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<br />83-() 01 J ,'. .:
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<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />,1. Payment 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 late charges as provided in the Note, and rhe principal of and interest
<br />on any Future Advances secured by this Deed of Trust.
<br />2. Funds for Taxes and Inmnmce. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />ro Lender on the day monthly installments of principal and inlerest are payable under the Note, until the Note is paid in full,
<br />a sum (herein "FundsH) equal to oneMtweJfth 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. jf 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 or account." 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 not charge for so holding and appJying 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 w Borrower, and unless slIch 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 to the Funds and the
<br />purpose for which each debit to the Funds was madc. The Funds are pledged as additional security for the sums secured
<br />by this Deed of Trust,
<br />If the amount of the Funds held by Lender, togethcr with the f ulUre monthly installments of Funds payable prior to
<br />the due dates of taxes. assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
<br />assessments, insurance premiums and ground rcnts as they f..Il due. such excess shall be. at Borrower's option, either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />held by Lender shall not be sufficient 10 pay taxes. assessments. insurance premiums and ground rents as they fall due.
<br />Borrower shall pay 10 Lender any amount neces.sary to make up the deficiency within 30 days from the date notice is mailed
<br />by Lende, to Borrower requesting payment thereof.
<br />Upon payment in full of all sums secured by this Deed oi Trust. I.ender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph 18 hereof Ihe Property is sold or the Property is otherwise acquired by Lender. Lender
<br />shall apply. no later than immedIately prior to the sale of the Property or its acquiSItion by Lender. any Funds held by
<br />Lender at the time of application as a credit agaiosl the sums secured by this Deed of Trust.
<br />3. Application of Payments. Unless applicable Jaw provides otherwise. al1 payments received by Lender under the
<br />Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof. then to intere'llt payable on the Note, then 10 the principal of the Note. and then to interest and
<br />principal on any Future Advances.
<br />4. Cbarxes:; Liens. Borrower shall pay all taxes. assessments and mher charges. fines and impositions attributable to
<br />the Property which may allain a p,iority ove, 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 thereof. Borrower shall promptly furnish t(> Lender all nottces of amounts due under this paragraph, and in the
<br />event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has priority over this Deed of Trust: provided, that Borrower shall not be
<br />required to discharge any such lien so long as Borrower shall agree in writing 10 the payment of the obligation secured by
<br />such lien in a manner acceptable to Lender. or shall in good faith contest stich lien hy. or defend enforcement of Stich lien in.
<br />legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br />S. H.zard IDSU.I'aIIC'e. Borrower shall keep the improvements now eXisting or hereafter erected on the Property insured
<br />against loss by fire. hazards included within the teml "extended covemgc". and such other hazards as Lender may require
<br />and in such amounts and for such periods as Lender ma~' require: proVIded. that Lender shall not require that the amount of
<br />I\uch coverage exceed that amount of coverage required to pay the sums secured by this Deed of Trust.
<br />The insurance carrier providing the insurance shaH be chosen ~y Borrower subject to approval by lender: provided.
<br />that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br />provided under paragraph 2 hereof or, if not paid in such manner, by Borrower maleing payment, when due, directly to the
<br />insurance canier.
<br />All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br />clame in favor of and in form acceptable to Lender. Lender shall have rhe right to hold the polieies and renewals thereof,
<br />and Borrower shall promptly furnish to Lender all renewal notices .and all receipts of paid premiums. In the event of loss.
<br />Borrower shaH give prompt notice to the fOsurance I.:arrier and lender. Lender may make proof of loss if not made promptly
<br />by Borrower,
<br />Unless Lender and Borrower otherwise agree in wr1[ing. Insurance proceeds shall be applied to restoration or repair of
<br />the Propeny damaged. provided such restoration or repair is economically feasible and the security of this Deed of Trust is
<br />not thereby impaired. If such restoration or repair is not economically feasible or If the security of this Deed of Trust would
<br />be impaired, the insurance proceeds shall be applied to the sums secured by this Deed of Trust. with the excess, if any, paid
<br />to Borrower, If the Property is abandoned by Borrower, or if Borrower fails to 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 c'OlIect and apply the insurance proceeds at Lende,'s option either to restoration or repair of the Property
<br />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
<br />or postpone tbe due dale of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
<br />such installments. If under paragraph I H hereof the Property is acquired by Lender, all right, title and interest of Borrower
<br />in and to any insurance policies and in and to the proceeds thereof resulting from damage 10 the Property prior to the sale
<br />or acquisition shall pass to Lender to the extent of the sums secured by this Deed of Trust immediately prior to such sale or
<br />acquisition.
<br />Ii. Pr.ervalioJl lIIltI MalatenalKc of Propet1y; Le_holds; Condominiums; Planued Unit Developments. Borrower
<br />shall keep the Property In good repair and shalf not comnut \\'aslc IJr perm't impairment or deterioration of the Property
<br />and shall comply with the provisions of any lease if this Deed of TrusI is on a leasehold, If this Deed of T,ust is on a unit in a
<br />condominium or a planned unit de\'elopment, Borrower shall peJiorm all of Borrower's obligations under the declaration
<br />or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the
<br />coudominium or planned unit development, and constituent documents, If a condominium 0' planned unit development
<br />nder IS executed by Borrower and recorded togetber with this Deed of Trust, the covenants and agreements of such rider
<br />shall be incorporated into and shalf amend and supplement the covenants and ..greements of this Deed of Trust as if the rider
<br />were a part hereof,
<br />7. ~ of I~. Seenrity, If Borrower fails to perform tbe covenants and agreements contained in this
<br />Deed of Trust. or if any action or proceeding is commenced which materially affects Lenders interest in the Property,
<br />inc.ludin& but:. not limited to., eminent domain, insoh'ency. code ent'Qrcellltcnt~ or arrangements or proceedings involving Ii
<br />bankrupt or decedent, then Lender at Lenders option, upon notice to Borrower, may malee such appearances, disburse such
<br />$Urns and talee such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of
<br />~bIe attorney'. fees and entry upon tbe Property ro make repairs. If Lender required mortgage insurance as a
<br />ct>nd.lton of making'he loan secured by this Deed of Trust, Borrower shall pay the premiums required to maintain such
<br />insurance .in effect until such time oM the requirement for such in!urance terminates in accordance with Borrower's and
<br />~'. written..- or applicable law, Borrower .hall pay the amount of all mortgage insu'an~ premiums in the
<br />manner provided under parqraph 2 heRof,
<br />. 1U1y. amounts disbuBed by Lenlkr. pursuant to this paragraph 7, with interest thereon, shall hecome addition..1
<br />indcbtcd_ of IIorrowcr secured by this Deed of Trust, Unless Borrower and Lender agree to <1lher terms of payment, such
<br />_ts shall he payable upon notice from Lende, to Borr<>wer 'equesting payment thereof. and shall hear interest from the
<br />... of ~l.at the rate. payable from Umc tl) time on outstandinl principal under the N<1le unless payment of interest
<br />at ~I:I. rate WOOW be. <:oJ\tnIry to llpplicabJe law, in whtch event such amounts shall bear IIlterest at the highest rate
<br />~ under appliQbJe law, NOIhinJ contalOed in this paragraph 7 shall require Lender to Incur any expense or take
<br />8IlY_~,
<br />.. ~.l..orJdermay ~ 0'."'_ tu be made reaoonable emn", upon and ,"'pections of the Property, pmvidcd
<br />t~ t~..jIVe Borr"""" .lO<..... ptwr to 'my .u<:h t"'pe<:t.on .pe<:.IYlOg ,,,,,.onable c._ tbereior relaled to I,<,nd.(,
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