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~3-Q04365 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: ,1. PayDlent 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 the principal of and interesl on anyFulure Advances secured by this Deed of Trust. 2. FDDds for Taxes and IIISlIl'lIJlee. 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 are payable under Ihe Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessmenls which may attain priorilY 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 deposils 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, assessmenls, 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 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 earninlfs 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 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, assessmenls, insurance premiums and ground rents as they fall 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 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 sums secured by this Deed of Trust. Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or .he 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 sccured by this Dccd of Trust. 3. Applieatlon of Paymeots. Unless applicable law provides otherwIse. all payments received by Lender under the NOle and paragraphs I and 2 hereof shall be applied by I.ender firsl in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, lhen to interest payable on the Note. then 10 the principal of the Note. and then 10 inlerest and principal on any Future Advances. 4. Chal'lles; Uens, Borrower shall pay all taxes. assessments and other charges. fines and impositions atlributable to the Property which may attain a priorily 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 paymeur. when due, directly to the payee IhereoL Borrower shall promptly furnish to Lender all nOllces 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: prO\'ided. that Borrower shall not he required to discharge any such lien so long as Borrower shall agree in writing to Ihe payment of the ohligation secured by such lien in a manner acceptable to Lender, or shall in good faIth contest such lien by, or defend enforcement of such lien 10. legal proceedings which operate to prevent the enforcement of the lien or forfciture of the Property or any part thereoL S. Hazanllnsuraace, Borrower shall keep the Improvements now e"stlOg or hereafter erected on Ihe 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 I.ender shall no' require that the amount of 'lllch coverage ex.ceed that amount of coverage reqUired to pay the sums ~ccured by this Deed of TrusL The insurance carrier providing the insurance shaH he chosen hy Borrower subJl:ct to approval by Lender: provided. that such approval shall not be unreasonably wilhheld. All premiums on IOsurance policies shall be paid in the manner provided under paragrapb 2 hereof or, if not paid in such manner. by Borrower making payment. when due, directly to Ihe insurance carrier. All msurance policies and renewals thereot shall he in form accep.able 1<' Lender and shall include a standard mongage clause in favor of and in form ac""ptable to LendeL Lender ,haH have the right to hold the policies and renewals thereof. and Borrower shall promptly furnish to Lender all renewal nollce, and all receipts of paId premiums. In the event of loss. Borrower shaH glve prompt notice to the insurance ~arner and Lender. Lender may make proof of loss If not made promptly by Borrower. Unless Lender and Borrower otherwise agft..'e in '^ nlmg. msuran~c procccds ~haH be applied to restoration or repair of the Propeny damaged. provided such reslOration or rep~llr i.. c'-";~_\homKaHy teas.ble ..md the security ()f this Deed of Trust is not thereby impaired. If such restorallon Of repatr j<.; o\)l eCOlh.Hllh.:aHy feaSible \..lr it the security of this Deed of TrtlSl would be impaired, the insurance proceeds shall be applied to ihe SUIllS secufed by this Deed of Trust, WIth lhe excess. if any, paid '0 Borrower. If Ihe Property is abanooned by Borrower, ,If if Bor",wer f"ils '" rcsjl<\Ild tll Lender within 30 days [rom the date notice is mailed by Lender to Borro\A.'cr that the insurance (:arfler tJfler~ h) settle a datm for insuram:e benefits. Lender is aUlhorized to collect and apply the insurance pnx'eeds al lender" option eIther to restoralion or repair of the Property or '0 the sums secured by this Deed of Trust. Unless Lender and Borrower otherwise agree in wrIling. any su.:h applicallon 01 proceeds to principal shall not extend or postpone the due date of the monthly installments referred 10 III paragraphs I and 2 hereof or change the amounl 01 such installments. If under paragraph 18 hereof the Property IS aC<juICed by I.ender, all right, title and interest of Borrower in and to any insurance policies and in and to Ihe pmc,,,,-ds thereof "",ultmg from damage 10 th" Property prior to the "lie or acquisition shan pass to Lender to the exlent 01 the sums seeUled by this Deed of Trust immediately prior to such sale or acquisition. 6. I're$ervadon....d MaluteAance of PropeFt).; l........boIds; Condominiums; Planned LJnit Developments. Borrower ..hall keep the Propeny in gooo repair and shaH not ;;.'ommit "a~lC \'r p~nnit impairment or deterioration of the Property and shall comply with the provisions of any lease if tllis Deed of TrmllS on a leasehold. If this Deed of Trust is on a unit in a condominium or a planned unit development, Borrower shall peliorm all of Borrower's obligatlOos under the dechrration or covenanls creating or governing the condominium or planned unit development. the by-laws and regulations of the condominium or planned unit development, and constituent documems. If a condominium or planned unit development rider is executed by Borrower and recorded together with this lJeed of Trust, the covenants and agreements 01 such rider shall be incorporated inlo and shall amend and supplement the cO\'enams and agreements of lhis Deed of Trust as if tile rider were a pan hereol. 7. ProIedIon of Leader'. Security, If Borrower fails 10 perform the covenants and agreements conlained in this Deed of Trust. or if any action or proceeding is comme"ced which materially affects Lender's interest in the Property, includins. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Bc>rrower, may make such appearances. disburse such sums and take such action as is necessaf)' to protect L.:nder's interest. including, hut not limited tn, disbursement of rell$OOllole attorney's fees and entry upon the Proper". to make repairs. If Lender required mortgage insurance as .1 condition of matins the loan secured by this Deed of trust, Borrower shali pal the pn:miums required (() maintall1 ,,,,'h lllsurance ,in efJ'e<:t until such time as the requirement for such inSUrafH:C termmates. in accordance With BOHuwef'~ ~Hl{.! l.endet. .... '5 written agr. ee. .lUCI1t or applicable law. Borrower shall pay the amounl of all mortgage insurance premium, in the mat:lOcr provided under plU1lBraph 2 hereof. Any aIDOW\l$ di1bursed by L~nder pursuanl to this paragraph 7, wilh IIlterest Ihereon. shall l>ecc'me addilhllwt indebtedness of Borrow~r secured hy Ihis Deed of Tru'l. Unless Borrower and I.ender agree 10 other Icrms ,,[ payment, such a_ta ."!MII be Pltyable upon IlQtice from Lender to Borrower requesting payment there,'l, ..nd shall hear illler..t from lhe dot""f cIitlI1u~nll\t the I'l1te payable fr,ltn time to time on outstanding principal undet the Note unless payment of interest lit I:".lclt rille would be contrary to .l\pplicable law, in wllleh event .uch amollnt' shall bea, interest at the highest rate por~ble under applicable law. Nothing conlained in thi. paragrapll 7 ,hal! require Lender to i""u, any expense or take any aCUon~, ~ .,_"_ ,.e:ndt'!r rt\.i'ty nu~.k~ or.cau~ lo he ma~ re-a~~nable t'"!~tn~,-s. uf",Jn an~J inspections of ~he, Property. rnnid~d tbat lAndiii' Borrowet nOl'ce prIor to allY ,tJCh ,"speellon .pe,'lfy,"!> rea"",.ble can$e therel<" rela!ed '" I <'IKle;', ,Ilter$ in otlIlftv.