|
<br />-,
<br />~3~--i) t- U b ~~ ~~-~
<br />UMFORM Covexetvrs. Borrower and Lender covenant and agree as follows:
<br />1. Pa~aaeM of Principal and latet'est. Borrower shall promptly pay when due the principal of and interest nn the
<br />indebtedness evidenced by the Note, prepayment and Tate charges as provided in the Note, and the principal of and interest
<br />on anyy Future Advances secured by this Deed of Trust.
<br />2. FttsBa for Tara and Insaratoce. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to Lender nn the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full.
<br />a aum (herein "Funds") equal [o one-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 Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shall be held in an institution the deposits ar accounts of which are insured or guaranteed by a Federal or
<br />state 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 no[ 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 [he Funds and applicable ]aw
<br />permits !.ender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
<br />Deed of Trust [hat 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 required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits [o 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 Deed of Trust.
<br />[f the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
<br />the due dates of faxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
<br />promptly repaid [o Borrower or credited to Burrower nn monthly installments of 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 within 30 days from the date notice is mailed
<br />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
<br />held by Lender If under paragraph 18 hereof the Properly is sold or the Property is otherwise acquired by Lender. Lender
<br />shall apply, no later than immediately prior k7 the sale of the Property or its acyuismon by Lender, any Funds held by
<br />Lender a[ the time of application as a credit against the sums secured by [his Deed of Trust.
<br />3. Application of Payments. Unless applicable law provides otherwise, all payments receive) by Lender under the
<br />Note and paragraphs 1 and 2 hereof shall he applied by Lender first in payment of amounts payable to Leader by Borrower
<br />under paragraph 2 hereof, then [o interest payable on the Note, then ro the principal of the Note, and then to interest and
<br />principal on any Future Advances.
<br />4. Charles; [.tells. Borrower shall pay all taxes. assessments and other charges, fines and impositions attributable to
<br />the Property which may attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any, in the
<br />manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly
<br />to the payee [hereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the
<br />event Borrower shall make payment directly, Borrower shall promptly turmsh to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any tien which has priority over this Deed of Trust: provided, that Borrower shall not he
<br />required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
<br />such lien in a manner acceptable to Lender, or shall in good faith comest such hen by, ar defend enforcement of such lien m.
<br />legal proceedings which operate to prevent the enforcement of the hen or forfeiture of the Properly or any part thereof.
<br />5. Heard Insaraatt. Borrower shall keep the improvements now existing or hereafter erected nn the Property insured
<br />against loss by fire, hazards included within the term "extended coverage", and such other hazards as !.ender may require
<br />and in such amounts and for such periods as Lender may require: provrded, the[ Lender shall not regwre that the amount of
<br />such coverage exceed that amount of coverage rcyuired to pay 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: provide).
<br />that such approval shall not be unreasonably withheld. All premiums on insurance policies shall he paid in the manner
<br />provided tinder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the:
<br />insurance carrier.
<br />All insurance policies and renewals thereof shall be in form acceptable to !.ender and shall include a standard mortgage
<br />clattse in favor of and in form acceptable to Lender. !.ender shall have the nght to holJ the policies and renewals thereof.
<br />and Borrower shall prompty furnish to Lender all renewal nutieax and all receipts of paid premwms. In the event of loss.
<br />Borrower shall give prompt notice to the insurance earner and Lender. Lender may make proof of loss if not made prompt!}'
<br />by Borroww.
<br />Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of
<br />the Property damaged, provided such restoration or repair is economically feasible and the security of this DeeJ of Trust is
<br />not thereby impaired. If such restoration or repair is not economically feasible ar d the security of this Geed of "trust would
<br />be impaired, the insurance proceeds shall be applied to the sums secured by this lleed of !'nest, with the excess, if any, pail
<br />to Borrower. If [he Property is abandoned 6y Burrower, or if Borrower fails u> respond to Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
<br />is authorized to collect and apply the insurance proceeds at Lender's option enher to restoration or repair of the Property
<br />or to the sums secured 6y this Deed of Tnrst.
<br />Unless Lender and Borrower otherwise agree in writing, any such apphcauon of proceeds to principal shall not extend
<br />ar postpone the due date of the monthly installments referred to m paragraphs I and Z hereol or change the amount of
<br />such installments. If under paragraph I8 hereof the Properh is acquired by lender, :JI nght, title and interest of Borrower
<br />in and to any insurance policies and m and to the pnxecds thereof resulting from Damage to the Property prior to the sale
<br />or acquisition shall pass to Lender to the extent al the sums secured by this Deed of Trust immediately poor to such sale or
<br />acquisition.
<br />6. Prtservatioa and Mtdatettaece of Property; Leaseholds; Condominiums; Planned Unil Developments. Borrower
<br />shell keep the Property in gcx?J repair anJ shall nut comma waste ur pcrmn nnp:urmcnt or detcriorauun of the Properly
<br />and shall comply with the provisions of any lease if this Deed of Trust is on a leasehold. ff this Deed of Trust is on a unit in a
<br />condominium or a planned unit development, Borrower shall preform all of Borrowers obligations under the declaration
<br />or covenants creating or governing the condominium or planned unn development, the by-laws and regulations of the
<br />condominium or planned unit development, and constituent documents. If a rnndominfum or planned amt development
<br />rider is executed by Borrower and recorded together wnh this Deed of Trust, the covenants and agreements of such rider
<br />shall he incorpota[ed into and shall amend and supplement the covenants anD agreements of this Dced of 't'rust :rs if the rider
<br />were a part hereof.
<br />7. ProleeOoa of [.endet's Seearity. If Borrower fads to perform the covenants and agreements contained in d?is
<br />Deal of Trust, or if any action or proceeding is commenced which matenally affects Lender's interest in the Property.
<br />ineitrding, but not limited to, eminent domain, insolvency, code enforcement, ar arrangements ar proceedings rmz?hing :i
<br />bankrupt or decedent, then Lettder at Lender's option, upvn notice to Burrower, may make such appearances, Disburse such
<br />sums and take such action as is necessary to protect Lender's interest. including, but not limited to, dishunement of
<br />reasonabk attorttey's fees and eMry• upon the Property to make repairs. If !.ender rcyuired mortgage insurance as a
<br />condition of making the loan secured by this Deed of Trust, Borrower shall pa}' the premiums reyuireJ to m:rintam >uch
<br />insurance in effort un•ii such limo as the requirement for such insurance terminates in accordance wnh Borrower's anD
<br />Lender's written agreement or applicable law. Harrower shall pay the amount of all mortgage insurance premiums m the
<br />manner provided under paragraph 2 hereof.
<br />Any atttwrn[s disbursal by Lender pursuam to this paragraph 7. wuh interest thereon, shall heroine addnionai
<br />indebtedttm of Borrower strttred by this teed of Trust. Unless Borrower anJ I.endrr agree to other terms of payment, such
<br />amwsnts shall be payable upon rtadce tram Lentkr to Harrower reyuesting payment thereat, and shall t?rar interest tram the
<br />date of dkburttttnent at the rate payable from time to time on outstanding principal tinder the Not< unless payment of interest
<br />at such rate wau-d be eanfrary to applicable law, in which event 'such amounts shall bear imrrest at the highest ruts
<br />permmaiblo under applicable law, Nothing captained in this paragraph 7 shall require I.rnder to incur any expense or take
<br />any action hereunder.
<br />!l. laapeetiat. (xnder may make ar caerse to k?e made rcasuiiablc rmnes upon anJ insnrctu?ns of the Pn?pert Y. pri~siJt•J
<br />that l.erttkr Shall give Harrower notice poor to any sttrlr inspection specifying reasonabM pause thcrctor rclattvi ro t ender.
<br />ititereat m the Ptaoerty.
<br />
|