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TIMOTF;Y J LARBY CHRISTI M LARBY 9 9 2 0 6 5 0�i 3118133 06/24/1999
<br /> UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br /> 1. Payment of Principal ancl Interest. Borrower shall promptly pay when due tlie principal and interest
<br /> indebted�iess evidenced by tl�e Note and late cl�arges 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
<br /> Lender on tlie day monthly payments of principal and interest are payable under the Note, until the Note is paid in full, a
<br /> sum (l�ereiu "Funds") equal to one-twelfth of tl�e yearly taxes and assessments (including condomiuium and planued unit
<br /> developmei�t assessments, if any) wliicl� may attain priority over this Deed of Trust, and ground rents on tl�e Property, if
<br /> any, plus oi�e-twelfth of yearly premium installments fur liazard insurauce, plus c�ne-twelfth of yearly premiui» installmei�ts
<br /> for murtgage insurance, if any, all as reasc�nably estimated initially and from time to time by Lender on tlie basis of
<br /> assessmeuts and bills and reasonable estimates thereof. Borrower shall not be obligated to make such payments of Funds
<br /> to Lender to the extent tliat Borrower makes such paymevts to the liolder of a prior mortgage or deed uf trust if sucl� holder
<br /> is an institutional lender.
<br /> If Bormwer 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 /> tl�e 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 accouut or verifying and compiling said assessments and bil!s, utiless Lei�der pays
<br /> Borrower interest on the Funds aud appli�able law permits Leuder to make such a diarge. Borrower and Lender may agree
<br /> in writing at the time of execution of this Deed of Trust that interest on the Funds shall be paid to Borrower, and u�iless
<br /> such agreement is made or applicable law requires sucl� interest to be paid, Lender sl�all not be required to pay Borrower
<br /> auy interest or earnings on the Funds. Lender shall give to Borrower, witl�out charge, an aimual accounting of tl�e Funds
<br /> sl�owing credits and debits to die Funds and tlie purpose for which each debit to the Funds was made. Tlie Funds are
<br /> pledged as additional security far the sums secured by this Deed of Trust.
<br /> If tl�e amount of the Funds held by Lender, together with the future montlily installments of Funds payable prior to
<br /> die due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount reyuired 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 ou monthly installments of Funds. If the amount of tl�e Funds
<br /> held by Lender sl�all not be sufticient to pay taxes, assessmeuts, insurance premiums and ground rents as they fall due,
<br /> Bc�rrower sltall pay to Lender any amoui�t necessary to make up the deficiency iu one or more payments as Len�er may
<br /> reyuire.
<br /> Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund ta Borrower auy Funds
<br /> held by Lender. If under paragraph 17 hereof the Property is sold or tl�e Property is otherwise acyuired by Lender, Lender
<br /> s6all apply, no later than imrtiediately prior to the sale of the Property or its acquisition by Lender, any Fuuds held by
<br /> Leuder 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 uuder the
<br /> Note and paragraplis 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender hy Burrower
<br /> under paragraph 2 l�ereof, then to interest payable on t�e Note, and then to tl�e principal of the Note.
<br /> 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations
<br /> und�r any rlortgage, 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, assessments
<br /> and otl�er charges, tines and impositions attributable to the Property which may attain a priority over tl�is Deed of Trust,
<br /> aud leasehuld payments or ground rents, if any.
<br /> 5. Hazarcl Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br /> insured agaiust loss by tire, hazards included within tlie term "extended coverage", and sucl� 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 cl�osen by Borrower subject to approval by Lender; provided,
<br /> that sucli approval shall not be unreasonably witlil�eld. All insurance policies and renewals thereof sl�all be in a forni
<br /> acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender
<br /> sl�all 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 lieu which lias priority over this Deed of Trust.
<br /> Li tl�e event of loss, Borrower shall give prompt notice to tl�e insurance carrier aud Lender. Lender may make proof
<br /> of loss if uot 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 die insurance proceeds at Lender's option either to restoration or repair of the Property or
<br /> to the sums secured by tl�is Deed of Trust.
<br /> 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments.
<br /> Bonower 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 Lnit in a cotldominium or a plamied unit development, Borrower shall perform all of Borrower's obligations under the
<br /> declaration or covenants creating or goveming the condominium or planned unit development, the by-laws aud regulations
<br /> uf 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, tl�en
<br /> LenJer, at Lender's option, upoii notice to Borrower, may make such appearances, disburse such sums, including
<br /> reasonable attonieys' 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 accordauce 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 become
<br /> additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to other terms of
<br /> payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing
<br /> contained iu this paragraph 7 shall reyuire 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 to
<br /> Lender's interest iu tlie Property.
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