200600779 - Laserfiche WebLink

Browse

, , 200600779 If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiurps and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay tdXes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may require. Upon payment in full of all sums secured by thIS Deed of frust, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 17 hereof the "Propenv is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior (0 tbe' sah" ''': the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Deed of Trust. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I and 2 hereof shall be applied by Lender tirst in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, and then to the principal of the Note. 4. Prior Mortgages and Deeds of Trust; Charges; Liens; Borrower shall perfOffil-all-of- Borrower's obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this Deed of Trust, including Borrower's covenants to make payments when due. Borrower shall payor cause to be paid all taxes, assessments and other charges, tines and impositioJs attributable to the Property which may attain a priority over this Deed of Trust, and leasehold payments or ground lents, if any. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the :erm "extended coverage," and such other hazards as Lender may require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All im;\li'ance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage c1:1'_;~e in favor of and in a form acceptable to Lender. Lender shall have the right to hold the policies andr~new,ils thereof, subject to the terms of any mortgage, deed of trust or other security agreement with a lien Wilich has pri,:;r:ity oyer this Deed of Trust. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Deed of TfIlst. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shlili not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions "r :'lilY Jeaoe if this Deed of Trust is on a leasehold. If this Deed of Trust is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating 0r gt\VCmiil):! (;,'" concominium or plarmed unir developmenl, the by-fawi;- imd regulations of the condominium or planrjedunil d&velb'prncnt, and constituent documents. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Deed of Trust, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage insurance as a condition of making the loan secured by this Deed of Trust, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. Any amounts disbursed by Lender pursuant to thJ.sj:',',1ragraph '7, with interest thereon, at the Note rate, shall become additional indebtedness of Borrower secured b)' ~his Deed of Trust. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this paragraph 7 shal). require Lender to incur any expense or take any action hereunder. ' 8. Inspection. Lender may make or canse to be made """"nable enrrie, upon and iru<pecri~ Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reason use~z:rr related to Lender's interest in the Property. _, , Initials: ' G .76(NEII0007}.Ol Page 3~f 6 " ,', For 28 (!) ,.- I; ..