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<br />84 ~003642
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<br />applicable Jaw requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall
<br />give to Borrower, without charge, an annual accounting of the Funds showing credits ;and debits to the Funds and the purpose for which each
<br />debit to the Funds was made, The Funds are pledged as additional security for the sums secured by this Deed of Trust.
<br />If the amount or the Funds held by Lender, together with the ruture monthly installments of Funds payable prior Il.i ,he due dates of taxes,
<br />assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and
<br />ground rents as they faU due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly
<br />installments of Funds, If the amount of the Funds held by Lender shall not be sofficient to pay taxes, assessments, insurance premiums and
<br />ground rents as they rail due, Borrower shall pay to Lender any amount necessary to make U'l the deficiency within 30 days from the date notice
<br />is mailed by Lender to Borrower requesting payment thereof.
<br />Upon payment in rull of all sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any Funds held by Lender, If
<br />under paragraph 18 hereor the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately
<br />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
<br />secured by this Deed of Trust.
<br />3. Application or Payments, Unless applicable law prOvides otherwise, all payments received by Lender under the Note and paragraphs I
<br />and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereoft tben to interest
<br />payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to th~ Property which
<br />may altain a priority over this Deed of Trust, and leasehold payments or ground rents, if any, in the manner provided- under paragrap~_2_hereOf
<br />or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof, Borrower'shall promptIy;'furnish-io
<br />Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly_
<br />furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any tien which has priority over this Deed, of-Trust;
<br />provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing--to the-'-payinent or-the
<br />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:
<br />in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br />S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against-loss by fnet
<br />hazards included within the term "extended coverage", and such other hazards as I icr may require and in such amounts and for'sllclrperiods
<br />as Lender may require; provided, that Lender shall nol require that th~ 1.mount of SUl.:h coverage exceed that amount of coverage required-to pay
<br />the sums secured by this Deed of Trust.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such- approval
<br />shall not be unreasonably withheld. All prer.,:ums on insurance policies shall be paid in the manner provided under paragraph 2 hereof-or, if Dot
<br />paid in such manner, by Borrower making payment, when due, directly to the insurance carrier.
<br />All insurance policies and renewals thereof shall be in form acceptable to lender and shall include a standard mortgage clause in- favor of
<br />and in form acceptable to Lender. lender shall have the right to hold the policies and renewals thereof. and Borrower shall promptly fumisht6
<br />Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notiCe to the insurance-carrienmd
<br />Lender. Lender may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property
<br />damaged, provided such restoration or repair is economically feasible and the security of this Deed of Trust is not thereby_impaired. If such
<br />restoration or repair is not economically feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds shall be
<br />applied 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
<br />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
<br />settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or
<br />repair of the Property or w the sums secured by this Deed of Trust,
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall nol extend or postpone the due
<br />date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. If under paragraph 18
<br />hereof the Property is acquiTed by Lender. all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds
<br />thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Deed
<br />of Trust immediately prior to such sale or acquisition.
<br />6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Plaooed UoJl Developments. Borrower shall -keep the
<br />Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions
<br />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
<br />shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit
<br />development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or
<br />planned unit development rider is executed by Borrower and recorded together with this Deed of Trust, the covenants and agreements of such
<br />rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Deed of Trust as if the rider were a part
<br />hereof.
<br />,. Protection of Lender's Securit'!",. [f Borrower fai!~ to l.lt'-Tform the covenants and agreements. cnntainl:"d in thi.<: Oeed of Tm~C Dr if any
<br />action or pr<xeeding is comnlt:nceo which materially affects Lender's interest in the Property, including, but not limited to, eminent domain,
<br />insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedem, then Lender at Lender's option, upon notice
<br />to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br />nOllimited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance
<br />as a condition of making the loan secured by this Deed of Trust. Borrower shall pay the premiums required to maintain such insurance in effect
<br />until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement or applicable
<br />law. Borrower .'ihail pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall become additional indebtedness of Borrower
<br />5-ccured by this Deed of Trust. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from
<br />Lender to Borrower requesting paymelH thereof, and shall bear interest from the date of disbursement at the rate payable from lime [0 time on
<br />outstanding pnncipal under the Note unless payment of interest at such rate would be contrary to apph~able law, in which even! such amoulU~
<br />shall beat interest at the highest rate rermis~iblc under applicable law. Nothing contained in this paragraph 7 ,halt require Lend~r to irH,'Uf any
<br />expense or take any action hereunder.
<br />It Inspection. Lt':'nder may make or cause f(J be made reasonable entries upon and inspections of the Propen}'. provided that Lender ~halJ
<br />give HOIl"ower notice prior to any such inspection specifying reasonable cau,..e lhert:for related to 1 cI1!..kr'<; interest In lh~' Pro}!.-..ef1}'
<br />9, Condemnation. rhe pro.,:et.'ds ot any award or claim for damage:., dire--ct ur ..;onsC'4u~ntial, W ":\l1Jl1tl,'HOI\ \A-ith <lny L-pndcmnathHj \H
<br />other la-lung of the I'>roperty, 1.11 part fhtTcot', or for cunVt'yancc in heu of condenmalii..\lL arc here-by l1.s;.lgneL! <-iml-;h<1ll tit' paiu 10 Ll,.'nJ("(
<br />1n the ("v~~n! of fl: Iota! taking of the Properly, the- pt()(;teJ$ 'ihatl bt.' applied to the sua\:, ;,e.;ured 1)\ Olle. t)t~('t.l 'Ji ! fll.'lt, wnh :h... ,''\1..(.",,:). d am.
<br />f~jd hl B(Jnower. In the t'vC"nt l)f a parnaJ "ikmg of lhe P-Il..Jpf,~ny. Imle:..:. Horn_Jwt,"r and l clldn '__1[hc-rWI'l-e api'" ,~nwl~_.lIwJ'C :,l-w,U Of." ,tppiicJ
<br />10 the surns '_....rur;:d toy thl;. Dt:t.'u 01 -1Ilj\! ~\h~h proportion ~tt the prp'..'t't"th ,to. 1\ equa] [(\ thai pE'lponw/) ,-\hl,b [fit' <ifll\;UHf ,n ,ht: ~U;l\.'.
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