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I L I 64 - 003417 UNIFORM COVENANTS. Borrower and Lender covenant and agree as foflows: .1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the Indebtedness evidenced by t.he 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 1 nisi. Z. Funds for Taxes and Insarance. 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 arc payable under the Note, unlil the Note is paid in full, a sum (herein "Funds") 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 onc-twelfth of yearly premium installments for ha7..ard 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 bjlJ~ and rcaronable estimates thereof. The Funds shall be held in an institution the deposit~ 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 faxes. asses~ments, insurance premiums and ground renle;, Lender may nO( charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assessments and hills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may ~gree in writing at the time of execution of this Deed of Trust that interest on the Funds shaU be paid to Borrower, and unless sllch agreement is made or applicable Jaw requires such intere~t to be paid. Lender sha.n not be required to pay Borrower any interest or earnings on the Funds. Lender s.hall give to Borrower, without charge. 3n annual accounting of the Funds ~howing credits and debits to the Fund!> and the purpose for which each debit to the Funds was made. The Funds are pledged a!i additional security for the sums secured bv this Deed of Trust. ~ If the amount of the Funds held hy Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, a~essment~. insurance premiums and ground rents, :-;hall exceed the amount required to pay said taxes~ assessments. insurance premiums and ground rents as they fall duc, 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 taxc',- assessments, insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount neces.sary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in fuJ! of all sums secured by (his Dl~ed ot Trust, Lender shall promptly refund lo Borrower any Funds held by Lender. If under paragraph 18 hereof the Property 1<; sold Of the Propert~. IS otherwise acquired by Lender. Lender shall apply, no later than immediately prior to the s.<tle of lhe ProperlY or ils acquisition by Lender. any Funds held by Lender at the time of applicarion as a credit against the sums secured by this Deed of Trust. 3. Application of Paymen's. Unless applicable !iiw provide.. otherwise, all payments received by Lender under the Note and paragraphs t and 2 hereof shall he applied bv Lender fir'a in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable 01 t. Note, th~n to the principal of the Note. and then to interest and principal on any Future Advances. 4. Chal'R:e5j Liens. Borrower shall pay all 1:IXC". as.sessmcnt<;; .md other charges. fines and impositions attributable to the Property which may attajn a priority over this Deed of Trust, and Jea.whoJd payments or ground rents, if any. ~n the manner provided under paragraph ;Icreof or, if not paid in such manner, by Borrower making payment. when due, directly to the payee thereof. Borrower "hall promprly forIllsh to Lender all notices.of 2omounts 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 pnonty over thIS Deed of Tmst; prOVIded, that Borrower shall not be required to discharge any such lien so long a, Borrower shall agree in writing ,10 the payment of the obligation secu~ed ~y such lien In a manner acceptable ({) Lender. or shall ill good (.tlfh contest Stich lien by, or defend enforcement of such hen m. legal proceedings which operate 10 prevent the cnfo~cemenl of the licn or forfeiture of the Property or any part thereof. 5, Huard Insurance. Borrower shall keep (he Improvements now cXI~tmg or hereafter erected on the Property insured against loss by fire, hazards indudcd wiThin 'he tenn "e~tcnded coverage", and such other hazards as Lender may require and in such amounts and for such periods as. Lender may rc-quirc; provided. rhat Lender. shall not requJre that the amount of '!.llch coverage exceed lhat amount of coverage rC4ulrcd 10 pay the sums secured by thlS Deed of Trust The insurance carrier providing the insurance ",hall he chosen by Borrower subject 10 approval by Le~der: provided, that such approval shall not he unreasonably wilhheld, All premiums on insurance policies shall be paid in the manner p!"ovided under paragraph 2 hereof Qr, if nut paid in such manner, by Borrower making payment, when due. directly to the insurance carrier. All ins.urance policies and renewals therel.ll' shall he in form acceptable 10 Lenuer and shall include a standard mongage clause in favor of and in tom) acceptable 10 Lender. Lender :-.hall have the right to hold the policies and renewals thereof. and Borrower shall promptly furnish to Lender .~II renewal notices and all receipts: of paid premiums, In the event of loss, Borrower shaH give prompt notice W the InSUral1t.:'c carner and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrowt:r olherwisc agree in writing. Insurance proceeds shall be applied to restoration or repair of the Property damaged, provided suc-h restoration or cep.Hr is c~(Hlomil.:ally feasible :md the security of this Deed of Trust is not thereby impaired. If such festOlatlOn or repalf is not economically feasible or if the ~curity of {his Deed of Trust would be impaired, the insuran-ct: proceeds shall be applied to the sums secured by this: Deed of Tnlst, with the excess, if any, paid to Born.lWCr. If the Property is abandoned by Borrower, ()f if Horrower fails to r~-spond lO Lender within 30 days from the dale notice is mailed by Lender ro Borrower that the ln~urancc carrier offers to settle a claim for insurance benefits, Lender is authorized to collecr and apply the insuI an-ce 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 olherwise agree in writing, allY 3-uch application of proceeds to principal shall not extend or postpo~e the due_ date of the monthly installments refer'red to in .paragraphs I and 2 hereof or ~'h~ng('! th~ afT10mH of :o:ut.~n mstallmerHS, 11 under paragraph 1 ~ hereof the ProperlY is acqUired by Lender, all right, title and jnterest of Borrower in and to any insurance poEcies and in and to the proceed:; ther.:of rc-iulting from damage 10 the Property prior io lhe 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.n-'adon and Mainte-n3oc:e of Property; Leaseholds; Condominiums; Planned Unit J)evelopments.. Borrower shall keep the Property in good repair and shall not commit waslc (ir permit impairment or deteriDration of the Property and shaH 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 pedorm all ot Borrower's obligations under the declaration or covenants creating or governing the condominium or planned L1nit development. the by-laws and regulations of the condominium or planned unit development, and constituent documents, If u 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 s-hall be incorporated into and shall amend and supplement the covenants and agreements of this Deed of Trust as jf the rider were a part hereof. 7. Protection of lA'oder's Security, If Borrower fails to perform the covenants and agreements contained in this Deed of Trust. or if any action or proce-eding is commenced which materially affects Lender's interest in the ProperlY, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a hankrupl or decedent, then Lender at Lender's option. upon notice to Borrower, may make such appcaranci..-'S, dishursc slIch sums and take such action as is necessary to protect Lender's interest. including, hut not limited to, disbursement of reasonable auorney's fees and entry upon the Property to make repairs. Jf Lender required mortgage in,.,urance 3\ a condition of making the loan secured, by this Deed uf Trust. .Borrower shall pay the premiums required to maintain slIch ins.uranc.e in effect until web ,time as the requirement for such insurance terminates in accordance with Borrower's. and Lender's Writtell agree-ment or applicable Jaw_ Borrower shaH pay the amount of all mortgage insurance premiums in the f!19P.net provi~ tmd.c"r p.:;~gr~ph 2 t:.ereof. Any _ a.mouQts- di&bursed by Lender pursuant to this:_ paragraph 7. with interest thereon, shall becQme addit~Qnaj indel>ted_sof IlClrrQwer ux:ured by this Deed ofTrusl. Uill.... Borrower aild Lender agree 10 other terms Qr p.ym.ot, sueh amo,m($ shan be payable upon notice from Lender to Borrower requesting payment thereof. and shan bear Intere:\t from the- date of dilbutJeme-nt at the rete payable from time to time on outstanding p-rindp.<1] under the Note unless payment of interest at lUeh rate would be contrary to apphcahw law, in whtch event 5.u-C'h amounts <;;haH hear mterest at the highe,~t rate permbsible under applicable Jaw. Nofhjng '-',Qntained in ihis. pllragrap-h 7 !;h.ali fL"Quire Lender to mC1Jr .any e,xpense or take ...yl(;t""'~' I. ~ _ Lender may make or C~U$e to he made, reusonahJ( C'ntriC\ upon ~n.J ll1\PC,:1H)fl$ of {he Property, pWVI<.h.'d tMf Len44tf ,lbaIl,iVe Borrower not,h:c prior UJ .any such in,.poc:tJoo spedfyiog reas.onahJe <;;:allsc there(('lf rchth'l.f w Lend':f'.. j nterl:$t in the Propcrt\'.