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<br /> • CONSTRUtT10N SLCURtTY INTERBST ' ' `''u���r
<br /> „ „ , , ; . . =a
<br /> _ ___. _.� , ihi� AprMment iaure� en oblipallon whtch Ihu Truuor
<br /> ., Dcbto�Mcurtod for tho Durpoec o! meting improvemom� 010�511 '
<br /> , on Ih� Rest Eqat� In whteh tho Construttlon SocuN�r�4 -
<br /> , INaps�b otwn. .,
<br /> UNIFORM COVENANTB.Borrower and Lender covenant and agree as tollows: �. ° �
<br /> �� 1.Parimnt of Ptinatp�)and Intensf.Borrower shalt promptly pay when due the princlpal ot and iMerest on the , �" �
<br /> �ndebtedneaaevidencedbytheNote,prepa mEntandletechargesaaprovidedintheNote,andthepnnctpalotandlntereston � � .
<br /> any Future Advancea escurod by the�of T�uet �
<br /> Z.FuodsforTax�sandlrawnne�.Sub�ecttoapplicabletewortoawrlttanwalverbylender,8orrowershellpaytolender .
<br /> , ' . •• anthedaymonthlyinetr.l�ImenMol prUoipa ondinterestarepeyebteundertheNote,untfltheNoteiepafdtntull.eaum�herefn � _- :
<br /> � �Funds")equat to one•twelfth ot ths yeerly taxea end esseaamenta whlch mey attetn prlortty over thla Oeed of T�ust,end
<br /> • groundrontnonlhePropsriy,ifnny,plusone-tweifthot Year►ypremiuminatallmenbiorheuudinaurance,ptusone-twsNthof �
<br /> Yeady premium inetallme�t�for mortgape fneurance,i1 any,ell as�eseonably eanmated fnitieliy and irom dme to rime by
<br /> , ' Lender on the baafa of aeaeaaments endbllis and►eseoneble eslfinetea thoreot. ' �.-.�y
<br /> The Funde ahell6e held in an Institutfon thedeposits oreccounts of whichar��nsured or guaranteed,by a Federal or etate . • �.
<br /> agenoy(inctuding Lender if Lender le such an institution).Lender ehatl apply the tunds to pay seid texea,aseeaementa, . '�1.
<br /> inaurar+eepremiumaandgroundrente.LendermaY notchargeforaoholdin andapplyingthoFunda,analyztnpeeldaacount ,__
<br /> " orverllyingendcompiiingeatdeaseaamenteandbilis unteaaLe�iderpaye�r�owerintarestontheFundsendappttcabtelaw •�
<br /> permits Lenderto make euahaoherge.Borrower and�.endermayap►ee in wrlHng atthe tlme o}axecution of thfs Deed ot Truat
<br /> thet intereat on tho Fuode shall be pald to 8orrower,and unieaa suoh egreement ie made or appIlealbe Iaw requirea such I ; . •
<br /> � Intereat to be paid,Lender ahall�ot be required to pay 8onower any intereat or earningn on the Funde.Lender sh8it give to f � .
<br /> Bonower,without eharge,an annuel accounting of the Funds ehowlng eredita and de6its to the Funda and the purpose tor ,
<br /> whfah each deblt totheFunds was made.The Fundsare ptedged asaddltional securitytor the sums aecured by thia Dead of I
<br /> Trust '
<br /> ' It the amount of the funds held by lender.together with the future rnonthly insteliments ot Funds peyable prlor to the due I .
<br /> datea ot taxes,esseaamente,inaurance premiums and ground rents, ahatl exceed the amoun!raguired to pay said laxes.
<br /> asseasmente,insuranCe premiuma and round rents as they fait due,suah excess shell be,at 8orrower's cpUon,either � �,.
<br /> _ ' �•em�tl;re�+±i�M 9orio!!�er or er!�Itd!�n gn.rnwo.ne mnnTh�y in�twllmantss ot Funds.lf the amount o}the Funds held by . -__--- ,',
<br /> �endershalfnotbeaufttolenttopaytexes,assessments,fnsura�cepremiumsand 9roundrontaestheyfalidue.8orrowe�sha�� ; � -� ?�-
<br /> pay to Lender any am0unt neceaeary to make up the defictency within 30 deya from the dete nodce fs mailed by Lender to -
<br /> Borrower requesting payment thereof. ��
<br /> � Upon peyment infutl of all sumasecured by this Deed of Trust,Lendershatl promptly refund to Barrowerany Funde hetd by � +
<br /> Lender.i!under peregreph 18 hereof the Prope►tf►is sold orthe PropertYis otherwfaeacqutred by Lender,Lendor sheli eppiy
<br /> no iater than immodiatety priorto the sale of the Properly o�its ac uisition by Lender,and Funds held by Lender atthetime o� ��''
<br /> appllceUon es a credlt agafnst the aums secured by this Oeed ot��ust �'
<br /> 3.Application ot P�mstHs.UMeas app�iceb�e law provides otherwise.a11 payments recefved by Lender under the Note �,�
<br /> and peragraphs 1 and 2 hereof shatl be apptied by Lender first In payment of amounta payebte to Lender by Borrower under
<br /> paragraph2hereof,thentointerestpayableontheNote,thentotheprincipaloflheNote,andthontointerestandprincipalon +�"�
<br /> any Future Ad�ances. � F'f:�-
<br /> 4�C6trq�a;U�ns.Borrowersshellpay alitaxes.asaeasmentsandothercherges,finesendimpositionsatt►Ibutabietothe *��--
<br /> Properly which may eriein a p►forit�over this Oeed of Trust,and teaeehold peyments or ground renta,it any,fn the manner • �,!'
<br /> ( provlded under paragtaph 2 hereo�or,if not patd tn suoh mannar,by 8onower maki�g payment when due,dlrectiy to the • —j '
<br /> ! payee thereot.Borrower shall promptly furnish to lender aii nodces of amounts due under this paragraph,and!n the event �
<br /> Bor�ower shall makepa yment tltrecUy,Borrower shalt promptty furnish to Lender �eceipta ev�dencmg such pa1rrrients. -_ - �
<br /> Borrower shali peompfly discha�ge eny tien which hea priority over this Oeed ot Trus�provided,thet Borrower shail not be
<br /> requlredtodischargeeny suchiiensolongasHorrowershallagreeimv�itingtothepaymentoftheoblfgationsecuredbyauch
<br /> . tien in a manner aCCeptable to Lender,or shell in good feith conteat auch tien by,or detend entorcement of such Ifen in,legal I �
<br /> y proceedings which operate to prevent the entorcement of the Ilen or fortetture of the Propert�r or any pert thereot.
<br /> 5.NasaM�nsurana�.Borrower shail keep the Improvements now exlating or hereatter erected on the Property insured
<br /> agfllnst loss by Hre,hezarda inciuded within the term"extended coverage",and such other hezerda as Lender may reqwre i��
<br /> and In such amounta and tor such perlods as Lender may require•provlded,that Lender sha�l not r uire that the emount of , . �,�,
<br /> such coverage exceed that amount of coverege required to pay t�e sums secured by thls Deed ot�rust % ;�
<br /> Thisinsu�ancecerrlerprovfdtngtheinsurance3heilbechosenby BonowersubJecttoupprovaiby Lender;provlded,that - � � '�
<br /> such approvai ahall not be unreasonably wlthheld,All premiums on fnsurance polfcies sheli be pa�d in the manner peovided ;�
<br /> under paregraph 2 hereot or,it not paid in such manner,by Borrower meking payment,when due,directly to the insurence
<br /> car►ier.
<br /> All Insurance po�icies and tenewals thereot shall be in torm aocepteble to Lender and shall Include a standerd mortgage :,�....
<br /> : clauaeietavorofandinformacceptabletoLendor.Lendershalihavethenghttohotdthepoliciesandrenewalsthereof.and
<br /> ' 6orroarerahallprompdyfurnlshtoLenderallrenewalnoticesandatlrecelptsofpafdpremiums.Intheeventofloss.8orrower � ��-
<br /> � she�lgivepromptnotloetotheinsurancecer�ferandLender.Lendermaymakeproofoftossifnotmadepromptlyby8or�owor.
<br /> UniessLenderandBorrowerotherwiseagreemwrlting,�nsurance prOCeedsehallbeapp�iedtotestorationorrepairofthe
<br /> Property damaged,provfded such restoration or repair is economical ly feeelbte a�d the secun�y of thfs Deed of Troat�s not
<br /> �-a thereby Impei►ed.If sueh►estoretion or repelr is not economicaliy}easib�e or If the security of thi8 Deed ot Trust wpu�d be _
<br /> impafred,the InsuranCe proCeeda shall be epptfed to the sums secured by this Oeed ot Trust,with the excess,it any,paia to .'
<br /> Borrower.lt the Properiy fs abendoned by Borrower,or if Borrower falla to respond to Lerder within 30 days trom the dete ,�
<br /> � notice is mailed by Lender to Borrower thet the insurence carrier ofters to settte a cla�m for msurance benetits,Lender is
<br /> � authorized to collect and appiy the insu�ance proceeds at lender's option either to restoret�on or repa�r of the Property or to _
<br /> the sums secured by this Deed of Truat �
<br /> ' Unlea9lender and Borrower otherwise agree in writing,anq such application of proceeds to pnncipa�shall not extend or �'
<br /> � postpono the due date ot the monthly instellments reterred to m paragraphs 1 and 2 hereof or change the amount of such
<br /> � �nstellments.It under paragraph 18 hereot the Property fs acquired by Lender,att right,tdle and interest of Borrower m and to
<br /> any insurance policies and in and to the proceedsthereof resutting trom damage to the Property p�ior to the sale or acquisition
<br /> , shalt pess to Lender to the extent of the sums secured by this Oeed of Trust immediately pnor to such sete or acqu�sihon.
<br /> � 8. Preservatbn�nd Malnten�nceof Proaert�►;Le�seholds;Condomtnlum�;Planned Unit Devalopmsnb.Borrower shelt
<br /> • ' keep the PrOperty In good repair end shall not commit waste or permit impeirment ot det��iorat�on of the Property and shatl
<br /> � comply with the provisions ot any tease if this Deed of T�ust is on a leasehotd.It this�eed of Trust�s on a umt in a condom�nwm
<br /> or a ptanned unit development.Borrower shall pertorm alt of 8orrower's obtigations under the declarat�on or covenants
<br /> ' creaGng or governing the condominium or ptanned umt development,the bylaws ana regulat�ons ot the condominium or
<br /> ; pIanned uni{development,and constituent documents.If a condominium or planned umt development nder is excuted by
<br /> � Borrower and recorded together w►th thls Deed of Trust,the covenants and agreeme�ts of such nder shall be incorporated
<br /> into and shall amend end suppiement the covenants and agreements of thfs Deed of T��uat as�t the nder were a part hereof.
<br /> , 7. Proteetion ot Lender'�SeeuNty.It Borrower teils to pertorm the covenants and agreementa contamed m this Deed ot
<br /> i Trus�or if any actlon or proceedfng�s commenced with materielty aBects Lender's mterest in the Property.mcluding but not
<br /> � tlmltedto,eminentdomain,insotvency.codeenforcement,orerrangementsorproceedingsinvolvingabankruptordecedent,
<br /> � then Lender at Lender's opt�on,upon notice to Borrower,may make such appearances.d�sburse such sums and take such
<br /> actlonasisnecessarytoprotectLender'slnterea�including,butnotllmitedto,disbursementotreasonabteattorney'sfeesand
<br /> + entry upon the Propertyto make repairs.�f lender reqwred mortgege�nauranceas a cond�tion of mak�ng the loen secured by
<br /> the Deed Of Trust,Borrower Shall pey the ptemwms teqwred�o me�nta�n such�nsurance m eNect unt�t such time as the �
<br /> , requirementtorSUChinsurenCeterminetesinacCardancew�th8o�rower'sandlendet'awr�ttenegreementoreppt�Calbelaw
<br /> ' Borrower shall�ay the amount ot a�I mortgage�nsurance permwms i�the manner provided under peragraph 2 hereof.
<br /> e.,.. n�..���a Ainhuraaef hv t andwr nursuant to tF11S DAf8C�3OFt I. WItIt interest thereon. Sh811 beCOme edditiOnal
<br /> ' ' mdebtedness of 8orrower secured by this Oeed of Trust.Unless Boriower and Lender agree to other terms of payment,such
<br /> amounts sha�l be payable upon not�ce trom Lender to Borrower requeatmg payment hereot,and shalt bear interest trom the
<br /> � dateofdl8bur8ementettheretepeyablefromhmetot�meonoutstandmg pnncipaluntlerthalloteuntesspaymentot��terest
<br /> ' ' at such rate would be contrary to appliceble lew.�n wn�ch eve�t such emounts shalt bear mterest at the highest rate
<br /> , � permisslbteunderapplicab�olaw.Nothingcontamed�nth�sparagraph 7shallrequirel.endertoincuranyexpenseortakeany
<br /> � ., ecbOn hereunder.
<br /> 8. InspecNon.Lender mey make or Ceuse to be mAde rebSOnAb�e entnes upon ancf inspeCt�ons ot the Property,provided
<br /> thet Lende�Sh811 gwe BorrOwer nottCe pnOt to any such�nspection Speafymq reASOnAble cause theretore reiAtetl to Lender s
<br /> . interest m the Property
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