|
85-- 002526
<br />a f s. " es such interest to be d, Lender shall not be required to
<br />pp1LeN�1�r poi eq 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 />I f the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due data of taxes,
<br />assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and
<br />ground rents as they fail due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly
<br />installments of Funds. If the amount of the Elands held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and
<br />ground rents as they fall due, Borrower shall pay to Leader any amount necessary to snake 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 sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any Funds held by Lender. If
<br />under paragraph I8 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 />Mired by this Deed of Trust.
<br />3. ANYcatloa of Psymeats. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I
<br />and 2 hereof shall be applied by Lender first in 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. Camps; Lkm. 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 notion 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 teed 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 />S. HisaarA Itwraace. 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 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 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 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 Trust is not thereby impaired. If such
<br />restoration or repair is not economically feasible or if the security of this teed of Trust would be impaired, the insurance proceeds shall be
<br />applied to the suns secured by this Deed of Trust, 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 date notice is mailed by Lender to Borrower that the insurance carrier offers to
<br />settle a claim for insurance Lc,defiu. 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 sutras secured by this Deed of Trust.
<br />Unless Lehr 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 instaLliments 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 r 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 pry to such sale or acquisition.
<br />b° PfgmfvuYoa tor/ MNSWOMM of Prgaty; Leraieltlt; Covalleasialwas, • Platwd UMI ihtdaNeala. Borrower shall keep the
<br />Property in good repair and shall not commit waste or permit impairment of deterioration of the Property and shall comply with the provisions
<br />of any lease if this Dad of Trust is on a lisawhold. If this Deed of Trust is on a unit in a condominium or a planned unit development. Borrower
<br />iW performs all of Borrower's obligations under the decimation or covenants creating or governing the condominium or planted unit
<br />development. the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or
<br />planned uala development rider is execute{ by Borrower and recorded together with this Dad of Trust, the covenants and agreements of such
<br />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. Priftellias of I*odWs Yeerrrlty. If Borrower fails to perform the covenants and agreements contained in this Decd of Trust, tit if any
<br />satin or ptocceding is commeced which materially affects Lender's interest in the Property, including, but non limited to, eminent domain,
<br />iflaulvitno. code enforameni. or arangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice
<br />to 110irrower. may make such appearances, disburse such sums ad! fake such action as is necessary to protect Lender's interest, including, but
<br />not to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. 1 f l.utdct required mortgage insurance
<br />as a condition of making the Moan secured by this Dad of Trust, Borrower shall pay the premiums requiter to maintain such incur, nee in effect
<br />until such time as the requirement for sich insurance terminates in accordance with Borrower's and Laude's written agreement or mripikable
<br />ISM, Borrower shall pay the amount of ail mortgal insurance premiums in the manner provided under paagraph 2 hereol,
<br />Any by Lender pursued to this paragraph 7, with interest thereon, sha ! become additio rw Indebtedness of Borrower
<br />cured by this Deed of '1 "&sot. Unease Borrower and Lender agree to other terms of payment, such amounts shall he payable npdut rxitice from
<br />L to Brrowes r tyl payment thereof, awl shall bear interest from the date of disbursement at the rate payable from time to time on
<br />principal undar the Noe unless payment of tntcfawt at such rate would he contrary to applicable law. In which event such amounts
<br />at the briteoN rate 'Irk under a*tcmble law. Nothtrrlt contained in this paragraph 7 shall require Lender to incur any
<br />expense or lake any Miner herenttder.
<br />g.
<br />. D. elder may make or Sau9e to be made reasonable enters u fcm and inspections it the Prtitod°e9y, firosWed that l ender shall
<br />ve 11mrowtir "WIN prior to any such in lion sfaecaf yang reasonable cause therefor related to l.ettder's interest in the Propel ty.
<br />4. Coviderasaislim. tfM proceeds cif any award of churn fof damages, thicsa or consequential, rn connection with any tondenlnation oil r"
<br />Falwr aaikrg of the Property, rot part ihcretf, or tilt, onveyartae tat lieu of aerttdemnatnin, ate herehy assitlimi anti shall be pales co 1 ender,
<br />Ira 141 event of a t<Ra{ taklinis of the I"lopirroy. the fiime eds %hall hs applied to the surni secured by [tits I?c^cd tit i test, .111, the eNcess. It anti, ,
<br />f?aftI rsr Bsrrownsr. In tler eve of a Stwtl taklfgt of the Flt(nwrry, unless Ikivnwc1 and Lender i)ltierwisc aaace rat w nnttii, there'lull lV appheil
<br />G; the; virriA ate- Lur"t by INN (lead of trio,& atn,h ptotxsttctan rat the Ixekeardi a, i•. , °quad to teal atr,.t =.arum, alurh ;Ito taur.,tiiu or the 111, 'C'med
<br />gIg
<br />
|