|
..�,.,;;. .,"�'
<br /> .h,..:.��:i� .,
<br /> ,:1'„ � .
<br /> , ,i��;, . .� ------- ---- °---�_.;i"
<br /> ` r ' „ �f- J'�I� � � � , .. ' . ".�y��� .._ '
<br /> ..:_r�4.�_ . !:.:�.�.�.{,: � . .. .. ' .. 1�:,,,,ra��
<br /> I 1 � • � , .' n'- '-���;.•
<br /> j (Page 2 of 5� �` �='�:i:T.�:
<br /> � :-�':-a�:
<br /> TOGk;THER with all the improvements now ar hereafter erec:ted on the property, and all easementk, righ{x, ,. ...,,r;�
<br /> appurtenances and ren�s (subject however to the righ�s and authorities gi ven herein to I,ender t� cc�llect and apply such � ��� i";,
<br /> �renta),all of which shall be deemcd to be an�3 remain a part of the property ccrvered by this l�eed of'I'rust; and nll of che ",`
<br /> � �i furegoing, togcther with said property (or the leasehold estute if this I�eed o? 'I'rust is on a leasehold) arc hereinatter :�.
<br /> „ � �referred to as the"Property." ��'u��
<br /> � �Aorrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has thc right tn grant and convcy __
<br /> � . � �the Property, and that the Property is unencumbered except for encumbrances of recc�rd. }inrrc�wer covenunte that �'
<br /> Iiorrower warranta and will defend generally the title to the Yroperty against all claims and demande, Fubject to °'°"
<br /> � ancumbrancea of record. ��
<br /> � UNIFORM COVENAN"TS. Borrower and L.ender covenant and agree ae followa: f'� `
<br /> �� 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal and intrrest '���?"�
<br /> � indebtedness evidenced by the Note, including any variatiane resulting from c.hanges in the contract rate, and other •�''�`'-' '
<br /> charges as provided in the Note. �
<br /> ;�.di�
<br /> 2. Funds for 'taxes and Insursnce. Subject to applicable law or written waiver by I.ender, H�rrower si�all pay to .'.'-��i
<br /> � � I,ender on the day monthly paymente af principal and interest are payable under the �ote,until the Note ie paid in full, ,,���.-�
<br /> •' I a sum (herein "Funds") equal to one�twelfth of the yearly taxes and arsessments (including candominium and planned -
<br /> • � unit develapment assessmente, if any) which may attain priority over thie Deed ot'Trust, and gruund ren�9 on the -
<br /> ' I Property, if any, plus one-twelfth of the yearly premium installments for har.ard inaurance, plua one-twelEth of yearly _�
<br /> � premium inetallmsnts for mortgage insurance, if any, all es ressonably estimated initislly and from time to time by �:!'-
<br /> � J l.ender on tha basis of assessments and bills and reasonable estimates thereof. Borroner ahall not be obligated to make �,�-
<br /> 1 I such paymente of Funds to Lender to the extent that Borrower makes auch payments to the holder of a prior mortgage �
<br /> - or deed of truat if such holder ie an inatitutional lender. ��
<br /> Lender the Funds shall be held in an institution the depasits or accounts of which ate �'.�IY—
<br /> � If Borrower pays Funda to , __
<br /> insured or guaranteed b y s Pederal or state agency (including Lender if I.ender is such an institution). I.ender sheU apply
<br /> � � the Funds to pay said taxes, assessments, instirance premiums and ground renta. Lender may not c harge for so ho l ding ��
<br /> � :
<br /> �; I and applping the Funds,analyzing said account or verifying and compiling said assessments and bills, unless Lender pays �;ti
<br /> � l Horrower interest on the Funds and applicable law permits Lander to make such a charge. I3orrower and I.ender mny °
<br /> • agree in writing at the time of execution of this Deed of Trust that interest on the Funds ehall be paid to Horrower, and
<br /> unless auch agreement is made or applicable law requires auch interest to he paid, Lender shall not be required to pay
<br /> +� I3orrower any interest or earninge on the Funde. Lender shall give to Borrower, without charge,an annual accounting of
<br /> �� the Funds sh�wing credits and debits to the Funda and the purposa for which each debit to tha Funds was made. Tha
<br /> _ Funds ure pledged as additional security for the sums secured by thie Deed of Trust.
<br /> T If the amount of the Funds held by Lender,together with the future monthty insteilments of Funds payablc priur i� -
<br /> • the due dates of taxes,assessments, ineurance premiums and ground rents,ehell exceed the amount required to pay said
<br /> texes, assessmenu, insurance premiums and ground renta as they fall due, such excess ehall be, at Borrower'e option,
<br /> . either promptly repaid to Borrower or credited to Borrower on monthly installments of Funda. If tha amount of the
<br /> „ � Funds held by Lender ahall not be sufficient to pay taxes,assessments,insurance prerniums and ground renta as they fall __
<br /> ;. I due, Borrower shaU pay to Lender any amount nCCeasary lu makC u� tliC JC[i�iCUCy in onc or more paymcnts as I,endcr �
<br /> �R��
<br /> ,�., moy require. --�-
<br /> ?•� Upon payment in full of ell sums secured by this Deed of Trust, Lender shall prornptly refund to Borrower any funds
<br /> held by Lender. If under paragraph 17 hereof the Property ie sold or the Property is other�visa acquired by Lender,
<br /> �. I,ender shall apply, no later than immediately prior to the sale of the Property or itsacquisition by Lendcr, 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 Payments. Cnless applicable law provides other�vise, all payrnenta received by I,ender under the
<br /> � Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to L.ender by
<br /> � 13orrower under parugraph 2 hereof,then t� intere.gt payable on the Note at the appliceble contract rate, and then to the _
<br />- . :� principal af tho Note. _-� -�
<br /> � 4. Prior Mortgages and Deeds of Trust; Charges; Liens. $orrower shall pertorr'n all of Borrower's obligations
<br /> "� i under any mortgage, deed oP trust or other security agreement with a lien which has priority over this Deed of'T'rust, .�
<br /> . including Borrower's covenants to make paymente when due. Aorrower shall pay or cause to be paid all tsxes, �:. °
<br />� ,' � a�.sessments and other charges,fines and impositions attributable to the Property which may attain a priority over this �-�
<br /> ` � Deed of'I'rust, and leasehold payments or ground rents, if any. :;;.=_�__
<br /> R S. 1iar.ard Insurance. Aorrower �shall keep the improvements now existing or hereafter erec:ted on the Property �
<br /> � insured against loss by fire, har.ards included within the term "extended coverage."and such other hazards as Lender ,,,. _ ___
<br /> - may tequire und in auch amounts and for such periods as I,ender may require. �`"�1:;������
<br /> "I'he inxurance carrier providing the insurance shall be chosen by the Aorrower subject to approval by I,ender; �::�'�:, � a;p.�.
<br /> provided, that such approval shall not be unreasonably withheld. All insurance policiesand renewals thereof shall he in a ` `•�T,_;:.��'•-
<br /> � ' form �cceptable to I.ender and shall include a stundard mortgage clause in fnvor of and in a form acceptable to I,ender. ���•�. �-�:
<br /> l.ender shall have the right to hold the policies and renewals thereof,subject to the terms of any mortgn�e,deed of trust '�'`��"�'���^
<br /> nr other sec:urity ngreement with a lien which h�s priority over this Deed of'I'rust.
<br /> � In the event of lc��.s, Rorrower shall give prompt notice to the insurance carrier and Lender. Lender may mnke proof
<br /> i c�f Inss if not rtade promptly by Borrower.
<br /> � l-nlekti Lender and liorrower otherwise agrce in writing,insurance proceeds shall beapplied to restoration or repair of ,
<br /> � ttie 1'rojx:rty damaged, if the restoration or repair is economically feasible and I,ender's security ia not lessened. If the
<br /> � restc�rntion or npair is not ee;onomically feasible or I,ender's security would be lessened, the inaurance proceeds shall be
<br /> _. �pplicd co che sums secured by this Security Instrument, a�hether or not then due, �vith any excess paid to IIorrower. If �
<br /> � f3�irr���ver abandons the f'rc�perty, or does not answer within 3U days a notice irom i.ender tnat cne insurance carrier nas ----_---
<br /> uffemd to ticttic n claim, then I,ender mt�y collect the insurance proceeds. I,ender may use the proceeds to repair or
<br /> - resture thc !'rc��rty or tc� pay sums secured by this Security Instrument, whether or not than due. 'rhe 3U`day pe;riod will
<br /> bcgin n•hen the notice is gi�•en.
<br /> If thc 1'rc�perty is �batidofied by I3orrower, or i� I�orrower fails to respond to I,ender within 30 day:: from the datc
<br /> nntice is m:�ilcd bp Lcnder to lic�rro�ser that the insurancc: carrier offcrs tc�settle a clairn for insurancc benefits, I.cnder
<br /> i:, autl�nriicd to c��llcc:t and appl}• the insurance prc�ceeds at I,ender's uption either to rc;stnration or repair c�f thc
<br /> I'ru�urt}�ur tu thc sums securcJ b}�this I)eed of"l�rust.
<br /> I
<br /> _ �
<br /> ; On JO ua Oun�� ��I i��.� NE ORiGi�:AI I NE007922 i
<br /> =; Illlllllllllllllllllllllllllllllllllllllllllllllillllllllllllll�llllf��ll�lllllllllllll�llllullll
<br />
|