|
200000216
<br /> -2-
<br /> Bonower covenants that Bonower is lawfully seized of the estate hereby conveyed and has the right to grant and
<br /> convey the Property, and that the Property is unencumbered, except for encumbrances of record. Borrower covenants that
<br /> Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to ��
<br /> encumbrances of record. °�. -`
<br /> _ +�
<br /> LJNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: '
<br /> 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal and interest
<br /> indebtedness evidenced by the Note and late charges and other charges as provided in the Note.
<br /> 2. Payment of Taxes. Subject to applicable law or a written waiver by Lender, Bonower shall pay taxes and
<br /> assessments(including condominium and planned unit development assessments,if any)which may attain priority over this
<br /> Deed of Trust,and ground rents on the Property, if any.
<br /> 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender un.der
<br /> the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by
<br /> Borrower under paragraph 2 hereof,then to interest payable on the Note,and then to the principal of the Note.
<br /> 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Bonower shall perform all of Bonower'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 make payments when due. Bonower shall pay or cause to be paid, prior to delinquency,
<br /> all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over
<br /> this Deed of Trust,and leasehold payments or ground rents,if any.
<br /> 5. Hazard Insurance. Borrower shall keep the improvements now e�usting or hereafter erected on the Property
<br /> insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may
<br /> require and in such amounts and for such periods as Lender may require.
<br /> The insurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender;
<br /> 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 mortgage clause in favor of and in a form acceptable to Lender.
<br /> Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust or
<br /> other security agreement with a lien which has priority over this Deed of Trust.
<br /> In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make
<br /> proof of loss if not made promptly by Borrower.
<br /> If the Property is abandoned by Bonower, or if Borrower fails to respond to Lender within 30 days from the date
<br /> notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is
<br /> authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to
<br /> the sums secured by this Deed of Trust.
<br /> 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit
<br /> Developments. Bonower shall keep the Properly in good repair and shall not commit waste or permit impairment or
<br /> deterioration of the Property and shall comply with the provisions of any lease if this Deed of Trust is on a leasehold. If this
<br /> Deed of Trust is on a unit in a condominium or a planned unit development, Bonower shall perform all of Bonower's
<br /> obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-
<br /> laws and regulations of the condominium or planned unit development,and constituent documents.
<br /> 7. Protection of Lender's Security. If Bonower fails to perform the covenants and agreements contained in
<br /> this Deed of Trust, or if any action or proceeding is commenced which materially affects Lender's interest in the Property,
<br /> then Lender, at Lender's option, upon notice to Bonower, may make such appearances, disburse such sums, including
<br /> reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage
<br /> insurance is a condition of making the loan secured by this Deed of Trust, Bonower shall pay the premiums required to
<br /> maintain such insurance in effect until such time as the requirement for such insurance is terminated in accordance with
<br /> Borrower's and Lender's written agreement or applicable law.
<br /> Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall
<br /> become additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to other
<br /> terms of payment, such amounts sha11 be payable upon notice from Lender to Bonower requesting payment thereof.
<br /> Nothing contained in this paragraph 7 shall require Lender to incur any e�ense or take any action hereunder.
<br /> 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property,
<br /> provided that Lender shall give Bonower notice prior to any such inspection specifying reasonable cause therefor related to
<br /> Lender's interest in the Property.
<br /> 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with
<br /> any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby
<br /> assigned and shall be paid to Lender, subject to the rights of the holder of any mortgage, deed of trust or other security
<br /> agreement with a lien which has priority over this Deed of Trust.
<br /> 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br /> modification of amortization of the sums secured by this Deed of Trust granted by Lender to any successor in interest of
<br /> Borrower shall not operate to release, or otherwise affect in any manner, the liability of the original Borrower and
<br /> Bonower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to
<br /> extend time for payment or otherwise modify amortization of the sums secured by this Deed of Trust by reason of any
<br /> demand made by the original Bonower and Bonower's successors in interest. Any forbeazance by Lender in exercising any
<br /> right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any
<br /> such right or remedy.
<br /> .YJU��
<br />
|