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101349
<br />UNWORIA COVENANTS. Borrower and Lender covenant and agree as follows:
<br />I- PaytatetH of Principal and letterest. Borrowcr shall promptly pay when due the principal of and interest on the
<br />Indebtedness evidenced by the Mote. prepayment and %ae charges as Note,
<br />proy,ded in the and the principal of and interest
<br />on any Future Advances secured by tins Ili -ed or l rust.
<br />2. rtin Funds for Tatra and lastttrarri Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to I -coke nn the dal' monthly installments
<br />of principal and intcres, are payable under the Note, until the Note rc paid in full,
<br />a sum !herein "Funds ") equal to one - twelfth of the yearly taxes and assessments which may attain pnority over this
<br />Deed of Trust, and ground rents on the Property,
<br />if any, plus one - twelfth of yearly premium installments for hazard insurance.
<br />Pius onc- twelfth of yearly premium installments for insurance.
<br />mortgage if :my, -11 as reasonably estimated initially and from
<br />time to time by Lender on the basis of assessments and hills and reasonable estimates thereof.
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments,
<br />insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account
<br />or verifying and compiling said assessments and hills, unless Lender pays Borrower interest out the Funds and law
<br />applicable
<br />permits Lender to make such a charge. Borrower and lender may agrce in writing at the time of execution of this
<br />Decd of Trust that interest on the Funds shall be to Borrower,
<br />paid and unless such agreement is made or applicable law
<br />requires such interest to be paid, Lender shall not be required to pay, Borrower imy interest or earnings on the Funds. Lender
<br />shall give to Borrower, without charge, an annual accounting of the Funds she,w•ine credits and debits to the Funds and the
<br />purpose for which each debit to the Funds was made - The Funds are pledged as additional for
<br />security the sums secured
<br />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
<br />the due dates of taxes, assessments, insurance premiums and
<br />ground rents, shall exceed the amount required to pay, said taxes.
<br />assessments, insurance premiums and ground rents as they fall due, such excess shall he. at Borrower's option, either
<br />Promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />held by Lender shall not he sufficient to pay taxes, assessments, insurance
<br />premiums and ground rents as they fall due.
<br />Borrower shall pay to Lender any amount necessary 10 make LIP the deficiency within 30 days from the date notice is
<br />mailed
<br />by Lender to Borrower requesting payment thereof.
<br />Upon payment in full of all sums secured by this Decd of Trust, Lender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph 13 hereof the Property is sold or the Property is otherwise by
<br />acquired Lender, Lender
<br />shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by
<br />Lender at the time of application as a credit against the sums secured by this Deed
<br />of Trust.
<br />3- Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the
<br />Note and paragraphs I and 2 hereof shall Ile applied by lender first in payment of amounts payable to lender by Borrower
<br />under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note. and then to interest and
<br />principal on any Future Advances.
<br />•t. Charm Liens. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributable to
<br />the Property which may attain a priority over this Deed Trust,
<br />of and leasehold payer cr,is or ground rents, if any, in the
<br />manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly
<br />to the payee thereof. Borrower shall promptly furnish to Lender all notices
<br />of amounts due under this paragraph, and in the
<br />event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has Deed
<br />priority over this of Trust, provided, that Borrower shall not he
<br />required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
<br />such lien in a manner acceptable Lender,
<br />to or shall in good faith contest such lien by, or defend enforcement of such lien in.
<br />legal proceedings which operate to prevent the enforcement or the lien or forfeiture of the Property or
<br />any part thereof.
<br />5. hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />against loss by fire, hazards included within the c,m "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
<br />amount of
<br />such coverage exceed that amount of coverage required to pray the sums secured by this Deed of Trust.
<br />The insurance carrier providing the insurance shall be by Borrower
<br />chosen subject to approval by Lender. provided.
<br />that such approval shall not be unreasonably withheld. All premiums on insurance policies shall he paid in the manner
<br />provided under paragraph 2 hereof or, it not paid in such manner, by Borrower making payment, when due, directly to the
<br />insurance
<br />carrier.
<br />All insurance policies and renewals thereof shall be in form acceptable io Lender and shall mciude a standard mortgage
<br />clause in favor of and in form acceptable to Lender. lender shall have the right to hold the
<br />policies and renewals thereof.
<br />and Borrower Shall promptly furnish to Lender all renewal notices and all receipts of p:ud premiums. In the event of loss..
<br />Borrower shall give prompt notice to the insurance Lender.
<br />carrier and Lender stay make proof of loss it not made promptly
<br />by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds ,hall be applied Ito restoration or repair of
<br />the Property damaged, provided such restoration or repair
<br />Is economically feasible and the security of this Deed of Trust is
<br />not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Deed of Trust
<br />would
<br />be impaired, the insurance proceeds shall be applied to the sums secured by this Deed of Trust, with the excess, if any, paid
<br />to Borrower. If the Property is abandoned by Borrower, or if Boric fails to respond to Lender
<br />oer
<br />within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carri offers to settle a claim for insurance benefits. Lender
<br />is authorized to collect and apply the insurance Lender's
<br />proceeds at option either to restoration or repair of the Property
<br />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
<br />or postpone the due date of the monthly installments referred in
<br />to paragraphs i and 2 hereof or change the amount of
<br />such installments. If under paragraph IS hereof the Property is acquired by Lender, all right, title and interest of Borrower
<br />in and to any insurance policies and in and to the proceeds thereof resulting troll) damage to the Property prior to the sale
<br />or acquisition shall pass to Lender to the extent of the sums secured by this Decd of Trust immediately to
<br />acquisition. prior such sale or
<br />f. Preservaffon and Maintenance. of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
<br />shall keep the Property in good repair and shall not commit waste inhpannient
<br />or permit or deterioration of the Property
<br />and shall comply with the provisions of any lease if this Deed of Trust is on a leasehold. If this Deed of Trust is on a unit in a
<br />condominium or a planned unit development, Borrower
<br />shall perform all of Borrower's obligations tinder the declaration
<br />or covenants creating or governing the condominium or planned unit development, the by -laws and regulations
<br />of the
<br />condominium or planned unit development, and constituent documents. If a condominium or planned unit development
<br />rider is executed by Borrower and recorded together with this Deed
<br />of Trust, the covenants and agreements of such rider
<br />shall be incorporated into and shall amend and supplement the covenants and agreements of this Deed of Trust as if the
<br />were a part hereof. rider
<br />7. Protection of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this
<br />Deed of Trutt, or if any action or proceeding is commenced
<br />which materially allects lender's interest in the Property,
<br />includinS, but not limited to, eminent domain, insolvency, code enforcement,
<br />or arrangements or proceedings involving a
<br />bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, 'flay make such appearances, dishorse
<br />such
<br />sums and take such action as is necessary to protect Lender's interest, including. but not limited to, disbursement of
<br />reasonable attorney's fees and entry upon the Property to
<br />make repairs It under required mortgage insurance as a
<br />condition of making the loan secured by this Deed of Trust. Borrower shall Pay the premiums required to maintain
<br />such
<br />insurance in effect until such time as the requirement for such insurance terminates "I iIC 0tdanee with Borrower's and
<br />Lender's written agreement or applicable law. Borrower shall pay the anount of all inorigage
<br />`
<br />usurancc prentiuns in the
<br />mariner provided under paragraph 2 hereof.
<br />L Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon• sh;,11 become additional
<br />indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to other terms of
<br />1i
<br />payment, such
<br />amounts shall he payable upon notice frorn Lender to Borrower requesting paynhcni thereof, .and shall hear interest fro ", the
<br />date of disbursement at the rate payable from time to tittle
<br />t.
<br />on outstanding principal under the. tints uahss payment r+f interest
<br />at such rate would be contrary to applicable law, in which event such ntountc shall hear :nterew at the h: hest rate
<br />permissible under applicable law. Nothing contained in this paragraph 'r shall .quite !_ceder
<br />1
<br />us1
<br />t,+ incur ,,m rxPt nsr ,rr t.akr
<br />any action hereunder.
<br />11. laspectiow. lender may make' or cause to be made reascmahie e u e ,l•r:n :•,,t : „ri .ct U, 1' ,,i,
<br />that I Crider %hail give Bwr:wer oc:tice ro
<br />pries any ouch im {ti_i ; ;.n ,pri h::, :c, ., rnl -,v the ,t :,•,t I kit
<br />.merest ua the Pioneris
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