|
I
<br />83---t1Q~~ ~'to
<br />If Borrower pays Funds [o Lo..Jer, the Funds shall be held in an institution .ee deposes or accounts of which are
<br />insured or guaranteed by a Federal or state agtncy (including Lender if Lender is such an institution). Lender shall apply
<br />the Funds to pay said taxes. assessments, insurance premiums and ground renu. Lender may not charge for so holding
<br />and applying the Funds, analyzing said acrnunt or verifying and compiling said assessments and bills, unless Lender
<br />pays Borrower inurtst on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender
<br />may agree in writing at the time of a:ecution of this Deed of Trust that interest on the Funds shall be paid to Borrower,
<br />and unless such agreement is made or applicable law requires such interest to be paid. Lender shall not be required
<br />to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual
<br />accounting of the Funds showing erediu and debiu to the Funds and the purpose for which each debit to the Funds waz
<br />made. Tht Funds an pledged az 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 instaltmenu of Funds payable prior to
<br />the due dates of to:es, assessmenu, insurance premiums and ground rents, shall exceed the amount required to pay said
<br />taxes, assessments, insurance premiums and ground rents az they fall due, such excess shall be. at Borrower's option,
<br />either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the
<br />Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall
<br />due. Borrower shalt pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender
<br />may require.
<br />Upon payment in fuB of all sums secured by this Deed of Trust. Lender shall promptly refund to Borrower any
<br />Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by
<br />Lender. Lender shall apply, no lout than immediately prior to the sale of the Property or its acquisition by Lender, any
<br />Funds held by Lender at the time of application az a credit against the sums secured by this Deed of Trust.
<br />3. Applkatbn of Payssenb. UNess applicable law provides otherwise. all payments received by Lender under
<br />the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounu payable to Lender by
<br />Borrower under paragraph 2 hereof, then to interest payable on the Note, and then to the principal of the Note.
<br />4. Prior Moetgages and Deeds of Trost; Charges; Lima. Borrower shall perform all of Borrower's obligations
<br />under any mortgage. deed of trust or other security agreement with a lien which has priority over this Deed of Trust.
<br />including Borrower's covenanu to make payments when due. Borrower shall pay or cause ro be paid all taxes,
<br />azsessmenu and othec charges, fines and impositions attributable to the Property which may attain a priority over this
<br />Deed of Trust, and leasehold payments or ground rents, if any.
<br />S. Haaard InaQa~ce. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured agaitut toss by fire, hazards included within the term "extended coverage". and such other hazards as Lender
<br />may require and in such amounts and far such periods as Lender may require.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided.
<br />that such approval shall not be unreasonably withheld. Al! insurance policies and renewals thereof shall be in a form
<br />acceptable to Lendtt and shall include a standard mortgage clause in favor of and in a them acceptable to lender.
<br />Lendec shall have the right to hold the policies and renewals thereof. subject to the terms of any mongage, deed of trust
<br />or other security agreement with a Iirn which has priority over this Deed of Trust.
<br />In the event of toss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof
<br />of loss if not madt promptly by Borrower.
<br />If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date
<br />notice is mailed 6y Lender to Borrower that the insurance earner often to settle a claim for insurance benefits. Lender is
<br />authorized to rnllect and apply the insurance proceeds at Lender's option either to restoration or repair of the
<br />Property or to the stuns secured by this Deed of Trust.
<br />6. Pnaenatbn and Mainteaaeec of Properryt Ltase6oids; Coadomiaiums; Planned Unit Developmenu. Bor-
<br />rower shall ktep the Property in good repair and shall not commit waste or permit impairment or detenora[ion of the
<br />Propertg and shall rnmply with the prrnisions of any lease if this Detd of Trust is on a leasehold. If this Deed of Trust is
<br />on a unit in a condominitun of a planned unit development. Borrower shall perform all of Borrowers obligations under
<br />the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and
<br />regulations of the condominium or planned unit development, and constituent documents.
<br />7. Ptto4etlon of Ltada'r Security. If Borrower fails to perform the covenants and agreements contained in this
<br />Deed of Trust. or if any action or proceeding is commenced which materially affects Lender's interest in the Property.
<br />thin Ltndtr, at Lendei s option, upon notice ro Borrower, may make such appearances. disburse such sums. including
<br />reasonable attorneys' tees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage
<br />insurance az a condition of making the loan secured by this Detd of Trust. Borrower shall pay the premiums required to
<br />maintain such insnrance in effect until such time as the requirement for such insurance terminates in accordance with
<br />Borrower's and Lender's written agreement or applicable law.
<br />Any artounu disbursed by Lender pursuant to this paragraph ?. with 'interest thereon. at the Nate rate, shall
<br />bteetne additional indtbiedncss of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to
<br />other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting p ytnent
<br />thereof. Nothing contained in this paragraph 7 shalt require Lender to incur any expense or take any action hereunder.
<br />$. I~aetr~. Lender may make ur cause to be made reasonable entries upon and inspections of the Property,
<br />provided that Lender shah give Borrower notice prior to any such inspection specifying reasonable cause therefor
<br />related to Lender's interest in the Property.
<br />9. C#esdees~atien. The proceeds of any award ar claim for damages, direct or consequential, in connection with
<br />any rnndemnation ~ other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are
<br />hereby assigner and shall be paid to Lcndtr, subject to the terms of any mortgage. died of trust or other security agree-
<br />ttuat with a lira whs¢h has priority over this Dtxd of Trust.
<br />!A. Baeeowar 1Yut Rtdaasais Fas6twasee B7 Lender Not a Wdrer. Extension of the time for payment or
<br />modification of amortization of the sums secunxi by this Deed of Trust granted by Lender to any successor in interest of
<br />Bostowtr shalLnQt opet'au,to release, in any manner, the liability of the angina! Borrower and Bt>rrowtr's successor in
<br />itttetta~ Lender shsil not be ttquietd to #ommemx proceedings against such successor or retest to extend time for pay-
<br />tntnt £it' otiterwiae_modify amortisation of the sums seeurtd by this Deed of Trust by mason of env demand made by the
<br />otigitnai. err and 8etrawer's stteccsaor in tautest. Any ftxbtaranct by Lender to rxercising any right eer remedy
<br />fir: cx otI#er.tise a#iortftti by applesable la+v, €hali not be a watvtr of or preclude the exercise it 3nv such right or
<br />termedy.
<br />il. S#tleta4f4as rti#d Attitips Be#ndt latirt and 5evtirai LIa6i0ittt Co-signrrs. Ihr ~•cevenants attcl ;#t;re~eutents
<br />t#er+rin #~rntrsi#~ti strati `mats, ores tits rights. htreunder shall inure ta. tttt rrsptcttve successors and asaigns nt Lender Gird
<br />Botn•r'crar, subltc't to the provisions of paratraph tb itertnt. Ali r,:vt^nattts acrd agreemrnts ,.t Llurr,.?wrr sh;tif ix atnnt and
<br />ctv~trsi, Att±~ Btirrnw,rr who c-o-s#g##s this f?tttt cri T~fius#. 4+u# tt~~ts tx,t :~srru:r t trc t~<ue. tx++.s .,t•ytgnrng thn l3erd of Rust
<br />tmlx to ~~x# and ccmvrr tt#a# Borrover-`a interest to it#r Pmpct?< :,, L; ta~,trr i+nc#et the e~ rues .ei shn t.krrd „# bust. the is
<br />
|