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85-002803
<br />If Borrower pays Funds to Lender, the Funds shalt be held in an institution the deposits or accounts of which are
<br />insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply
<br />the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so holding
<br />and applying the Funds, analyzing said account or verifying and compiling said assessments and bills, unless Lender
<br />pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender
<br />may agree in writing at the time of execution of this Deed of Trust that interest on the Funds shall be paid to Borrower,
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<br />and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required
<br />to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual
<br />accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was
<br />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
<br />the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said
<br />taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option,
<br />either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. if the amount of the
<br />Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall
<br />due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender
<br />may require.
<br />Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any
<br />Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by
<br />Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any
<br />Funds held by Lender at the time of application as a credit against the sums secured by this Deed of Trust.
<br />3. Application of Payments. Uni m. applicable Jaw provides otherwise, all payments received by Lender under
<br />the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by
<br />Borrower under paragraph 2 hereof, then to interest payable on the Note, and then to the principal of the Note.
<br />4. Prior Mortgages and Deed of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations
<br />under any mortgage, deed of trust or other security agreement with a lien which has priority over this Deed of Trust,
<br />including Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid all taxes.
<br />assessments and other charges. tines and impositions attributable to the Property which may attain a priority over this
<br />Deed of Trust, and leasehold payments or ground rents, if any.
<br />S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by fire• hazards included within the term "extended coverage"• and such other hazards as Lender
<br />may require and in such amounts and for such periods as Lender may require.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,
<br />that such approval shatl not be unreasonably withheld. All insurance policies and renewals thereof shall be in a firm
<br />acceptable to (.ender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender.
<br />Lender shall have the right to hold the policies and renewals thereof. subject to the terms of any mortgage, deed of trust
<br />or other security agreement writh a lien which has priority over this Deed of Trust.
<br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof
<br />of loss if not made promptly by Borrower.
<br />If the Property is abandoned by Borrower, or it* Borrower fails to respond to Lender within .10 (i ays from the date
<br />notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, t_endcr is
<br />authorized to collect and apple the insurance proceeds at 1_endet's Option either to restt >ratiun or repair of the
<br />Property or to the sums secured by this Deed of Trust.
<br />6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Bor-
<br />rower sha11 keep the Property in gocxl repair and shall not conttnit waste or permit impairment or deterioration of the
<br />Property and shall comply with the procisiuns of any lease if this Decd of Trust is on a leasehold, If this Decd of Trust is
<br />on a unit in a condominium or a planned unit development. Borrower shall perform all of Borrower's obligations tinder
<br />the declaration or covenants creating or governing the condominium or planned unit development, the by -laws and
<br />regulations ofthe condominium or planned unit development, and constituent documents.
<br />7. Protection of Lender's Security. It' Borrower fails to perform the covenants and agreements contained in this
<br />Deed of Trust, or if any action or proceeding is commenced which materially affects Lender's interest in the Property,
<br />then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sung, includin
<br />reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage
<br />insurance, as a condition of snaking the loan secured by this Decd of Trust. Borrower shalt pay the pr:m ums require o
<br />maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with
<br />Borrowers and Under'% written agreement or applicable law.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon. at the !Vote rate, shall
<br />become additional indebtedness of Borrower secured by this Deed of Trust. (erects thereon,
<br />and Lender to ague ,.hall
<br />other terms of payment, such arnounts shall he payable upon notice 1, Trust.
<br />Lender to Borrower requesting payment
<br />thereof. Nothing contained in this paragraph 7 shall require lender to incur any expense or take any action hcrrundcr.
<br />g. Inspection. [ender tray make or cause to be made reasonable entries ,poll and inspections of the Property.
<br />provided that Lender shall give Borrower notice prior to any such inspection specifying r•easonatile cause therelor
<br />related to Lender's interest in the Prop, rtv.
<br />9. Condemnation. The proceeds of any award or claim for damages. direct ur consequential• in connection with
<br />any condemnation or other taking of the Property, or• part thereof. or tot- con, ,ancc in lieu cif eondermnatiun, are
<br />hereby assigned and shall he paid to Lender, subiect to the terms of any n:;,rtgag e. decd of trust or uttter security l �rcr-
<br />ment with a lien which has priority over this Deed ot''I rust. !�
<br />111. Borrower Not Released; Forbearance By Lender Not a Waiver. (:xtensiun of the tan►e for payment ttr
<br />rnexlific�ation of amortization cd'the sums secured by this Iked of Trust granted by Lenlfl r r" ;rile successor in interest of
<br />interest. shall shall ll not I r - quirse. in any itl.enuc +r tht: liahthty of the r,ri�;inai Nurrowe r ,ll 1 stic cver's tiulcccrtisurs it
<br />Mcni or. Lender shacll not lie rc °yuired to cauntilenct, pte►eee•ditlgs :.against such %l1vtcsstll ,tr 1011 ` to extend tittle tilt lavt
<br />ment or otherwis+� ml Site arnortiratioz► c4 tile: burns secured fle this Deed All Trust h reason ut a €av dernu►ld nladr tw rho•
<br />a►ctginai iforrerwer tind fiorrowvr's succe%sors in interest. Anv 1orbearlancc t +s I_rudtr ni cmcrris►tlg any right m 1v llcds
<br />hcreoander, or t0erwise alit ►ra.led by eepplio ablc law. shall next be a %A ak cr t7t "u prr'llnl� nc�c t ctcrt r,tc ut .tile su h right ter
<br />rF nae�ty
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<br />"I'llit'Vewion and Asiligm Rowed; Joint and Several Liability: C'e►• ®igner�. I €tie •.,tit,l,,rr =, ;ulai , ,
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<br />s;x qtr tar sa't8:= «r; a,. tfi?s7 ft>rrr, >aa '7' l�nin t,ttr decd t (ruse
<br />t R4at1'fr46 tf4 Pfl+' f�tl "I ls, ^lets F+ I S'td`?1.'a .; �t6lt't i +ttiti it Oil,
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