|
<br />~,~-uuol~,=~
<br />UrnFOatu COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payateat of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedness evidenced by the Note, prepayment and fate charges as provided in the Note, and the principal of and interest
<br />an anyy Future Advances secured by this Deed of T"rust.
<br />2. I.h~ for Taxes atad ittsmanee. Subject [o applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Ixnder on the day monthly installments of principal and interest are payable under the No[e, until the Note is paid in full.
<br />a sum (Fserein "Funds") equal to orte-twelfth of the yearly taxes and assessments which may attain priority over this
<br />Deed of Trust, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance.
<br />plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to time by Lettder an the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shah be held in an institution the deposits or accounts of which arc insured or guaranteed by a Federal or
<br />state agertcq (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 bills, unless Lender pays Borrower interest on the Funds and applicable law
<br />permits 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 />requires such interest to be paid, Lender shall not be requred to pay Borrower any mterest ur earnings on the Funds. Lender
<br />shall give to Borrower, without charge, an annual accounting of the Funds ,hawing credits and debits to the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured
<br />by this Dced of Trust.
<br />If the amount of the Funds held by Lender, together with the ftuure monthly installments of Funds payable prior to
<br />the due dates of [saes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
<br />asse~smens, isurance premiums and ground r ..,., _.. !he•r tall due, such excess shall he, at Berrewer's option, either
<br />promptly repaid to Borrower or credited to Borrower on ~mvnthly installments n( Funds. If the amount of the Funds
<br />held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due.
<br />Borrower shall pay to Lender any amount necessary to make up the deficiency wrthin 36 days from the date notice is mailed
<br />by Lender to Borrower requesting payment thereof.
<br />Upon payment in fuB of all sums secured by thrs Deed of Trust. [ender shall promptly refund to Borrower any Funds
<br />held by Lender. !f under paragraph IS hereof the Property a sold or the Property ~s otherwise acquired by Lender. Lender
<br />shall apply, no later than immediately pear to the sale of the Property or its acquismon by Lender, any Funds held by
<br />Lender at the time of application as a credit against the sums secured by this Deed of "trust.
<br />3. Applicatloa of Payments. Unless applicable law pmvrdes otherwise, all payments received by Lender under the
<br />Note and paragraphs I and 2 hereof shall he applied by Lender fiat .n paymem of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, then to interest payable on the Note, then m the princrpal of the Note. and then to interest and
<br />principal on any Future Advances.
<br />4. Charges; Liens. Borrower shalt pay all ranee, assessments and other charges. tines and impositions attributable to
<br />the Property which may attain a priority over the Deed of Trust, and leasehold payments or ground rents, if any, in the
<br />mttn»er provided under paragraph 2 hereof or, if oat paid in such manner, by Borrower making payment, when due, directly
<br />to the payee thereof. 8orcower shat! promptly furnish to Lender all notices of amounts due under this paragraph. and in the
<br />event Borrower shall make payment duectly, Borrower shall promptly furntsh to Lender receipts evidencing such payments.
<br />Borrower shalt promptly dicaharge any lien which has prrority over thrs t>ecd of TYusc provrded, that Burrower shall not he
<br />regtnred to discharge any such lien sa long as Borrower shall agree in w•ritinr. ro the payment vF the obligation secured by
<br />such lien in a manner acceptable w i.ender, yr shat! in good truth contest such hen bv. or defenJ enforcement of such Tien in.
<br />legal pproct:edings which operate to prevent the enforcement of the hen ur forfeiture of the Property or any part thereof.
<br />5. Lfazard Iuwrraace. Borrower shall keep the improvements rtvw canting car hereafter erected on the Property insured
<br />agaiostloss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require
<br />and in such amounts and far such penods as I ender may rcyuuc; provrded, that !.ender shall nut reywrc that the amount of
<br />such coverage exceed that amount of coverage reywred tv pay the sums secured M' thts Deed of Trust.
<br />The insurance carrier providing the insurance ,hall rte cbnun by Borrower subject to approval by Lender, provided.
<br />that such approval shall not be unreasatably wuhhdd. Ail premiums on insurance polices shall be paid in the manner
<br />provided under paragraph 2 hereof or, if not paid m such manner, b}' Borrower making payment, when due, directly to the
<br />iraurance carrier.
<br />Ati insuratce policies and renewals thereof shall he m form acceptable to t-ender and shall uxludc a standard mortgage
<br />clause in favor of and m form acceptable to i_ender_ Lender shall have the right to bold the pvlicies and renewals thereof.
<br />acrd Borrower shall promptly furnish to Lender all renewal notices and alt recerpts of paid prenuvms. In the event of loss.
<br />Borrower shall give prompt notice to the msurance earner and Lender :.ender may make proof of !oss it not made promptly
<br />by Borrowu.
<br />Unless Lender and Borrower otherwise agree in unung, msurance prcxecds ,hail tx: applied to restoration or repau of
<br />the Property damaged, provided such restoration ar repau is rconomrca By tensible :mJ the security tit thrs Deed tit Trust i,
<br />not thereby Impaired. 1f such restorativn or repau rs not economically tcaaible or .t the security of thi, Deed of Trust would
<br />be impairtd, the msurance proceeds shall be applied to the sums secured by Ihrs Uacd of 'Trust, with the cues,, if tiny, pard
<br />to Borrower. If the Property is abandoned by Borrower, or if Burrower tad, to respond to Lender within 30 day, Irom the
<br />date nvtice is mailed by Lender to Sorruwer that the msurance earner offer, to settle a claun for mwrance benefits. Lender
<br />is authorized to collect and apply the msurance pntceeds tit Lendu's option ruhu to restoration or repau of the Property
<br />or to the sums xxured by this Deed of Tntst.
<br />Unless Lender and Borrvwer otherwise agree m writing, soy ,uch applicauun of pnx:reds to principal shall not extend
<br />ar postpone the due date of the monthly installments referred ro m paragraphs I and _t honor or change the amount tit
<br />such installments. If under paragraph I X honor the Property „ acyuued by I.cnder, ,dl right, title and mterest vl Borrower
<br />in and to any insurance policies and m and to the prx:ctiKls thereof resulting from damage w the Pmlxrty poor to the sale
<br />or acquisition shalt pass to l.cnder m the extent of the scans sew red h} this [h:etl of Trust unmedrateiv pour to such sale ur
<br />aCQU441tlan.
<br />d Preservatlon and Maintenance of Property: Leaseholds; t: ondominiums; Planned Uoit Developments. Borrower
<br />,hall keep the Propery m guest repau .cod shall not comma ,+asrr nr pernut unparrntcnt or drrenuranrm tit the F'rupcrq-
<br />.cod shall cvmply with the provisions of any Icasc if thrs Deed of Tnut n tin a irasehold. II this Deed of T"rust ~s on a and m a
<br />condominium or a planned unit development, Borrower shall perform .dI of Borrvwer's vbhganuns under the declaration
<br />or covenants creating or governing the condominium or planned amt developntcnt, the by-laws and regulation, ++f the
<br />condominium at planned unit development and constituent documents if a ~tmdamimum or planned amt decclopmenr
<br />rider is executed by Borrower attd recorded together with this Decd of -trust, the covenants and agreemenh of wrh nder
<br />sr'tail ire iraaerrporated iota and shah amend and suppiemem the co,•cnanu and agreements of ihts Deed ul i7ust as d the nder
<br />were a pen herv?f.
<br />?• Psotectioa of I.sader's Security. !f Borrower Yads tv perform the covenants and agreements cuntamed m thi,
<br />Deed of Trtnt. or if any action or proceeding is commenced which materially ufiects Lender's mterest m the Prapcn}.
<br />indttding, but not limiECd to, eminent domain, insolvency, code entorcement, or arringcments or pntcecdmg, nnr.l,mg :~
<br />bankrupt ar decedent, then Lender at L.ertder's option, upon notice to Borrower, may make such apltearrnre,. dr,hur,r such
<br />sums amt take such action ss is necessary to protect Lenders oncost. mriudmg, but net Innued tu, di,hunraunt +~t
<br />reawnab4e attarttty's lees and entry upon the Property to make rep;tin. ti Lender reyuued nuxtgage msurance a, .~
<br />condipon of making the loan secured by this Dead of Trust, Bterrc+wer ,hut! pay the prrmiunu rcyuurd to nunncun ,ueh
<br />trtanrance in eRect un'il such time as the requirement for such a»urunce termuuue, m accordance wnh Burruwet\ .cod
<br />Larder's written agrcei7letit ar applicabte law Borrvwer shall pay Ute umaunt tit rill morgage msurance prrnuum, m rho
<br />r7tantrM provided under paragraph 2 hereof.
<br />Any amounts dislwrsai by Lender pursuant tv thrs paragraph %, wuh uinrcst thereon, shall hreonn• ndduro.+al
<br />itrsleMudlteats of Borrwwe± secured by th+s Ik'cJ of Trust Unless Borrower and 1 ender agree to other' ter nts of payment. ,aih
<br />amounts shall tie payabk upcxt ttabce Irvin 1 ender to &irntw°tt requesting pa}ntrnt thereof. and ,halt Ix•ar uucrest tu,ut rhr
<br />ate of dirhursanteuit at the rate payable fnytn Ume to time c+n nutvunding pnncip:ti under the NWe mtless payment of inMrrst
<br />ai atwh talc wewld tsn amtrary to applicable law, in whuh event arh amounts ,halt imar interest ar the hrghrst rate
<br />pitrrmiriWo under applteabie taw. NwMng .;xttautCS! rn this paragraph 'shall ei-gone i ender to mcvr an> expense ur take
<br />tu4Y aetxm hercundcr.
<br />~ L>rPcetiaw. !ender may make or a<susc• to he made eras,>aable color, i~rrn,n .Ind m,rker+arx of ihr Property. ;um alai
<br />that Leader shalt gtva 1~?r nxver nwicc pert+r to arty st~-t rmpeeuon xpeatytag reravrrahte <auu• rhrnrhx rciau^d ~++ ! radar .
<br />tlSi~t;ft in lira MtOOaYLY
<br />
|