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<br />83-001627
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<br />UNfFORM COVENANTS. Borrower and I.ender 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 the principal of and interest
<br />on any Future Advances secured by this Deed of Trust.
<br />2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender. Borrower shall pay
<br />to Lender on the day monthly installments of principal and interest arc payable under the Note, until the Note is paid in full.
<br />a sum (herein "Fund'i") equal to one-twelfth of the yearly taxes and assessments which may attain priority over this
<br />Deed of Tru.:;t, and ground rcnts on the Property, if any, pillS one-twelfth of yearly premium installments for hazard insurance.
<br />plus one-twelfth of yearly premium installments for mortgage insuram:e. 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 or accounts of which arc 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 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 stich agreement is made or applicable law
<br />requires stich 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 thc 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 e.xceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents as Ihey tall due, <;uch excess shall oe. 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 to pay taxe'\. assessments. insurance premiums and ground rents as they fall due.
<br />Borrower shall pay to Lender any amount necessary 10 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. I.ender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph 18 hereof the Property IS sold or lhe Property is otherwise acquired by Lender. lender
<br />shall apply. no later than immediately prior to the "ale of the Property or its acquisition by Lemler, any Funds held by
<br />Lender at the time of application as a credit against the sums secured hy this Deed of Trust.
<br />3. Application of Payments. Unless applicable law provides other,vise. all payments received by Lender under the
<br />Note and paragraphs I and 2 hereof shall he applied hy I.ender first in payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof. then to interest payable on the Note. then to the principal of the Note. and then to interest and
<br />principal on any Future Advances.
<br />4. Cha~es; Liens. Borrower shall pay all laxe... assessments ~lOd o[her 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 ill slIch manner, by Borrower making payment, when due. directly
<br />to the payee thereof. Borrower shall promptly furnIsh [0 Lender all notices 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 \.vhich has PTlority 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 \\Titing to the paymem of the obligation secured by
<br />such lien in a manner acceptable to Lender. or shall in good faith COOlest sllch lien by, or defend enforcement of such lien in.
<br />legal proceedings which operate to prevent the enforcement [If the lien or forfeiture of the Property or any part thereof.
<br />5. Hazard Insurance. Borrower :o;halL keep the improvements nov," eXlslIng or hereafter erected on the Property insured
<br />agains[ loss by fire. hazards included within the term "extended coverage". and such other hazards as Lender may require
<br />and in such amounts and for such peflods as Lcnder may require; provided. that Lender s.hall not require that the amount of
<br />~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 shall he cho<;.cn hy Horrower subject to approval by Lender: provided.
<br />that such approval shall not he unreasonably withheld. All premiums on insurance policies shaH be paid in the manner
<br />provided under paragraph 2 hereof or, if not paid in such manner, hy Borrower making payment. when due, directly to the
<br />Insurance carrier.
<br />All insurance policies and renewals thereot shaH be in torm acceptable 10 Lender and shall include a standard mortgage
<br />dause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof.
<br />and Borrower shall promptly furnish to Lender all renewal notices and all recclpts of paid premiums. ]n the event of loss,
<br />Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br />by Borrower,
<br />Unless Lender and Borrower otherwise agree in writlllg, Insurance proceeds shall be applied to restoration or repair of
<br />the Property damaged. provided such restoration or repair I' economically feasible and the securiry of this Deed of Trust is
<br />nO[ thereby Impaired. If such restoration or repair 1<; 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, (lr if Borrower fails 10 respond to Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the lfisurancc carTier otfers to settle a claim for insurance benefits. Lender
<br />is authorized to collect and apply the insurance proceeds at Lender'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 writlllg, any such apphcat10n of proceeds to principal shall not extend
<br />or postpone the due date of the monthly installments referred to in paragraphs I and .2 hereof or change the amount of
<br />such installments. If under paragraph I N hereof the Property I~ aC~U1red hy l.~cnder, all right. title and interest of Borrower
<br />In and to any insurance policies and in and to the proceeds thereul resulting 1rom damage to the Property prior to the sale
<br />or ac.q!l!sition shall pass to Lender fO the extent of the sums ~ecured by this Deed of Trust immediately prior to such sale or
<br />acqUiSitIon.
<br />6. Preservation and Maintenance of Property; Leaseholcb, Condominiums; Planned Unit Developments. Borrower
<br />,hall keep the ProperlY 10 good repair and shall not l:\JmnW \\ a:..tt: l)r pcrmtl impamnent or deterioration of 1he Property
<br />and shall comply with the provisions of any lease if this Deed of Trust is on a leasehold. If this Deed of Trust is on a unit in .1
<br />condominium or ~l planned unit development, Borrower shall pedorm all of Borrower's obligallons under the declaration
<br />or covenants creating or governing [he condominium (lr planned llnll development, the by-laws ;:lnd regulations. \If the
<br />c~:)Odominium or planned unit development. and constituent documents. If a l:lJndominium or planned unit development
<br />nder is ~xecuted by Borrower and recorded together with this Deed of Trust. the covenants and agreements of such nder
<br />shall be Incorporated into and shall amend and supplement the l:ovenanb and agreements of this Dced 1..1f Trust as if the rider
<br />were a part hereof.
<br />7. Protection of l...eoder's S<<urit)'. If Borrower falls to perform the \.:ovenants ,!nd agreements ('ontained in thi<;
<br />~ed ~f Trust, or ~f ~ny action .or proceed!ng .is \.:ommenl.:cd whi(.;h matenally iJtfect:s Lenders interest in the Property.
<br />IOcludmg. but not limited to. emment domalll. lnsolvem.:y. ~ode enforcement, or alrangements or proceedings IIlvolving it
<br />bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make sllch appearan~es. dishurse ~uch
<br />sums and take such action as is necessary to protect Lender's inreres!. ,"eluding. hut not limited to. disbursement pf
<br />reasonable attorney's fees ano. entry upon the Property 10 make repairs If Lender re4uircd mortgage lnSur.Uli..'C as ~l
<br />condition of making the loan secured by this Deed of Trust, Borrower shall pay the premiums required to maintain such
<br />insurance in effect until such time as the requirement for such insurance termlOales in accordance with Borrower's and
<br />Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance prem,ums in the
<br />manner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7. wHh Interest thereon \ha!l nCCllme aJditwnHI
<br />indebtedness of Borrower secured by thlS Deed of Trust. Unles~ Borrower and l.ender agree w other terms ot p~tymelll. slld1
<br />amounts shall be payable upon notice from Lender to Borrower requesting payment lhereof. and shall bear mterest trom lht,
<br />date of disburse-ment at the rate payable f,rom time to tIme on outstanding prin\,':lpa} under the Note unless payment of interest
<br />at !Su~h. rate would be. contr~ry lo apphcable law. III whIch event <,Ilt,.'h amounts ..hall hear HHen:"io1 at lhe highest rate
<br />permtsl~ble UDder apphcable law. Nothing \.:(\Iltallled III thiS paragraph 7 "hall re\}Ulre Lender to IOcur any expenst." or fnke
<br />any ""1100 hereunder.
<br />8. I~ lender may ma,ke oryause 10 Ilt' made reas\milble cntfle~ upon ..nu '",rectHms u! th(' })rOpcr1}'. pr(wldt.>d
<br />that l.en.der -sh.U ,Ive 8orf()wer nutu:e pnor to <lny ~uch IOSpccllOll ~peClfYlng n::~h(.lnat'lle ...:~u..,.c therdof rda[t"d lfl I (.'ndt.'r....
<br />mterest in the ProDOf't\'.
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