|
L
<br />8s- 105491
<br />appikttile kw ragtdne such interest to be paid, Leader shall not be required to pity Borrower any interest or earnings on the Fords. Lender shall
<br />give to a xrayret: witAaht cinrge, 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 a additional security for the sums secured by this Deed of Trust.
<br />If tM mount of the Flu* beld by l ender, together with the future monthly installments of Funds ptyable ptior to the due does of gum,
<br />mamm mite insurance mahwr and Pound rents, slu ! exceed the amount required to pry said tam. . m asameni , intlurmw prwpiudts and
<br />grouse re d a fey few dns, arch trmMe slaw be, at Borrower's option, either promptly repald to Borrower or cradited to Borrower on =am*
<br />bntawrnNU of Fwmde. if dw stttlomnt of the Funds held by Lender theist not be sufficient to pay taxes, asseaments, insurance, premium and
<br />round nos en they fall dus.2arowas dull pay to Laidet any amount necessary to make up the deficiency within 30 days .ron the doe notice
<br />is mailed by Lender to Dosrowas requesting payment thereof.
<br />Upos paysmat is fan of all awn secured by this Deed of Trust, Lender shall promptly refund to Borrower any Funds held by L tehdar. if
<br />under ceira@ 1 lg hanmf the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no war than immedWaly
<br />prior to the ale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the tatau
<br />secte ed by this Desd of Trust.
<br />3. Allipla ies of Pgmerls. Unless applicable law provides otherwise. all payments received by Lender under the Note and pragraphs 1
<br />and 2 hereof :lean be applied by Lender fist in payment of amounts payable to Leader by Borrower under paragraph 2 hereof, then to interest
<br />payable om the Note. then to the principal of the Note, and then to interest and principal on any Future Adverroees.
<br />e. Cbm M LJers. Borrower shave pay all taxes, assessments and other charges, fines and impositions attribtttable to the Property which
<br />my attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any, in the manner provided vada paragraph 2 hereof
<br />or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower than promptly furnish to
<br />Lender all notices of amounts due under this paragraph, and in the event Borrower shall snake payment directly. Borrower shalt promptly
<br />furnish to Leseler 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 Gen so long as Borrower shall agree in writing to the payment of the
<br />obligation seamed by such lien in a manner acceptable to Lan der, or shall in good faith contest such lien by, or defend enforcement of Rich 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. BhtaaN hsarw I Borrower shall keep the improveanents 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 fender may require and in such amounts and for such periods
<br />as Leader 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 urtenaorably withheld. AD 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 />aril in form acceptable to Leader. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to
<br />Leader 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. Leader may make 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 Tntrt is not thereby impaired. If such
<br />restoration or repair is not economically feasible or if the security of this Dead of Trust would be impaired, the insurance proceeds shall be
<br />applied to the sums seared by this Deed of Tent, 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 due notice is treaded by Lender to Borrower that the insurance carrier offers to
<br />settle a claim for is arranoe beedks. 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 sms secured by this Deed of Trust.
<br />Unties Leader std Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due
<br />due of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18
<br />her eof the Property is acquired by Lender. all right, title aced interest of Borrower in and to any insurance policies and in and to the proceeds
<br />thereof rau ld" from damage to the Property prior to the sak or acquisition shall pass to '.ender to the extent of the suns secured by this Deed
<br />of Trust immediately prior to such sale or acquisition.
<br />f, remel lea mmd 1116a10brares of PrageM; Leasebolft Cardendmisms; Plaaaea Umk Devdellemrls. Borrower small keep the
<br />Property in good repair and shall ant commit wave or permit impairment or deterioration of the Property and shall comply with the provisions
<br />of any lease if this Deed of Trent is on a Ieuehold. 1 f this Deed of Trust is on a unit in a condominium or a planned unit development, Borrower
<br />shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit
<br />development, the by -laws amd regulations of the condomimum 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 Dead of Trust, the covenants and agreements of such
<br />rider stall be incorporated into and shall amend and supplement the covenants and agreements of this Deed of Trust as if the rider wen a part
<br />hereof.
<br />T. rswNclian of LAder's Sincerity. 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 />:nsotveocy, code enforcement. or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice
<br />to Borrower, may make such appeatanoa, disburse such sums and take ouch action as is necessary to protect Lender's interest, including, but
<br />not limited to, disbnnernent of reasonable attorney's fees and entry upon the Property to make repairs. I f lender required mortgage insurance
<br />as a condition of making the loan sestivred by this Dad of Tnist. 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 />law. Borrower "U pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, haul become additional indebtedness of Borrower
<br />setwed by this Deed of Trust. Udms Borrower and Leader agree to other terms of payment, such ainounts shall be payable upon notice from
<br />Lauder to Borrower requesting payment thereof, and shall bear interest from the date of dishursentent at the rate paysbk from time to time an
<br />outNYdklg principal under Me Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts
<br />show boar interest at the hiSime rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any
<br />expanse or take my action bersnnder.
<br />S. ImpdN. Lander may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender "I
<br />give 'Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property.
<br />9. CadnsaM N. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or
<br />fitter taking of Me Property, or pan thereof, or for conveyance to lieu of condemnation, are hereby sssigned and shall be paid to Lender
<br />In the event of a total taking of the Property, the proceeds shall be applied ,o i he sums secured by this f)ced of `trust, with the etcM, it arts,
<br />paid to Borrower la the event of a partial taking of the Property, unless harrower ward I ender otherwise &atee to writing, t here shall tee appued
<br />to the suns secured by this Dead of Tma ouch promtion ..f the procetde an is equal to that tnorxution whit -h the amount of like aunts secured
<br />
|