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<br /> TOUI:I'���R with all the improvemenxs now or hereufter crected on the property, and ull easements, righte, -��
<br /> appurtenances and ren�s (subject however to the rights and authorities givan herein to I.ender to collect and apply suc:h ,_
<br /> .� rent�), all of which shall be deemed to be and remain e part c►f the pr�perty covered by thie lleed of"Crust; and all of the �• _
<br /> � foregoing, tngether with said property (c�r the Ieasehold e.strste if this I�eed of "I'rust is on a leasehold) arr; hereinafter • .-_
<br /> refarred to ae the"Yroperty." ,.,,
<br /> � Burrawer covenan�g that Borrower is lawfully seised ot the estate hereby conveyed and hae the right to grant and c�nvey �-'�;,°.
<br /> . �the Yrop�rty, and that the Property is unencumbered ezcept for encumbrances of record. I3orr�wer covenants that ��''.=L-
<br /> �Horrower warrants and will defend generally the title to the Yroperty against all claims and demanda, subject to -'''='�'�
<br /> �encumbrance.9�f record. ,�'M��'"_
<br /> UNIFORM COVP.NANTS. Borrower and I.ender covenant and agree as follows: °`�
<br /> ,..-..�" � 1. Payment af Principal and Interest. Horro�ver shall promptly pay when due the principal and interest ':;+
<br /> "" ; indebtedness evidenced by the Note, including eny verietions resulting from chunges in the contract rate, nnd other _-
<br /> ' � charges as provided in the Note. _
<br /> 2. Funds for Taxes and Insurance. Subject to epplicable law or written waiver by Lender, Borrower ehall pay to
<br /> �� Lender on the dey monthly payments of principal and interest are payable under the Note, until the Note is paid in full, __v
<br /> �.:��. a aum (herein "Funds") equal to one-twelfth uf the yearly taxes and assessments (including condominium end planned
<br /> unit development assessments, if any) which may attain priority over this Deed of Trust, and ground rents on the -
<br /> Property, if any, plus one-twelfth of the yearly premiurn inatallments for hazard insurance, plus one-twelfth of yearly
<br /> premium installments for mortguge insurance, if sny, sll as reasonably estimated initially and from time to time by --
<br /> � Lender on the basis of assessmente and billa and reasonable estimates thereof. Borrower shall not be obligated to make _
<br /> such a ments of Punds to Lender to the extent that Borrower makes such a ments to th�halder of a rior mort a e �'
<br /> . PY PY P gg �:;;
<br /> ' or deed of trust if such holder is an inRtitutional lender. °" ��—
<br /> If$orrower pays Punds to I.ender, the Funds shall be held in an institution the deposits or accounts of which are �
<br /> ` insured or guaranteed by a Federal�r state agency (including I,ender if Lender ia auch an inetitution). Lender shall apply
<br /> the Funda to pay said taxes, assessments, in�urance premiums and ground rents. Lender may not charge for so holding �
<br /> � and applying the Funda, analyzing esid account or verifying and compiling said essessmenta and bills, unless I,ender pays
<br /> Barrower interest on the Fundo and applicable law perrnits Lender to make such a charge. Borrower and Lender may
<br /> agree in writing at the time of execution of this Deed of Truat that interest on the Funds shall be paid to Borrower,and
<br /> �' unless auch agreement is made or applicable law requires Ruch interest to be paid, Lender shall not be required to pay -
<br /> � Borrower any interest or earnings on the Funds.Lerider shall give to Borrower, without charge, an annual accounting of
<br /> +�. the Funda showing credite and debits to the Funds and the purpose for which each dabit to the Funds was made. The
<br /> ;i Punda are pledged as additional security for the suma secured by this Deed of Truat.
<br /> - � � Ii ih�amo�ns of t;ie Funds 1:e13 b;; I.er.der, :ogeih�; i:ith Ll:e future month:;; ir,s�al:mer.•s IIf FL'22L�e��sb2e grior *.o '
<br /> the due date.q of taxes,assessments, insurance premiums end ground rents,shall exceed the amount required to pay said �
<br /> ; taxes, assesamente, insurance premiums and ground renta as they fall due, such excess shall be, at Borrower's option, ,
<br /> either pramptly repaid to Borrower or credited to Borrower on monthly installmente of Funda. If the nmount of the
<br /> Funds held by L.ender shall not be sufficient to pay taze��.assessments, insurance pramiums and ground rents as they fall
<br /> due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more paymenta as L,ender — _
<br /> ` may require. ��-�_
<br /> Upon payment in full af all aums secured by this Deed of Truat, Lender shall promptly refund to Borrower any funds �--.--
<br /> , held by Lender. If under paragraph 17 hereof the Property ie sold or the Property ie otherwise acquired by Lender, ___
<br /> Lender shall apply, no later than immediately prior to tha sale of the Property or its acquieition by I.ender, any Funda �'
<br /> � held by Lender at the time of application as a credit against the sums secured by this Deed of Trust.
<br /> • 3. Application of Paymenta. Unless applicable law provides otherwise, all paymente recaived by Lender under the
<br /> � Note and paragraphs 1 and 2 hereof ahall be appl ied by L,ender first in payment of amounts payable to I,ender by �,
<br /> � Borro�ver under paragraph 2 hereof, then to interest payable on the Note at the applicable contract rate, end then to the
<br /> , principal of the Note. -_.
<br /> 4. Prior I�iortgages and Decds nf Trust; 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 Deed of Trust, �'--
<br /> including Borrower's covenants to mnke paymenta when due. Borrower shall puy or cause to ba pnid all taxes, =- -
<br /> _ ` asse.�sments and other charges, fines and impositions attributable to the Property which may attain a priority over thie
<br /> � Deed of'I'rust, and leasehold payments or ground renta,if any. �-:-- _
<br /> 1 5. Hazard Insurance. $orrower shall keep the improvements now existing or hereafter erected on the Property `'`===_-°
<br /> � ' insured against loss by fire, hazards included withi n the term "extended co��erage," and such other hazarda as Lender `y_._
<br /> I may require and in such amounts and for such periods es Lender may require. .";.y`°`" .
<br /> •.. :��,•,
<br /> 'I'he insurance carrier providing the insurance shall be chosen by the Borrower subject to approval by Lender; ,_ - „
<br /> I provided,that such approval shall not be unreasonably withheld.All insurance policies and renewals thereof shall be in a �.;°� =•.
<br /> � form acceptable to Lender and shall include a standard rnortgage clause in favor of and in a form acceptable to Lender. . "
<br /> Lender shall have the right to hold the policies and renewals thereof,suUject to the terms of eny mortgage, deed of trust �
<br /> or other security agreement with a lien which has priority over this lleed of'I'rust. '
<br /> In the event of loss, Borrower shall give prompt notice to the insurance carrier and I.ender. I.ender may make proof
<br /> � of loss if not made promptly by $orrower.
<br /> � Unless I,ender and Borrower othenvise agree in writing,insurance proceed.s shall be applied to restoration or repair of
<br /> � the I'roperty damaged, if the restoration or repair iseconomically feasible and I,ender's security is not lessened. If the I
<br /> restoration or repair is not economically feasible or I.ender's security would be lessened, the insuranee proceeds shaU be
<br /> applied to the sums sec:ured by this Security Instrurnent, whether or not then due, with any excess paid to I3orro�ver. If f
<br /> - : TLi��nwnr nhan.�nnc fhP 1�rnrwrtv nr.Irinc nnt n.�o�u�.r within Zf1.loa.o o n..tL•R. P...... i o...i... ♦{,..r •1..,:....��.................;,,e {.oa L.
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<br /> ' offered to settle a claim, then I.ender may collect the insuranee proceeds. I,ender may use the proceeds to repair or
<br /> � restore thc: 1'roperry or to pay sums sec:ured by this S�;urity Instrument, whether or not then due. 'I'he 30'day period will
<br /> , hegin «�hen the notice is given.
<br /> ' ! If the I'roperty is abandoned by liorro���er, c�r if Horro���cr fnils to respond to i,ender �aithin 30 dayc from the date
<br /> � nc�tice;is mailed by I,en�er to 3;c�rro�ver that the in,uranc:e carrier offers to settle a claim for insurance benefits, I.ender �
<br /> is authorized to collect and appl}� the insurance proceeds at Lender's option either tci restorHtion or repair of the
<br /> 1'ropert}•or to the sums secured bp this Decd c�f'frust.
<br /> , � 00-30•94 Doad of Trun NE OP.IGINAL IIII�IIIId�IIIUIIII�III�IIIIIIIIIIIIII�IIIIIIlI1IIIII�IIIIIIIIIIIIIIIIIIIIIIIII�II�III NE007922 I
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