|
�-��: .
<br /> �CLIFF'ORD H NELSON 102665 06/18/1999
<br /> UNIFORM COVENANTS. Borrower and LeiiQeYco�i�ht�n�d a�re'e as follows:
<br /> 1. Payment of Principal and Interest. Borrower shall promptly pay when due tbe principal and interest
<br /> indebteduess evidenced by the Note and late charges as provided iu 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 the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full, a
<br /> sum (herein "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 on the Property, if
<br /> any, plus one-twelfth of yearly premium installments far hazard 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 diereof. 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 guarauteed 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 Leuder may agree
<br /> in writing at tlie tiiiie of execution of this Deed of Trust that interest on the Funds shall be paid to Borrower, and unless
<br /> such agreement is made or applicable law requires such interest to be paid, Lender shall not be reyuired to pay Borrower
<br /> any interest or earnings on the Funds. Lender shall give to Borrower, without cl�arge, an atuival accounting of the Funds
<br /> showing credits and debits to the Funds and the purpose far which each debit to tl�e 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 Lender shall not be sufficient to pay taxes, assessmeuts, 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 iu 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 l�ereof 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. Uiiless 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 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 /> includinb Borrower's coveiiants to make payi7ients when due. Borrower shall pay or cause to be paid all taxes, assessments
<br /> and other charges, fiues aud impositious attributable to the Property whicl� may attain a prioriry over this Deed of Trust,
<br /> 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 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 Borrower subject to approval by Lender; provided,
<br /> that such approval shall not he unreasonably witlilield. 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 the 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 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 /> 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, Leuder is
<br /> authorized to collect and apply the insurance proceeds at Leuder's option either to restoration ar repair of the Property or
<br /> 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 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 plamied unit development, Borrower shall perform all of Borrower's obligations under the
<br /> declaration or covenants creating or governing the condominium ar planned unit development, the by-laws and regulations
<br /> of tlie condoinuiium or plaimed unit development, and constituent documents.
<br /> 7. Protection of Lender's Security. If Barrower 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, then
<br /> Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, includiiig
<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, Berrower shall pay the premiums reyuired to
<br /> maintaiu such iusurance in effect until such time as the requirement for such insurance terminates in accardance with
<br /> Borrower's and Leuder'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. U�iless Borrower and Lender agree ta 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 airy actiou 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.
<br />
|