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....- I L I 84-~ 004551 UNIFORIVI COVENANTS. Borrower and Lender covenant and agree as follows: .1. Payment 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. 2~ Funds for Tuts And IDS1LraDce. Subje.ct to applicable law or to a written waiver _by., ~nder" Borrower sh'aJl. pay to Lender on the day monthly installments of principal and interest are payable under the Note, until the Notei. 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 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 -:~ro~ time to time by Lender on the basis of assessments and bills and reasonable'estimates therepf. The Funds shall be held in an institntion the deposits or accounts of which are insured or guaraniee,d by a Ftideral. "J- state agency (in~luding Lender if Lender is such an institution), Lender shall apply the. funds to pay saidtax.es, as,sess... ",enls; Insurance premiums-and ground rents. Lender may not charge for so holdlDg and applymg,the-Funds. anaIYZJng:sal:4,-a~~1:Ult; or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Fim<is"and ~app~i~f)ie law permits Lender to make such a charge. Borrower and Lender may agree in writing -at-,the..tirqc, ofeX8cutio"-::,,-qf,.!,!h~s Deed of Trust that interest on the Funds shall be paid to Borrower, and unless such agreement-is made- or-appl~c~_~~__;-.J,~W . requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings. o~ _the_,Fun'~;-~ ,:Le~der- shall give-to Borrower, without charge. an annual accounting-of the Funds showing credits-and'debit~,to,:the Funds;,~nd-,tll~ purpose for which each debit to the Funds was made. The Funds are pledged as additionalsecnrity for the sumssecuied by this Deed of Trust, ' If the amount of the Funds held by Lender. together with the ruture monthly installments of Funds pa.yable prior to the due dales .of taxes. assessments. insurance premiums and ground rents, shall exceed the amountTequir-ed--to'p~Y,-sai~.'~ta"~i- assessments, insurance premiums and ground rents as they fall due, such excess shall be, at _Borrower's ,opt_~on;;. ei~~e~ promptly repaid ta Borrower or credited ta Borrower an monthly installments .of' Funds. If the-_--~II1()unt '_-o~', t~e---'Funtts.' held by Lender shall not be sufficient to pay taxes, assessments. insurance premiums and ground --rents_ as...they :!alkdue.- Borrower shall pay ta Lender any amount necessary ta make up the deficiency within 30 days from-the-date"notice:' is_mailed by Lender t.o Borrower requesting payment thereof. Upon payment in rull or all sums secured by this Deed of Trust, Lender shall promptly refnnd toBorrower.any.Fullds held by Lender, If under paragraph 18 hereof Ihe 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. Un~ess applicable law provides .otherwise, all payments received by 'Lender 'under: the Note and paragraphs I and 2 hereof shall be applied by Lender first in pay'" ,t or amOlmts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note. then t.::o: ~~e ,~. ndpal of the Note. and then to interest and principal on any Future Advances. 4. Chp~5; L~!'..s. Borrower sh2H pay a!! taxes, 2:-;ses~!!!e!!ls. ,":1~ ether charges, :fines 2nd- impc~dt~ns ~ttrihutable, 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 to Lender receipts evidencing such payments, Borrower shall promptly discharge any lien which has priority over this Deed or 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 Hen by. or defend enforcement of such lien in. legal proceedings which operate to prevent the enrorcement or 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 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 ~uch 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. tha~ such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragrapb 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 shaH be in form acceptable to Lender and shall 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 aU receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier 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 or 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 I and 2 hereof or change the amount 01 such installments, If under paragraph 18 hereof the Property is acquired by Lender, all righI, title and interest of Borrower in and to any insurance poiicies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or a~q!l!sition 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 Maintenance of Property; Leaseholds; Condominiums;. Planned Dnit Developments. Borrower shall keep the ProperlY in good repair and shall not commit v,laste or permil impairment or deterioration 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 petform 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 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 the covenants and agreements of this Deed of Trust as if the rider were a pan hereof. . 7. Protection of I~ender's Security. If Borrower fails to perform the covenants and agreements contained 10 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 involving a bankrupt or decedent, then Lender at Lender's 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 to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required morlgage insurance ~1S. <l condition of making the loan secured by this Deed of Trust, Borrower shall pay the premiums required to maintain sm:h insurance in effect until such time as the requirement for such insurance terminales in accordance with Borrower's and Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with imcrest thereon, shall become ;'idditionai indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to other terms of pi.\)'mcnt, ~uch amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall hear interest frolll the date of disbursement at the rate payable from time to time on outstanding principal under the Note I.HlII.~ss payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest ;It the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shaH require Lender ti..' int.:ur any expense or take: any action hereunder, 84 lupectioD: Lender may make or \.:ause to be made reasonahle entries upon and inspcdiOns of the Propel"'Y, pfl1\"ided ~hat Le~dcr shall give Borrower notice prior to any such ins.pection specifying reasonable cause theretor l"l'lat~J to l.\.'mkr\ lOterest In the Propertv, 84 ""'--4 004 ;S;)!