|
<br />83-001~46
<br />
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. I'wyment of Principal and Interest. Borrower shaH 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 the principal of and interest
<br />on any Future Advance.~ secured by this Deed of TTtlst.
<br />2. F...... for Tnl!ll lUId 11ISlII1IIICe. Subject to applicahle law 0' to a written waiver by Lender, Borrower shall pay
<br />to Lender on t1ie,day monthly installments of principal and interest are payable under the Note. until the Notc is paid in full.
<br />a sum (herein' "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priorily over this
<br />Deed of Trust, and ground rents on the Property, if any. plus one-twelfth of yearly premium installments for ha~ard 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 ins.titution the deposits or accounts of which arc insured or guaranteed hy a Federal or
<br />state agency (including Lender if Lender is such an institution)_ Lender s~all apply the Funds. lO pay said taxes. assessments,
<br />insurance premiums and ground rents. Lender may not charge for so hold 109 and applying the Funds, analyzing sai.d account
<br />or verifying and compiling said assessments and bllls. unless Lender pays Borrower i'!tcrest on the Funds and applicable 13\\.
<br />permits Lender to make such a charge. BOfTower .and Lender may agree in wnting 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 required to pay Borrower any mlerest or earnings on the Funds. Lender
<br />shall give to Borrower. without charge. an annual accountmg of the Funds shOWing 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 Deed of Trust,
<br />If,the amount of the Funds held by Lender. together with the future 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 rents as they fall due, such cxccss shall be. at Borrower's option. either
<br />promptly repaid to Borrower or credited to Borrower on monthly installrncnl~ of Funds. If the amount ('If 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 !o 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 sh311 promplly rdund to Borrower any Funds
<br />held by Lender. If under paragraph 18 hereof Ihe Property is sold or the Property IS othcrwl'\c acquired by Lcnder. Lender
<br />shall apply. no later than immediately prior to the sale (,f the Property or its acquisition hy Lender. ~m)' Funds held hy
<br />Lender at the time of application as a credit against the sums secured by this Deed of Trust.
<br />3. Application of Payments.. Unless applicable I a \1,- provide" othcrn'lsc. all payments recei\'ed hy l.ender under the
<br />Note and paragraphs 1 and 2 hereof shall be applied hy I cnder first In paymcnl of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, then to interest payable on the Note. then to the prlnl.:lpal of ,he Note. and then to interest and
<br />principal on any Future Advances.
<br />4. Cbaq:es; (Mns. Borrower shall pay all taxes, a"sessmCnls and ()ther 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 thereof. Borrower shall promptly furnish to Lemler all notICes of amounts due under this paragruph, and in the
<br />event Borrower shall make payment directly. Borrowt.~r shall promptly furnish It, h::ndcr receipts evidencing sllch payments,
<br />Bo~wer shall promptly discharge any lien which has pnority over thiS D~cd of rrust; proVided. that B(,rn,,,,:er shall not ~
<br />reqUIred to discharge any such lien so long as. Borrower 'ihall agree m wrHIn!! tn the payment (If the nbhgauon secured by
<br />such hen in a manner acceptable to Lender. or shall III good faith COOlest slH:h hen hr. pr defend enforccment of sllch hcn 10.
<br />legal proceedings which operate to prevent the enforcement \11 !he hen or ft.'rf('iturt~ of the Property or any part thereof.
<br />5_ Hazanllosul'1mC'e_ Borrower shall keep rhe Improvements now c\l,ung or ht:rc~lltt'"r erected on the Propert)' insured
<br />against loss by fire. hazards included within the ferm "c"\lcndcJ (overage", ~,"J ....uch (,ther hazards as J cnder may require
<br />and in such amounts and for such pen ods as Lcnller may re4u1rc: pro\'lllcd. ,hat Lender shall not require that the amount llt
<br />such coverage exceed that amount of coverage reqUIred to pa\' (he sum... se~urcd hy Itus Deed ('It Trust.
<br />The insurance carrier providing the in'\urance shall he chn...en r.y Borrower suhic(.'t tn approval hy I cnder: provldcJ.
<br />that such approval shaH not be unreasonably withheld. All premium'i on Insurance policies shall he paid in the manner
<br />provided under paragraph 2 hereof Of, If not paid in such manner, by Horrower :llaking payment. when due, directly to the
<br />insurance carrier_
<br />All insurance policies and renewals thereof shali tx~ in form ;]..-t.:-cptabic h' Lender and shall Indudc a slandard mortgage
<br />clause in favor of and in form acceplahle to Lender. Lender :>l.hall have the nght to hold the policies and rencw3ls thereof.
<br />and Borrower shafl promptly furnish to Lender aU renewal Ilotices and ;J.U receJpls t.)f r~Hd premiums. In (he event of loss.
<br />Borrower shall give prompt notice to the msuram;:c t:arncr and Lemlcr. Lender ma~: make proof of loss It not made promptly
<br />by Borrower,
<br />Unles.'t Lender and Borrower otherWise agree in \\. rilmg, Insurance proceeds ,hall ~ applied to restoration or repair of
<br />the Property damaged. provided such restoration or repair l~ C~t..lnl'mh..-ally feasible and th~ security \'f thiS Deed ("If Trust I'
<br />nOl thereby impaired. If such restoratIon or repair is nt."'It c..:onomically feaSible t.lr If the s("clIrity of thi" Deed ('f Trllst would
<br />be impaired, the insurance proceeds shall be applied to the sum, st.'Curt.~ hy lhis. Deed (If rrust, wllh the e'\ccss. If any, r,ut.!
<br />to Borrower. If the Property is abandoned by Borrt.lwcr. t'f if at.lrHl"Cf I.lib to rc:o.p\)Od hl Lenuer \\-lthm 30 day.. from (he
<br />date notice is. mailed by Lender to Borrower that the Insurance \.'arncr oilers to settle :1 d~lim hlr IOsllfancc hcndlh, I.cnder
<br />is authorized to collect and apply the insuram.'e prt"-'t.-eds at l.ender's, (lptwn l'lthcr h.l reslorallon or repaIr llf the Property
<br />or to the sums sec.:ured by thiS Deed of Trust.
<br />Unless l.ender and Borrower otherwls.e agree 10 wrltin~. ,lilY ~llch appilCallon (ll pro~eeds w princq")JI ...hall nOl extend
<br />or J>O.Stpone the due uate of the monthly installments rderred h\ III paragraph, I and :!. he-reo I or \:'hangc the .lmount 01
<br />such Installments. If under paragraph 1:-: heref.lt Ihe Properh 1:>0 ,H.:qUIft.~ r.~ 1 ender. .ill rl~ht, title ,100 IIltert.'\t ot Borrower
<br />in and to any insurance policies and in and to the prtX:'eeU:!> tMrCf.lt r~ulllng Ih'm damage to the ProperlY prior tll the sale
<br />or acquisition shall pass to Lender to the t'.\tent of !he sums .:->ecured by thIS l"kI..'i.1 iJt husl HllOlcdlalclv pnt.lr to \uch s;lle or
<br />~u~t~. .
<br />6. P..-nalloa ami Malateftalla of Property: Leaseholds: ('ondominiums: Planned Unit IR..lupmenls, Borrowe!
<br />,hall keep Ihe Propert~' In ~,)(~ repatr and ,hall lli,)l (("lmmtl v.a;slc \)f pelllll! Imp.l.llllu:nl ()r t.kIClit)f;lli,'Il ~lt !tll~ Prnpcrt)
<br />and shall compl)' with the provisions t.)r ~tny lease if this [leeU ;.)f TruSl 15 on ~I h:J~chold. If thiS Deed (,f Trust j, nn a unl! in ,I
<br />condominium or a planned unit de\'eI0pmem. Borrower shall pecform all ot Horn~wcr's ohligalloils under the declaration
<br />or cove~a.nts creating or go~'erning the t:ondominium t.)r planned UOlt de\'e1('pmCm, the oy.laws ami regul.ation, o! the
<br />C~d(~.nllDlum or planned umt development, ,md constituent document\< If ~l ,,:ondominium Of rlannt.~ unH OCVclf.1plllCnf
<br />ruler IS executed by Borrower and recorded tORether wilh thiS Deed of I rllSI. the CoYcnanh. and ag.recmcnh uf \lIch rider
<br />shan be incorporated inlo and shaH amend and supplement the l.:t.wenanb and <.lgreements (\1' thi~ Det.'~ ':ll Trw..t ~t, If the rider
<br />\Vere a part bereof.
<br />7, PretectioD of [.e.~.5 Security. If Borrower faJls ft.) re.rform the covenants anJ a~recments omtamctl in thi\
<br />~ ~f Trust. or ~f ~ny acUon .or proceed~ng IS commenced whli:h mah:nally affech. Lender'~ Interest III the Property,
<br />mcluding. but not hmlted to, eminent domaIn, insol\'enc~. code entorcemenl, t.)r arrangements ur prt)cecding~ Inv('lnllf! a
<br />bankrupt or decedent. t~n Lender at Lender's option. upon notice h.\ Borrnwer, may male such appcar:.tnces, ...li~btlhl' ~th.'h
<br />sums and take such acUon as IS ne\."CSSary to pft.ltlXt Lender's Interest. Hldudmg, Put nOt IUTIneu h\. ~h~bur~el1lcnt i)!
<br />~n~ble aUor~y's fees and entry upon:he Property to make rt.'paI r!'O_ If Lender n:yuircu mortgilgc lfl\tlr.Uh.:e ;\\ a
<br />~ooditlon <:,f matmg t~e loan S~UTrd hy thiS Deed of Trust. Borrl..,w.:r shal! pay lhe prcnHums n:quin'd fo mamt:1J1l ~u.:h
<br />I1\$Ur&nce In effect until s.uch tune as the requirement for such IIlsurancc tennin:ltes 111 <ll.:cor-dance wllh H\lrri\Wl'r-~ :llld
<br />l....ender.s wriut'n agreement or applicable law. Borrower shall pOl! the anwunt 01 all ll1ort~agc lIl~ur;u,\,,~c pn:llliWH\ III the
<br />manner provided under pa....raph 2 hereof.
<br />. Any amounts disbursed by Lender pursuant to thi'S p<tragraph 7. with tntereM therc('". ..hall hc"l't'IHC ~Hhjllh..1!l;11
<br />lIldebtedness of Borrower secured ~y this Deed (.).f Tru~t. Cnle~' B(lff()WCr and I c-nt.lcr <lgrec to ~)thcr It'nu\ f.)t Jl~H'mef'll. \tl\.:h
<br />amount, ~n be payable upon nott.cc twm Lender t\, 8orro",~f rt'\.fut"llng p;iymcnl lherct.lf, "Ill! sh;tll IX~,-1l Il1tcft......1 !IPIIl Ihl'
<br />date of dilbunoment at the rate payahle from time hJ time lm out-.t,m,lmg pflnl'lp~tl under Ihe SPIC Ilnks~ pa\'ment of illterc~t
<br />at ~h. rate would he- contrary to applh.:able law, in whIch event I\IH.:h amount" ~haU hear t1Ht'fC\1 ,It .'he hi~hc"l flitc
<br />ptmll-.bIe under applicable la.w_ NOIhinl; <:of\laul('d in thl\ pa,agraph ., ..hall It-quin.' l.enJcr h' :n..;ur :iny c\~nse I)r tale
<br />any act"", herc\ll1dcr,
<br />.. I~ tender may make t..r \.'ilt~W to he made n"u~(1n..blc cn1rie<o upon ~Hld 1O~pt.-~lt(ln' ,'f (hf.~ Prnpt.'"rty. p!'~"\hit~\l
<br />that te.nder ,hall JI"\'C: Borrower Jl(J-"'(! pfltU to it"y :\Ut.:h IflSpeCt1(l1l ~pC'CttYJnIl! rea-".{'r't...dlk l.HP.t." th\,'rch,r rd:tttxf l~~ 1 uHkr "
<br />IfttO'" In tbe PfOPII1y_
<br />
<br />< \ ""
<br />
|