|
85-001464
<br />t
<br />applicable law requires ' to be
<br />paid, Lender shall not be required to Pay Borrower any interest or earnings on the Funds. Lender shall
<br />give to Borrower, without charge, 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 as additional security for the sums secured 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 the due dates of taxes,
<br />assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and
<br />s (�' ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly
<br />r installments of Funds. if the amount of the Funds held by Lender shalt not be sufficient to pay taxes, assessments, insurance premiums and
<br />ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice
<br />is mailed by Lender to Borrower requesting payment thereof.
<br />Upon payment in full of all sutras secured by this Deed of Trust, Lender s Funds held by Lender. If
<br />hall promptly refund to Borrower any
<br />under paragraph 18 hereof the property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately
<br />Prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums
<br />secured by this Deed of Trust.
<br />3. A96Beadoe of Payments. Unless applicable law provides otherwise, all a
<br />and 2 hereof shall be applied by Lender first in P yments received by Lender under the Note and paragraphs l
<br />payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then 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 />4, Charges; Lieu. 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 leasehold 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 />Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly
<br />furnish to Lender 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 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 shall 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 lien or forfeiture of the Property or any part thereof.
<br />5. Hazard lntarance. 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 Lender 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 unreasonably withheld. All 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 />and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to
<br />Lender 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. Lender may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall he 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 Trust is not thereby impaired. If such
<br />restoration or repair is not economically 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 Dad of Trust, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if
<br />%rrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to
<br />settle a claim for insurance benefits. 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 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 or postpone the due
<br />date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18
<br />hereof the Property is acquired by Lender, 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 sale or acquisition shall pass to Lender to the extent of the sums secured by this Deed
<br />of Trust immediately prior to such sale or acquisition.
<br />6. Preservaiden sad Mr>iganso t of Property; Laaeho ds; Condominiums; Planned Unit Dev
<br />Property in good repair and shall not commit waste or _ tbPmeall Borrower shall keep the
<br />Of any lease if this Dad of Trust is on a leasehold. If this Deeds of impairment
<br />soon a unit deterioration
<br />n a condominium aria and
<br />unit development provisions
<br />shall Perform all of Borrower's obligations under Use 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 documents. If a condominium or
<br />Planned unit development rider is executed by Borrower and recorded together with this Deed 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 />7' Proteetion of Lender's Secarky. If Borrower fails to
<br />action or roxeedi Perform the covenants and agreements contained in this Decd of Trust, or if any
<br />P rig is comtnencel which materially affects Lender's interest in the Property, including, but not limited to, eminent domain,
<br />inwlvettcy, 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 />not 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 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 manner provided under Paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall hecome additional indebtedness of Borrower
<br />secured by this Deed of Trust. Unless Borrower and leader agree to other terms of payment, such amounts shall he Payable upon notice from
<br />Lender to Borrower requesting payment thereof, and shall 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 incur any
<br />expense or take any action hereunder.
<br />L g. LaagactWo. Lender may make or cause to be made reasonable entries upon and inspections of the Property. Provided that Lender shall
<br />give Borrower notice prior toany such inspection specifying reasonable cause therefor related to Lender's interest in the Property.
<br />9, Condemned". The Proceeds of any award or claim for darnages, direct or consequential, in connection with dnv rondeninanon if
<br />other taking of the Property, or Part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall he paid ro I ender
<br />In the event of a total taking of the Property, the proceeds shall be dpphed In the runts secured by this Deed (it ITust. ,ill the excess, It any,
<br />Paid to lfotrower. In the event of a partial taking of the Property, unless Borrower and I ender otherwise agree m .,Innµ, rherc shall he applied
<br />!o the .unix secured by this Deets of 'T'rust such proportion of the prone& as ,, equal In that proporunn .Inch :he annum of thr ,unit sernred
<br />M�.
<br />J
<br />tLM
<br />LM
<br />7
<br />
|