Laserfiche WebLink
200010977 (Page 2 of 5) <br />TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights, <br />appurtenances and rents (subject however to the rights and authorities given herein to Lender to collect and apply such <br />rents), all of which shall be deemed to be aqd remain a part of the property covered by this Deed of Trust; and all of the <br />foregoing, together with said prdpertyf (or the leasehold estate if this Deed of Trust is on a leasehold) are hereinafter <br />referred to as the "Property." <br />Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey <br />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 />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 <br />indebtedness evidenced by the Note, including any variations resulting from changes in the contract rate, and other <br />charges as provided in the Note. <br />2. Funds for Taxes and Insurance. Subject to applicable law or written waiver by Lender, Borrower shall pay to <br />Lender on the day monthly payments'of principal and interest are payable under the Note, until the Note is paid in full, <br />a sum (herein "Funds ") equal to one - twelfth of the yearly taxes and assessments (including condominium and planned <br />unit development assessments, if any) which may attain priority over this Deed of Trust, and ground rents on the <br />Property, if any, plus one-twelfth of the yearly premium installments for hazard insurance, plus one - twelfth of yearly <br />premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by <br />Lender on the basis of assessments and bills and reasonable estimates thereof. Borrower shall not be obligated to make <br />such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a prior mortgage <br />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 <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 <br />and applying the Funds, analyzing said account or verifying and compiling said assessments and bills, unless Lender pays <br />Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may <br />agree in writing at the time of execution of this Deed of Trust that interest on the Funds shall be paid to Borrower, and <br />unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay <br />Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of <br />the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The <br />Funds are 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 />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 fall <br />due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender <br />may require. <br />Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any funds <br />held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender, <br />Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds <br />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 I 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 at the applicable contract rate, and then to the <br />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 the 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 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 <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 proof <br />of loss if not made promptly by Borrower. <br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of <br />the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the <br />restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be <br />applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If <br />Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has <br />offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or <br />restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will <br />begin when the notice is given. <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 <br />is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the <br />Property or to the sums secured by this Deed of Trust. <br />01 -01 -00 DOT <br />NE007942 <br />IIIIIIII III IIIII IIIII 11111111111111111111111111111111111111111111 IIINI IIII I III IIII 11111 IN IN IIII IIII IIIII IIIII IIIII IIIII IIIII IN 111111 <br />N97972899K96DOT9000NE0079420 **NiFnFFiT <br />