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$4 --t~U0821
<br />IJIVIFORM Covewanrs. Borrower and Lender covenant and agree as follows:
<br />1. hytsreral of Meeipl ui Itttetresl. Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedness evidenced by the Note, prepayment and Tate charges as provided in the Note, and the principal of and interest
<br />on any Future Advances sceured by this Deed of Trust.
<br />2. Rts~i ter Teas ad Ice. Subject to applicable law or to a written waiver by Lender, Bortower shall pay
<br />to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full,
<br />a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority over this
<br />Deed of Trust, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance,
<br />phis one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guarantced by a Federal or
<br />state agency (including Lendtr if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments.
<br />insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
<br />permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
<br />Dad of Trust that interest on the Funds shall M paid to Borrower, and unless such agreement is made or applicable law
<br />requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings nn the Funds, Lender
<br />shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums soured
<br />by this Dad of Trust.
<br />If the amount of the Funds held by Lender, together with the future monthly installments of Frrnds payable prior to
<br />the due dates of taxes, assessments, insurance premiums and ground rents, shall excced the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
<br />promptly repaid to Borrower or credited to Burrower on monthly installments of Funds. If the amount of the Funds
<br />held by Lender shall not be sufficient to pay taxes, assessments. insurance premiums and ground rents as they fall due.
<br />Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br />by Lender to Borrower requesting payment thereof.
<br />Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph 18 hereof the Propery is sold nr the Property is otherwise acquired by Lender, Lender
<br />shall apply, no later than immediately prior to [he sale of the Property or its acquisition by Lender, any Funds held by
<br />Lender at the time of application as a credit against the sums secured by this Deed of Trust.
<br />3. Application of Pavmenls. Unless applicable law provides otherwise, all payments received by Lender under the
<br />Note and paragraphs I and 2 hereof shall be apphod by Lender first m payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note. and then to interest and
<br />principal on any Future Advances.
<br />4. Charges; Llens. Borrower shall pay alt taxes, assessments and other charges, fines and impositions attributable to
<br />the Property which may attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any, in the
<br />manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly
<br />to the pays thereof. Borrower shall promptly furnish to Lender all noucts of amounts due under this paragraph, and in the
<br />event Borrower shall make payment directly, Burrower shaft promptly furnish to Lender recepts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has pnonty over this Deed of Trust: provided, that Borrower shall no[ be
<br />reartired to discharge any such lien so lone as Borrower shall a¢ree in writine to the payment of the oblieation secured by
<br />such Tien in a manner acceptable to Lender, or shall in good faith comes[ such lien by. or defend enforcement of such Tien in.
<br />legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereaf.
<br />5. Hassid Insuraett. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />against loss by Ere, hazards included within the rerm "extended coverage", and such other hazards as Lender may require
<br />and in such amounts and for such periods as Leander may require; provided, that Lender shall not require that the amount of
<br />such coverage exceed that amount of coverage required to pay the sums secured by this Deed of Trnst.
<br />The insurance carrier providing the insurance shall M chosen by Borrower subject to approval by Lender; provided.
<br />that such approval shall not be unreasonably withheld. All premiums on insurance policies shall 6e paid in the manner
<br />provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br />ittsuratrce carrier.
<br />Atl insurance policies and renewals thereof shall he in form acceptable to Lender and shall include a standard mortgage
<br />clause in favor of and in form acceptable to I_endec Lender shall have the right to hold the policies and renewals thereof,
<br />and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
<br />Borrower shall give prompt notice to the insurance earner and Lender. Lender may make proof of loss i( not made promptly
<br />by 9orrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall M applied to restoration or repair of
<br />the Property damaged, provided such restoration or repau is economically feasible and the security o[ this Deed of Trust is
<br />not thereby impaired. If such restoration or repair is not cconomicaliy feasible or if the security of this Deed of Trust would
<br />be impaired, the insurance proceeds shall be applied to the sums secured by this Decd of Trust, with the excess, if any, paid
<br />to Borrower. If the Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lander
<br />is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
<br />or to the sums secured by this Dad of Trust.
<br />Unless Lender and Borrower otherwise agree in wrkmg, any such application of proceeds to principal shalt not extend
<br />or postpone the due date of the monthly installments rettrred to in paragraphs 1 and 2 hereof or change the amount of
<br />such installments. If under paragraph IS hereof the Property is acquired by Lender, sal right, title and interest of Borrower
<br />in and to any insurance policies and in and to [he proceeds thereof resulting from damage to the Property prior to the sale
<br />or acquisition shalt pass to Lendtr to the extent oti the sums secured by this Deed of Trust immediately prior to such sale or
<br />acquisition.
<br />6. Preaenatioo and MttiNettaace of Pmperty; LeaselwMs; Combminiums; Plantttd Unit Developmeals. Borrower
<br />shag kelp the Pmpeny m gtxrJ repau and shall not commit waste or perms impairment or deterioration of the Property
<br />and shall comply with the provisions of any lease if this Deed of Trust is on a leasehold. If this Deed of Trust is on a unit in a
<br />condominium or a planned unit devetopment, Borrower shall perform all of Borrower's obligations under the declaration
<br />or covenants creating or governing the condominium or planned unit development, the by-laws and regulation et the
<br />condominium or planned unit development, and consu[litnt documents. If a wndaminium or planned unit development
<br />rider is executed by Borrower and recorded together with this Deed of 't'rust, the covenants and agreements of such rider
<br />shalt be incorporated into and shag amend and supplement the eaovenanta and agreements of this Deed of Trust as d the rider
<br />were a part lureof.
<br />7. PrtrlnNio~ of Leader's Security, If Borrower fads to perform the covenants and agreements contained in this
<br />Deed of Trust, or if any action or proceeding is commenced which materially atFects Lender's interest in the Property,
<br />including, but not hmiltd to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a
<br />bankrupt or decedent, than Lender at Lender's option, upon ostler to Borrower, rosy make such appearances, disburse such
<br />sums and take such action as is necessary to protect Lender's interest, including, but nut limited to, disbursement at
<br />rt:asaaable attorrtey's lets and emry upon the Property to make repairs. If Lendtr required mortgage insurance as a
<br />condition of making the loan secured by [his Deed of Trust, Borrower shalt pay tare premiums required to maintain such
<br />insurance in effect untH atrdr time as the requirement for such insurance terminates in accordance with Borrower's and
<br />[xttd~`s written agrcemtrtt ar applicable )aw. Borrower shall pay the amount of all mortgage insurance premiums in the
<br />mantter provided under paragraph 2 hereof.
<br />Aay amounts disbursed ley Lender pursuant to this paragraph 7, with utterest thereon, shag Ix.cornc additional
<br />ittdebttdnts6 of Borrower secured by this Cleed of Trust. Unless Borrower and Lendtr agree to other terms of payment, such
<br />amounts shall ha payablt: upon aatiet from Lendtr tc Borrower requesting payment therrnf, and shat! Mar interest from the
<br />daft of dislwtxttiettt at tilt rats payablt from time to tint on outstanding principal under the Note unless payment of interest
<br />at such raft would bt contrary to appttcabie law, in whicfr event such amounts shat) bear uuertst at the highest raft
<br />ptimllaib~t uttdtr aRPltcnble law. Nothing contained in this paragraph 7 shall require Lender w incur any txpertse or take
<br />any rctian btrtuoder.
<br />g, laspcctlrl. I.endtt may make or catrse to bt made reasonable rotors upon and insptctoons rat the Property, prcrveded
<br />that Lat[da zhafl give Borrower nWict prior to any .tn:h inspection sptcifyiag reasonable :aura therefor re tared so Lender's
<br />,rrterdt in tha Property.
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