Laserfiche WebLink
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
-• Borrower, without th inn interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds, Leader shall <br />give t BheFun s 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 Deed of Trust. <br />If the amount of the Funds held by Lender, together with the future monthly installments of Funds <br />assessments, insurance Premiums and ground rents, shall exceed the amount required to payable prior to the due dates of taxes, <br />Found rents as they fall due, such excess shall be, at Borrower's Pay said taxes' Assessments, insurance premiums and <br />iustalltnents of Funds, if the Aiiioutit of the Funds held b Leader shalt not sufficient to Borrower or credited to Borrower on monthly <br />ground rents f they fall due. Borrower shall Y PAY taxes, assessments, insurance <br />PAY to Lender any amount necessary premiums and <br />is mailed by Lender to Borrower requesting sArY to make up the deficiency within 30 days from the date notice <br />M erg 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, <br />prior to the sale of the Property or its acquisiticia by Leader, any Funds held by Lender at the time of application as credit immediately st the sums <br />secured by this Deed of Trust. against the sums <br />E 3. APPMcDOWN � PPsyt� eats, Unless a <br />and 2 hereof shall be Of Plied by Lender firs applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 <br />Payable re the Note, then to the payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest <br />Principal of the Note, and then to interest and principal on any Future Advances, <br />4• ' ; Lkm. Borrower shall pay all taxes, <br />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 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 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. Hasard Inswaaee. 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 in the manner provided under paragraph 2 hereof or, if not <br />paid in such manner, by Borrower making Payment when due, directly to the insurance carrier. <br />All insurance policies and renewals thereof shall be in form acceptable to Lender 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 renewals thereof, and Borrower shall promptly furnish to <br />Lender all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carder and <br />Lender. Lender may make proof of loss if not made promptly by Borrower. <br />Unless Leader 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 shall 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 carrier 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 restoration or <br />repair of the Property or to the sums secured by this Deed of Trust. <br />Unless Lender and Borrower Otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due <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 Borrower 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 shall 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. <br />Property in of Pf"Wirallm a d ranee of Property; Lealith"; Condenninitu�; Plaaaed Unit Dev <br />SOW repair And shall not commit waste or permit impairment or deterioration of the Pro shall Borrower shall keep the <br />Of any lease if this Deed of Trust is on a leasehold. If this Deed of Trust is on a unit in a condominium of a la sed amply with the provisions <br />shall perform all of Borrower's obligations planned colt development, Borrower <br />BA under the declaration or covenants creating or governing the condominium or planned unit <br />development, the by -laws and regulations of the condominium 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 shall amend and supplement the covenants and agreements of this Deed of Trust as if the rider were a part <br />hereof. <br />7. trotactloa Of > Leader's Secarhy. 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 limited to, eminent domain, <br />insolvrncY. code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, u tic <br />CPO noe <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 peed 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 />lacer. Borrower shall pay the amount of all mortgage insurance premiums in <br />Any amounts disbursed by Lender pursuant to thi,i paragraph 7, the manner provided under paragraph 2 hereof. <br />secured by this Deed of Trust. with interest thereon, shall become additional indebtedness of Borrower <br />Unless with <br />and Lender agree to other <br />Leader to Borrower requesting payment there terms of payment, such amounts shall be payable upon notice from <br />of, and shall bear interest from the date of disbursement at the rate payable from time to time on <br />outstanding pnnicipal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts <br />shaft bear interest at the highest rate Permissible under applicable law. Nothing L <br />expense o< take any action hereunder. contained in this paragraph ?shall require Lender to incur any <br />g. LaMedaa. Lender may snake or cause to be made re <br />give Borrower malice asomable entries upon and inspections of the Property, Provided that Lender shall <br />prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. <br />9' Cott /eaaattor. The Proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation nr <br />Other taking of the Property, or pan thereof, ar for conveyance in llcu of condemnation, are hereby assigned and shalt tic paid to Lender. <br />In the event of A total taking of the Property, the Proceeds shall be applied to the sums secured by this peed of Trust, with the excess, if stn, <br />Paid to Hcsrrower In [tee event of a penisl eking of the Property, unless Wrrnwer and f ender otherwise agree in wrist., there shall s applied <br />to the sums $mused by fhis peed of Trust such proporsat of the proceeds as is rqual I„ that ,miler, sun which the anlou1,1 of the sums secured <br />fen <br />