Borrower.
<br />Unless 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 Der-1 of Trust would use 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 nonce is mailed by Lender to Borrower that the insurance carrier offers to
<br />settle a claim for insurance benefits, Lender is authorized to collect and appiv the insurance proceeds at Lender's option either to restoration or
<br />repair of the Property or to the sums secured by this D"d of Trust
<br />Unless Lender and Borrower otherwise agree in writing, any such apphca;ton of proceeds to principal shall not extend or postpone the due
<br />date of the monthly installments referred to to paragrapl,, I and 2 hcteol to . hange 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 arid 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 sums secured by this Dud
<br />of Trust immediately prior to such We or acquisition.
<br />6. Preseroatbe sad Mafnteaance of Property; L.easebolds; Condominiums; Planned Unh Developments. 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 hose if this Deed of Trust is on a leasehold if this feed 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 condomimum or planned unit development, and constituent documents. If a condominium or
<br />planned [snit 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 Deed of Trust as if the rider were a part
<br />hereof.
<br />7. Protection of LeederN Security. If Borrower fails to perform the .o.enants 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 />insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice
<br />to Borrower, may [Hake 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 attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance
<br />as a condition of making the loan secured by this Deed of Trust, Borrower shall pay the premiums required to maintain such insurance in effect
<br />until such time as the requirement for such :tnurance 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 ", with interest thereon, shall become additional indebtedness of Borrower
<br />secured by this Dad of Trust. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice Irom
<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 Nothnig comained in this paragraph ' shall require lender to incut ans
<br />expense or take any action hereunder
<br />6. 180welna. Lender may make or cauu to Ise made reasonable entree, upon and inspections of the 11toperty, proistded that I ender shall
<br />jive Borrower notice prior to anv suvh inspection specifying reasonable cause therefor trlarcd to Lender . mierest in the Property
<br />9. Ceaidruaestlon. The proceed. of anv award ,+r ciwtm for damages, JIMt If consequential, ni .oiaurtton ltrh ail. i„ndemnat.— ,v
<br />rxhcr taking of the Property, ur part iherml m for con.eyancn in fieu of send came „on, arr herehs a signed and shall he paid To I endet
<br />Ili theevrnt of it total tak!nj of the Property, . the m,Kreds ohatl N' afsplved'o iris +urns acwrrsf i,s ;his lir,sl .,t i rust. 11th the ette.,, ;t -. ,
<br />wrxl to llinrt>wer to tits event c,f a pYtiW taking of :hc 1'r,Ivett v. unln, fk,n „wrr and ; eudr. nttiet. iw aNim .n —1mg, he,r .hall iM arlOwd
<br />to Ilse lumax mufeil hs [cost Eked M I tilt IM pr,it'IM011 ”' •hr to [needs v, ,. ousel <, ;ha' i ",t, n t, .,. ,, n. �,,,, t . ^r .um, ,,,„test
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