|
86- 106196
<br />applicable law requires such interest to be paid, Larder doll tot be required to M Borrow any interest or 01118218111100 the Funds. Loader shall
<br />give to Bommor, without charge, an mmuai $= mud* d* of the Ftttsds show Credits end debits to the Funds, and the purpose for which each
<br />debit to the Funds was in&&. The Funds are pledMd as additional security for w warms sawed by this Wad of Trust,
<br />if the amount of the Pods held by Leader, togoth r with the !mare sootily htstdsaats of Prods payable prior to the due darn of tatter,
<br />wwoune ts, insurance premiums ud Rotund rams, shad exand the among required to pay said tames. assessmaw, im mots premiss and
<br />ground rants so they fad due, such non diall bur, at Bo wwor's option, either promptly repaid to Borrower or credited w Borrower ett monthly
<br />im eadmsmss of Funds. If the aannee of the Funds hsW by Leader mid not be sa[fickst to pay tatty, MMOIats, insurance Premiums and
<br />ground nets as they fan due, Borrower shag pay to Lradar any amount as onsary to mate up the deficiency within 30 day& from the dew notice
<br />is mailed by Iender to Borrower requee tg payaawl woof.
<br />Upon peysmt in full of an sins secured by this Dad of Trust, I.ader shad promptly refund to Borrower Cray Funds held by Lewder. if
<br />under paragraph It hereof the Property is sold or the Property is otherwise aognfn 1 by I [coder sban apply, no low than immediately
<br />prior to w sale of the Property or its acgn:41tion by Leader. any Fonds held by lewder at the time of application a a credit against the suers
<br />secured by this Deed of Trust.
<br />3. AppBcedim of Payssssls. Unless appiic" law provides otberwise, all payments received by Lander under the Note and paragraphs I
<br />and 2 hereof shun be applied by Leader first in payment of amouars payable to Leader by Borrower under paragraph 2 hereof, then to interest
<br />payable on the Note, then to the principal of the Note, Crud ohm to interest and principal on any Future Advances.
<br />d. CYerpes; Lens. Borrower shall pay all taxes. msersmmU and other ch , Rtes and impositions ataibutabie to the Property which
<br />may attain a priority over this Deed of Trust. and kamboid payments or Rotund retu, if any, in the manner provided under paragraph 2 bereof
<br />or, if not paid in such manna, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to
<br />Lender all notices of amounts due tinder this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly
<br />furnish to Lender receipts evidencing such payments. Borrower shad pranpty discharge any rem which has priority over this Deed of Trust;
<br />provided, that Borrower shall not be required to discharge any such lien w long as Borrower shall Mn in writing to the payment of the
<br />obligation secured by such lien in a manner acceptable to Leader, or shall in good faith contest such lien by, or defawd enforcement of such lien
<br />in, legal proceedings which operate to prevent the enforameat of the lien of forfeiture of the Property or any pert thereof.
<br />S. Blamed Insurance. Borrower shall keep the improvements now dptisdag or hereafter erected on the Property insured against lose by rue,
<br />hazards included within the term "extended coverage ', and such other haturds as Ietder may require and in mud► amounts sod for such periods
<br />as l mime may require; provided, that Lender shun not require that the amount of each coverage exceed that amount of coverage required to pay
<br />the sums served by this Deed of Trm.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject w approval by Lam; provided. that rich approval
<br />shall not be unreasonably withheld. All premiums on insurance policies shad 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 insaraace polices and renewals thereof shall be in form acceptable to Leader, and shall include a standard mortgage chose in favor of
<br />and in form acceptable to Lender. Loader 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 pad premiums. In the event of has, Borrower shall give prompt notice to the insurance carrier and ;
<br />Lender. Lender may make proof of loss if not made promptly by Borrower. r
<br />Udess Leader and Borrower otherwise agree m writing. Dnnrawce proceeds shad be applied to restoration or repair of the Property -
<br />damaged, provided such restoration or repair is economically feasible and the socunty of this Deed of Trust is not thereby impaired. If such
<br />restoration or repair is not economically feasible at if the sawky of this Deed of Trust would be impaired, the insurance proceeds stall be
<br />applied to the ems secured by this Wed of Trust, with the eacom. if any, paid to Borrower. If the Property is abasdosed by Borrower. or if A
<br />Borrower fails to respond to I sender within 30 days from the date notice is man'led by Leader to Bonowes that the luminance artier offers to
<br />settle a ehim for insurance benefits, Leader is ambormod 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 Trust.
<br />Unless Lender and Borrower otherwise agree in writing. any swb application of proceeds to principal shit not extend or postpone the due
<br />due of the monthly imtallmenu referred to in paragraphs 1 and 2 hereof or change the amount of wch installments. If under pangra1)h 18
<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 resulting from damage to the Property prior to the ale or acquisition shall pass to Lender to the extent of the sums secured by this Deed
<br />of Trust immediately prior to such ale or acquisition.
<br />t;. Pfeerevadm ad MaIMMaaee of Pn/erh; IA@nb@W Candasiwiams; Pleased Usk Dewla/nasb. Borrower shad keep the
<br />Property in good repair and shall not tomtit waste or permit impairment or deterwritu w of the Property and shad comply with the provisions
<br />of any lease if this Deed of Trust is an a Demehoid. If 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 tinder the declaration or covenants creating or governing the condominium or planned unit
<br />development, the by -laws and regulations of the condominium or planned unit development, and constituent dootments. If a condominium or
<br />planned unit development rider is executed by Borrower and recorded together with this Wed of Test, 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 />7. Protection of LeadWs Security. 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 />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 apparatoa, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br />not limited to, disbursement of reasonable attorney's fen and entry upon the Property to make repairs. If Lender required mortgage insurance
<br />as a condition of making the loan secured by this Deed of Trust. 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 shall pay the amount of all mortgage insurance premiums in the tanner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower
<br />sacred by this Deed of Trust. Unless Borrower and Lewder agree to other terms of payment, such amounts shall be payable upon notice from
<br />Lender to Borrower requesting payment thereof, and shad 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 bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to tow any
<br />cipaw or take any action bereutsda.
<br />a. le speeWs. leader may sake or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall
<br />give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property.
<br />1. CadssaYns. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or t`
<br />other taking of the Property, or part thereof, or for conveys= in lieu of condemnation, are hereby assigned and shall be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall be applied to the suns secured by this Dead of Trust, with the excess. if any,
<br />paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwise agree in writing, there shall be applied
<br />to the turns secured by this Deed of Trust such proportion of the proceeds as is equal to that proportion which the amount of the sums secured
<br />__ I
<br />
|