frame > {Form in the mind; enclose as in a picture-frame}
2 Of this fair virgin, this Belphoebe fair, 3 To whom in perfect love, and spotless fame
fame > reputation
4 Of chastity, none living may compare: 5 Nor poisonous Envy justly can impair 6 The praise of her fresh flowering maidenhead;
praise > virtue
7 For-thy she stands on the highest stair
For-thy > For this reason; therefore stair > {Step or degree in the scale of rank}
8 Of the honourable stage of womanhood, 9 That ladies all may follow her example dead.
That > [So that] dead > [when she is dead; now that she is dead]
305.55