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In addition to the First Deed of Trust, Borrower obtains a deed of trust loan (the "Second Deed of Trust Loan") from the Redwood City Redevelopment Agency (the "Agency Loan Deed of Trust") pursuant to the "Program." The First Deed of Trust and the Agency Loan Deed of Trust are sometimes collectively referred to as the "Senior Lien Holders." This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note and all renewals, extensions and modifications of the Note; (b) the payment of all other sums advanced or incurred under the Note to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, subject to the rights of the Senior Lien Holder under the First Deed of Trust, the Property located in San Mateo County, which has the address of 1205 Warren Avenue, Unit #103, Redwood City, California, and is further described in Exhibit "A" attached hereto and incorporated by this reference; TOGETHER WITH all the improvements now or hereafter erected on the Property, and all easements, appurtenances, and fixtures now or hereafter a part of the Property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Property and, except for the First Deed of Trust and the Agency Loan Deed of Trust and other encumbrances of record acceptable to the Lender, the Property is unencumbered. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to such encumbrances of record. 1. Payment of Principal; Prepayment and Late Charges. Borrower shall promptly pay when due the Principal as evidenced by the Note and any late charges due under the Note. 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") for: (a) yearly taxes and assessments which may attain priority over this Security Instrument as a lien on the Property; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard or property insurance premiums; (d) yearly flood insurance premiums, if any; (e) yearly mortgage insurance premiums, if any; and (f) any sums payable by Borrower to Lender, in accordance with the provisions of paragraph 9, in lieu of the payment of mortgage insurance premiums. These items are called "Escrow Items." Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a federally regulated mortgage loan may require for Borrower's escrow account under the Federal Real Estate Settlement Procedures Act of 1974, as amended from time IINnIINImInIIflII�nIIIIIIINInIIIWIIIIAII � !a-"S—Z0-7Z93 �