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ftUG�:R L KiRKPA'1'RICK NADINE R KIRKPATRICK 2 O O�� O �� � 3022061 12/31/1999
<br /> UI�?FORM COVENANTS. Borrower and Lender covenaut and agree as ti�llows: :
<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 as provided in the Note. :
<br /> 2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower shall pay to :
<br /> Lender on tlie day monthly payments of principal and interest are payable under the Note, until the Note is paid in full, a :
<br /> sum (hereiu "Funds") equal to one-twelfth of the yearly taxes and assessments (including condominium and planned unit
<br /> development assessments, if any) which may attain priority over this Deed of Trust, and ground rents an the Property, if :
<br /> any, plus one-twelfth of yearly premium installments for Uazard insurance, plus one-twelfth of yearly premium installments
<br /> for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of
<br /> assessments and bills and reasonable estimates thereof. Borrower shall not be obligated to make such payments of Funds :
<br /> to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such holder :
<br /> is an institutional lender.
<br /> If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which are :
<br /> insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply :
<br /> the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so holding and :
<br /> applying the Funds, analyzing said account or verifying and compiling said assessments and bills, unless Lender pays :
<br /> Bonower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree :
<br /> in writing at die time of execution of this Deed of Trust that interest on ttie Funds shall be paid ta Borrower, and utiless :
<br /> such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Bonower :
<br /> any interest or earnings on the Funds. Lender shall give to Bonower, without charge, an annual accounting of the Funds
<br /> showing credits and debits to the Funds and the puipose for which each debit to the Funds was made. The Funds are :
<br /> pledged as additional security for the sums secured by this Deed of Trust. :
<br /> If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to :
<br /> tl�e due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said
<br /> taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option,
<br /> either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br /> held by Leuder shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br /> Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may
<br /> require. :
<br /> Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to Bonower any Funds
<br /> held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br /> shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
<br /> Lender at the time of application as a credit against the sums secured by this Deed of Trust.
<br /> 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the
<br /> Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br /> 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 Trt�st; Charges; Liens. Borrower sliall perform all of Borrower's obligations :
<br /> under any mortgage, deed of trust or other security agreement with a lien wliich has priority over this Deed of Trust,
<br /> including Bormwer's covenants to'make paymentt whea du�. Borrower sl�atl �ay n:cause !o be paid a!1 iaYPs, assessments
<br /> and other charges, tines and impositions attributable to the Property which may attain a priority over this Deed of Trust,
<br /> and leasehold payments or grouud rents, if any. :
<br /> 5. Hazard Insurance. Borrower shall keep the improvements now existing 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; provided,
<br /> diat such approval shall not be uureasonably withheld. All insurance policies and renewals thereof shall be in a form
<br /> acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender
<br /> shall have tl�e right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust or other
<br /> security agreement with a lien which l�as 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 proof
<br /> of loss if not made promptly by Borrower.
<br /> If the Property is abaudoned by Borrower, 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
<br /> to the sun�s secured by tliis Deed of Trust. :
<br /> 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments.
<br /> Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the
<br /> Property and shall comply with the provisions of any lease if this Deed of Trust is on a leasehold. If this Deed of Trust is
<br /> on a unit in a coudomiuium or a planned unit development, Borrower shall perform all of Borrower's obligations under the
<br /> declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations
<br /> of the condominium or planned unit developm�nt, and constituent documenr,s.
<br /> 7. Protection of Lender's Security. If Borrower fails to perform the covenants avd agreements contained in this
<br /> Deed of Trust, or if any action or proceeding is commenced which materially affects Lender's interest in the Property,, then
<br /> Lender, at Lender's option, upon notice to Borrower, 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 Ler_der requered mortgage
<br /> insurance as a condition of making the loan secured by this Deed of Trust, Borrower shall pay the premiums required to
<br /> maintain such insurance in effect until such time as the requirement for such insurance terminates 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 become
<br /> additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to other terms of
<br /> payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing
<br /> contained in this paragraph 7 shall require Lender to incur any expense 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 Borrower notice prior to any such inspection specifying reasonable cause therefor related to
<br /> Lender's interest in the Property. :
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