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s5-- 003028
<br />applicable law requires such interest to be paid, Lender shall not be required to Borrower
<br />pay 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 Funds and the purpose for which
<br />debit to the Funds was made. The Funds
<br />each
<br />are pledged as additional security for the sums secured by this Deed of Trust.
<br />if the amount of the Funds held by Lender,
<br />together with the future monthly installments of Funds payable prior to the due dates of taxes,
<br />assessments, insurance premiums and ground rents, shall exceed the
<br />f
<br />amount required to pay said taxes, assessments, insurance premiums and
<br />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
<br />installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes,
<br />assessments, insurance
<br />ground rents as they fall due, Borrower shall pay to Lender any amount necessary
<br />to make up the deficiency within 30 days from he date not ce
<br />is mailed by Lender to Borrower requesting q g payment thereof.
<br />Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund Borrower
<br />under p to any Funds held by Lender. If
<br />paragra h 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />shall apply, no later than immediately
<br />prior to the sale of the Property or its acquisition by Lender, any Funds field by Lender at the
<br />secured by this Deed of Trust. time of application as a credit against the sums
<br />3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I
<br />and 2 hereof shall be applied by Lender first in
<br />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
<br />and principal on any Future Advances.
<br />4. Charges; Liens. Borrower shall pay all taxes,
<br />assessments and other charges, fines and impositions attributi!hfe to the Property which
<br />may attain a priority over this Deed of Trust, and leasehold payments or
<br />ground rents, if any, in the manner provided under paragraph
<br />or, if not paid in such manner, by Borrower making agraph 2 hereof
<br />g payment, when due, directly to the
<br />payee thereof. Borrower shall promptly furnish to
<br />Lender all notices of amounts due under this paragraph, and in the event Borrower shall make
<br />furnish
<br />payment directly, Borrower shall promptly
<br />to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has
<br />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
<br />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
<br />or forfeiture of the Property or any part thereof.
<br />S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter
<br />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 in
<br />Lender
<br />as and such amounts and for such periods
<br />may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to
<br />the sums secured by this Deed of Trust.
<br />pay
<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 be
<br />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
<br />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
<br />policies and renewals thereof, and Borrower shall promptly furnish to
<br />Fender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance
<br />I. ender. I..ender may make
<br />carrier and
<br />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
<br />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 Deed of Trust would be impaired,
<br />the insurance proceeds shall be
<br />applied to the sums secured by this Deed of Trust, with the excess, if
<br />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 notice is mailed by Lender to Borrower
<br />settle
<br />that the insurance carrier offers to
<br />a claim for insurance benefits. Lender is authorized to collect and apply the insurance
<br />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 />Unless Lender 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
<br />paragraphs I 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
<br />in and to any insurance policies and in and to the proceeds
<br />hereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of he sums secured by
<br />of Trust immediately to
<br />prior such sale or acquisition. this Deed
<br />6. Preservation and Maintenance of property; JAMbolds; Condominiums; Planned Unit Developments. Borrower shall keep the
<br />Property in good repair and shall not commit waste
<br />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 Decd of "Trust is
<br />on a unit in a condominium or a planned unit development, Borrower
<br />shall perform all of Borrower's obligations under the declaration
<br />or covenants creating or governing the condominium or planned unit
<br />development, the bylaws and regulations of the condominium or planned unit development,
<br />and constituent documents. If a condominium or
<br />planned unit development rider is executed by Borrower and recorded together
<br />with this Deed of Trust, the "Ovenants and agreements of such
<br />rider shall be incorporated into and shall amend and supplement the covenants
<br />hereof. and agreements of this Deed of Trust as if the rider were a part
<br />7. Protection Of bender's Security. If Borrower fails to perform the covenants and agreements contained in this iced of Trust, or if any
<br />action or proceeding is commenced which materially affects Lender's interest
<br />in the Property, including, but not limited to, eminent domain,
<br />insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then i_ender at Lender's
<br />to Borrower, may make such
<br />optiott, upon notice
<br />appearances, disburse such sums and take such action as is necessary to protect Lender's interest, ,upoinn but
<br />riot limited to, disbursement of reasonable attorney's fees and
<br />entry upon the Property to make repairs. If (.ender 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 ,tlstirail%:e
<br />untif such tulle as the requirement for
<br />in effect
<br />such insurance terminates in accordance with Borrower's and Lender's written agrecnleni or applicable
<br />law. Borrower shall pay the amount of all mortgage insurance
<br />premiums in the manner pro- ided under paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph '7, with interest
<br />thereon, shall become additional indebtedness of i3orroaer
<br />secured by this Decd of Trust. Unless Borrower and Lender agree to other
<br />terms of pavment, such amounts shall he Payable 111,01, Hotter from
<br />Lender to Borrower requesting payment thereof', and shall bear interest from the. date of dishurseincnt
<br />outstanding
<br />at the rate payable frunl time to time 0n
<br />principal under the Note unless payment of interest at zuch rate would he contrary to applicable lax, In e%hicli event such
<br />shall bear interest at the highest rate
<br />amounts
<br />permissible under applicable fat. Nothing contained in this paragraph 7 shall requlle Lender 1<1 Inc 11r anv
<br />expense or take any action hereunder.
<br />g• I rpecliau. Lender
<br />may make or cause t0 hf made reasonable entries upull and insl.' ctions of the I'toltc.rty, provided (flat I eli f
<br />Give tiotrowe -r notice prior to ally such inspection specifying rea�sonaf � c, shall
<br />A �
<br />?le: 4aU4E (ticretol related l(1 l.etldet'.4 intC:IC.tit In t1e f'tai }zel -t6,
<br />a%' t.. ondrmnalldn. the proceeds of anY award of chill) for da,il.aFc,,
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<br />tither caking eaf the Property, or part thereof, or tot s:ollvt,ya llc'e In hell a�f ,
<br />g
<br />,?
<br />I11 (tic evelit, of a total taking in the Property, the rittrc�cr_ds ,h,tll to t(tnrtiiler �Itlsl I
<br />a aI „t shall 6v ;7wki tai I rildvi
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