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VI.6 85-- 005765
<br />(.!"Roam Coveroanrs. Borrowef and Lender covenant and agree as follows:
<br />1. Pit fee at Ptfaelpl surd laerriel. Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedntw evidenced by the Now, prep�ystseatt aril laic charges as provided in the Note, and the principal of and interest
<br />Trust.
<br />on imy Future Advances secured by this Deed of
<br />1 Fleade Iku Taws mil liinratsce. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to !.ender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full.
<br />a stein (herein "Fiends ") equal twone- twelfth of the yearly taxes and assessments which may attain priority over this
<br />Dad of Trust, and ground rents on the Property, if any, plus one - twelfth of yearly premium insWifnenis for hazard msurancc.
<br />plus one- twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />lirneto`time by Lender oat the basis of assessments and bills and reasonable estimates thereof.
<br />The Fusels shall be held in sn institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />srme agency (including Lender if Lender is such an institution). lender shall apply the Funds to pay said taxes, assessments,
<br />insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account
<br />or verifying and compiling said assessments and bilk, unless Lender pays Borrower interest on The Fiords and applicable law
<br />pennies Lender to make Such a charge. Borrower and Lender may agree in writing at the time of execution of this
<br />Deed of Trust that interest on the Funds shall be paid to Borrower, and unless such agreement is made Or applicable law
<br />eequim such interest to be paid, Lender shall trot be required to pay Borrower •any interest or c3rnin4s on the Funds. I ender
<br />shill give to Borrower, without charge, an annul aceamting of the Funds showing credits and debits to the Funds and the
<br />pYfpoaa for which each debit b the Ponds was made. The Funds are pledged as additional security for the sums secured
<br />by this Deed of Truro.
<br />If the amount of this Funds Mid by Lender, together with the future monthly installments of Fonds payable prior to
<br />the due dasss of taxes, assessments, itsunnce premiums and ground rents, shall exceed the amount required to pay said taus.
<br />atisessenents, ituunnee premiums and ground rents as they tall due, arch excess shall be. at Bmrower's option, either
<br />pranppttlY repaid to Borrower or credited Io Borrower on monthly imtal{ments of Funds. If the amaint of she Funds
<br />heId by Lender shall not be sullkient to pay taxes, aseesxments, insurance premiums and ground rents as they fall due.
<br />Borrower shalt pay to Landef any amount ttecnsary to make up !he deficiency within 30 days from the date notice is mailed
<br />by Leader to Borrower regtteNiog payment thereof.
<br />Upon paynsent in full of all sums secured by this feed of Trust, Lender shall promptly refund to Borrower any rt;..Js
<br />held by Lender. If under paragraph Ill hereof the Property is sold or the Property to otherwise acquired by 1 ender I ender
<br />shall apply, no later than immediately prior to the sale of the Property or its a.giimfion by Lender. any Funds held by
<br />Lender at the time of application as a credit against the sums secured by this Dad of Trust
<br />S. Application of Poytweals. Unless applicable law provides otherwise. all payments received by l ender under the
<br />Nue and paragrapphs 1 and 2 hereof shall be applied by Lender fiat in payment of amounts payable to 1 ender by Borrower
<br />under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note. and then to interest and
<br />principal on any Future Advances.
<br />4 Charges; Lies. Borrower shall pay all taxes. astessmenls and other charges fines at.,( ,roposmons aunhutahle sit
<br />the Property which may attain a priority over this Eked of Trust. and leauhold payments or ground rents. if any. in the
<br />mariner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly
<br />to the payee thereof. Borrower %hall Promptly furnish to lender all notices of amount% due under this paragraph, and in the
<br />Borrower directly, Borrower furnish Lender
<br />event shall make payment shall promptly to receipts evidencing such payments
<br />Borrower shall promptly discharfe any lien which has priority over this teed of Trust. provided. that pnm.wcr chill not he
<br />required to discharge any such lien so long as Borrower shall agree in writing to the payment of the ohbgil —n secured b%
<br />such lien in a manner acceptable to Lender, or shall in good faith contest such lien by• air defend enforcement of %ti,h hca in
<br />kpl ptoceedin6s which operate to prevent the enforcement of the lien or forfeiture of the Property or any pan rhercof
<br />ffsrnlpee. Borrower shall keep the improvements now existing of hereafter erected on the Property insured
<br />against loss by fire, hazards included within the term "extended covers`e', anti such Other hazards as I. ender ntay icq„rrc
<br />and in such amounts and for such periods as Lender may require: provided. that Lender %hail not require that the amount of
<br />such coverage exceed that amount of coverage required to pay the sums secured by tb,% Dced of Trot
<br />Me insurance ea:rier providing the insurance shall he chosen by Borrower soblect io approval by I coder providol.
<br />that such approval shall not be unreasonably withheld All premiums on insurance policies shall be paid in the manner
<br />Provided under paragapb 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br />taourancc Canior.
<br />All insurance policies and renewals thereof %hall he in form acceptable to I ender and ,hall ,n%ludc a standard mortgage
<br />clause in favor of and in form acceptable to Lender. Lender shall ha.e the right to hold the politics ,rod renewals thereof.
<br />and Borrower shall promptly furnish to Lendef all renewal notices and all receipts of paid prcmnrm% In the event of loss.
<br />Borrower shall give prompt rice to the insurance carrier and Lender. Lender may make proof of loss ,f not made promptly
<br />by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds %hall be applied to restoiatton or repair of
<br />the Property damaged, provided such restoration or repair is economically feasible and the security of this feed of Tnisi r%
<br />not thereby impaired. If such restoration or repair is not economically feasible or if the secority of thus Deed of 1 rust would
<br />be impaired, the insurance proceeds shall be applied to the sums secured by ihn Decd Of Trust. with the ekes% %. if any, paid
<br />to Borrower If the Property a abandoned by Borrower, or if Borrower fads to respond us Lender within 10 days from the
<br />doe notice is mailed by 1 enter to Borrower :hat the insurance carrier offers to settle a shim for insurance benefit, Lender
<br />n authorized to collect and apply she insurance proceeds at Lender's option either to restoration or repair of the Ptopeny
<br />or to she strum secured by this Deed of Trust.
<br />Unless fender and Borrower otherwise agree to wrung, any such applicaton tit proceeds to principal %hail 1401 cuend
<br />or postpone the due date of the monthly instalment referred to in ) aragraph% I .,nd 2 hereof or change the amount of
<br />such installments If under paragraph IN hereof the Property is acquired by Lender. Al right, title and interest of Borrower
<br />on and to any insuranct policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
<br />of acquisition shall pass to !..ender to the extant of the sums secured by this feed of Trust immediately prior to lush sale or
<br />acquisition
<br />C Pross"ad" and Maiotreance of Property; LeascholM; Castpininlows; planned Unit Deweloptneats. Bnitower
<br />shall keep the Properly in load repair and %hall not control waste or permit impaumcni two Jrientiruhdm of the Property
<br />and shell comply with the provisions of any kase of this Deed of Trust n on a leasehold If this feed of Trust IS on a unit in a
<br />condommtum Or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration
<br />of cov rnanis creating or governing the condominium or planned unit development, the hy•laws and fegulatom of the
<br />condominium or planted unit development, and constituent documents. 11 a alndommium air planned trait development
<br />rider is executed by Borrower and recorded together with this Deed of Trust, the covenants and agreeouenn of such rider
<br />shall he Incorporated into and shall amend and supplement the covenants and agreements of IN% reed of Trust as R the rider
<br />were a pen hereof.
<br />T• PnleeYen of Lwsakes Secorfty. If Borrower fails to perform the covenants and ag%eernents contained to this
<br />Dead of Trust, or it any action of proceeding is commenced which materially affects 1_ender'S interest to the Property.
<br />including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceeding involving a
<br />bankrupt of decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearance di%huru such
<br />suns and take such action as is necessary to protect Lenders interest. including, but not limited lo. dnhuiwi I nl
<br />rttaaonahk mtotaty's feat and Mtry upon the property to make repairs If Lender required mortgage insurance a% a
<br />coadifion of rnalking Ihe loan secured by this Dead Trust, Borrower
<br />of Shall pay the premiums required Ia maintain such
<br />imwanca in tAoet Until Stich time as the requirtmtni for such insurance lefmunates in accordance with Barrower's and
<br />(vender's written agrtemeel or a icable law Borrower shall pay the amount of all mortgage insnrtnce premium% n, the
<br />manner provided under paragra'2 hereof.
<br />ph
<br />Any antounls disbursed by Lender pursuant tO this paragraph 7, with ,nicreu ihercnn %hall he%ume Wthinin.ol
<br />indehltdrness of Borrower secured by this Iced of Trull Unit$$ Rorrtswtr and I tooter .agree ra other term% of psynmm o, 1,
<br />s
<br />stflotlnta shall ht payable upon rice from Lender to Borrower requesting parent"' thetcof. and shall hear intense Iron the
<br />dose of disbursement at the rate payable from time to time On outstanding Nore
<br />principal under the unless payment of muter
<br />at well rate would be contrary to applicable law, tin which evens %itch amoumU shalt beer ,nieret at the h,ghe%t raft
<br />permissible under applicable law Nothing contained in this paragraph 7 shall requ,rr
<br />any action hereunder Linder to ,ncur any expense of take
<br />rD
<br />fl- 1"rtlen. Lender may make of rause to be made r*,,,n.ble entree% upon .nrol ndpe, ,inn% ,.1 iht Pmprrty p„n.i r,l
<br />that lender shell give Borrower notice prior lit any such inspection specifying itasonahk
<br />.au%r ihrref,,, Brij rd u, 1 cnJrr .
<br />rawest in the Prooenv
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