|
87-- 104763
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payrnatf of Principal and f Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedness evidenced by the Note, preps t and late charges as provided in the Note, and the principal of and intereaton
<br />any Future Advances secured by the of Trust.
<br />2. Funtille for Tom and {murance. Subject to applicable law or to a written waiver by lender. Borrower shall pay to Lender
<br />on rte ray monthly inatatmerhb of principal and interest are payable under the Note, until the Nato is paid in full, a sum (herein
<br />Funds ") aqua! to one - twelfth of tie yearly texas and a meats which may attain priority over this Dead of Trust, and
<br />rents on the Property, it any, plus orbs- twelfth otyoarly premium installments for hazard insurance, plum on ®- twelfth Of
<br />ygr�orulnd
<br />�a �� rsortafYNe' aastimatas�ttnt��t.matad Enitlally and from lima to time by
<br />Lent�rY � lilt anti r
<br />The Funds shall behold in an institution the deposits or accounts of which are insured or guaranteed, by a Federal or state
<br />agency (Including Lender if L s such an institution). Lander shell apply the funds to pay said taxes, assessments,
<br />inswanCe premiums and ground rinte. Lender may not charge for so holding and applying the Funds, analyzing said account
<br />or verifying and corr�ifirhg said a is and bites, unless Lender pays Borrower interest on the Funds and applicable law
<br />permits to make such a charge. Borrower and Linder may agree in writing at the time of execution of this Deed of Trust
<br />Meat in t orh the Furxfa shat! ba paid to Borrower, and unless such agreement is made or applicalbe law requires such
<br />ingest to bs peed, L shalt not t� requtrad to pay Borrower any interest or earnings on the Funds. Lender shall ghre to
<br />Borrower, e
<br />w char, an annual accounting of the Funds ahowirtg cr�its and debits to the Funds and the purpose for
<br />which each d�it to Mee ands was meets. The Funds are pledged as additional security for the sums secured by this Deed of
<br />T rust
<br />If the amount of the funds held by Lender. together with the future monthly installments of Funds payable prior to the due
<br />dates of texas. assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />mente, insurance premiums and ground rents as they fall due, such excess shall be. at Borrower's option, either
<br />promptly repaid to Borrower or credited to grower on monthly installments of Funds. If the amount of the Funds held b
<br />L shall not he sufficient to taxes, assessments, insurance they fall due. Borrower
<br />pay premiums and ground rents as 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. Lender shall promptly refund to Borrower any Funds held by
<br />Lender. If under paragraph 10 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply,
<br />no later than immediately to *he saie the Property by Lender, Funds held by Lender the time
<br />prior of or its acquisition and at of
<br />application as a credit against the sums secured by this Deed of Trust.
<br />3. Appillicallion of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note
<br />and paragraphs t and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under
<br />paragraph 2 hereof, then to interest payable on the Note. then to the principal of the Note, and then to interest and principal on
<br />any Future Advances.
<br />a. Charges• Liam. Borrowers shall pay all taxes. assessments and other charges, fines and impositions attributableto the
<br />Property which may attain a priority over this Deed of Trust. and leasehold payments or ground rents, if any, in the manner
<br />provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br />thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this
<br />QeYee P P Y paragraph, and in the event
<br />rower shatI make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shelf pprromptly discharge any lien which has priority over this Deed of Trust; provided, that Borrower shall not be
<br />r fired to dischA r an such lien Ion Borrower in to the the b
<br />h
<br />so as shall agree writing payment of obligation sea;ured such
<br />�+ � Y 9 g 9 P Y 9a Y
<br />lien in a manner accoptabile to Lender. or shalt in good faith contest such lien by, or defend 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 />S. "word Frntuanca. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require
<br />and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
<br />such coverage exceed that amount of coverage required to pay the sums secured by this Deed of Trust.
<br />This insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that
<br />such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided
<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 in form acceptable to Lender and shall include a standard mortgage
<br />clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and
<br />Borrower shall promptly furnish to Lender all renewal noticesand all receipts of paid premiums. In the eventof loss. Borrower
<br />shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss it not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree m writing, insurance proceeds shall be applied to restoration or repair of the
<br />Property damaged, provided such restoration or repair is economically feasible and the security of this Deed of Trust is not
<br />thereby impaired. If such restoration or repair is not economically feasible or if the security of this Deed of Trust would be
<br />impaired. the insurance proceeds shall be applied to the sums secured by this Deed of Trust, with the excess, if any, paid to
<br />Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date
<br />is
<br />notice matted by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is
<br />authorized to collect and aWy the insurance proceeds at Lender', ,option either to restoration or repair of the Property or to
<br />the sums secured by this DeW Trust.
<br />of
<br />Unless Lender and Borrower otherwiseagree in writing. any such application of proceeds to principal shall notextend or
<br />rtes due date of tie monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such
<br />installments. If under par aph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to
<br />any insurance in to the from
<br />policies and proceeds thereof resulting damage to the Property prior to the sale or acquisition
<br />shall pass to Lender to tree extent of the sums secured by this Deed of Trust immediately prior to such sale or acquisition.
<br />t. Preservation and e er Property; Laaseiroids; Condominiums; Planned UtN1 Borrower shall
<br />keep the Property in good repair and shall not commit waste or permit impairment of deterioration of the Property and shall
<br />comply with the provisions of any lease if this Deed of Trust is on a leasehold. It this Deed of Trust is on a unit in a condominium
<br />or a planned unit development Borrower shall perform all of Borrower's obligations under the declaration or covenants
<br />�r��bttnngg or ninq Mae condominium or planned unit development tie by -laws and regulations of the condominium or
<br />fFOd unst lave t, and constittaent documents. tP a condominium or planned unit development rider is excuted by
<br />rower and recorded er mil* this Decd o4 Trust tie covenants and agreements of such rider shall be incorporated
<br />into
<br />and shall ennead and suppferthenE the covenants and agrar merits of title Deed of Trust as if the rider were a part hereof.
<br />7. o! Lireder's SaturNy. !f Borrower faits to perForm the Covenants and agreements contained in this Deed of
<br />Trull or if arty aCLrh ar pros is c ed with sly a lender's interest in the Property, including but not
<br />linelitedb, emi ieritdomam ,ir>eoivency,codeenkircementorarra tsorproceedings involving a bankrupt ordecedent
<br />titers L at t. s option, upon notice o Borrower, may make such appearances, disburse such sums and take such
<br />actcxh as re ptoct L s duct ,tort not limited to, disbursement of reasonable attorney's fees and
<br />-
<br />eMyuponV* Me Property to make repairs. If Lender requir mortgage insurance as a condition of making the loan secured by
<br />DeW Trust,
<br />the of Borrower shaft pay Mee premiums required to maintain such insurance in stiles unfit such time as the
<br />requirement for such insurance teralmalles in accordance with Borrower's and Lender's written agreement or icatbe law.
<br />Borrower l pay rte amount of all s in the manner 2 hem'oot
<br />provided under paragraph
<br />Any amounts disbursed by Lender pursuant to this agraph 7, with interest thereon, shall become additional
<br />Borrower
<br />indebtedness of secured by this Deed of Trust. Un Borrower and Lender agree to other terms of payment, such
<br />afhowlitle OW the payable upon notice from Lender to Borrower requesting payment hereof, and shall beer interest from the
<br />from
<br />of at Mee rate payable time to time an outstanding principal under the Note unless paYmentol interest
<br />M such rate be contra to applicable taw, in which event such amounts shall bear interest at aisle highest rate
<br />permisdible under applicable taw Nothing containedinthisparagraph7shallrequireLendertoincuranyexpenseortakeany
<br />action herounder
<br />S. Mapeiiart. lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
<br />PW Lender Borrower
<br />ghalf give notice prior to any such inspection specifying reasonable cause there J*e1ft*M to Lenders
<br />Pr
<br />err in
<br />
|