|
� ,��
<br /> ,. ;
<br /> ��,� , .
<br />�, . � . ,,�
<br />�. . .m ;.a.
<br /> �. _ . �
<br /> ��- UU2946
<br /> 0
<br /> UNi�au��.t Coveea��v'rs. Borrower and l.ender rnvenant and agrcc as follows:
<br /> L !'aywe�t of Pdncipml and lntee�est. Barrower shall prnrnp[ly pay whc� dit� �h� principal ol and interest on t !'�c
<br /> indebtodceua evidenced 6y ihe Nae, prcpayment and iate �harges as prov4ded in the Note, ar�d thc prir.c�pa! of and insrrc�t
<br /> on any F«wre AJvances secured hy this �eed nf "Trust.
<br /> � Z Puni forTi�cn aod Imaranee.� , Sukject to applicahle law or to a wrixten w•river by I.ender. Eiortower shall �ay
<br /> to Lcnder on thc day monthly in:taltmer�ts' of principal and in�eresi arc payablc under the Note, until the Note is paid in tutl.
<br /> a snm (herrin "Funds") equal to one-twelfth of thc ycarly taxes nnd assessments which may adain prinrity� ovcr this
<br /> Aeed of Trust, and ground rents on the Property, if any, plus orte-twelfth of yearlv� premium installmcnts !ar hazard insurance.
<br /> plusqpe,twelEth of yearly prcmium installmcnts for mortgage ins�rance, if any, all as reasunafily estimated initially anJ (rc>ni
<br /> time lodime by Lender on thebasis of assesstnents and bills and reasonable eshrnutcx thercoF.
<br /> The Funds shall be he}d in un instit�ition the deposits or accounts of which arc insured or guaranteed hy a Federal or
<br /> state agcncy (rncluding Lender if Lender 3s sucfi an irrstitution). Lendcr shall apply the Funds to pay said taxes, assessments.
<br /> � ins�uance premia�ms and graund rents. Lendcr may not chargc foc so holding and applying the Funds, analyzing saad account
<br /> or verifying und compiling said assessments and bills, unleis Lencier pays Borrower mterest on the FunJs and appticable t3w
<br /> permits Lender to make such a charge. Borrower and Lender may agree in writing at 1he time of cxecu�ion nf tt* ss
<br /> Deed of Trust that interest on the Funds tihull he paed to Borrower, und unlcss such agreement is made or applicable [a�.v
<br /> rcqc=iressuch intcrest to be �said, Lender shall not be rtquired b pay lforrowcr arsy interest nr carnings on ghe Funds. I.end�r
<br /> ; sha}tgivo to Borrowcr, withonk charPc, s` n annual accounting of thc Funds show-ing crcdits and rlehits to the Funcis and thsc -
<br /> � pnrpose for whach each debiE to the Fuads was made: The Funds are pledged as additional securiry for the sums securcd
<br /> by this Deed af Trusi.
<br /> If the amovnt of ihe Funds held by Lcnder, together with the Fuanre monahly insta!lments of Funcis payable prior so
<br /> the'due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amouni requireci tc� pay said taxr.s
<br /> as,sessment5; insurance premiums and g�'ound rents as �hey falE duc, such exc:ess shall be, •it Borrower's opuon, cithar
<br /> ' prornptly repaid (o Borrower or credited to Borrower on monthly installments af F�inds. lf the amaunt of the F'unc3s
<br /> ` held 6y Lender shall not be su�'icient eo pay taxes, ` assessments_ insurance pr�miums and ground rents as they fall du�.
<br /> Horrower shall pay to Lender any amount necessary to make up tl�c deficiency w ithin 30 days from the da�tc riotice is mailc<I
<br /> by Lender-to Borrower requesting paymentihereof.
<br /> Upon paytnent in full of all sums secured by this Deed of' Trust. Lender shall promptly refund to Borrower any Funds
<br /> i held by L.ender: If imder paragraph I8 hereoP thc Properry is sold or the Properry is otherw�sc :icquired by Lendcr: Lend�r
<br /> � shali appiy, no iater_than �mmediateiy prior to the sale of thc, Prupcety or its acquisition by Lcnder, any Funds hcld by
<br /> Lenderat the'time of application as a credit against th� sums secured by this Decd oE Trust.
<br /> � � 3. hpplicaiiodof Paymenls. Uniess applicable Li�x pcavides othcrwise, all plyments reccived by ' Lender- under ttar
<br /> � Note and paragcaphs 1 ' and � hcreof sha13 lxapplied E�y Lender first in payment of amounts payablc to Lcnder by Borrower
<br /> � under paragrapl-i 2 hereof, tt�en to interest puyable on thc Note, then to the principal of the Note. and then tn interest �nd
<br /> princiPal on any Futurc Advances.
<br /> � 4. Charges; Liens. Borrowcr shalt pay a❑ taxes, assessmenis and othcr cl-iarges, fines and impositions attribur,�blc cs�
<br /> i the Property wl:ich may attain a priority over this Decd of Trust, and leasehold payments or ground nents, if any; in t}ge
<br /> man�cr providefl undar garagraph 2 hereof or, if nor oaid in such manner, hy Barrower making pnyment, when due. directly
<br /> to thepayee theseof. Borrower shall prornptly furnish to Lender all n�tices of arnaunts due under thispacagraph, and in ttre �
<br /> eveatBorrower shall ma;:e ' �ayment .dir�tly; Borrowe� shalt peomPdy furnish to Lcndcr receipts evidenc:n� si�ch payments.
<br /> $orrowet shalt promptly discharge any lien which has priority over this Decd of Trust; providcd; that Borrowcr shaU not bc �
<br /> reqizired to disct�arge any such lien so iong as Borrower shall agrce in writiiyg to tfire p:eymc�;t of .h� obFFgafior, seca�cd �.�
<br /> suchJien in a manner acceptable to Lencier, or shall irs good faith contest such lien by, or defena enforcement of such ticn in.
<br /> '. lega2 proceedings which operate to prev�nr lhe enforcement oP the lien or forfeiture of the Property or any part [hcreof.
<br /> , t 5. [da�ard: Insuraoce. Borrower shall keep the irnprovements now existing nn c�rcafter erected on the Pn�perty insure-cl
<br /> � against loss by, ftre; hazards included within the tcrm "exfended coverage", and such ,othcr hazards as Lcnder may rcyi�ire !^
<br /> and in such:amounts and for such periods asLender may require; provided. that Lender shall not require zhat the amount mf ,
<br /> i such coverage exceed that arnount o[ coverage required to pay tFie sums secured by this Deed o[ ?rust_ t
<br /> S The insurarice carrier providing the insurance shall be chosen by F3orrower subjeM �o approvat by 1.ander, provide�.
<br /> thaL - such approval shal! not be unreasonably withheld. All premiums on insurance �licies shnll be paid in the manner
<br /> ' provided under paragcaph 2 hereof or, if not paid in such manner, by F3orrower making payinent, wi�en cxae, direccty to t:�c
<br /> ` i insurance carrier.
<br /> � All insurartce poticies and7enewals thereof shall be in form acceptablc io l.ende� and shall include a standard moriga�e
<br /> '�' clause irrfavor of and in form acceptablc to Lender. Lender snaii have thc righz to hold thc policies and renewals thereof.
<br /> ; ; , and Borrower stsall prompdy furnish to Lender all renewal notices and all receipts of paid premiums. In the event of las�,
<br /> � " Borrowcrshall give prompt notice to the insurance carrier un� Lender. Lender rnay mrke proof of loss i [ not made prompcEy
<br /> � by Sorrower.
<br /> Unless Lentler and Bor�wer otherwise a�ree in writing, ins�rance proceeds shaH be applied to restaration ar repair vf
<br /> � 1he Property dacnaged, provided such restoration or repair is economically feasible and the security of this Deed of Trus[ 3s
<br /> hottherehy impaired: If such mstoratioa or repair is not ccon�mically 'fcasible os if the security ot thix Deed of Trust woutd
<br /> ; be impaired; the insurance proceeds shall be applied to the sums secured by this Decd o( Trust, with the ezacsx. if any; paid `
<br /> ro Borrowec If �heProperty is abandoned by Borrower, or if Borrawer fails tu respond to Lcnder \4'IIITiR 30 days from thc
<br /> date notice is mailed by Lender to Boc�ower that Ihe insuranre carrier offers to setde a claim Cor insurance bene6ts: I..end� r
<br /> ; is authorized fo collect and apply the insurance proceeds at Lendets option eitl-acr to restor�tion or repair of thc Property
<br /> 'I ar to the sums secured by this Deed of "F�rust.
<br /> UnlessLender and Boaower otherwise ugree in tivritircg, any such application of procecds to principal s5u1L nat exten�i
<br /> ur �st�oriz ihe dt�a date ofr th� mo�2hlS i�stallmerets r�terred ao in paragraphs 1 and Z hereof or chan�e the amount c�f
<br /> such mstailmenEs. If under paragraph 18 hereot the Property is acy�ired by Lsrader, alf right, tiUe and inaerest of Borrow�r
<br /> J in andto any insurance polic�es and m and io the proceeds thercot resulting (roni damuge to the Property pric�r to the saic
<br /> or acquisition shall passto i.ender to the exteni of the sums secured by thisDeed ul 'i'rusi � m+neJiately pruor to such sale or
<br /> acquisition.
<br /> 6. Presur9iion and l�iaintenance of Properly; LraseLotds; Condominiurezs; Plsnned �'rsi! *.3evelogtrtenls. Borrewer
<br /> ; � �. � � . shall �� keep : the. P�'o�eCty in gc.�c�d. repair a �d . shall not commi� w�aste or pennit ir.ipairnient or dclerioratian �of the Prope�ty . . � .. . .
<br /> aad shall comply with the provisions of any leuse if this Deed of 'trust is on a leaschold . [f' tF.is Decd of Trust is on a unit �n a
<br /> condominium or a planned unit development, Borrower shall perlonn aII of $orrower's obligations under the declarado.n
<br /> ; or c�venants creating, or governing the condominium or planncd unit development, the by-laws and re�;ulstions ot thc
<br /> condominium oF planned unif development, and constituent documents. If a condominium or planned unit developmer�t
<br /> i ' ridez is executed by Borrower and recorded together with this Deed of 7'rust , ti�e covenants an� asreenxnts of such ridc:r
<br /> . shall be incotporated into and shatl amend and supplernent the covcnmi[s :+nd agreements of' this lleed of Trust as if the ridcr
<br /> were a part heroof.
<br /> 7. Pro/eet*on of Lender's SecurEty. If Borrower fxils to periorm �he wvenants �ind agrcemencs contained in th�s
<br /> � � � Deed of Trust, � at� if any action or proc�eecling is cotitmenced . w�ich materiaily utTecu LeuJer's interest in tne Pro�x;rty . . . .
<br /> incl�ding,- but not limiied to, eminent domain, ins�lvency, code enforcement, or artar.gements or proce�edings involving a
<br /> banlciv�tordecedent, then Lender at Leader's option , upon notice to Borrower, may make such appearances, disburse suc�
<br /> sums and take such action as is necessary to proxect Lender's interest, including, hut not iirnited to , disborsernen[ of
<br /> reasonable ' attomey's fees and entr� upon the Praperty to make repxirs. If l.endcr reyuired mortgagc insurancc as z+
<br /> condiuon of ma3cing ihe loan seeumd by this Deed of Trust, Borrower shall pa:y ihe prem�ums reyuireci io mui�� tuiii suc?i
<br /> 3 " insuranee in effect until suei� time as th� requirement for such insurance ierrrtmates m accordance with Dorrower's and �.� :: �r,� ,
<br /> Lender s writte+t. agreexnenY or applicable iaw. , Borrower shatl pay the amount ol :dl mortgage insurance premiurns m the _ m� �
<br /> mar►ner provided under paragraph 2 hereof. �t k,:�"
<br /> � ' Any amouats disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall become addition:al �.}
<br /> indebtedness of �orrosver secured by ihis Deed uf Tn�st. Untess Sorro�ver and L�ender agree to other icrms of payinent, suc`si -
<br /> � amnwnia shail b� payabtb upon notice froan Lender to Barrower reyuesun ' �'
<br /> g payin�nt therenf, and shall heas interest from thc ,
<br /> date of disbursea�ent at the rate payable from time to r�me on outszanding principal under the Note unless payment of iii�crest s"� -
<br /> at s�ch rnte wcauld b� conuary tsj appiu:able Iaw, ia� whi�h a;vcnt such uinounis shaii 6car intcrest :�, the hishest rat,e
<br /> p.^rrssissibls uudcr ,3pp}1ca6ie Sc4v, Npthi�� coatatned 7n this parxg�aTh 7 Shn11 rrquire l.ender ic+ incur any ezrense cx tak.e
<br /> i any action fiereumder. ��
<br /> ; 8. Ipgpectipn, j ,ender aiay tnake p:- cause to be rnede t'easonable en[tits upc+n and inspections of the Property. pri�vided
<br /> that L�mder shai3 give $orrower notice prior to any saach inspectiun specifying r�asonable wusc therefor rclatcd ta Lcnder" s
<br /> inte-sst in the P�pnertv:
<br /> � �
<br />' �
<br />
|