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83-n(15802~ _~ UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 8~~ _ n n 1=::. 1 ~ 9 I. Payment of Prlnclpal and Interest. Borrower shall promptly pay when due the princq?1 of ana 'r'nhi'reh ~n lhe indebtedness evidenced by the Note. prepayment and late charges as provided in the Note, and the principal of and interest on any Future Advances sectJred by this Deed of Trust. 2. Fonds for Tax... IIId 11I5lInIIff. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to lender on the day monthly installments of principal and inrerest are payable under the Note, until the-Note is paid in fuJl. a sum (herein "FundsU) equal to one-twelfth of the yearly taxes and assessments which may attain priority over this Deed of Trust, arid 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 stare agency (including Lender if Lender is such an institution), Lender shall apply the Funds to pay said taxes. assessmentS. insLirance 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 sllch agreement is made or applicable law requires such interest to be paid. Lender shall not be required to pay BorFower 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 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 t&.xes. 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 (0 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 faU 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 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. 3. Application of Payments. Unless applicable Jaw provides otherwise, all payments received by Lender under the Note and paragraphs t and 2 he~eof shall be applied .by Lender 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, Cba.-ges; Liens.. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributabJe to the Property which may attain a priority over !his 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 to 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 shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to lender. or shallm good faith contest such lien by, or defend enforcement of such lien in. legal proceedings which operate 10 prevent the enforcement of the lien o~ forfeiture of the Property or any part thereof. s. Hazard Insurance. Borrower shall keep the impro\'ements now ex.lsting 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 shaH not require that the amount 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 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 om paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shalt be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable 10 Lender. Lender shall have the right 10 hold the policies and renewals thereof. and Borrower shall promptly furnish to Lender all renewal notice~ and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insuran~c carner and Lender. Lender may make proof of loss. if not made promptly bv Borrower. W Unless Lender and Borrower otherwise agree in \\-fitmg, Insurance proceeds shall be applied to restoration or repair of the Property damaged. provided such restoration or repair i:i cl:onomically feasible and the security of this Deed of Trust is not thereby impaired. If such restoralion or repair is not economically feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds shall be applic-d to the sums secured by this Deed of Trust. with the excess, if any, paid 10 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 Borrower that the insurance carrier offers to settle a claim for insurance benefils, Lender is. authorized to collect and apply the insurance proceeds at Lender's option either to reslorarion 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 applicalion of proceeds to principal shall not extend Of postpone the due date of the monthly ins.tallments referred to in paragraphs I and 2 hereof or change the amoullt of such installments. If under paragraph 18 hereof the Property is .tcquired by lender, ~,II 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 tne 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. Preservation and Maioteaance of Property; Leaseholds; CondorniniunlS; Planned Unit Developments, Borrower :oohall keep the Property in good repair and shall not \,;"mmllf WaSIL' l'r pCrlllIt impairment or d~tcrioration 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 cr~ling or governing the condominium or planned unit development. the by~laws and regulations of the condominium or planned unit development. and conslituent dl.."lCumcnts. 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 supplement Ihe covcnanh and agreements of this Deed of Trust a~ jf lhe rider were a part hereof. 7. Protectio.. of LeQCkr's Seculit)'. If Borrower fails to perform the covenants and agrcemenls contained in this Deed of Trust, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including. but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings im'olving il bankrupt. or decedent. then lender at Lender's option, upon notice to Borrower. may make such appearances, disburse such s.ums aDd tak.e such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of reasonable attorney's fee$, and entry upon the Property to make repairs. If ~ender required mortgage insurance as a condition of making the loan SCC'ured by this Deed of Trust, Borrower shall pay the premiums required to maintain ~lIch insurance in effect untit such time as the requirement for such insurance terminates in ac,cordsnce with Borrower's and len4t.(s writte,n.agreement or applicable law. Borrower shall pa\' the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. . Any amounts di.sbursed by Lender pursuant to this paragraph 7. with Interest !hereon. shall become additional lodebtcdltC$S ofBorro\\'er secured by this Deed of Trust. Onle!iS 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 dJs,buf$C;inent at the raw payable from time to time on outstanding principal under the Note unles5 payment of Interest at such tatc would be contrary 10 applicable law, in which event slIch amounls. shall ~ar interest at the highest ratc penniuiblc unde:f applicable law, NOlnins: contained in this paragraph 7 $hall require Lender to incur any expense or take lilY lOCtion herel,lm!er. . .. ~.... Lender may make or ~alJw- to be made reasonable entries upon and iO:IlpectlOns. of the Property. pH\\'id~d that l...e~ shan live Borrower notice priQr t-o any $uch inspe<:tiQO $pe'cifying reasonahle cause IhereCor related to Lcnuer'\ inletm in tile Pr()~v.