|
105327
<br />applicable law requires such interest to be paid. Leader shall not be required to pay Borrower any interest or earnings on the Funds. fender shall
<br />give to Borrower, 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 plafged as additional security for the sums secured by this Reed of Trust.
<br />r 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 />I assessments, insurance premiums and ground rants, shall exceed the amount required to pay said taxes, assessments, insurance premiums and
<br />ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly
<br />installoseats of Funds. If the amount of the Folds hold 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 snake 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 Reed of Trust, fender shall promptly refund to Borrower any Funds held by Lender. If
<br />under paragraph 18 hereof the Property is sold rn 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. A►NYadee of hyesermts. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1
<br />and 2 hereof shag be applied by Lender first in payment of amounts payable to Lender by Borrower under parag* ph 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 />4. Charges; Lksal. 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 />Leader 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 Dad 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 hsttsttruee. 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 Dad of Trust.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval
<br />shalt 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 carrier and
<br />Lender. Lender may snake proof of loss if not made promptly by Borrower.
<br />Unless 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 shall be
<br />applied to the sutras secured by this Dad of Trust, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if
<br />Borrower Win to respond to Leander 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. Lem 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 Trost.
<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 IS
<br />hereof the Property is acquired by Leader, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds
<br />thereof stsuhing 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 />4. Fressr and Misloweasser of Property; La ; domed Udt Developments. Borrower shall keep the
<br />Property in good repair and shall not camnht waste or permit impairment or deterioration of the Property and shall comply with the provisions
<br />of any heed if this Dead of Trust is on a lweltold. If this Decd of Trust is on a unit in a condominium or a planned unit development. Borrower
<br />perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit
<br />the by-laws and regulations of the condominium or planted unit development, and constituent documents. If a condominium or
<br />plaamied unit development rider is executed by Borrower and recorded together with this Deed of Trust, the covenants end agreements of such
<br />rider shy 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 />7. PreNcYss of LeoWs may. 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 />code enforcement, of arrangements or proceedings involving a bankrupt or decedent, then Lender at fender's option, upon notice
<br />to Borrower, may make such apparenca, disburse such sums and take such action as is necessary to protect fender's interest, including, but
<br />not limited to, disbursement of reasonable attorney's fees and entry upon the Property to nuke repairs. If Lender required mortgage insurance
<br />as a condition of making the loan secured by this Dead of Trust, Borrower shall pay the premiums required to maintain such insurance in effect
<br />israd such the as the requirement for such insurance terminates in accordance with Borrower's and Leader's written agreement or applicable
<br />low. Borrower shall pay the mount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Lehr purmart to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower
<br />second by this Deed of Try. UnIesis Barossm and Launder agree to other terms of payment, such amounts shall be payable upon notice from
<br />Leader to Borrower requesting payment thereof, amid stall bear interest from the date of disbursement at the rate payable from time to time on
<br />outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts
<br />shall Ww interest as the Now rte permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any
<br />expense or take my act" bleausidesu
<br />IL hoparthm Leader may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall
<br />pdvs Borrower Rollick prior to any suck inspection specifying reasonable cause therefor related to Lender's interest in the Property.
<br />•. ice. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or
<br />other takes of the Property. or part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender.
<br />In the event of a total takes of the Property. the proceeds shall be applied to the sums serum by this Deed of Trust, with the excess, if any,
<br />pad W Borrower, In the event of a partial taking of the Property. unloss Borrower and Lender otherwise agree in writing, there shall be applied
<br />to The by this Dord of T such preportiom of the proceeds as is equal tar that prnpxxtion which the amount oh the sutras secured
<br />
|