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84 ~fU1029 ZJrttFOan~ CoveNeNrs. Borrower and Lender covenam and agree as follows: 1. Payment of Principal and Interest. Burrower shall promptly pay when due the principal of and interest nn the mdebtedncss evidenced by the No[e, prepayment and hue charges as provided in the Note. and the principal of and interest on any FuWre Advances secured by this Deed of Trust. 2. Fonds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly installments of principal and interest arc payable under the Notc, until the Note is paid in full. a sum (herein "Funds") equal in one-twelfth of the yearly taxes and assessments which may attain priority over this Deed.of Trust, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance,- plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time a, time by Lender on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments. insurance premiums and ground rents. 1_ender may not charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assessments and bills, unless Lender pays Borrower mtercs[ on the Funds and applicabl6'law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution ~of this Deed of Trust that interest on the Funds shall be paid to Borrower, and unless such agreement is made or 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 give to Borrower, without charge, a^ annual accounting of the Funds showing credits and debits to the Ftinds-and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured-`- by this Deed of Trust If 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 the amount required to pay said taxes, assessments, insurance premiums and ground rents as they tall 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 by [.ender 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 sums secured by this Deed of Trust. Lender shall promptly refund to Borrower any Funds held by 1_ender. If under paragraph 13 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately 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 secured by this Deed of Trust. J. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I and 2 hereof shall he applied by Lcndcr 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. 4. Cbat~es; Liens. Borrower shall pay all lases. 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 manner 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 [o 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 Deed of Trust: provided, that Borrower shalt not be required to discharge any such lien so Tong as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith coolest such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insuraace. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", 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 amoum of such coverage exceed that amount of coverage required to pay the sums secured by this Deed of Trust. The insurance carrier providing the insurance shall he chosen by Borrower subject to approval by Lender; provided. that such approval shalt not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be m form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have [hc right to holJ the policies and renewals thereof, and Borrower shall promptly furnish to Lender :dl renewal notices and all receipts of pail premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier anJ Lender. Lender may make proof of Toss if no[ made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall 6e applied to restoration or repair of the Property damaged, provided such restoration or repair is eamomrcnliy feasible and the security oC this DeeJ of Trust is- not thereby impaired. If such restoration or repair is not economically feasible or it the security of this Deed of Trust would be impaired, the insurance proceeds shalt be applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. if the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrow^er that the insurance carrier offers to settle a claim for insurance benefits. Lender is authorized to collect and apply the insurance proceeds at Lender's option either 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 [o principal shall not extend or postpone [he due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Properq~ is acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Deed of Trust immediately prior to such sale or acquisition. 6. Preservatlon aad Malalenance of Property; Leaseholds; Condominiums; Plantted Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property 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 condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. I[ a condominium or planned unit development rider is executed by Borrower and recorded together with this Deed of Trust, the covenants and agreements of such rider shall be inwrporated into and shall amend and supplement the covenants and agreements of this Deed of Trust as if the rider were a part hereof. 'f. ProteMloa Of Lenderfi Security. If Borrower fails to perform the covenants and agreements con'ained in this Deed of Trust, or if any action or proceeding is commenced which materially a0ects Lender's interest i^ .he Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to $orrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lenders interest, including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender reyuired mortgage insurance as a condition of making the loan secured by this Deed of Trust, Borrower shall pay the premiums required to maintain such iruurana in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement or appltcabte law. Borrower shall pay the amount of all mortgage insurance premiums in the magnet provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 1, with interest thereon, shall beanne additional ittdebiednest of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate parmiapbk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder, g. Ity~eetba. Lender may make or cause to be made reasonable entries up<an and inspections at the Property, provided that lender shall give Borrower notice prior to auy such inspec;uon specifying reasonable ca tae therefor rotated to Lender's interest in the Properiv.