|
A
<br />a
<br />10051.2
<br />X�.e�
<br />Cable law requires such interest to be paid, Lender shad not be required to pay Borrara any hawaitt or earnings on the Funds. Lender shall
<br />give to Borrower, without charge, an annual accounting of the Foals showing cradles and debits to the Funds and the purl W for which each
<br />debit to the Fonds was trade. The Fonds are plalgad a additional security for the amen secured by this Deed of Trust.
<br />if the amount of the Funds held by Leader. taxpdw with the future monthly installments of Funds payable prim to the due dates of taxes,
<br />wwmass, insurance premiums and ground tents, shall exceed the amount required to pay NO taxes, agents, insurance premiums and
<br />pound rasa o tbey fan due, suds eptan shy be, at Dorrowa's optiam, tither promptly repaid to Borrower or credited to Borrower on monthly
<br />hnggBimmil, of Funds. If the among of the Funds held by! Wir shop not be ahfficieet to pay taxes, assessmmt$. insurance premiums and
<br />ground rents as they tan nitre, Burrower shall pay to Larder any amount necessary to matte up the deficiency within 30 days from the date notice
<br />n mailed by Lender to Borrower requxesting payment thereof.
<br />Upon payment in full of all ems secured by this Deed of Trust, Leader shad promptly refund to Borrower any Funds held by Lander. If
<br />under paragraph I hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shad apply, no later than immediately
<br />prat to the sale of the Property or its acquisition by Lads. any Funds held by Leader at the time of application as a credit against the sums
<br />secured by this Deed of Trust.
<br />3. AppBendon of Paynaeals. Unesu applicable law provides otherwise, an payments receive by Lender under the Note and paragraphs 1
<br />and 2 hereof shall be applied by Lade fuel in payment of amounts payable to Lander by Borrower under paragraph 2 hereof. then to interest
<br />payable on the Note, that to the principal of the Note, and then to interest and principal on any Future Advances.
<br />4. Chasgm; Lim. Borrower shad pay all taxes, assessnimts and other charges, fines and impositions attributable to the Property which
<br />may attain a priority over this Deed Of Trust, and lesse hold payments or ground rents, if any, in the manner provided under paragraph 2 hereof
<br />or, if riot paid in such manner, by Borrower snaking payment, when due, directly to the payee thereof, Borrower shall promptly furnish to
<br />Lender an notices of amounts due under this paragraph, and in the event Borrower shad make payment directly, Borrower shall Promptly
<br />furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Deed of Trust;
<br />provided, that Borrower shad not be required to discharge any such lien so long as Borrower shad agree in writing o the payment of the
<br />obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by. or defend enforcement of such lien
<br />in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br />S. Hamad Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire,
<br />hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods
<br />as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay
<br />the sums secured by this Dee of Trust.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval
<br />shad not be unreasonably withheld. All premiums on insurance policies shad be paid in the manner provided under paragraph 2 hereof or, if not
<br />paid in such manner, by Borrower makini payment, when due, directly to the insurance carrier.
<br />An insurance polices and renewals thereof shad be in form acceptable to Lender and shad include a standard mortgage clause in favor of
<br />and in form acceptable to Lender. Lender shad have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to
<br />Lender an renewal melees and all receipts of paid premiums. In the event of loss. Borrower shad give prompt nod= to the insurance carrier and
<br />Lender. Lender may make proof of loss if not made promptly by Borrower.
<br />Uslms Lender and Borrower otberwhe agree in writing, insurance proceeds shall be applied to restoration or repair of the Property
<br />did, provided such restoration or repair is economically feasible and the security of this Deed of Trust is not thereby impaired. If such
<br />restoration or repair is not economically, feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds shall be
<br />applied to the arms secured by this Deed of Trust. with the excess, if achy, paid to Borrower. If the Property is abandoned by Borrower, or if
<br />Borrower fail to respond to Leader within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to
<br />settle a claim for insuranoe benefits. IA , is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or
<br />repair of the Property or to the sums secured by this Deed of Trust.
<br />Unit= Lander and Borrower otherwise agree in writing, any such application of proceeds to principal shad one extend or postpone the due
<br />date of the monthly installments reefer, to in paragraphs I and 2 hereof or change the amount of such installments. If under paragraph 18
<br />hereof the Property is acquired by Leader, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds
<br />thereof resulting from die to the Property prior to the sale or acquisition slhall pass to Lender to the extent of the sums secured by this Deed
<br />of Trust immediately Prior to such sale or acquisition.
<br />i. Prosenatba and 1111101 oe of property; Lwaeioia; Code; rhmmeel Unit Developments. Borrower shad keep the
<br />Property in good repair and shall not commit wage or permit impairment or deterioration of the Property and shad comply with the Pis
<br />of any last if this Deed of Taut is on a leaehold. If this Deed of Trust is on a unit in a condominium or a planned unit development, Borrower
<br />shall perform all of Borrower's obligations under the declaration or covenants crating or governing the condominium or planned unit
<br />development, the by -laws and regulations of the condominium or planned emit development, and constituent documents. If a condominium or
<br />planned unit development rider is executed by Borrower and recorded together with this Dad of Taut, the covenants and agreements of such
<br />rider shall be incorporate into and shall amend and supplement the covenants and agreements of this Dad of Trust as if the rider were a part
<br />hereof.
<br />7. Protection of Leaaer's Secority. If Borrower fails to perform the covenants and agreements contained in this Deed of Taut, or if any
<br />action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain,
<br />insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice
<br />to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br />not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. if Lender required mortgage insurance
<br />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
<br />until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement or applicable
<br />law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof.
<br />Any amounts disburse by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower
<br />secured by this Deed of Trust. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from
<br />Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on
<br />outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts
<br />shall bar interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any
<br />_
<br />expense or take any action hereunder.
<br />i11
<br />`
<br />8. Inspection. lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall
<br />give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender •s interest in the Property.
<br />e, Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or
<br />other taking of the Property, or par[ thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender.
<br />cp
<br />In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this I?eed of Trust, with the excess, if any,
<br />paid to Borrower. In the event of a partial taking of the Property, unless borrower and Lender otherwise agree in writing, there shall be apphed
<br />to the sums wcutcd by this feed of Trust such proportion of the proceeds as is equal to that proportion which the amount of the sums secured
<br />
|