|
WADE H WILKINS 99� 1��94 ; 9050302 08/19/1999
<br /> UNIFORM COVENANTS. Borrower and Lender covenaut and agree as foH�ws:y
<br /> ' 1. Payment of Principal and Interest. Borrower shall promptly pay wheu due the priucipal and interest
<br /> indebtedness 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 writteu waiver by Lender, Borrower shall pay to
<br /> Lender ou 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 auy) which may attain priority over this Deed of Trust, and ground rents on the Property, if
<br /> auy, plus one-twelftl� of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments
<br /> for mortgage insurance, if any, all as reasouably estimated initially and from time to time by Lender on the basis of
<br /> assessments aud bills and reasonable estimates thereof. Borrower shall uot be obligated to make such payments of Funds
<br /> to Lender to the extent tbat Borrower makes such payments to the holder of a prior mortgage or deed of trust if such l�older
<br /> is au 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 (includiug Leuder if Lender is such an institution). Lender shall apply
<br /> the Funds to pay said taxes, assessmeuts, insurance premiums and ground rents. Lender may nat charge for so holding and
<br /> applyin� 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 agree
<br /> in writiug at the time of execution of this Deed of Trust that interest on the Funds shall be paid to Borrower, and unless
<br /> such a�reement is made or applicable law reyuires such iuterest to be paid, Leuder shall uot be reyuired to pay Borrower
<br /> any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an aunual accounting of the Funds
<br /> showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are
<br /> pledged as additioual 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, assessme�its, insurance premiums and grouud 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 on monthly installments of Funds. If the amount of the Funds
<br /> held by Lender shall not be sufficient to pay taxes, assessments, insurauce premiums and ground rents as they fall due,
<br /> Borrower shall pay to Lender any amount necessary to make up the deticiency in one or more payments as Lender may
<br /> reyuire.
<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 paragrapl� 17 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br /> shall apply, no later than itmnediately prior to the sale of the Property or its acquisition by Lender, any Fuuds 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 tirst in payment of amounts payable to Lender by Bc�rrower
<br /> uuder para�raph 2 l�ereof, 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 /> including Borrower's covenants to make paym�nts �vhen due. Borrower shall pay or canse to be paid all taxes, assessments
<br /> atid otl�er cliarbes, fines and impositions attributable to the Property which may attain a priority c�ver this Deed of Trust,
<br /> and leasehold payments ar ground rents, if any.
<br /> 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br /> insured agaiust loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may
<br /> require and in such amomits and for such periods as Lender may require.
<br /> The insurauce carrier providiug the insurance shall be chosen by Borrower subject to approval by Lender; provided,
<br /> tl�at such approval sl�all not be uureasonably witlilield. All insurance policies and renewals thereof shall be in a form
<br /> acceptable to Lender and shall include a standard mortgage clause in favar of and in a form acceptable to Lender. Lender
<br /> shall liave the right to l�old the policies and renewals thereof, subject to the terms of any mortgage, deed of trust or other
<br /> security agreemeut 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 praof
<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 iusurance beuefits, Lender is
<br /> authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or
<br /> to the sums secured by this Deed of Trust.
<br /> 6. Preservation and Maintenance of Property; Leaseholds; Conclominiums; Planned Unit Developments.
<br /> Borrower shall keep the Property in good repair and shall not commit waste or permit impairinent or deterioration of the
<br /> Properry and shall comply with the provisions of any lease if this Deed of Trust is on a leasehold. If tliis Deed of Trust is
<br /> on a unit in a condoininium or a platmed unit development, Borrower shall perform all of Borrower's obligations under the
<br /> declaratiou c>r covenants creatiiig or governin� tlie condomiuiuin or plamied unit development, the by-laws and regulations
<br /> of the condominium or plamied unit development, and constitueut documents.
<br /> 7. Proteetion of Lencler'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 coumienced which materially affects Lender's interest in the Property, the�i
<br /> Leuder, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including
<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, Borrower shall pay the premiums required to
<br /> maiutain such insurance iu effect until such time as the requirement for such insurance terminates in accordance 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 thereou, at the Note rate, shall become
<br /> additional indebteduess of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to other terms of
<br /> payment, sucl� 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 any action hereunder.
<br /> 8. Inspection. Lender may make ar cause to be made reasonable entries upon and inspections of the Property,
<br /> pmvided that Lender shall give Borrower notice prior to airy such inspection specifying reasonable cause therefor related to
<br /> Lender's iuterest in the Property.
<br />
|