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I 84 - 002833 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: .1. "Ylllent 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 interest On any Future Advances secured by this Deed of Trust. Z. Funds for T""... .nd I.......nc., Subject to applicable law or to a written waiver by Lender, Borrower shall p.y to Lender on the day monthly installments of principal and interest are payable under the Note. until the Note is paid in full, a sum (herein "Punds") equal to one.twelfth 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 inst8l1m~nts for hazard insurance. plus one-twelfth of yearly premium installments for mortgage insurance. if any, all as reason..:.bly eSllmated 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 sa.icI taxes. assessments. insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds. analyzing said:a~ount or verifying and compiling said as~...sments and bills, unless L~nder rays Borrower interest on the' Fonds 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' applicabl~ 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 Fund~- 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 De.d of Trust, If .he 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 tax~~ assessments. insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's OJ:ll;iOD, ci~r 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' 'd~. Borr:.:",lJcT shall pay to Lender any amount necessary to make up the deficiency within 30 days-from the -date' notice,is maned- by Lender to Borrower requesting paym.nt thereof. Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any Fijnd~ held by Lender. If under paragraph 18 hereor the Property is sold or the Property is otherwise acquired by-Lende., t.nde. 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 law provides otherwise, all payments received by- Lender un~r -t~e Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrow~r under paragraph 2 hereof, then to interest payable on the Note. then to the principal of the Note, and then to interest---and principai on any Future Advances. 4. Chal'ln; Liens. Borrower shall pay aU taxes, assessments and other charges, fines and impositions auributable --to the Property which may a!lain a priority over .his Deed of Trust. and leasehold paymentil 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 shall in good faith contest such lien by, or defend enforcement of such lien~in. legal !.f()Ceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. . Huard InsunllU. Borrower shall keep the Improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended cove~ge'.. 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 s.uch coverage exceed that amount of coverage required to pay the sums secured by this Deed of Tnlst. The insurance carrier providing the insurance shaH be chosen by Borrower subject to approval by Lender; provided, tha~ such approval shall not be unreasonably withheld, All premiums on insurance policies shall be paid in the manner provided under paralfllph 2 hereof or, if not paid in ~uch manner, by Borrower making payment. when due. directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mongage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. and Borrower shall promptly furnish lO Lender all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier anJ Lender. Lender may make proof of ioss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is e(.;onomically feaslble 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 be appHed to the sums secured by this 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 to Borrower that the insurance carrier offers to settle 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 Property 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 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquired by Lender, all 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 the sale or acquisition shall pass to Lender to the extent of lhe sums secured by this Deed of Trust immediately prior to such sale or acquisition. 6.. JIresu,'adoo and Maiatenao<:e of Properly; Ltaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall nOI r.:ommit waste \..H permll impairment llr deterioration of the Property and shall comply with the provisions of any lease if this Deed of Trust is on a leasehold. If this Dee.d of Trust is on a unit in a condominium or a planned unit development. Borrower shall periorm all of Borrower's obligations under the declaration or covenants creating or governing t:te 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 IOgether with this Deed of Trust, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants .1l1d agreements of this Deed of Trust as if the rider were a part hereof. 7. Protedion of l..eoder's Security. If BorrO\\'er fails to perform the covenants and agreements contained in this Deed of Trust. or if any action or proceeding is commenced which materially affects Lender's interest in the Properly. mcluding. but not limited h." eminent domain, insolvency, ..;ode enforcement, or arrangements or pror.:ccdings involving a bankrupt or decedent, then Lender at Lender's option, upon notice IO Borrower, may make slIch appcaranr.:es, dbhursc such sums and take s.uch action as is necessary 10 protect Lender'~ interest, including, hut not limited to, disbur~cmcnt 01 reasonable attorney's fees and entry upon the Property to make repairs_ If Lender required mortgage insurance a~ a condition of making the loan secure-d by this Deed ("If Trust, Borrower s.hall pay the premiums required to m.lintain sur.:h insurance in effect until such time as the requirement for such insuruflcc terminates in ac(ordam::c with Borrowcr\ ;IOU Lender's written agr~ment or applicable law. Borrower shall pay !he Uffiount of all rnortgage insurance premiums in the manner provided under paragraph 2 hereof. ~ Any amounts. disbursed by tender pursuant to thiS paragraph 7. wllh Interes{ thcrcLm. shall hCl:omc adc.litIllllaI indebtedness of Borrower sCt:ured by this De--ed of Tru~t. Unless Borrower ~nd 1 ent.ler "gree tl' other terms of payment, sur.:h amounl~ shaH be payable upon nQtice from Lender to Borrower requesting payment thereof. and shall heur intcrest from lht, date of disblll1iCment at ,he rate payable from time to time ("Ill outstanding principal under the Note unkss payment of infen:S! at such rate would he contrary to applicable la\v. in whl,:h even! <,\J\:h am(lunl, "h.lll heM inh.'rt."-';{ ill the highc;;'1 raIl' permissible under applicable law. Nothing (~Onli.llllcd In (hi~ paragraph 7 \ha!l ft:\.juirt': Lender to incur an) expens.e tlf takt. an}' action hereunder. I. tMpeCtllltn. Lender muy mak.e tJf ...~ww to rn: made rcas.m-ahk entn~;. up~\n ,HId !f\\rCLIWn~ III the Prl.~pl."rl)'. ph\\-tdel.,l thoiH Lender shan live Borrower norir.:e prio: to 3ny }lJ\.:h ins~r.:-tJl,)n :,po..:cif)'lng reu:-"lnahlc cUU.\C lhcrd\ll rt'fated tn Lendl'r\ IUter-esl fO the Prooertv. B4 --OO~,.:p<)