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r L I 83-\)()5862 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: .1. Payment of PrindplllllDd 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 lhe principal of and interest on any Fulure Advances secured by this Deed of Trust. 2. ........ for T__ l-.:e. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly installments of principal a.nd interest are payable under the Note, until the Note is paid in full, a .sum (herein "Funds") equal to one.twelftb of the yearly taxes and assessments which may attain priorily over this Deed of Trust.-and ground rents on the Propetty, if any. plus one-twelfth of yearly premium installments for hazard insurance. plm one-twelfth of yearly premi-um 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 sball 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 lhe Funds to pay said taxes, assessments, insurance-premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said accoU!.,. or verifying and compiling said assessments and bi~k. 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 Tr~tst that interest on the Funds shaH be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid. Lender shall nor be requj~d to pay Borrower any interest or eamin~ on the-Funds. Lender shall give t(t Borrower, without charge, an annual accounting of the Funds showing credits and debHs 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 .his Deed of TrusL If the amount of the Funds held by Lender, loge. her with the future monthly installments of Funds payable prior to the due dates of taxes.. assessments. insurance premiums and ground rentl), shall exceed the amount required to pay said taxes, assessments. insun.nc.e premiums and ground rents a.s. they fali due. such excess shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Fonds, If the amount of the Funds held by Lender shall not be sufficient TO pay tax.es:. assessments, insurance premiums nnd 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 promprJy refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Propeny i." ~'lld Of the Property is o.thcrwise acquired by Lender. Lender shall applY1 no later than immediately pnor to the sale of the Property or its acquis.ltion by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Deed of Trust. 3. AppUaadoa of P.""IDflIfs. Unless applicable law provides otherWIse. all payments received by Lender under the Note and paragraphs I .and 2 hereof shall be a. pplied by Lender first In payment of amounts payable to Lender by Borrower under paragraph i hereof. then to interest payable on the Note, then (0 the principal of the Note, and then to interest and principal on ilny Future Advances. 4. C......es; l.Jeas. Borrow~r ~hall pay aU t.axe~. 3\Sessm-ents and olher charges, fines and impositions 4luributablc to the Property which may attain a prio_ .~y over thiS Deed of Trust. and leasehold payments ,or ground rents. if any. in the manner provided under paragraph 2 hereof or, if fl(\t pai-d in such manne-r, hy Borrower makmg payment. when due. directly to the payee. thereof. BorTO\\'e-r ~hal1 promplly furni$h to Lender all notices of amounts due u~der thi!! paragraph. and in the event Borrower shaH mate paymem directJy, Borrower shall promptly furmsh to Lender rccclptJ evidencmg slIch payments. Borrower shan promptly discharge any lien which has pflumy over thiS Deed of Trust; prOVided. that Hor_ro":cr shall not he required to discharge- any such Hen Ml long a, Borrower \hatl agree in writing to (he payment of the obligatIOn secured by ~uch hen in -a manner acceptable to Lender. or shall in good (.lItO conicS[ ~uch lien by. or defend enforcement of such lien in. icgal f.rocecdings which operate to prevent the enforcement of Ihe Hen or f"rfeiture of the Property or any part thereof. . HaanlIasura8C'C4 Borrower :shaH keep [he fmprO\'f:'mems now eu~un.g or hereafter erected on the Property insured againM joss bv fire, hazard" induded within the term "c.'\!endc:d co..'eragc". and such other hazards as Lender may require and in such ainounts and for Juch penod~ a~ Lender may reqUIre; pf(wld~d. that Lender shall not re-.quire that the amount of ,weh coverage ex~eed that anwunl of" covera~c reqUired fo PilY the sllms secured by ~hrs Deed of Trust. The imura~ -caf1"1-<<::r prOViding Ihe insurance 'lnaIl be (ho\Co by Borrower SlIb)CCI ,to approval by Lender; provided. that such approval shaH oot be unreilS,:'mably wit~hckl. .-\H premiums t)n tn.surance pohd~ shan be paid in the manner F'lOvided UDder paraaraph 2 hereof or, If not paid in such manner, by Borrower making payment, when due. directly to the insurance ean1er, AU insurance pc..'lliciei and ~newab there-\1-( $hali be. in h'\fm acceptable 10 Lemler and shall include a standard mOilgage clause in favor of and in form aCl:C'pfllble- 10 Lender Lcn~er !>hall have the fight to hold. the policies and renewals thereof. ..Dd Borrower shall promptly furnish to Lender aU tcnewal nnh,,~e:Borrower shan give prompt notice 1n lhe- Insurance- -.:arnct and Lender. Lender may make proof of 1(l-sS If not m"dc promptly by Borrower. Unless lender and Borrower- utnerwlse agree in wntmg. Hl~uran(.'e prot:eeds shall be applied 10 restoration or repair nf the Property da~. provided such te\lofaUon Of re-p~jjr !'i ~i.:()~l\mHcaHy (ea~ihle y.nd the security 01 thi~ Deed of Trust IS not thereby impa.Jred. It 'Such restoration or repair 1'\ lH){ eC(Jflonll\:ally feaSible or II ihe f)cl:urity of thi"i Deed of TruSI would be unpaired. the insura,","'( proc-ttds shall f)(' appt~d 10 the SUin'i s.e~urcd by this Deed of Tmsl. with t~e. eXl:ess. if any, paid to Borrower. If the Property is abandoned by Borrower. nr if Horrower fatls to fe~p\-")nd to Lender \--vithlll 30 days from the date notice is maikd by lender to Borro~e-r that the insurance carner offers to settle a daim (or msurance benefits, Lender is authorized to collect ;:lOd apply tbe insuran~ PH.:",,:;eed.s at Lender'i option either to res,lOration or repair of the Property or to Ihe sums ,"""ured by thos Deed of Trust. Unless Lender and Borrower otberwuiC agree in writing. any ~uch apphcatlon of proceed't to principal shall not extend or ~Ipo.ne the due date of the- monthly tnM.aUmenr.. referred to In paragraphs J and 2 hereof or change the amount 01 ~,,'~iI in$laUrrw:nt$. If under pa.raaraph IS befOOl t~ Property is "c~ulred .by Lender. all righl. title and interest of Borrower In and to any insurance pohctes and in and to the proceeds lhereof multlng t rom damage to the Pwpeny prior to the sule or acquisition shall pus to Lender 10 the c:\tent of the sums secured b\' this Deed of Trust immedIately prior to such sale or acquisition. .. '- ~..... _ ~ of .....,.".,.; Le~ Condominiums; Pbtnaed Vail Developments. Borrower shall k.eep the Property in ~ rep&tr a.nd ~haU n~J' commit "aSlt:: o~ pennll lTtlpi.lirrncnl or dete-rioration ~f the Property and shall comply with the pro-vtsions of any lea.se if thIS Deed of Tru~t IS on .a leasehold. If this Deed of Trust IS on a unit in a condominium Qr .. pianned unjt devclopmcnt. Borrower s.haH petform all of Borrower's obligations under the declaration o-r covenants creatlng or governing the condominium or planned unll de\'ek'lpment, the by-Jaws and regulations of the ,,~inium or planned unit development, and COf1iUl~nl documents, ~ Jf a condominium or planned unit develop~elll n\let l5 executed by Borrower and recorded together With thiS- Deed of 1 rust, the covenants and agreemenb Qf such ndef shall be incorporated ill10 and shaH amend and s-uppkJm:n1 the co\'enanh and agreements of this Deed of Trust as if the rider were a part hereof. 1. ~ of Lcadief'~ Sectuity. If Borrower faib to perform the covenants and agreeml.':nts l'ontained in This Deed ~ TnIIt* or if any acbon or proceeding ,is commenced whkh malenuUy affects Lender's interest in Ihe Propeny, iodudina. bul not limited to} eminent domain, inWtvenc)', ",-ode eu(or~~ment. or arrangements or pn;)I,;:eedin~ Involving ~ bankrupt or decedent. then Le:nder at Lender's option, upon notice 11..1 Borrower, may make such appearao(cs, disollrsc weh sums and take SQCh .ttd:ion as is' ~ry h) protect unde.r"~ interest, including. but not limited to. disbursement 01 ~ attoroey', fea and entry upon the Property w make repairs If Lender rc,,!uired mortgage in5uranl~e ll~ a coedition of mak,mg the loan scc.qred by thi$ .Deed ot Trusl* Borrower shall pay the premiums required to maintain :!ouch ~ in eft"ect untit lueh: ttmc. -as tbe rcqul!'emeUl for such Ifl$ur-au.;e ItnninatC$ in accordant;e with Borrower'", and t..toc:Ier.. wtlU*n.. ~ or applicable. ia",'. Borrower &haH pay lhe amount of all mortgftgf: in~urance premiums Ifl the __ pmoided under. paraa1'IIpb 2 bcrcof. . Afty amouQta dkbitned by Lender pursuant to rhl$ paragraph 7, wllh mte.tC1ot the-n:on. shall become additional j~ of Borrower JeC.ured by this Deed of TroS.L Unlest Borrower and Lender <llt'"<< h-, other terms of pay'men!. sll~h - tIlaIl bepa}'&llle upon IIOlke from Lender to Borrower ..,,,,,eSlin, payment thereof. and shan hea, lIlte.....t from lhe dale ot~ lit 1110 tlll4> payable from time t" time on our.,.nding pnndpal undor th. Not. uni<<s pay_nl <>f iDlC"''' ,t.{ MiIdI rate. WO'Uid be CQntrary to applicable law. in which evenl ~uch amounU. ",hall beaT inter<<t at Ihe highC$t rate': ~w. ittIdN- apptic-abie law. Nodtin. ctmulJncd in this para-staph '1 dlatt -require Lender tft incur an)' expense Of' take ..., -~, I. " r DlaY make Of'.,"'a\.* W be made. fe.uonabk- entr~ upon anJ inspc<tloo-s uf tht~ PU'lpef(}', pnYH..k-J- tn..t.~ Jtort(.W,"eJ' not~. p'flor f4.) an)' "uch irn.pcctlon ~pe.;ltytn-& t(:.tionat.lc t:.uj$C (heretor related 11) l.e-rK.tU"f'S ,-.t Iii'" Y.