|
87. 101521
<br />applicable law requires suchinterest to be paid, Leader shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall
<br />tz Ec; rc;, cr, "vith^ct charge, an anneal accountine 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 stuns 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 prior to the due dates of taxes,
<br />Fassess.•nents, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and
<br />ground rents as they fail due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly
<br />installments of Funds. if 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 within 30 days from the date notice
<br />is mailed by Lender to Borrower requesting payment thereof.
<br />Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any Funds held by Lender. If
<br />under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately
<br />prior 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 sums
<br />secured by this Deed of Trust.
<br />3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1
<br />and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest
<br />payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances.
<br /><, Cliatgea; Lien. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which
<br />may attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof
<br />or, 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 the event Borrower shall snake payment directly, Borrower shall promptly
<br />furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any Gen which has priority over this Deed of Trust;
<br />provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to 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. Hazard 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 Deed of Trust.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval
<br />shall not be unreasonably withheld. All premiums on insurance policies shall be paid its the manner provided under paragraph 2 hereof or, if nor
<br />CC paid in such manner, by Borrower making payment, when due, directly to the insurance carrier.
<br />4 All insurance policies and renewals thereof shall be in form acceptable to Leader and shag include a standard mortgage clause in favor of
<br />f and in form acceptable to Lender. Lender shag have the right to hold the postaes and renewals thereof, and Borrower shag promptly furmsh to
<br />f
<br />Lender all renewal notices and all receipts of Paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and
<br />in
<br />Lender. Lender may make proof of doss if not made promptly by Borrower -
<br />Unkss Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property
<br />damaged, 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 sbag be
<br />applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if
<br />Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance wrier offers to
<br />settle a claim for insurance benefits. Lender is authorized to collect and apply the insurance proceeds at Lender's option either to reatoratiou or
<br />repair of the Property or to the sums secured by this Reed of Trust.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shag not extend or postpone the dues
<br />date of the monthly installments referred 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 Lender, all right, title and interest of Bon ower in and to any insurance policies and in and to the proceeds
<br />thereof resulting from damage to the Property prior to the sale or acquisition -hag pass to lender to the extent of the stems secured by this Deed
<br />of Trust immediately prior to such sale or acquisition.
<br />6. Preservation and Maintenance of Property; ieasekwWs; Coados'rm; Planned Uafd Devdo - Borrower shall keep the
<br />Property in good repair and shag not commit waste or permit impairment or detuioration of the Property and shall y with the woo
<br />of any lease if this Deed of Trust is on a leasehold. 1 f this Deed of Twist is on a unit in a condominium or a planned unit development, Borrower
<br />shall Perform all of Borrower's obligations -,rider the drlaratian or covenants creating or governing the condominium or planned unit
<br />development, the by -taws and regulations of the condotrsmum or planned unit development, and constituent documents. If a condominium or
<br />planned unit development rider is executed by Borrower and recorded together with this Deed of Trust, the covenants and agreements of such
<br />rider shall be incorporated into and shag amend and supplement the covenants and agreements of this Deed of Trust as if the ride were a part
<br />hereof.
<br />7. Proteedon of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Deed of Trust, or if any
<br />action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not ii n red to, saineat d tree n_
<br />insolvency, cede 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 intents♦, iaduditic but
<br />not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender mq ired mortgage insurance
<br />as a condition of making the loan secured by this Deed of Trost, Borrower shall pay the premiums required to ma run 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 disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower
<br />secured by this treed 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 shag bear interest from the date of disbursement at the rare payable from time to time on
<br />outstanding principal under the Note unless payment of interest at such rate would be contrary it, applicable law, in which event such amounts
<br />shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shag require lender to incur any
<br />expense or take any action hereunder.
<br />S. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Propety, provided that Lender shag
<br />give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property.
<br />9, (:aa6esautios. The Proceeds of any award or claim for damages, direct (it consequential, in connection with any condemnation or
<br />other taking of the Propl tr y, or pan thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be Paid to Lender.
<br />In the event of a total taking of the Property, the proceeds %hall be applied to the sums soured by this I)eed of I nisi, with the excess, ,t ans,
<br />pad to liorr—rr In the event of a partial taking of the Property, unless Burrower and Lender otherwise agree in writing, there shall he applied
<br />to the ;urns sV sired hs tills fired of Trust such proportion of the proceeds as is equal to that prorKiriion which the amount of the sums secured
<br />01
<br />
|