|
<br />. 88- 102425
<br />4:
<br />
<br />UNIFORM COVENANTS, Borrower and Lender covenant and agree as follows:
<br />1, Payment 01 Principal and Intere.t. Borrower shall promptly pay when due the principal 01 and interest on the
<br />IOdebtednes", evidenced by the Note, prepayment and late charges as provided in the Note, and the principal 01 and interest on
<br />any Future Advances secured by the Deed 01 Trust.
<br />2. Fund. for Tax.. and In.uranea, Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender
<br />on the day monthly installments 01 principal and interest are payable under the Note, until the Note is paid in full, a sum (herein
<br />"Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority over this Deed 01 Trust. and
<br />ground rents on the Property, il any, plus one-twelfth 01 yearly premium installments for hazard insurance, plus one-twelfth of
<br />learlY premium installments lor mortgage insurance, il any, all as reasonably estimated initially and from time to time by
<br />ender on the basis 01 assessments and bills and reasonable estimates thereol,
<br />The Funds shall be held In an institution the deposits or accounts 01 which are insured or guaranteed, by a Federal or state
<br />agency (inCluding Lender II Lender Is such an institution). Lender shall apply the lunds to pay said taxes, assassments,
<br />insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds. analyzing said account
<br />or verifying and compiling said assessments and bills. unless Lender pays Borrower interest on the Funds and applicable law
<br />permits Lender to make such a charge. Borrower and Lender may agree In writing atthe time 01 execution of this Deed olTrust
<br />that Interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicalbe law requires such
<br />interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to
<br />Borrower. without charge, an annual accounting 01 the Funds Showing credits and dellits to the Funds and the purpose for
<br />which each deblllo the Funds was made, The Funds are pledged as additional security forthe sums secured by this Deed of
<br />Trust.
<br />If the amount of the funds held by Lender, together with the luture monthly installments of Funds payable prior to the due
<br />dates 01 taxes. assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground renls as they fall due, such excess shall be. at Borrower's option, either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds, II the amount of the Funds held by
<br />Lender shall not be sufficienllo pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall
<br />pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to
<br />Borrower requeshng payment thereof.
<br />Upon payment in lull of all sums secured by Ihls Deed of Trust. Lender shall promptly relund to Borrower any Funds held by
<br />Lender II under paragraph 18 hereolthe Property is sold or the Proporty is otherwIse acquired by lender. Lendershall apply.
<br />no later than Immediately priorto the sale ollhe Property or its acqUisition by Lender. and Funds held by Lender at the time of
<br />application as a credit against the sums secured by this Deed of Trust
<br />3, Appllcallon ot Paymanta. Unless applicable law provides otherWise, all payments received by Lender under the Note
<br />and paragraphs 1 and 2 hereof shall be applied by U'!nder first in paymen! 01 amounts payable to Lender by Borrower under
<br />paragraph 2 hereof. then to interest payable on the Note, then 10 the prinCipal of lhe Note, and then to interest and principal on
<br />any Future Advances,
<br />4, Charga.; liena. Borrowers shall pay all taxes. assessments and other charges, lines and impositions attributable to the
<br />Property which may attain a priOrity over this Deed 01 Trust, and leasehold payments or ground rents. if any. in the manner
<br />provided under paragraph 2 hereol or. " not paid In such manner. by Borrower making payment when due. directly to the
<br />payee thereol, Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in the event
<br />Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments,
<br />Borrower shall promptly discharge any lien which has priority over this Deed of Trust; provided. that Borrower shall n01 be
<br />required to discharge any such lien so long as Borrower shall agree in writing to the payment ofthe obligation secured by such
<br />lien in a manner acceptable to Lender, or shall in good faith cOnlest such lien by, or defend enforcement 01 such lien in. legal
<br />proceedings which operate to prevent the enlorcement 01 the lien or lor1eiture 01 the Property or any part thereof.
<br />5. Hazard In.uranee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />againslloss by fire. hazards included within the term "extended coverage", and such other hazards as lender may require
<br />and," such amounts and lor such penods as Lender may require; provided. that Lender shall not require thatthe amount of
<br />such coverage ellceed that amounl of coverage reqUired to pay the sums secured by thiS Deed of Trust
<br />ThIS Insurance carner prOViding Ihe ,"surance shall be chosen by Borrower sublectto approval by Lender. prOVided, thaI
<br />such approval shall not be unreasonably Withheld All premiums on Insurance poliCies shall be paid In the manner provided
<br />under paragraph 2 hereol or, II not paid in such manner. by Borrower making payment, when due, directly to the insurance
<br />carner
<br />All Insurance pollc,e.s and renewals thereol shall be '" lorm acceptable to Lender and shall include a standard mortgaQe
<br />clause," favor 01 and," lorm acceptable to Lender Lender shall have the rlghttc hold the policies and renewals thereof,and
<br />Borrower shall promptly lurOlsh to Lender all renewal notices and all receipts 01 paid premIums, In the event of loss. Borrower
<br />shall give prompt notice to the Insurance carrier and Lender. Lender may make proof 01 loss if not madepromplly by Borrower.
<br />Unless Lender and Borrower otherWise agree in writing. insurance proceeds shall be applied to restoration onepair of the
<br />Property damaged, provided such resloration or repair .s economIcally feasible and the security of this Deed of Trust is nol
<br />thereby Impaired. If such restoration or repair is not economIcally leasible or " the security 01 this Deed of Trust would be
<br />Impaired. the insurance proceeds shall be applied to the sums secured by this Deed of Trust with the excess, il any. paid to
<br />Borrower If the Property 's abandoned by Borrower, or II Borrower fails to respond to Lender within 30 days from the date
<br />noltce IS mailed by Lender to Borrower that the insurance carrier oilers to sellle a claim lor insurance benefits, Lender is
<br />authOrized to collect and apply the ins'Jmnce proceeds al Lender's "phon elCher to reslor alion or repair 01 the Property or to
<br />the sums secured by this Deed of Trust
<br />Unless Lender and Borrower otherwise agree In Wrlllng, any such application 01 proceeds to principal shall not extend or
<br />postpone the due date of the monthly ,"slallments referred to In paragraphs t and 2 hereof or change the amount of such
<br />Installmenls If under paragraph 18 hereollhe Property IS acqUired by Lender, all right. title and interest of Borrower in and to
<br />any insurance poliCies and in and 10 the proceeds thereof resulting from dama\leto the Property priortothesale or acquisition
<br />shall pass to Lender to the extenl 01 the sums secured by this Deed of Trust Immediately prior to such sale or acqUisition,
<br />6. Pre..rvatlon and Maintenance of Property; Lea.eholds; Condominium.; Planned Unit o.valoDrMnta, Borrower shall
<br />keep the Property 10 good repair and shall not commll waste or permit impairment of deterioration ollhe Property and shall
<br />comply with the provisions 01 any lease II Ihls Deed 01 Trust is on a leasehold,llthls Deed olTrust ison a unit in a condominium
<br />or a planned UOlt development. Borrower shall perform all 01 Borrower's obligations under the declaration or covenants
<br />creating or govermng the condominium or planned unit developmenl, the by-laws and regulations of the condominium or
<br />planned unil development. and consllluent documents. If a condomiOlum or planned unit development rider IS excuted by
<br />Borrower and recorded together with this Deed 01 Trust, the covenants and agreements of such rider shall be incorporated
<br />IOtO and shall amend and supplement the covenants and agreemenls of this Deed of Trust as if the rider were a part hereo!.
<br />7. Protection 01 lender'lI Sec:urity. It Borrower falls 10 per10rm the covenants and agreements contained in this Deed 01
<br />Trust. or If any action or proceeding is commenced wilh materially affects Lender's interest in the Property, Including but not
<br />limited 10, eminent domain, Insolvency, code enforcement. or arrangements or proceedings Involving a bankrupt or decedent
<br />then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such
<br />action as IS necessary to protecl Lender's interest, including. but not limited to, disbursement 01 reasonable attorney's fees and
<br />entr~ upon the Property to make repairs,lI Lender required mortgage Insurance as a condition 01 making the loan secured by
<br />the Deed 01 Trust, Borrower shall pay the premiums requh'ed 10 maintain such insurance in effect until such time as the
<br />requirement for such Insurance terminates in accordance with Borrower's and Lender's written agreement or applicalbe law.
<br />Borrower shall pay the amount 01 all mortgage insurance permiums in the manner provided under paragraph 2 hereol.
<br />Any amounls disbursed by Lender pursuant to this paragraph 7, with inleresl Chereon. shall Decome additional
<br />IOdebtedness of Borrower secured by Ihis Deed of Trust. Unless Borrower and Lender pqree to other terms 01 payment. such
<br />amounlll shall be payable upon notice Irom Lender to Borrower requesting payment helBol, and shall bear interest Irom the
<br />date 01 dlsbursementatlhe rate payable from lime fo lime on outstanding prinCipal under Ihe Note unless paymenl of interest
<br />at such rate would be contrary to applicable law, In which event such amounts shall bear IOteresl al the highest rate
<br />permissible under applicable law. Nothing contained 10 this paragraph 7 shall reqUire Lender 10 Incur any e.pense or take any
<br />actIon hereunder
<br />8. In.peetlon, l.ender may make or cause to be made reasonable entries upon and Inspecllons of the Property, provided
<br />that Londer sholl give Borrower notice prior to any such Inspechon speCifYing reasonable cause theretore rolated to lender's
<br />Interest In the Property
<br />
|