|
8 uo444.s
<br />applicable lair " interest to be 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 Rinds was etude. 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 Larder, together with the future monthly installments of Funds payable prior to the due dates of taxes,
<br />asses -U. use rake premiumss and pound rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and
<br />groumd rents as testy fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrows on monthly
<br />ids of Funds, if ties amount of the Funds held by Larder shall not be suffid:ie nt to pay t axes, assessments, insurance premiums and
<br />ground feels as test' fall dote. Borroxvar dON pay to leader 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 is fall of W sins secured by this Deed of Trust, Lender shall promptly refund to Borrower ary Funds held by Leader. If
<br />under paragrapi IS hand tie Property is sold or the Property is otherwise acquired by I each, Lander shall apt F y , no later than immediately
<br />prior to the ale of fast Property or its acquisition by I ender, any Funds held by Lender at the time of application as a credit against the sums
<br />seamed by this Dad of Trost.
<br />J. AppGm m d Paymsele 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 tinder paragraph 2 hereof, then to interest
<br />payable an the Note. time to the principal of the Note, and then to interest and principal on any Future Advances.
<br />{. Charm ILos. Borrower saW pay alum, assessments and other charges. fuss and impositions attributable to the Property which
<br />may attar a priority over tek Dead of Trost. and leasehold payments or ground rents, if any, in the muter provided under paragraph 2 hereof
<br />or. if nog paid in such mamssr, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly Intrudes 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 Leader receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Deed of Trost;
<br />provided, tlmt Borrower saW no be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the
<br />obligation second by such tat in a magma adaptable to Lender, or shall in good faith contest such Nan by, or defend enforcement of such Bert
<br />in, legal proceedimp which operate to prevent the enforcement of the Hen or forfeiture of the Property or any pan thereof.
<br />S. 11 losuraaw. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire.
<br />hazards included within the tarn "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 Lander shall not require that the amount of such coverage exceed that amount of coverage required to pay
<br />the sums secured by this feed of Trust.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval
<br />shah nix be unreasonably withheld. AN premiums on insurance politics shall be paid in the manner provided under paragraph 2 hereof or, if not
<br />paid in such manner, by Borrower malting payment, when due, directly to the insurance carrier.
<br />Ali insurance policies and renevalt thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of
<br />and in form acceptable to Leader. 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 Lends and Borrower otherwise
<br />agree in wrung, insurance proceeds shalt 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 Deed of Trust would be impaired, the insurance proceeds shall be
<br />applied to the stems secured by this Dead of Trent, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower. or if
<br />Borrower fails to respond to Leader within 30 days from the due 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 Died of Trust. `
<br />Unite! L—.--hr and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due T
<br />date of the meswhly Installments referred to in paragraphs I and 2 hereof or change the amount of such installments. If under paragraph Ig
<br />hereof the Property is acquired by Lander. all right, title and interest of Borrower . ir and to any insurance policies and in and to the proceeds
<br />thereof repsltieg 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 Trim isemediataiy, prior to such sak or acquisition.
<br />i. rime atloe sad 1011aYYaaew of Properly. Laamialds; CocNsmlaNms; Pleased Usk Develgeseess. Borrower shau keep the
<br />Property In good Most and SW 1104 commit waste of permit impairment or deterioration of the Property and dwil comply with the provisions
<br />of any Issas if tale Deal of Trost is on a leasehold. if this Deed of Trust is on a unit vt a condominium or a planned unit development, Borrower
<br />sW perform W of Borrower's obligations undo the declaration or covenants creating or governing the condominium or planned unit
<br />devdopman. ter by4— and regulations of the oodoNnium or planted unit development, and wastituent documents. If a condominium or
<br />Aland emit dewiopmewt rider is aaeulod by Borrower and recorded together with this Deed of Trust, the covenants and agreements of such
<br />rider o W be amorporatnl into and sW,mead and supple mset the covenants and agreements of this Deed of Trust as if the rider were a part
<br />hereof.
<br />7. Mlaedim of Iwdsr's gearky. if Borrower fails go perform the covenants arc apeemen4 contained in this Deed of Trust, or if any
<br />action or proasding is eoernenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain.
<br />insolvency. cods aaforomsant, Of wf4DSMe U or proaadings involving a bankrupt or decedent, then Leader at Lender's option, upon naicr
<br />to Borrower. may wale weh appstreaces. disburse such sum and take such action as is necessary to protect Lender's interest, including, but
<br />ant Mooted to. disbunameet of rasonabk attorasy's fen std entry upon the Property to snake repairs. If Luis required mortgage insurance
<br />m a condition of making tin loan secured by this Deed of Trust, Borrower shall pay the premiums required to maintain such insurance in effect
<br />until such rims as has raquheamaN for such insurance terminates in accordance with Borrower's and Lender's written agreement or applicable
<br />law. Bmrowrr dM pay tar moment of all mortgage insurance premiums in the marim provided under paragraph 2 hereof.
<br />MY amounts disbursed by Leader putuwm to this paragraph 7, with interest thereon, shah become additional indebtedness of Borrower
<br />secured by this Dead of Trost. Uttlws Borrows and Leader agree to other terms of payment, such amounts shall be payable upon notice from
<br />Lender se Borrows rapssuhg payment thereof, and shall bar interest from the date of disbursement at the rate payable from time to tinge on
<br />outstanding prins al ands the Now unlms payment of interest W such rate would be contrary to applicable law, in which event such amounts
<br />"bear WHOM at ter hilbO rant /smissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any
<br />-1rs4 - @ or whom" action Iheramda.
<br />L g. tang. ell... Under may nuke or cme to hir made nasonabk entries upon and inspections of the Property. provided that Lender shall
<br />0- Borrower Rise prior to my such inspection specifying reasonable cause therefor related to Lender's interest in the property.
<br />•. Co116maaMat. JIM procook of any award or claim for damages, direct or consequential. in connection with any condemnation or
<br />outer taking of the Prowly, or pan thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to I ender
<br />In the event of a total taking of the Property, the proceeds shall tv applied to the sums inured by this Deed of I'rusn, with the excess, if env.
<br />pod to Borrows. In the event of a partial taking of the Property, ontcxs Boatower and hoiden other% ise agree in %riling, i here .hall tv applied
<br />to tint sums *muted by this 1)trrd of Trueu such proportion of the pf.Kced% w is equal to that pdnperrtnm which the am,mnr ,.t ttic. +u m. snuffed
<br />M1
<br />
|