|
� 20a001i59
<br /> If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior
<br /> to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay
<br /> said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Bonower's
<br /> option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount
<br /> of the Funds held by Lender shall not be sufficient to pay talces, assessments, insurance premiums and ground rents as
<br /> they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments
<br /> as Lender 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,
<br /> any Funds held by Lender at the time of appiication 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
<br /> the Note and paragraphs 1 and 2 hereof shall be applied by Lender �rst 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. Borrower shall perform all of Borrower's
<br /> obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this
<br /> Deed of Trust, including Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid
<br /> all ta�ces, assessments and other charges, fines and impositions attributable to the Property which may attain a priority
<br /> over this Deed of Trust, and leasehold payments or ground rents, if any.
<br /> 5. Hazard Insurance. Bonower 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 Bonower subject to approval by Lender;
<br /> provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be
<br /> in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to
<br /> Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage,
<br /> deed of trust 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
<br /> date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits,
<br /> Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of
<br /> the Property or to the sums secured by this 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
<br /> the Property and shall comply with the provisions of any lease if this Deed of Trust is on a leasehold. If this Deed of
<br /> Trust is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's
<br /> obligations under the declaration or covenants creating or governing the condominium or planned unit development,
<br /> the by-laws and 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
<br /> Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such
<br /> sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender
<br /> required mortgage insurance as a condition of making the loan secured by this Deed of Trust, Borrower shall pay the
<br /> premiums required to maintain such insurance in effect until such time as the requirement for such insurance
<br /> terminates in accordance with Bonower'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
<br /> other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment
<br /> thereof. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action
<br /> hereunder.
<br /> 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections f�the Property,
<br /> provided that Lender shall give Borrower notice prior to any such inspection specifying reaso����caus erefor
<br /> related to Lender's interest in the Property. ��+t�a�5:
<br /> ��-761NE) �saos� Page 3 of 6 Form 3828
<br />
|