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<br />87- 101496
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<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />t. Payment of Principal and interest. Borrower shall promptly pay when due the principal of and interest on the
<br />in the Note, and the principal of and intereston
<br />indebtedness evidenced by the Note, prepayment and late chargesas provided
<br />any Future Advances secured by the Deed of Trust.
<br />2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender
<br />interest are payable under the Note, until the Note is paid in full, a sum (herein
<br />on the day monthly installments of principal and
<br />"Funds-1 equal to one-twelfth of the yearly taxes and assessments which may attain priority over this Deed of Trust, and
<br />installments for hazard insurance, plus one - twelfth of
<br />1.
<br />ground rinks on the Property, if any, plus one - twelfth of yearly premium
<br />yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by
<br />thereof.
<br />Lender on the basis of assessments and bills and reasonable estimates
<br />The Funds shall be held in an institution the deposits or accounts of which are .nsured or guaranteed, by a Federal or state
<br />taxes, a account
<br />(including Lender if Lender is such an institution). Lender steal! apply the �Und
<br />agency the Funds.analyzing
<br />insurance premiums and ground rents. Lender may not chargeforso holding aridappy g
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
<br />in writing at the time of execution of this Deed of Trust
<br />permits Lender to make such a charge. Borrower and Lender may agree
<br />that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicalbe law requires such
<br />interest on the Funds. Lender shall give to
<br />interest to be paid. Lender shelf not be required to pay Borrower any or earnings
<br />and debits to the Funds and the purpose for
<br />Borrower, without charge, an annual accounting of the Funds, credits
<br />debit to the Funds was made- The Funds are pledged as additional security for the sums secured by tilts Deed of
<br />which each
<br />Trust
<br />It the amount of the funds held by Lender, together with the future monthly installments of Funds payable prior to the due
<br />the amount required to pay said taxes,
<br />dates of taxes, assessments, insurance premiums and ground rents, shall exceed
<br />assessments, insurance premiums and ground rents as they fail due. such excess shall be, at Borrower's option ,
<br />Borrower on monthly installments of Funds. If the amount of the Funds held br
<br />promptly repaid to Borrower or credited to
<br />Lender Shall not be sufficient topaytaxes. assessments, insurancepremtumsand roundrentsastheyfalldue .Borrowershatl
<br />30 days from the date notice is mailed by Lender to
<br />pay to Lender any amount necessary to make up the deficiency within
<br />Borrower payment thereof by
<br />requesting
<br />Upon payment in full of all sums secured by this Deed of Trust, Lender snail promptly refund to Borrower any Funds nerd
<br />the Property is otherwise acquired by Lender, Lender shall apply,
<br />Lender it under paragraph' a hereof the Property is sold or
<br />than to the sale of the Property or its acquisition by Lender- and Funds held by Lender at the time of
<br />no later immediately prior
<br />application as a credit against the sums secured by this Deed of Trust
<br />all payments received by Lender under the Note
<br />3. Application of Payments. Unless applicable law provides otherwise
<br />t and 2 hereot shall be applied by Lender first m payment of amounts payable to Lender by Borrower under
<br />and paragraphs
<br />paragraph 2 hereof, then to interest payable on the Note. then *.o the Dr- rcioal of the Note and then to +nterest and principal on
<br />any Future Advances
<br />•. Charges; Liens. Borrowers snail pay all taxes, assessments and other Charges fines and impositions attributable to t"
<br />this Deed of Trust and leasetioio payments or ground rents. if any, in the manner
<br />Property which may attain a priority over
<br />provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making DaymenL when Cue. directly to the
<br />amounts due under this paragraph, and in the evert
<br />_
<br />vee thereof Borrower shall promptly furnish to Lender aii notices of
<br />Ro {rower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments
<br />that
<br />igattiio6secu redshall
<br />required {todischargeanysuchalienso onlien trysuch
<br />gasBor owershal! agree- iwritngtothepay entoffttheobl
<br />of such isen in, legal
<br />--
<br />lien in a manner acceptable M Lender. or shall m good faith contest such iien by_ or defend enforcement
<br />the l +en forfeiture of the Property or any part thereof
<br />Proceedings which operate to prevent the enforcement of „r
<br />now existing or hereafter erected on the Property insured
<br />- S. flaZard insurance. Borrower Shall keep the improvements
<br />against toss by fire. hazards included within the term "extended coverage', and such other hazards as Lender may require
<br />That Lender snail not require that the amount of
<br /><
<br />eirerovided.
<br />and in such amounts and for such periods as Lender may require, p
<br />that amount of coverage required to pay Me st :^ s secured by this Deed of Trutt
<br />suer coverage exceed
<br />*,is =nsurarce carrier providing the insurance shat` be cncseri by Borrower s; bfeci to approval by Lender, provided. that
<br />All on insurance policies stil be paid in the manner provided
<br />;- ,
<br />such approval shall net be unreasonably withheld. premiums
<br />under paragrapr- 2 hereof or if not paid in such manner, by Borrower making payment when due. directly to the insurance
<br />carrier
<br />All insurance ooi�cles and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br />the r,gltt to hold the policies and renewals thereof. and
<br />-
<br />clause ,r favor ct and in lorm acceptable to; ender Lender shall have
<br />Borrower Shat: promptly iurn'sh to Lender ail renewal notices and all receipts of pate premiums. in the event of loss. Borrower
<br />of toss ii not made promptly by Borrower.
<br />shall give prompt notice to the'naurance carrier and Lender Le cer may make prod
<br />Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the
<br />Unless
<br />ProDeri-, damaged, provided such restoration or repair is econrimtcal!y feasible and the security of this Deed of Trust is not
<br />leastbie or if the security of this Deed of Trust would be
<br />thereby impaired ft such restoration or repair is not economically
<br />to the secured by this Deed of Trust with the excess. if any, pairs to
<br />impaired. the insurance proceeds shall be applied sums
<br />Borrower it Property is abandoned by Borrower. or if Borrower tar's to respond to Lender within 30 days from the date
<br />the
<br />notice is mailed by Lender 10 Borrower that the insurance r'arrier offers to settle a claim for insurance benefits. Lender is
<br />either t_ resto-atro -r or repair of the Property or'.0
<br />p
<br />authorized to c0 "tect and a the msu,ance D oceeds at Lender S t prior
<br />apply r
<br />the sums secured by this Deed of Trust
<br />Unless Lender and Borrower otherwise agree m writing, any such application of proceeds to princtpal shall notextend or
<br />f and 2 hereof or change the amount of such
<br />postpone the due date ct the montmv .nstatiments referred loin paragraphs
<br />instal=ments if under paragraph t a hereot the property is acquired by Lender. ail nrr, ttrie and interest of Borrower a and to
<br />to the Property to the sate or acdutsittor:
<br />any insurance oo,� c ies and in and to the proceeds thereof resulting from damage prior
<br />by this Deed of Trust immediately prior to such safe or acquisition.
<br />shall pass to Lender to the extent of me sums secured
<br />6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Deveb Borrower shall
<br />keep the Property in good repair and shall not commit waste or permit impairment of deterioration d the Property and shall
<br />Trust on leasehold- ff thts Deed of Trust is on a unit in a condominium
<br />comply with the provisions of any lease if this Deed of is a
<br />deveiopmenL Borrower shat: perform all of Bti.ower's obligations under the declaration or covenants
<br />or a planked cart
<br />creating or governing the condominium or planned unit development the by -laws and regulations of the condominium or
<br />'A a condominium or planned unit development rider is excuted by
<br />planned unit development- and constituent documents.
<br />Borrower and recorded together with this Deed of Trust. the covenants and agreements of such rider shall be incorporated
<br />deed Trust as if the rider were a p ^_rt hereof_
<br />into and snail amend and suppiemeni the covenants and agreements of this of
<br />7- Protection of Lender's Security. it Borotver faits to perform the covenants and agreements contained cn this Deed of
<br />Trust or if any action or Proceeding is commenced with materially affects Lender's interest in the Property. including but not
<br />or arrangements or proceedings involving a bankrupt or decedent
<br />limned to, eminentdomain, insolvency. code enforcement
<br />Men Lender at Lender's option, upon, notice to Borrower, may make such appearances. disburse such sums and take suchh
<br />action as ,s necessary to protect Lender 5 interest inciuding. Dui n0tiimited. ^"r°: --^-
<br />entryupon the Property to make repairs - Tf Lender required mortgage insurance as a condition of making The loan secured by
<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 Borrowers and Lender's written agreement or app!caibe law
<br />in the manner provided under paragraph 2 hereof.
<br />Borrower shall pay the amount of all mortgage insurance prrmiums
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
<br />Borrower and Lender agree to other terms of payment such
<br />indebtedness of Borrower secured by this Deed of Trust. Unless
<br />amounts shall be payable upon notice from Lender to Borrower requesting payment hereof, and shall bear interest from the
<br />date of disbursement at file rate payable from time to time on outstanding principal under the Note unless payment of interest{
<br />such amounts shall bear interest at the highest rate
<br />at such rate would be contrary to applicable law. in which event
<br />permissible under applicable law Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any
<br />action hereunder
<br />Ill Inapserion. Lender may make or cause to be made reasonable entries upon and - ^5Lieciions of the Property provided
<br />e
<br />rmasclnabie u= tse thee� d t ender's
<br />trial Lender snail give fit irower notice prior to any such inspection speclhvl�o
<br />'nteest it the P,operr
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