|
$i°-� i.�}1i7s
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest or
<br />any Future Advances secured by the Deed of Truss.
<br />2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender
<br />on the day monthly installments of 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 of Trust, and
<br />ground rents on the Property, if any, plus one - twelfth ofyearly premium installments for hazard insurance, plusone - twelfth of
<br />yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by
<br />Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />I he Funds shall be held in an institution the deposits or accounts of whir-hare insured orguaranteed, by a Federal or state
<br />agency (including Lender it Lender is such an institution). Lender shall apply the funds to pay said taxes, assessments.
<br />for holding the Funds. analyzing said account
<br />insurance premiums and ground rents. Lender may not charge so and applying
<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 wr ;tmg at the time of execution of this Deed of Trust
<br />that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicafbe law requires such
<br />interest to be Lender shall not be required to Borrower any interest or earnings on the Funds. Lender shall give to
<br />paid. pay
<br />Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for
<br />by Deed
<br />which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured this of
<br />Trust
<br />If me amount of the funds held by Lender. together with the future monthly installments of Funds payable prior to the due
<br />oates of taxes, assessments, insurance premiums and ground rents. shall exceed the amount required to pay said taxes,
<br />assessments. insurance premiums and ground rents as they fail due, such excess shall be. at Borrower's option. either
<br />proripn4 repaid to Borrower or credited to Borrower on monthly instaEfineris of Funds. if the amount of the Funds held by
<br />Lender shai not be sufficient to pay taxes, assessments, insurance premiumsand ground rentsas they fait 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 requesting payment thereof.
<br />Upon payment in full of ail sums secured by this Deed of Trust. Leroershall; prorriptty refund to Borrowerany Funds held by
<br />;ender ;t under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender shall apply,
<br />no, later than immediately prior to the sale of the Property or its acquis:tior 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. Application of Payments. Unless applicable law prov ides otherwise_ ac payments received by Lender under the Note
<br />ana pare raphs ` and 2 hereof shall be applied by Lender first ; ^- pay^?arr or amounts payable to Lender by Borrower under
<br />paragrap� 2 r,ereof. Leer t) interest payable on the Note, then to the pr c ;pai of the Note. and then to interest and principal on
<br />Future Advances
<br />anv_
<br />1. Charges; Liens. Borrowers shat+ pay all taxes. assessments a ^v c`a -ges `;nes and imposiiionsatiributabie to "-SIk2
<br />-
<br />Property which may attain a priority over this Deed of Trust. ana :easenotd payments or ground rents, it any. in the marrier
<br />provided under paragraph 2 hereof or. if not paid it, such manner. by Borrower ^+along payment- when due, directly to V*
<br />payee thereof Borrower shall promptly furnish to Lender WI notices of amounts due under this paragraph, and in the evert
<br />-
<br />Borrower shall make paymert direcliy. Borrower shat promptly furrtsh to Lender receipts evidencing such payments_
<br />Borrower snail promptly discharge any lien which has priority o ,ref tnis Geed of Trust provided. that Borrower shall not be
<br />required to oischarge any such lien so ion: as Borrower s`iatt agree i, writmo to *he t+ay rent of the obligation secured by salt
<br />lien in a manner acceptable to Lender, or shall in good faith contest sucn lien by. or defenc enforcement of such lien in, legal
<br />proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br />5. Hazard insurance. Borrower shall keep the improvements rrw existing or hereafter erected on the Property insured
<br />against loss by fire. hazards included within the term 'extended coverage- - and such oBier hazards as Lender may require
<br />and :n such amounts and for such periods as Lender may reouire provided, that Lender shalt not require that the ail, mt of
<br />such coverage exceed that amount of coverage requ-reo to pay the sums secured Dy thrc Deed of Trust.
<br />-
<br />This insurance carrier providing the insurance shall be cnoser• by Borrower sutlectto approval by Lender. prowded,mat
<br />such approval shall not be unreasonably withheld All premiums on insurance polic=es snail be paid in the manner provded
<br />under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment when due, directly to the insurance
<br />carrier
<br />All insurance policies and renewals thereof shall be it form acceptable to Lender and shall include a standard mortgage
<br />- -.'-
<br />clause in favor of and :n form acceptable to Lender Lender snail rave!he nghtic no =d Erie poiic ;es and renewals thereof. ariri
<br />Borrower shall prompt !yfurnishto Len. der a!irenewa = not =cesarca' ereiCiscfpa;aDr ern +ums- Intheeventcfloss Borrower
<br />shallgiveprompt" ticetothef nsurancecarrierandLender '_ende <-- ar•..ait.e.. _.. -�'- a_ -.-tot made promptly byBerrcww
<br />-
<br />Unless Lender and Borrower otherwise agree ,n writing, insurair ce ar -ceeos snai; be applied to restoration or repair of tt�e
<br />Property damaged provided such restoration or repair is eco omica'y weasivble and the security of this Deed of Trust is not
<br />-
<br />thereby impaired If such restoration or repair is not ecoh- -carry feasible or if *tie security of this Deeo of Trust *"ad be
<br />impaired. the insurance proceeds snail be applied to the suss sec- red by it Deed of Trust. with the excess. ,f any, pal£` to
<br />Borrower- if the Property is abandoned by Borrower, or it Borrower faits to respond to Lender within 30 days from the date
<br />-
<br />notice is mailed by Lender to Borrower that the insurance carrier offers to settle a cia,m for insurance benefits. Lender rs
<br />authorized to collect antl apply the insut ance proceeds at -,ende, 5 _poor e=ther to restoration or repair of the Property or to
<br />the slims Secured by this Deed of Trust.
<br />Unless Lender and Borrower otherwise agree m writing. ary such appaat:on of proceedsto principal shall rotextero or
<br />Postpone the due date of me monthly instaorienls referred to in paragraphs 1 and 2 heredt or change the amount of such
<br />installments it under paragraph 18 hereof the property is accuered by Lender, ail right. title and interest of Borrower m and to
<br />any insurance po; c,es and m and to the proceer,sthereof resetting from camageio trite Property prior to me sale or acquisition:
<br />shall pass to Le ^der to the extent of the sums secured b: this Doi d of Trust immed,atety pnOr to such sale or acquis;bon
<br />6. Preservation and Maintenance of Property; Leaseholds; f on mums; Planned Unit Dewefoptneris_ Borrower shall
<br />keep the Property it good repair and shall not commit waste or permit impairment of detenosa ^.on o. me Prope ty and shall
<br />comply with tine provisions of any lease it this Deed of Trust is on a leasehoid It this Deea of Trusts on a unit in a condominium
<br />or a planned unit cevelopment. Borrower shat' perform all of Borrower s obligations under the declaration or covenants
<br />creating or governing the condominium or planned unit development the by -taws ana regulators of the conoomimium or
<br />planned unit development. and constituent documents. if a condominium or planned unit development rider is excited by
<br />Borrower and recorded together with this Deed of Trust the covenants and agreements of such rider snail be incorporated
<br />into and shall amend and supplement the covenants and agreements of this Deed of Trust as if the rider were a psi' hereof
<br />7. Protection of Lender's Security. if Borrower fails to perform the covenants antl agreements corfained in this Deed of
<br />Trust or it any action or proceeding is commenced with materially affects Lender's interest in the Property. including but rot
<br />limited to. 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 protect Lenders interest including, butnotl imitedto, disbursementofreasonabieattorney 'sfeesand
<br />° --
<br />vrrrrY r;,�- :.r:- �rr;�,�ry;e; mac r�psar�. it terrier r°gu :r�rricn cgagc i±rsur�-e ass Ea�r:i�r =gin 3i �aiti,;gzre �uled `cry
<br />the Deed of Trust, Borrower shall pay the premiums required to 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 applicaibe law
<br />Borrower shall pay the amount of all mortgage insurance peemiums in the manner provided under paragraph 2 hereof
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
<br />indebtedness of Borrower secured by this Deed of Trust Unless Borrowerand Lender agree to other terms of payment such
<br />amount shall be payable upon notice from Lender to Borrower requesting payment hereof, and shall bear interest from the
<br />irate of dtsbursemerf at the rate payable from time to time on outstanding principal underthe Note i)nless payment of interest
<br />at such rate would be contrary to applicable law. in which event such amounts shalt bear interest at the highest rate
<br />p errnms! .le l nde! appt,cable law Nothing cpnto,n.nd .n rni_ pnragr�nh 7 shall ronti�rn L- -Aar m minor any expense or take any
<br />aCiiDn hereunder
<br />A. Inspection. Lender may make sir cause to be made reasonable entries upon and inspections of the Property provided
<br />that Lender snail give Borrower noon, prior to any such inspection specifying reasonable cause tnerefore! elated to Lender s
<br />interest in the Property
<br />
|