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200007345
<br />LOAN #: 3292216
<br />TO SECURE to Lender the repayment of the indebtedness evidenced by Borrower's note dated
<br />August 25, 2 0 0 0 and extensions and renewals thereof (herein "Note "), in the principal sum of U.S.
<br />$ 52,275.00 , with interest thereon, providing for monthly installments of principal and interest, with the balance of
<br />the indebtedness, if not sooner paid, due and payable on September 1, 2015 ; the payment of all other sums, with
<br />interest thereon, advanced in accordance herewith to protect the security of this Deed of Trust; and the performance of the
<br />covenants and agreements of Borrower herein contained.
<br />Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and convey the
<br />Property, and that the Property is unencumbered except for encumbrances of record. Borrower covenants that Borrower warrants
<br />and will defend generally the title to the Property against all claims and demands, subject to encumbrances of record.
<br />UNIFORM 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 indebtedness
<br />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 Lender
<br />on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein
<br />"Funds ") equal to one - twelfth of the yearly taxes and assessments (including condominium and planned unit development
<br />assessments, if any) which may attain priority over this Deed of Trust, and ground rents on the Property, if any, plus one - twelfth
<br />of yearly premium installments for hazard insurance, plus one - twelfth of yearly premium installments for mortgage insurance, if
<br />any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable
<br />estimates thereof. Borrower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes
<br />such payments to the holder of a prior mortgage or deed of trust if such holder 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 insured or
<br />guaranteed by a federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay
<br />said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds,
<br />analyzing said account or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds
<br />and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of
<br />this Deed of Trust that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
<br />requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall
<br />give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for
<br />which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Deed of
<br />Trust.
<br />If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due
<br />dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly
<br />repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall
<br />not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender
<br />any amount necessary to make up the deficiency in one or more payments 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 Funds held
<br />by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply,
<br />no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of
<br />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 Note
<br />and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under
<br />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 under any
<br />mortgage, deed of trust or other security agreement with a lien which has priority over this Deed of Trust, including Borrower's
<br />covenants to make payments when due. Borrower shall pay or cause to be paid all taxes, assessments and other charges, fines and
<br />impositions attributable to the Property which may attain a priority over this Deed of Trust, and leasehold payments or ground
<br />rents, if any.
<br />5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />against loss by fire, hazards included within the term "extended coverage," and such other hazards as Lender may require and in
<br />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; provided, that
<br />such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form acceptable to
<br />Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender shall have the right to
<br />hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust or other security agreement with a lien
<br />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 proof of loss if
<br />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 notice is
<br />mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to
<br />collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured
<br />by this Deed of Trust.
<br />6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
<br />shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall
<br />comply with the provisions of any lease if this Deed of Trust is on a leasehold. If this Deed of Trust is on a unit in a
<br />condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or
<br />covenants creating or governing the condominium or planned unit development, the by -laws and regulations of the condominium
<br />or planned unit development, and constituent documents.
<br />Initials:�IV
<br />4M 76(NE) (9803) CHL (03/98) Page 2 of 5 ���VVVVVV
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