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DOREEN KING 200306329 05/16/2003
<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 and late charges as provided in the Note.
<br />2. Funds for Taxes and Insurance. Subject to applicable law or a written waiver ay monthly payments of Principal by Lender, Bower r paid in shall ay to
<br />Lender oil the dipal and interest are payable under the Note, until
<br />sum (herein "Funds ") equal to one - twelfth of the yearly taxes and assessments (including condominium
<br />rents on the Property, f
<br />development assessments, if any) which may attain priority over this Deed of
<br />us one twelfth of yearly premium installments
<br />any, plus one - twelfth of yearly premium installments for hazard insurance, p
<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 thereof. 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 decd of tmst if such holder
<br />is an irrstimtional lender.
<br />If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which The
<br />insured or guaranteed by a Federal or state agency (including Lender if Lender is such an instimtion). Lender shall apply
<br />the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for an holding and
<br />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 agree
<br />in writing at the time of execution of this Deed of Trust that interest on the Funds shall he paid to Borrower, and unless
<br />such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower
<br />any interest or earnings on the Funds. Lender shall give [o Borrower, without charge, an annual accounting of the Fun
<br />rn ds
<br />n
<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 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 [o
<br />the due dates of [axes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said
<br />taxes, assessments, insurance premiums and ground rents they fall due, as such excess shall be, a Borrower's option,
<br />o
<br />either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />and g
<br />held by Lender shall not he sufficient to pay taxes, assessments, insurance premiums round rents as they fall due,
<br />Burrower 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 in full of all sutras secured by this Deed of Trost, Lender shall promptly refund to Borrower any Fun s
<br />held by Lender. If under paragraph 17 hereof the Property is sold nr the Property is otherwise acquired by Lender, Lender
<br />shall apply, no later Im, 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 Trost.
<br />3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the
<br />Note and paragraphs 1 and 2 hereof shall be. applied by Lender firs[ 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 rot 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, assessments
<br />and other charges, fines and impositions attributable to the Property which may again a priority 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 and sucrhazartls as Leader may
<br />insured against loss by tire, hazards included within the xtended cove
<br />rm rage ", h other
<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 be unreasonably withheld. All insurance policies and renewals thereof shall be in a Corm
<br />unreasonably acceptable to Lender and shall include a standard mortgage clause in tavor of and in x form acceptable to Under. Lender
<br />shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of crust or other
<br />security agreement with a lien which has priority over this Deed of Trost.
<br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Under. Lender may make proof
<br />of loss if not made promptly by Borrower.
<br />e date
<br />If the property is abandoned by Borrower, mr if Borrower fails to respond to Leader within 30 days too. ender is
<br />notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits,
<br />authorized to collect and apply the Manistee proceeds at Lender's option either to restoration or repair of the Property or
<br />to the sums secured by this Deed of Trost.
<br />6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments.
<br />Borrower shall keep the Property in good repair and shall not con» rut 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 planned unit development, Borrower shall perform all of Borrower's obtigadons under the
<br />declaration or covenants creating or governing the condominium or planned unit development, the by -laws and regulations
<br />of 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 Lende�isbursee5such sums,
<br />including
<br />Lender, at Lender's option, upon notice to Borrower, may make such appearanceS,
<br />reasonable anomeys' fees, and take such action as is necessary to protect Lender's
<br />orrower interest.
<br />shall pay the premimos required go
<br />insurance as a condition of making the loan secured by this Deed of Trost,
<br />maintain such insurance in 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 thereon, at the Note rate, shall become
<br />additional indebtedness of Borrower secured by this Deed of Trost. Unless Borrower and Lender men to other terms Of
<br />payment, such amounts shall be payable upon notice from Lender to Borrower requesting pay
<br />contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder.
<br />S. 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 />NebrnsYa 268]6A I /98 Original (Recorded) Copy (eranch) CoPY(
<br />Cuatomes) Page 2 of 5
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