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r L I 83- 002748 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: ,1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and Ihe principal of and interest on any Future Advances secured by this Deed of Trust. 2. Fuuds for Tues IIDd IJIlilJI1IDre. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly installments of principal and inlerest are payable under the Note, until the Note is paid in fuJi, a sum (herein "Punds") equal to one~tweJfth 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 to 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. Lender 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 interest on the Funds and applicable law pennits 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. an annual accounting of the Funds showing credits and debits to the Funds 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 ihe 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 fall due. such excess shall be, 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 Lender shall not be sufficient 10 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 Lender. If under paragraph 18 hereof the Propeny 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 againstlhe sums sccured by this Deed of Trust. 3. Appllcalion of Paymeots. 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 10 interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower shall pay all taxes. assessments and other charges. fines and impositions attributable to the Property which may alia in a priority over this Deed of Trust. and leasehold payments or ground rents, if any, in the mauner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly 10 the payee thereof. Borrower shall promptly furnish to l.ender all notices of amounts due under Ihis 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 ovcr this Oced of Trust; provided, that Borrower shall not he required to discharge auy such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner aeceplable to Lender, or shall in good faith contest such lien by. or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeilure of the Property or any part thereof. S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extcndetl 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 amount of !\uch coverage exceed that amount of coverage required to pay lhe sums secured by this Deed of Tmst. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender~ provided. that such approval shall 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 in form acceplable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the rlght to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carner and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agn..'e in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair IS economically feasible and the security of this Deed of Trust is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds shall he applied to the sums secured by Ihis 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 10 Borrower that the insurance carrier offers to seUle 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 Propeny 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 due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquired hy Lender, all right, title and interest of Borrower in and to any insurance policies and in and 10 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. Prese....lion and Malutenanre of Property; Leaseholds; Condominiums: PI.nned Uoit 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 Ihis 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 petform 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. If 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 incorporated into and shall amend and supplemelll the covenants and agreements of this Deed of Trust as if Ihe ridcr were a part hereof, 7. Protectloo of Lender'. Serurity, If Borrower fails to perform the covenants and agreemenls contained in this Deed of Trust, or if any action or proceeding is commenced which materially affects Lender's inlerest in Ihe Property. including. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving" bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disbursc such sums and take such action as is necessary to protect l.ender's interest, including, hut not limited to. disbursement of reasonable attorney's f_ and entry upon the Property to make repairs. If Lender required mortgage insurance '" a condition of making the loau secured by this Deed of Trust, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and Le~.'s. w.. .rit.1oII a..grecple....'. n.t or aP.,pIicable. law. Borrower shall pay the amount of all mortgage insurance premiums in the m.nm:r j>rQVided under paraarap!i 2 hereof. MY amounts dlilbutsed by Lender porsuant to this paragraph 7, with illterest thereon, shall become additional iodel:tl~ of Borrower secured by Ihi. Deed of Trust Unless Borrower aod l.ender agree to other terms of paymcnl, such amOl,lDlsJballbc payabl<l upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the dale of ~t atlhe "'lepayl!ble from time 10 lime on outstanding principal under the Note unless payment of interest at suclt tate Vffluld he colltrary to applicable law. in whIch event such amounts shall bear illleresl at the highest rate pcrtrriMlhle under Jlpplicabltr law. Nothing contained in this paragraph 7 shall require under to illcur any expense or take any aetiollhatellndet, ... I~ lAnder may malte or c._ to be made re.,(mabl. entries upon and mspecuom of the Property. provided lhat~"_ aJve Borrower noti<< prior 10 aoy lu<:h inspectIon specifyioe rellSOn.hle cause therdor related to I.ender's lat"rClft lethit~.