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r r 84-003714 applicable law l';eCIuircs such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrow~. Withou't charge, an annual accounting of the Funds showing credits <lnd 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 or the Funds held by Lender, logether with the future monthly installments or Funds payable prior to the due dales 01 taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay sai,d taxes, 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 to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shalJ not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they rail due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the datenoti<:e is maiJed by Lender to Borrower requesting payment thereof, Upon paymenl in rull or all sums secured by Ihis Deed of Trust, Lender shall promptly refund 10 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 tbe sums secured by this Deed of Trust. 3, Application of Payments, Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof 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. Charges; Liens. Borrower shall pay aU taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this 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 10 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 payinent -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 proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fIre, hazards included within the term "extended coverage", and such other hazards as Len'.. .- may require and in such amounts and for-such periOds as Lender may require; provided, that Lender shall not reQL;ire that the-l\ffiOunt of such ...overage 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 nor be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such 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 shaH include a standard mortgage 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-to Lender all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance-catrier and Lender. Lender may make proof of loss 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 economically feasible 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 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 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 installmems 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 the sums secured by this Deed of Trust immediately prior [0 such sale or acquisition, 6. Preservation aod Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Detd 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 creating or governing the 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 Bofiower and recorded together with this Deed of Trust, the covenants and agreements of such 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 hereof. .,. Protection of l..endl!r's Securit~. If Borrower fails 10 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 Property, including, but not limited to, eminent domain. insolvency, code enforcemem, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lenderfs option. upon notice to Borrower. may make such appearances. disburse such sums and take such action as is necessary to protect Lender's interest, including, but not limited w, disbursement of reasonable attc.ney's fees and entry upon the Property lo make repairs. If Lender required mortgage insurance as a condition of making tbe loan secured by this Deed of Trust, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement or applicable jaw _ Borrower shall pay the amoullt of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amount.s disbursed by Lender pursuant to this paragraph 7, with interest thereon. shall become additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requt;siing payment thereof, and shall bear interest from the dale of disbursement atlhe rate payable from time to time on outstanding principal under the Note- unless payment of interest at such rate would be contrary to applicable law, in which event such amouOlS ~hall beat Jntcrest at the highcst rate permissible under applicable law. Nothing ,:omained in this paragraph 7 shaH require Lender to incur any f.'xpem:e or lake any acuon hereunder, 8. huptdiub. l.render may mak.e or ;;aur,(; to be made reasonable entries upon and inspcx:tlOos of the Property, provided that Lender :.haH gIve- B(lrmWer nouce prioi 10 any such im,pection ,specifying reasonable r.;'au~c therefor related to Lender'~ intertst in [he Propeny. iJ, CondemruUjo6. fhe pIOl.:Ced:i or any a'o\'ard Of claim for darnage..~, dir~cr or ~'0n_sequentlal, in (.'-onneCl1or\ with .any condernnatJon U1 <.J~hEr l.aldnjf of !h'~ Ptor-<Hy, or paB thereof. or fCiI ;':Ol1vcytUlI.:C Ifl ilcu (If ,,;oudemnatjofl, an: hereby a";,,igned and :;haH he pa,iJ te, 1 tilde. In lht, ;;own! 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