|
85-- 00581.1
<br />applicable law requirasP14interest to be paid, Lender shall not he required io 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 />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 />installments of Funds. If the amount of the Funds 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 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 sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any Funds field by Lender. If
<br />under paragraph IS 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. ApYe oloa of Psymata, Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1
<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 />i. (,'bargee; Liens. 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 Trost, 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 to the event Borrowe, shall make payment directly, Borrower shall promptly
<br />furnish to Lender receipts evidaricing 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 />S. Haard inarrance. 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 prompti 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. Leader 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 Dad 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 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 benefits. Lender is authorized to collect and appl, 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 front 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. PrwansWa acid Msthteww" of Property; i.easebolds; Cuadomiuiaau; Pkaaed Unit Desei*P a m. Borrower shall keep the
<br />Property to good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions
<br />of any lease if this Deed of Trust is on a leasehold. 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 under 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 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. Prowe"s of Leader's Security. If Borrower tails to perform ttic covenants and agreements contained in this Deed of Trust, or it 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 appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, bile
<br />no 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 staking 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 to accordance with Borrower's and Lender's written agreement or applicable
<br />iaw. 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 become additional indebtedness of Borrower
<br />secured by this Dead of Trust. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from
<br />Lender to Borrower requesting payment ttaereof, and shall bear interest from the date of disbursement at the rate payable from time to time on
<br />outstanding prin6pal under the Noe unless payment of interest at wch rate would he contrary to applicable law, in which event such ar -lints
<br />shall uear interest at the highest rate permissible under applicable law. Nothing contained of this paragraph 7 shall require Lender to incur any
<br />expense of take any action hereunder -
<br />g, ItagaetleM. Lender may make or cause to be made reasonable entries upena and tnsMttons of the Property, protoded thsl I ender shall ,
<br />give Borrower notice prior to any such Inspection specifying reasonable cause therefor related to Lender's interest tat the Property
<br />g. Cosidessweld a. "I'he prrtxeeds of any award or di um for darneges, direct of :onsrquenual. in coimectu,n with am condenutarton
<br />sorbet take of the Prs rt nt a y
<br />taking ape y, part thetesuf, or for conveyance m lieu of ,.ontiemnanon, are herchs asst ned and shall he Sae;1 in 1 ender
<br />In the event of a total takinpt of the ProperrfY, the proceeds shall he alrtvhed to the'kill]% centred by (1111 Ilion of Tne1t, AMI Ihr CXCe11, 11 an\
<br />Paid to ltoreower In the event of a partial taking rd the Pfoperty, mile", ifenro et and I ender mherw!se uacec m µ11,11k, !here .hail he tripled
<br />(a, the sums ramie} he tats (teed "0 1 r,r9t such pr.epxnbon of (he pr-'eed, as 11 lqw l t„ that µ11, h the nneounl "I im+ Iry t,;,1
<br />1
<br />
|