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84 ___ii G 10 6 7 <br />applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lendu shall <br />give to Borsower, without charge, an annual accounting of [he Funds showing credits rand debits [o the Funds and the purpose for which each <br />debit to the Funds was made. The Funds are pledged as additional security for the sums secured by [his Deed of Trust. <br />If [he amount of the Funds held by Lender, together with [he future monthly installments of Funds payable prior to the due dates of taxes, <br />assessments, insurance premiums and ground rents, shall exceed the 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, either promptly repaid to Borrower or credited to Borrowu on monthly <br />installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, inswance premiums and <br />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 <br />is mailed 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 Borrowu any Funds held by Lendu. If <br />under paragraph 18 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. Applica0oe of Payments. Unless applicable law provides otherwise, all payments received by Lender under [he Note and paragraphs i <br />and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to~intuest <br />payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. <br />4. Clurgea; Liens. Borrower shall pay all taxes, assessments and other chazges, fines and impositions attributablcto the Property which <br />may attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any, in the manner provided undo paragraph2liereof - <br />or, if not paid in such manner, by Borrower making payment, when due, directly to the payce thereof. Honowu shag promptly furnish to <br />Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Bwrowu shag promptly <br />furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any Gen which has priori[y.ovu this-Iked~of Trust;. <br />provided, that Borrower shall not be required to discharge any such lien so Tong as Horsowu shall agree in writing-to'the-paymenfof~the-- <br />obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend.enforceinehtof 9ttchaien <br />in, legal proceedings which operate to prevent [he enforcement of the lien or forfeiture of the Property or any part thereof. <br />5. Hazard Insurance. Borrower shall keep the improvements now existing or hueafter erected on the:Properry insured againM loss by file, <br />hazazds included within the term "extended coverage", and such other hazards as Lender may require and in such amomts.ettd for such;periods <br />as Lender may requve; provided, that Lender shall not require that the amount of such covuage exceed that amount of covuage required-w'py: <br />the sums secured by this Deed of Trust. <br />The inswance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, tha[such:approvai. <br />shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 3 hereof or, if:not <br />paid in such manner, by Borrower making payment, when due, directly to the inswance carrier. <br />All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standazd mortgage clause in favor of <br />and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrowu shall promptlyfurttish-to <br />Lender all renewal notices and all receipts of paid premiums. In [he even 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, inswance proceeds shall be applied to restoration or repair of the:: Property <br />damaged, provided such restoration or repair is economically feasible and [he seuurity of this Deed of Trust is not-thereby-impaired. If stash <br />restoration or repair is not economically feasible or if the secwity of this Iked of Trust would be impaired,: the imwattce_p!roceedt shag be. <br />applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. If the Property-is abandoaedrby-BOrsower, or if - <br />Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the inswancecarritr offers to <br />settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds a[ Lendu's optioneithu to rptwation or <br />renair of the Property or to the sums secwed by this Deed of Trust. -- <br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall-not attend-ocposrpone the due <br />dale of the monthly installments referred [o in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 1 g - <br />hueof the Property is acquired by Lender, all right, title and interest of Borrower in and to any-insurance policies and`in-and:4o the proceeds - <br />thereof resulting from damage to the Property prior to the sale or acquisition shaB.pass to-Lender to the extent ofthe sums'secwed by this Deed <br />of Trust immediately prior to such sale-or acquisition. - - <br />6. Preservatloa and Maiateeaott of Property: LeaseYolds; CondotnWn.s;. Plwaed Udl. Det%ebMer•b: Borrower- shall keep the.- <br />Propeny in good repair and shall not commit waste or permit impairment or duerioration of [firi9ropertyandstiiB-comply with the provisioru <br />of any lease if this Deed of Trust is on a leasehold. IF this Deed of 7tttst is on a unit in a condomituum ors planned ttaiEdevdoptoent Borrowu-~ <br />shall puform all of Borrower's obligations under the declaration or covenants creating or govuning thr condominium yr planned unit <br />development the by-laws and regulations of the condominium or planned urnt development, and rnnstituant documents:iF a condominium w <br />planned unit development rider is executed by Borrower and recorded together with this Deed of Trust, the covenants-and agratnents'.of such <br />rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Deed: of Trust as if the rider -were ~-par[ <br />hereof. <br />7. Prolectioe of Leader's 5ecud[y. If Borrower fails to perform the covenants and agrcements contained in this Dad of Trust -orilany - <br />action or proceeding is commenced which materially affects Lender's interest in the Property, including, but no[ timitedto; eminent domain, <br />insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent [hen Lendu at Lender's gption, upon rtOget <br />to Borsower, may make such appearances, disbwse such sums and take such action as is necessary to protect Lender's intuest induding,but <br />no[ limited to, disbwsement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required. mortgage inswance <br />as a condition of making the Loan secured by this Deed of Trust Horsower shall pay [he premiums required to maintain such-inswance in effect <br />until such time as the requirement for such insurance terminates in accordance with Borrowu's and Lender's written agreement or applicable <br />law. Borrower shat pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hueof. <br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional-indebtedness df Borrower <br />secured-by this Deed of Trust, Unless Borsower and Lender agree to othu terms of payment such amounts shall be payabk upon notice from <br />Lender to Borrower requesting payment thereof, and shall bear interest from the dart of disbursement at the rate payable from time to time on <br />outstanding principal under the Nott units payment of interest at such rate would be contrary [o applicable law, in which event such amounts. <br />shall liar interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lendu to incur any <br />expense or take any action hueundtr. <br />. b. laspedioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lendu shat <br />give Borrower notce prior to any such inspection specifying reasonablt cause therefor related to Lendu's interest in the property. <br />9. Coodeaeatioo. Tbt proceeds of any award or claim for damages, direct or consequential, in rnnnection with any condemnation or <br />other taking of the Property, or patt [hereof, or far canvtyance in lieu of condemnation, art hereby assigned and shall be paid to Lender. <br />In the tutor uF a total taking of the Property, the proce<xls shad be applied to the sums secured by this Deed of Trust, with [he excess, if any, <br />paid to Borrowe;. In the event of a partial taking of the Property, unless Borrower and Lender oiherwise agree in writing, there shall be applied <br />to the sums secured by this Reed of Trust such proportion of the proceeds as is eyual to that proportion which the amount ut the suers secured <br />