|
� -
<br /> �#�O�r��b`'�"��E.� ':
<br /> If the amount of the Funds held by Lender,together with the future monthly installments of Funds payable prior to
<br /> the 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
<br /> Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they
<br /> fall due, Borrower shall pay to L.ender any amount necessary to make up the deficiency in one or more payments as
<br /> L.ender may require.
<br /> Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any
<br /> Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by
<br /> Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender,any
<br /> Funds 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. 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 L.ender 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. 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 make payments when due. Borrower shall pay or cause to be paid all taxes,
<br /> assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this
<br /> Deed of Trust, and leasehold payments or ground 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
<br /> may require and in such amounts and for such periods as Lender may require.
<br /> The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender;
<br /> provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in
<br /> a form acceptable to Lender and shail 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
<br /> or 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 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
<br /> or to the sums secured by this Deed of Trust.
<br /> 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments.
<br /> Borrower shali 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 condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under
<br /> the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and
<br /> regulations of the condominium or planned unit development, and constituent documents.
<br /> 7. Protection of Lender's Security. If Borrower fails to perform the covenants and 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,
<br /> then 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 Lender required 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
<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 shall be payable upon notice from Lender to Borrower requesting payment thereof.
<br /> Nothing 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
<br /> to Lender's interest in the Property.
<br /> Initials: _�
<br /> � -76(NE) (9603) Page 3 of 6 Form 3828
<br /> 0
<br />
|