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00565 a
<br />applicable 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 dnd debits to the Funds and the purpose for which each
<br />debit to the Funds was ini&. The Funds are pledged as additional security for the sums secured by this Deed of Trust.
<br />If the amount of the Futter held by Lender, together with the future monthly installments of Funds
<br />menu, insurance premiums And ground rents, shall exceed the amount required to payable prior to the due dates of taxes,
<br />ground reties as � Pa>Y said taxes, assessments, insurance premiums and
<br />they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly
<br />installments of Funds. If tht amount of the Funds held by Lender shall not be sufficient to
<br />ground rents as they fall due. Borrower skull pay taxes. assessments, insurance premiums and
<br />pay to Lender any amount necessary to make up the deficiency within 30 days front the date notice
<br />is mailed by Ldp to Borrower requesting payment thereof.
<br />Upon Payment in full of all suns secured by this Deed of Trust, Lender shall promptly refund to Borrower any Funds held by Lender. if
<br />under paragraph Ig 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
<br />secured by this Deed of Trust.
<br />3, ApplIcadon of Paygoggift. Unless applicable law provides otherwise, all
<br />and 2 hereof shall be payments received by Lender ur.cr the Note and paragraphs i
<br />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. Hutt to the principal of the Note, and then to interest and principal on any Future Advances.
<br />4, Chorpm Lim. Borrower shall pay all taxes, assessments and other charges, fines and impositions positions attributable to the Property which
<br />m if not y attain a priority Duet this Deed of Trust, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof
<br />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
<br />furnish to Lender receipts evidencing such payment directly, Borrower shall promptly
<br />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 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 />S. Hazard 1202 'awes. 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 Leader shall not require that the amount of such coverage exceed that amount of coverage required to pay
<br />the sums pared 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 be 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 clau in favor
<br />and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall pr mptly furnish too
<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
<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
<br />, provided such restoration or repair is economically feasible and the security of this Deed of Trust is not ther impaired. the Property
<br />restoration or repair is not economy feasible or if the security of this Deed of Trust would be impaired, paired• If such
<br />applied to the suns secured by this Deed of Trust, with the excess, if an paired the insurance proceeds shall be
<br />Borrower fails to � Y, paid to Borrower. If the Property is abandoned by Borrower, or if
<br />respond to Lend within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to
<br />settle a claim for insurance befits, Leader 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 Wired by this Deed of Trust.
<br />Unless Lend and mower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due
<br />y installments referred to in paragraphs 1 and 2 Hereof or change the amount of such installments. if under
<br />hereof the Property is acquired by Lender, all paragraph 1 f3
<br />thereof f� right, title and interest of Borrower in and to any insurance policies and in and to the proceeds
<br />to the Property prim to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Deed
<br />Of Trust immediately prior to such sale or acquisition.
<br />6. Pnweevotloei oodOf '
<br />Property in �d "; Phniaed Unit Devy. Borrower shall keep the
<br />repair a� not commit waste or permit impairment or deterioration of the Property
<br />of any if this Deed of Trust is on a . If this Decd of Trust is on a unit in a condominiuta la shall comply with the provisions
<br />&hall Perform all of Borrower's under the declaration or covenants creating r governing Planned unit development, Borrower
<br />the by-laws sash � g ltd condominium or planned unit
<br />Planned unit d"91011MMM regulations of the condominium or planned unit development, and constituent documents. If a condominium or
<br />rider shall cider is executed by Borrower and recorded together with this Decd of Trust, the covenants and agreements of such
<br />be incorporated into and shall amend and supplement the covenants and
<br />agreements of this Deal of Trust as if the rider were a part
<br />7. Pr9*KMW of action Lancer's Seetrily. If Borrower fails to perform the covenants and agreements contained in this Decd of Trust, or if any
<br />Of PfOceedWS is commenced whkh materially affects Lender's interest in the Pro
<br />insolvency, � enforcement, ur Property, including, but not limited to, eminent domain,
<br />to arrangements o proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice
<br />not ' may nake such appearanim, disburse such sums and take such action as is necessary to protect Lender's interest includi but
<br />limited to. disbursement of reasonable attorney's fete and entry upon the Pr '
<br />as a 'lion � Property to make repairs. If Lender required mortgage insurance
<br />making the Bart secured by this Decd of Trust, Borrower shall pay the premiums required to maintain such insurance in effect
<br />until time a s the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement a law shill guy the amount of all mortgage insurance applicable
<br />Any premiums in the manner provided under pa, agraph 2 hereof.
<br />by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower
<br />secured by this Deed of Tract. Unless Borrower and Lender
<br />I to agree to other terms of �ytMnt, such amounts shall be payable upon notice from
<br />OuManding principal requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on
<br />under the Ike unless payment of,
<br />itterest at such rate would be contrary to applicable law, in which event such amounts
<br />interest at the t rate permissible under applicable law. Nothing contained in this
<br />L o take any' hereunder. paragraph 7 shall require Lender incur an
<br />g• may snake or cause to be made reasonable entries u
<br />eve r to any such inspection s pen and inspections of the Property, provided that Lcndet shah!
<br />9. alre specifying reasonable cause therefor related to Lender's interest in the Property
<br />• The proceeds of any award or claim for damages direct or conse
<br />quential, in connection with all, condcrnnatiou o?
<br />cgha taking of the Property, or part thereof, or for conveyance in lieu of condcmr ricjn, are hereby assigned and ,shall he paid tee. 1- Tischer �
<br />In tee event of a total taking of the Property. t
<br />he prmecds %hall he applied to the surxis secured by this (mod oaf frost, with stir rsac %, it alt% .
<br />wed a o borrower. In the event of a partial taking of the Pre toy, unless lic%rrowee grid a ei�d r urheswisc rcr its wWatas. fist ia lit dpplwd
<br />1 t Mm,� ured fa this d
<br />Y d of fru%t +us h pttafeaarritsn } the t,iK�ecsls
<br />t� ` � it bee #i €c. i3 ell.' :4;liiilfi •°
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