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<br />200703081
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<br />TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rights,
<br />appurtenances and rents (subject however to the rights and authorities given herein to Lender to collect and apply
<br />such rents), all of wh ich shall be deemed to be and remain a part of the property covered by th is Deed of Trust; and
<br />a\l of the foregoing, together with said property (or the leasehold estate if this Deed of Trust is on a leasehold) are
<br />hereinafter referred to as the "Property"; Borrower understands and agrees that MERS holds only legal title to the
<br />interests granted by Borrower in this Security Instrument; but, if necessary to comply with law or custom, MERS (as
<br />nominee for Lender and Lender's successors and assigns) has the right to exercise any or all those interests,
<br />including, but not limited to, the right to foreclose and sell the Property; and to take any action required of Lender
<br />including, but not limited to, releasing or canceling this Security Instrument.
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<br />TO SECURE to Lender the repayment of the indebtedness evidenced by Borrower's note dated
<br />______~pril13, 2007 and extensions and renewals thereof (herein "Note"), in the principal sum of U.S.
<br />$32,000.00 , with interest thereon, providing for monthly installments of principal and interest, with the
<br />b~i-;~~-~f the indebtedness, if not sooner paid, due and payable on May 1,2022 ; the payment of
<br />all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Deed of Trust;
<br />and the performance of the covenants and agreements of Borrower herein contained.
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<br />Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right to
<br />grant and convey the Property, and that the Property is unencumbered, except for encumbrances of record. Borrower
<br />covenants that Borrower warrants and will defend generally the title to the Property against all claims and demands,
<br />subject to encumbrances of record.
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />I. 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 by Lender, Borrower
<br />shall pay to Lender on the day monthly payments of principal and interest are payable under the Note, until the Note
<br />is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments (including
<br />condominium and planned unit development assessments, if any) which may attain priority over this Deed of Trust,
<br />and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, plus
<br />one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and
<br />fTom time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. Borrower shall
<br />not be obi igated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the
<br />holder of a prior mortgage or deed oftrust if such holder is an institutional lender.
<br />If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of
<br />which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution).
<br />Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not
<br />charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assessments
<br />and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a
<br />charge. Borrower and Lender may agree in writing at the time of execution of this Deed of Trust that interest on the
<br />Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be
<br />said, 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 of the Funds showing credits and debits to the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums
<br />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
<br />prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required
<br />to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at
<br />Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If
<br />the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and
<br />ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one
<br />or more payments as Lender may require.
<br />Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to Borrower
<br />any Funds held by Lender. lfunder paragraph 17 hereof the Property is sold or the Property is otherwise acquired by
<br />Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender,
<br />any Funds held by Lender at the time of application as a credit against the sums secured by this Deed of Trust.
<br />3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender
<br />under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to
<br />Lender by Borrower under paragraph 2 hereof~ then to interest payable on the Note, and then to the principal of the
<br />Note.
<br />4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's
<br />obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over this
<br />Deed of Trust, including Borrower's covenants to make payments when due. Borrower shall payor cause to be paid
<br />all taxes, assessments and other charges, fines and impositions attributable to the Property wh ich may attain a
<br />priority over this Deed of Trust, and leasehold payments or ground rents, ifany.
<br />5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
<br />Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards
<br />as Lender may 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;
<br />provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be
<br />in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to
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<br />16424.CV (9/06)
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<br />901118
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