|
such inter,,, to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall
<br />A -1007�, ,
<br />taw
<br />app t a ie requires
<br />give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each
<br />debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Dad of Trust.
<br />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.
<br />insurance premiums and ground rents, shall ex the amount required to pay said canes. assessments, insurance premiums and
<br />assessments.
<br />rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Bonowa or credited to Borrower on monthly
<br />ground and
<br />installments of Funds. It the amount of the Funds held by Lender shall not be sufft�att to pay taxes, assessments, insurance premiums
<br />n
<br />ground rents as they fall due, Borrower shall pay to Lender any amount necessary to snake up the deficiency within 30 days from the slate notice :
<br />is trailed by Lender to Borrower requesting payment thereof.
<br />Leader refund to Borrower any Funds held by Lender. If
<br />Upon payment in full of all sums secured by this Deed of Trust, shall promptly
<br />by Lender. Lender shall apply, no later than immediately
<br />under paragraph 18 hereof the Property is sold or the Property is otherwise acquired
<br />to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sutras '
<br />prior
<br />secured by this Dad of Trust.
<br />Payseeets. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1
<br />3. AMMcadef of
<br />and 2 hereof shall be applied by Lender first in payment of amounts payable to Lander by Borrower under paragraph 2 hereof, then to interest
<br />on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances.
<br />payable
<br />t, Cwfg°; Uefs_ Harrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property Which
<br />a over this Deed of Trust, and leasehold payments at ground rents, if any, in the manner provided under paragraph
<br />-ray attain priority
<br />err, if not paid in such manner, by Borrower making payment, :when due, directly to the payee thereof. Borrower shall promptly furnish to
<br />Lender all notices of amounts due under this paragraph, and in tie event BorrOdwa shall make payment directly, Borrower snail promptly .
<br />a
<br />furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority ova this Deed of Trust:
<br />that Borrower shall not be required to discharge any such lien so long as Borrower shill agree in writing to the payment of the
<br />provided,
<br />..obligation secured by such lien in a manna accepts bit 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. Hazard jesmstace. Borrower shall keep the improvements now existing or he after erected dm the Property insured against lass by fin.
<br />Laranls included within the term "extended coverage ", and such othtt hazards u Lender may require and such amounts and for such periods
<br />require that the amount of sudit coverage exceed that amount of coverage required to pay
<br />as Lender may require; provided, that Lender shall not
<br />the sums secured by this Deed! of Trust,
<br />The insurance carrier providing the insurance shalt be chosen by Borrower subject to approval by Lender; provided, that such apprtra!
<br />f shall trot be unreasonably withheld. All premiums on insurance policies shalt be paid m the manner provided udder paragraph 3 hereof or, if not
<br />i.
<br />paid in such manna, by Borrower making payment, when due, directly to the insurance denier -
<br />All insirance peiiiaes and renewals thereof shall be in form acceptable to L.enda and shall include a standard mortgage clause in favor of
<br />and in form acceptable to Lender. Lender shall have the right to hold the policies and renew tits thereof, and Borrower shat{ promptly f Wnish to ,
<br />irada all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the itisttrarsce carrier and
<br />Lender- Lenda any snake proof of loss if not made promptly by Borrower.
<br />Unless [.ender and Borrower otherwise agree in writing. assurance proceeds shall be applied to restoration err repair of the Property,
<br />,
<br />damaged, provided such restoration or repair is economically feasible and the security of this Dace of Trost is not thereby impaired_ If such
<br />tesxaratian or repair is not economically, feasible or if the security of this Deed of Trust would be impaired, the insurance Irooeeds shall be
<br />9
<br />applied to the sums secured by this Deed of Trust, with the excess, if arty, paid to Bay- rower. if the Property is abandoned by Borrower. of if
<br />Borrower fails to respond to Linda within 37 days from the date notice is maded by Lender to Borrower that the ituuranet carrier offers to :-
<br />settle a claim for insurance trenefits. Lends a authorized to collect and, apply the uWaam a ;.rccttds a Lender's option either to testararsoti or
<br />repair of the Property or to the sums secured by this Dad of Trust-
<br />Unless Lender and Borrower otherwise agree in wnung, arty such applicahon of proceeds 2a principal Shall not attend or postpone the due '
<br />rate of the monthly installinenu refaced to in paragraphs I aid 2 hereof or change the amount of such installments. If under paragraph '8
<br />hereof the Property is acquired by Lender, all right, title and interest of Borrower its and to any insurance policies sad in and to the proceeds;
<br />thatof resulting from damage to the Property prim to the sale or acquisition shall pass to Linda ro the extent of tits sums Secured by this beat
<br />of Trust immediately prior to such We or algtn8tion-
<br />a. Preservad" ofd INaifasawafee of Propvty: IseholiK CaaddlEdMIua: Piaf�ei (Intl Deseisposs". Borrows shall lap the
<br />Property n goad repair and shall not commit waste or Delimit impairment or detendranns" of the Property and shall comply with the pro•'isiont
<br />of arty i[sse i [finis :teed of Trust is on a itasehoid i f tlu� Deed ., : ; st is o ^. a u i i a rondduninium or t planned unit development. Borrower
<br />shall perform alit of Borrower's obligations unsir- the declaracou of a °tenants zTeating or governing the condominium or planned unit
<br />development, :ate tr-. -=ays and regulations of the .ondom:r :um or planned unit de%cioptncht, and constituent documents- If a condominium or
<br />plot trial un =.t derelopmrnt rider is exacted by Hoc*, wer and =ecurdec utgettn Huh this Deed of Trust, the covenants and agreements of such
<br />rider shall tx to x posted into and shall amend acct ptrncn: one , - cnan and agretmenu of this Deed of Trust as if the ride were apart
<br />he"Of.
<br />T- Protects" of Larder's Security. If Borrower tails :c pc i.:rr^ , eaanu and agreements coma of u in this Deed of 'Crust or if eery
<br />action or proceeding is commenced which maderia2 v a tec *= Lender s t utrest In the Property. including, but not i,n[ited io, eminent domain,
<br />ittso[ +ency, :ode enforcement, or arrangements or Y xxdiags imoiv ins a bankrupt 7r decedent, Then Lender at Lti der ,, option. upon notice
<br />to Borrower, may make such appearanctt, disburse such sums and take such action as u necessary to protect Lenders .merest, including, but
<br />not limited to. disbursement of reasonable attorney's fees and entry upon the Property to maize repairs, if Lender required mortgage insurance
<br />as a condition of snaking the loan secured by this Deed of Trust, Borrower snail pay the prdmtums T rquired'_o maintain ouch insurance in effect
<br />until such time as the requirement for such insurance terminates in acuirdance with Borrower's and L e d.c 'i Wntter. agreement or applicable
<br />lax. Borrower shall pay the amaunt of all mortgage insurance premiums it, :he manna Provided ur ie: fiarng apn 2ltereof.
<br />Amy amounts disbursed by lender pursuant to this paragraph , with interest thereon, �Iiaii become add atonal indebtedness of H -grows
<br />secured by this Dent of Trust. Unless Borrower and Lender agree io other terms et payment, such ameunt� shall be payable upon notice from
<br />Lender to Bort = \wef requesting payment thereof, and shall bear interest i'rom the date of disbursement at the rate payable from time to time on
<br />outstanding prituipal under the Note unless payment of interest at such rate would be contrary io applicaoi[ law, in which event such amounts
<br />shrill bear interest at the highest rate permissible under applicable taw. Nothing contained in this paragtapl % shah require Lcndet to incur any
<br />-
<br />�- expense or take any anion hereunder. - provided that Lender shall
<br />g. heapsedoa. Lender may make or cause to be made reasonable entries upon and inspections of the Property,
<br />give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the f Topetty.
<br />9. (oodrfnso". the proceeds of any award or claim for damages. d.reci dot consequential, in ::onntvuon with any condemnation Or
<br />Other taking of the Prd*perty, of part thereof, or for conveyanty in lieu of condeninamm, ire hereby assigned and shall be paid to L -ender
<br />Ire the e.efu elf a flit&! taking of the Property, the proceeds %hail be apphru it'd 111f ,u11t5 wcufed L t tins i ifvu of I ;rust, '*:th the c %cc's], it any,
<br />,
<br />. rvud r. WM rt[ of in the nml of a partial Latina of the Prnpmy, unleis rsf +iro-c, And Le -nder other Nil[ agar iii wfl11119, ',N , \itutl he tpp3lyd
<br />,
<br />_,, tltr 41 cited t`Y IPlu's Diced of I rUSt Sucii pr UiXMian i,11 the prl)l"US AS is txluai t._v that tit <itM 1111.11; w7311 R ilte &rni-llni „f t. , "IM, \ 111ed
<br />'
<br />
|