|
I
<br />$fi la r q 56 nt` est to be d Lender shall not be
<br />applicable ng paid, repaired to pay Borrower any interest or earnings on the Funds. Lends shall
<br />give to Borrower, without charge, an annual accounting of the Funds showing credits aid debits to the Funds and the purpose for which each
<br />debit to the Funds was made. The Fords are pledpd u additional security for the aunts secured by this Deed of Trust.
<br />If the amount of the Funds held by Leader, toodher with the future in mthly installments of Fonds payable prior to the due darn of taxes,
<br />assnsmwts, movaaoe pranakt and round rants, shall exceed the amount required to pay saW taxes, mosaments, insurance premiums and
<br />{round rents as they fall due, sari mom shat be, at Borrows is option, either promptly repaid to Borrower or credited to Borrows on monthly
<br />boallmisab of Funds. U the amount of the Pi side held by I ender shall trot be sufficient to pay taxes, aummmu, insurance premiums and
<br />Woad tsars as they fall dues„ Borrower shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice
<br />is mailed by [.ender to Bot.orrtt requesting payment thereof.
<br />Upon payment is full of all smna secured by this Deed of Trust. Lender shall promptly refund to Borrower any Funds held by Lender. If
<br />under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, (.ender shall apply, so later than immediately
<br />prior to the ask of *a Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the gram
<br />seared by this need of Trent.
<br />3. AppraYan of Paymsess Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs i
<br />and 2 hereof" be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, that 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 />!. Camps; Lena. 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 kasehoid 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 notkea of amounts due tender this paragraph. and in the event Borrower shall matte payment directly. Borrower shall promptly
<br />furnish to Lender receipts evidencing such payments. Borrowa 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 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 shalt 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 hen or forfeiture of the Property or any part thereof.
<br />S. Haamd bm mwL 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 L.eodw 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 seared by this Deed of Trust.
<br />The inummice carrier providing the insurance shall be chosen by Borrower sub)ect to approval by Lender; provided, that such approval
<br />shah not be umemonabty withhold. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or. if riot
<br />paid in such manna, by Borrower making payment. when due, directly to the insurance carrier.
<br />All insurance polleiea and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of
<br />and in fan acceptable to Leader. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to
<br />L coder all renewal notloes 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 />Union Leader and Borrower otherwise agree in writing. insurance proceeds shall be applied to reftOrs can or repair of the Property
<br />damalld, provided such restoration or repair is economically feasible and the security of this Deed of Trust is not thereby impaired. If such
<br />restoration of repahr is not a0000mieally feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds shall be
<br />applied to the sums secured by this Dead of Test, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if
<br />Barowa tads to respond to Leader within 30 days from the date notice is mailnl by Lender to Borrower that the insurance carrier offers to
<br />settle a claim for insurance benelits, Leader is authorized to collect and apply the insurance proceeds at i eoder's option either to restoration or
<br />repair of the Property or to the sums segued by this Deed of Trust.
<br />Unless L coder and Borrower otherwise agree in writing. any such applicauon of proceeds to principal shall not extend or postpone the due
<br />date of the monthly install-ems referred to in paragraphs 1 and 2 hereof or change the i mount of such installments. if under paragraph 18
<br />hereof the Property is acquired by Lender. all right. title and interest of Borrowr on and to any insurance policies and in and to the proceeds
<br />thereof resulting from damage to the Property prior to the sale or acquisition shall p ass r o Lender to the extent of the stems secured by this Deed
<br />of Trust immediately prior to such ace or acquisition.
<br />f. I'Mervatbn ad IMalalnrna of Prquty: Leasebel : Caadomtaiama; Plaaae/ Unk DeveLagmenls. Borrower shall keep the
<br />Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions
<br />of any lease if this Deed of Trust is an a ieusehoid. If this heed of Trout is on a unit in a condominium or a planned unit development, Borrower
<br />shall paioi all of Borrower's obligations under the declaration or 7CvCnant5 creating or governing the condominium or planned unit
<br />development, the by -laws and regulations of the condormn;um or planned unit de,ciopment, and constituent documents. If a condominium or
<br />planned unit development rider is execued by Borrower and recorded together with this feed of Trust, the covenants and agreements of such
<br />rider shall 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 />hereof.
<br />4. P OIK as of Lender's Sociality. If Borrower fails to perform the :osenan*s and agreements contained in this Deed of Trust, or if any
<br />action or proceeding is commenced which materially affects Lender's mterest in the Property, including, but not limited to, eminent domain,
<br />insolvency, 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 appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br />cwt limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance
<br />as a condition of making the Iwo secured try this Deed of Trust. Borrower shall pay the premiums required to maintain such insurance in effect
<br />until surds time as the requirement for such insurance terminates in asordancc with Borrower's and Lender's written agreement or applicable
<br />law. Borrows sbaB pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Leader pursuant to this paragraph ', with interest thereon, shall becrome additional indebtedness of Borrower
<br />sacred by this Deed of Trust. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from
<br />Lender to Borrower requesting payment thereof, and shall bear interest from the late of disbursement at the rate payable from time to time on
<br />outnarding principal under that Note unless payment of interest at such rate would he contrary to applicable law, in which event such amounts
<br />Shell bear interest at the highest rate permissible tinder applicable law. Nothing cimmned in this paragraph ? shall require Lender to incur anv
<br />expense or take any action hereunder.
<br />I. 1OW" a. Lender may make or pose to be made reasonable entries upon snd in.speo,on, of the Property, provided that Lender shall
<br />give Borrower notice prior to any such inspection specifying reasonable cavoc therefor reiated In Lender's interest in the Property
<br />'B. Codemmu$Ma. The proceed, of any award or stain for damage, dirt, i or a,nsequential, in corrdnon with any condemnation iir
<br />other taking of the Property, or part thereof, or for conveyance m lieu rat . ondemnat-ri, we lierehr assigned and shall tie paid to Lender
<br />In the went of a total taking of the Property, the proceeds shall t,e applied +,, ihr 1„u., us_uird r„ Iru, Iced lit 1 rust, w;th the execs, it ans.
<br />paid to Borrower. In the went of a partial taking of the Prnprty. unk%,% Borrowci anti i ender othev i,e attrcc to writing, there shalt ne apt'hset
<br />to the turns secured by this deed of Trust stfch proportion of the p rocerds ac i. a ;u that prcijxi, non ., hn, h the amoutu of the sums sex lard
<br />
|