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If Borrower pays Funds to Lender, the Futtds stall ere t`,eltl in an instituti:an the :r>its :sr a~.co€;nts of whir:}; are <br />insured or guaranteed by a Fe€leral or state agency iincluding Lender if Lander is sueit an irtstituticns. lxnde: shad apply <br />the Fvt?ds rn pay saw tatses, assessments, itsurance premiums and grntsrxl rents,. Lernder max not charge for so hratdistg <br />and appl}vsg the Funds, aaaiyaing said account or verifying and compiling said assessments and bilk, unless Lender <br />~ gays Bottawer interest an the Funds and applicable law permits Lender to malEw suels a charge. Bottower aged, Lender <br />~ may agree in writing at the time of execution of this Deed of Trust that imerest ern the Funds shall be pout to Borrertver, <br />~ and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be • ^nired <br />~ to gay Borrower any interest or earnings on the Funds. Lender shall give to Bottower, without charge, an ant..al <br />a accounting of the Funds showing credits and debits to the Funds and the purpose fm which each debit to the Funds was <br />T~ made. The Funds a:e pledged as additional security for the sums secured by this Deed of Trust. <br />r"f If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to <br />the dug dates of taxes. assessments, insurance premiums and ground rents, shall exceed the amount required to pay said <br />Lazes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, <br />either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the <br />Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and goound rents as they fall <br />due, Bottover shall pay to Lender any amount necessary to make up the deficiency in ene or mote payments as Lender <br />may require. <br />Upon payment in full of all sums secured by this Deed of Trust, Lander shall promptly refund to Bottawer any <br />Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by <br />Lender, Lender shad apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any <br />Funds held by Leader at the time of application as a credit against the sums secured by this Deed of Trust. <br />3. Applicatias of Payments. Unless applicable law provides otherwise, all payments received by Lender under <br />the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by <br />Borrower under paragraph 2 hereof, then to interest payable on the Note, and then to the principal of the Note. <br />4. Prior MlortgaQes and Deeds of Trost, Charges; Liens. Borrower shall perform all of Borrower's obligations <br />under any mortgage, deed of trust or other security agreement with a lien which has priority over this Dead of Trust. <br />including Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid all taxes. <br />assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this <br />Deed of Trust, and leasehold payments or ground rents, if any. <br />5. liarard Inanrance. Borrower shall keep the improvements now existing or hereafter erected on the Property <br />insured against toss by fire, hazards included within the term "extended coverage", and such other hazards as Lender <br />may require and in such amounts and for such periods as Lender may require. <br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, <br />that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall he in a form <br />acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. <br />Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage. deed of trust <br />or other security agreement with a lien which has priority over this Deed of Trust. <br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. bender may make proof <br />of ions if not made promptly by Borrower. <br />If the Property is abandoned by Borrower, or if Borrower fails to respond Yo Lender within 30 days from the date <br />notice is mailed by Lender to Borrower that the insurance cazrier offers to settle a claim tior insurance benefits, Lender is <br />authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the <br />Property or to the sums secured by this Deed of Trust. <br />6. Praenatba and Maintenanre of Property; Leaseholds; Condominiums; Planned Unit Developments. Bor- <br />rower shalt keep the Property in good reaair and shall not commit waste or permit impairment or deterioration of the <br />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 <br />on a unit in a rnndominium or a planned unit development, Borrower shall perform all of Borrower's obligations under <br />the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and <br />regulations of the condominium cr planned unit deveoe:..ent, and constituent documents. <br />?. Peot[stlQee of Lsader's Sxstrlty. If Borrower fails to perform the covenants and agreements conrained in chic <br />Dead of Trust, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, <br />then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including <br />reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage <br />insurance as a condition of making the loan secured by this Deed of Trust, Borrower shat! pay the premiums required to <br />maintain sash insuranre in effect until such time as the requirement for such insurance terminates in accordance with <br />Borrower's and Lender's written agreement or applicable law. <br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall <br />bernme additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to <br />other terms of payment, such amounts shall be payable upon notice from L.ettder to Borrower requesting payment <br />thereof. Nothing rnntained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. <br />8. ImpeetLon. Lender may make or cause to be made reasonable entries upon and inspections of the Property, <br />provided that Leader shall give Borrower notice prior to any such inspection specifying reasonable cause therefoe <br />related to Lender's interest in the Property. <br />9. Condanoation. The proceeds of a :y award or claim for damages, direct or crottsequentiai, in comtertion with <br />ang condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are <br />hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other security agree- <br />ment with a lien which has priority over this Deed of Trust. <br />I4. Borrower Riot Reidued; Forhearance By Larder Not a Waiver. Extension of the time for payment or <br />rnodificatiim ofamottization of rho sums secured by this Deed of Trust granted by Lender to any sua~essor in interest of <br />Borrower shall-not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in <br />interest. Lender shall not be requited to commence proceedings against such successor or refuse to extend time for pay- <br />ment or otherwise modify amortization of the sums secured by this Deed of Trust by reason of any demand made by the <br />original Borrower and Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy <br />. hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or <br />remedy. <br />11. 5te~sors and Assleus Homd; Joint and Several Llabillty; Co-sleuers. The covenants and agreements <br />herein:¢ontt>;'tned sha1D•bind, and the rights hereunder shall inure to, the respective successors and assigns of Linder and <br />Boi;tower, subject to the provisions of paragraph 16 hert~f. All covenants and agreements of Borrower shall be joint and <br />sevtraL. Any Borrower who co-signs this Deed of Trust, but does not execute the Note, lal is co-signing ~ his Decxi of Trust <br />only th grant and :~onvey that Borrower's interest `sn the Property to Trustee a*.:der the terms ~rf thts Deed „f'Trust. thl is <br />