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86— JRQn89
<br />UNIFoaNl COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest On the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided in the Note. and the principal of and inleresi
<br />on anyy Future Advances secured by this Ikcd of -final.
<br />2. Fends for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly installments of principal and interest arc payable under the Note, until the emote ms paid its full
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<br />to sum (herein "Funds ") equal to one - twelfth of the yearly, taxes and assessments which may attain priority over this
<br />Deed of Tntsi, and ground rents on the Property, if any, plus one - twelfth of yearly premium installments for hazard insurance,
<br />plus one- twelfth of yearly premium installments for mortgage insurance, if :my, all 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 Flulcis to pay said taxes assessments_
<br />insurance premiums and ground rents. Lender may not charge for si• holding and applying the Funds, analyzing said account
<br />or verifying and compiling said assessments anti bills, unless Lender pay's Borrower interest On the Funds and applicable law
<br />permits Lender to make such 't charge. Borrower and Lender may agree in worming at the tune of execution of this
<br />Decd of Trust that interest c the Funds shall he paid to Borrower, and unless such agreement is made or applicable law
<br />requires such interest to he paid, tender shall not be required to pay Borrower any interest or earnings on the Funds. L -ender
<br />shall give to Borrower, without charge, an annual accounting of the Funds showing credits anti debits to the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional security for 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, assessmems, insurance premiums and ground rents, shall exceed the amount required to pay, said taxes,
<br />assessments, insurance premiums and ground rents as duty fall (file, such excess shall be, it Borrower's option, either
<br />promptly repaid to Borrower nr credited ill Borrower on monthly installments Of Funds. If the amount of the Funds
<br />held by Lender shall not be sufficient to pay taxes. assessments, insurance premiums and ground rents as they, fait due.
<br />Borrower shall pay to Lender any amount necessary, to make up the deficiency within 30 days from the date nonce is mailed
<br />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
<br />held by Lender. If tinder paragraph 18 hereof the Prop c of tileoProperty' or its ritcquisiuon by Lender lany Finds het by
<br />shall apply, no later than immediately prior
<br />Lender at the time of application as a credit against the sums secured by this Deed of Trust -
<br />3. Application of Payments. Unless applicable l:ry provides Otherwise, all payments reccrved by Lender under the
<br />Note and paragraphs I and 2 hereof shall be applied by Lendcr first m 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 />4. Charges; Liens. Borrower shall pay' all taxes. assessments and other charges. fines and unPositions attributable to
<br />the Property which may attain a priority over this Deed of Trust, and leasehold payments or Around 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 it 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 priority over this Decd of Trust: provided. that Borrower shall not IV
<br />required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
<br />ble to Lender, or shall
<br />such lien in a manner accepta in good faith contest such lien by, or defend enforcement of such lien in.
<br />tell
<br />legal PProceedings which operate to prevent the enforcement of the l x forfeiture of the Property Or any part thereof.
<br />5. Hazard Insurance. Borrower shall keep the improvements now exi sting or hereafter erected on the Property insured
<br />against loss by fire, hazards included within the term "extender coverage iidd• that `.COLI !" Shall nztrrequire that the amount of
<br />and in such amounts and for such periods as Lendcr may require; p
<br />such coverage exceed that amount of coverage required to pay the sums secured bs thus Deed Of Trust. insulted.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subiect to approval by Lendcr, p
<br />that such approval shall not be unreasonably withheld. All premiums on insurance politics shall be paid 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 />insurance 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 acceptahie to Tender. I.ender shall have the right to hoid the policies and renewals thereof,
<br />and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
<br />Borrower shall give prompt notice to the insurance carrier and Lender. I.ender may make proof of loss if not made promptly
<br />by Borrower.
<br />Unless Lender and Borrower otherwise agree in lxriung• Insurance proceeds shall be applied to restoration or repair of
<br />the Property tanager, provided such restoration or repair 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 1'rust would
<br />urer by this Deed of - Trust. wit
<br />be impaired, the insurance proceeds shall be applied to the sun's sech the excess, if any. paid
<br />to Borrower. If the Property is abandoned by Borrower• or if Borrower fails to settle a la Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance earner offer,, to stoic a esi tin for assurance benefits, Lender
<br />is authorized to collect and apply the insurance proceeds at Lender's option either ui restoration or repair of the Progeny
<br />or to the sums secured by this Deed of Trust.
<br />Unless Lender and Borrower otherwise agree m writing, any such application of proceeds to principal shall not extend
<br />or postpone the due date of the monthly installments referred to in paragraphs I anti 2 hereof or change the amount of
<br />such installments. If under paragraph IS hereof the Property is acuulred by Lender, all right, title anti interest of Borrower
<br />in and to any insurance policies and in and to the proceeds thereof resulnng from damage to the Property prior to the sale
<br />or acquisition shall pass ;o Lender to the extent of the sums secured by this Deep of Trust unmednately Prior to such sale or
<br />acquisition.
<br />6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
<br />shall keep the Property m good repair and shall n n
<br />ot counll waste or pcnnn impairment or deterioration of the Property
<br />and shall comply with the provisions of any lease if this Decd 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 shall perform all Of Borrower's obligations under the declaration
<br />or covenants creating Or governing the condominium or planned unit Development, the by -laws and regulations of the
<br />condominium or planner unit Development, and constituent documents. If a condominium or planned unit development
<br />rider is executed by Borrower and recorded together with this Deed 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 rider
<br />were a part hereof.
<br />7. protection of Lender's Securily. if Borrower fails to perform the covenants and agreements contained in this
<br />Deed of Trust, or if any action or proceeding is commenced which maternally affects Lender's interest in the Property,
<br />including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving ca
<br />bankrupt or decedent, then Lender at Lender's option, upon notice w Borrower, may make such appearances.
<br />sums and take such action as is necessary to protect lender's interest, nnchiding, but not limiter w, dishunement ol
<br />reasonable attorney's fees and entry upon the Property to make repairs if I ender required niomtt'age instiruxc as a
<br />condition of making tilt loan secured hy' this Deed of Trust, Bonov,cr shall pav the premtums requited t maintain such
<br />insurance in effect until such time as the requirement for such mstuanee iernimatr, "' , "r.f "' with Beni "`, s and
<br />Lender's written agreement or applicable law. Borrower shall pay the amount of .ill n rigaye nsur ice 11 tins n the
<br />manner provided under paragraph 2 hereof.
<br />Any' amounts disbursed by Icode, pursuant to this paragraph L with n.tct s th Ann hall `t nle :ndlui :lA
<br />indebtedness of Borrower secured by this Decd of (rust. t'nh s Bnrrn vex and L Der tit c i other lei ins of I at meat urh
<br />amounts shall l,e payable upon notice fror:a l.enJer to Bar .tqutst rig p+xm nt be t rid sh nl� n ..r WIC !C11 fr n he
<br />date of disbursemeni at the rate payable from nine ht tint n ,hint pro 1 1 rid th Now n i avi nt t . i rte .i .
<br />tea, the higlIcs
<br />at %rich rate -0111 tae -.m nary' to applicable law. in wh h c. ..0 s'..•, aunt i i. .'. `, n x x•i„v r al.r
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