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I r 84 -004596 applicable 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 l:lIld 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 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 sai.d taxes, assessments. insurance premiuii1s 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 shall not be sufficient to pay taxes, assessments, insurancepren\iums'and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days.from.the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full or all sums secured by this Deed or Trust, Lender shall promptly refund to Borrower any Funds held by Lenderdf under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no !ater 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 against4he -sums secured by this Deed of Trust. 3, Application or Payments, Unless applicable law plovides 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. Cbarges; Uens. Borrower shall pay all ta~es. 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 f1irnish 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 proceedings which operate to prevent the enforcemem of the lien or forfeiture c: 'he Property or any pm thereof. 5. Hazard Insurance. Borrower shall keep the improvernenb now existin.~' -.; i1er~ 'r erected cn the Property insured against loss by fire, hazards included within the term "extended coverage", dJ1d such ether haza:m '.... 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 such 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 subjed to approval by Lender; provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, ifnot 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 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 all receipts of paid premiums. In the even: 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 feasibie or if ihe security of ihis 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 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 the sums secured by this Deed of Trust immediately prior to such sale or acquisition. 6, Preservation and Malnleoan~ of Property; Leaseholds; Condominiums; Planned Unit DevelopDlellls, 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 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 perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned. unit development, the by-laws and reguiations. of the condominium or pJanned 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 part hereor. 7. Protection of Lender's Security. If Borrower 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 Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or de<..'edent, 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 mortgage insurance as a condition of making [he 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 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 interest thereon, shall become additional indebtedness of Borrower secured by this Deed of Trust. Unle<'~ Borrow;:r a..,d Lender agree to other terms of payment, such amounts shan be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the 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 amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property, 9. Condtmnation, The proceeds of any award or claim for damages, dired or L:onscquential, in connection with any condemnation ~lf other taking of the Property, or part [hereof, or for t'onveyancc in heu of condemnation, are hereby assigned and shall be paid 10 Lt.'ndel In the e\'cnt of a totaJ taking of the Propeny, the proceed~ shall be applied 10 the sums secured l1y thl~ Deed of Trust, with the n(c:\~, i( auy. paid to Borrower, In the event of a partial taking of the Property, unless Borrower and Lcndcl' otherwise agree 1Il "'filing. Ihcn~ ,~hall he applied l~) the mtns 'itturt'd by thi\ Deed Qr Trust such proportion of the pfQ(ceds 11<, i~ equal !<J that prulX1rtJon whkh th~ amount llf Ow ~t1H\" ~C>.-'uf~'d L