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r ~4---+t~Cffl545 f1NIFOaM COVENANTx. Borrower and Lender covenant and agree as follows: t. Pq~t o/ PdeefpY W lsterest. Borrower shall promptly pay when dtle the principal of and interest on the indebtedness evidenced by the Note, prepayment end late charges at provided in the Note, and the principal of and interest on an Future Advances secured by this Deed of Trust. 2. Fr•is flit Ttttms std trrrrra~a. Subject to applicsble law or to a written waiver by Leader, Borrower shall pay to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority over this Deed of Trnxt, and grtxtrld rents on the Property, if any, plus one-twelfth of yearly premium installments for hazed insurance, plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and' bills and reasonable estimates thereof. The Funds shelf be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (irsduding Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may net charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assessments and bills. unless Lender pays Borrower interest on the Funds and applicable taw permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Deed of Trost that interest on the Funds shall !x paid to Borrower, and unless such agreement is made or applicabk law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shat) give to Borrower, without charge, an annual accounting of the Funds showing credits and debHS fo the Funds and the pttrptsse for which each debit [o the Funds was made. The Funds are pledged as additional sectrrity for the sums secured by this Deed of Trust. /f the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed [he amount required to pay said taxes, assessments, insurance premiums and ground rents as they tali due, such excess shall he at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held 6y Lender shall not be sufficient to pay taxes, assessments. insurance premiums and 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 is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all stuns secured by this Deed of Trust. Lender shalt promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Progeny is sold or the Property is otherwise acquired by Lender Lender shall apply, no later than immediately prior to [he 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 secured by this Deed of Trust. 3. Applkatbn of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. i. Chxijes; Lkrre. Borrower shat! pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any, in the maooer provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this [decd of "f rust; provided, that Borrower shall not he required to discharge any such hen so long as Borrower shall agree in writing w the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such hen by, or defend enforcement of such lien in. legal pproceedings which operate to prevent the enforcement of the hen or forfeiture of the Property or any part thereof. S. Nasad Inmrtrstce. Borrower shall keep the improvements now cresting or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended cave rage', and such other hazards as Lender may require and in such amounts and for such periods as Lender may require: provided. That Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Deed of Tnest. The imuranee carrier providing the insurance shall be chosen by Borrower subject to approval by Lender: provideJ. [flit each approval shall no[ be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided udder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the ioiurantx carrier. All insurance policies and renewals thereot shall he m form aeceptabic w f"ender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender slrall have the right [n hold the policies and renewals thereof. and Borrower shall promptly furnish to Linder a{I renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the uisurance ca trier and Lender. Lender may make proof of loss rf no[ made promptly by Borrower. Uolas Lender and Borrower otherwise agree in writing, msurancc proceeds shall 6e applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Decd of Trust is not thereby impaired. I[ such restoration or repair is nut econnmicatly feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds shall be applied m the sums secured by this Deed of Trust, with the excess, if any, paid to Bortower. If the Property is abandoreu by Burrower, or if Borrower fads to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the msurancc earner otters to settle a claim [or insurance benefits. Lender is authorized to collect and apply the insurance proceeds at f_endeis option enher 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, any such application of proceeds to principal shall not extend or postpone the duo date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph Ig hereof the Property s acyuirtd by 1_ender, all right. title and interest o[ Borrower m and to any insurance policies and in and to the pnxeeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the rzrent of the sums secured by this Dud of Trust immediately prior to such sale or acqutsitioa. 6. Praervalio~ and IMalNenaoce of Property; LeasehaWs; Condominiums; Plantsed Unk Developments. Borrower shall keep the Property in gcwd repair and shalt not comnnt waste ur Ix:rmn impairment or dcteriorauon of the Property and shall comply with the provisions of any lease if this Decd of Tnist 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 covenams cttaflng or governing the condominium or planned unn development, the by-laws and regulations of the condominium or planned unit development, and consntuem documems. If a condominium or planned amt development rider is executed by Borrower and recorded together whh this Deed of Trust, the covenants and agreements of such rider shag be incorporated into and shall amend and supplemem the covenants and agreements of this Decd of Trust as d the rider were a part hereof. 7. Prslsetfer. o[ Letder's S«tuity. If Borrower fails to perform the covenants and agreements contained in this Deed of Trust, or if any action or proceeding is commenced which materially affects Lender's interest m the Property, incltding, but cwt limited Eo, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or dectdent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such Bumf and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement o! reasonabk attorney's fees sine entry upon the Progeny to make repairs. If lronder required mortgage insurance as a coodipion, of making the loan secured by this i)eed of Trust, Borrower shall pay the premiums required to maintain such ittsurattee in effxt until such time as ttx requitrniertt for such irtsutance terminates in accordance wuh Borrower's and LCndelf written agreement or applicabk taw, Harrower shall pay the amount o[ alt mortgage insurance premiums in the mtltumr ptrtevided uttder paragtaph 2 hereof. Any- amatrntt disbtltfed 6y Lender pursuant Io this paragraph 7, with interest thereon, shall txcome additona! tttdd~tedtieasof Borrower secured fly this Dtxxl of Trust. Unless Borrower and Lender agree ro other terms at payment, such arnswnt# shah bewyble upon notrct from Lender to Harrower reytieatitlg payment thereof, and shall hear interest from the dlusot ttaAurssgleat at the rate payable Iran time to time on outstanding principal under eht Note unless payment of interest at Mich rate would 6e etsatraty to applicable law, in which event such amounts shall hear interest at the highest rate Pl~'ns+mt~ide at+dsr appfitabke taw. Nahing contained in this paragraph 7 shall require Lender to incur any expettse or take anjl' action haratmder. ~ Lertdec maY make or rates to be made reasonable entries upon and inspeauons of the Presperty, provided that Lsntla ttktB gwe Borrower noticr prior to any such Enxpection specifying reasonable cause therefor related to tender's iatereatfn the Proosrey.