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<br />83-o01'7Ui
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<br />UNIFORM CoVENANTS. Borrower and Lender covenant and agree as follows:
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<br />1. P.ymen. 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 eharges as provided in the Note. and the principal of and interest
<br />on any Future Advances secured by this Deed of T fllSt.
<br />:Z. F...... f.... To.. ..... I,,"""'D"', Subject to applicahle law or to a written waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly installments of principal and interest are payable under the Note. until the Note is paid in full.
<br />a sum (tJerein "Funds") equal to 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~twetfth 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 or accounts of which are insured or guaranteed by a Federal or
<br />state agency (including Lender if Lender is such an institution). Lender s~all apply the .Funds to pay said ta~es. as.sessmcnts,
<br />insurance premiums and ground rents. Lender may not charge for so holdmg and applymg thc Funds, analyzing said account
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower intcrest on the Funds and applicable law
<br />permits Lender to make such a charge, Borrower and Lender may agree in writing at the ~imc of executi,-?n 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 Interest or earnin~s on the Funds. Lender
<br />shall give to Borrower, without charge, an annual accounting of the Funds show 109 credits and dehlts to the Funds and thc
<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 excess shall be. at Borrower's option, either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds_ If the amollnt 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 Property" sold or the Property IS otherwISe acquired by Lender, Lender
<br />shall apply. no later than immediately prior to the sale of (he Property or its acquisition by Lender. any Funds held by
<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 law provides otherwise. all payments received by lender under the
<br />Note and paragraphs I and 2 hereof shall be applied hy Lender 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 Notc. and then to interest and
<br />principal on any Future Advances.
<br />4. ChKges; [.lens. Borrower shall pay all ta~cs, assessments and other charges, fines and impositions ~lt1ributablc [0
<br />the Property which may altain a priority over this Deed of Trust. and leasehnld 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 Lender all notices of amounts due under this paragraph, and in the
<br />event Borrower shall make payment directly. Borrower shall promptly furmsh 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 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 contest such lien by. or defend enforcement of such lien in,
<br />legal proceedings which operate to prevent the enforcement of the lien or forfeiture of Ihe PrQperty or any pari thereof.
<br />s. Hazard losul'8D<<. Borrower shaH keep the improvements now eXisting or hereafter erected on the Property insured
<br />against loss by fire" hazards included within the tcrm "extended coverage", and such other hazards as .Lendcr may require
<br />and in such amounts and for such periods as Lender may require: provided. that Lemler shall not require that the amount of
<br />such 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 be chosen by Borrower subject to approval by Lcnder: 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 Qr. 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 10 form acceptable to Lender and shall include a standard mortgage
<br />clause in favor of and in fonn acceptable to Lender, Lender shall have the right to hold Ihe policies 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 shall give prompt notice to the insurance carrier and Lender. lenuer may make proof of loss if not made promptly
<br />by Borrower,
<br />Unless Lender and Borrower otherwise agree in writ mg. msurance proceeds shall be applied to restoration or repair of
<br />the Property damaged, provided such resrorationor 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 {rom the
<br />date notice is mailed by Lender to Borrower that the IIlsurance carrier otTers to sClIle .1 claim for insurance benefits. Lender
<br />is authorized to coUect 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 writing, .1OY such application of proceeds to principal shall not extend
<br />or postpone the due date Qf the monthly inslallments referred 10 in paragraphs I and 2 hereof or change the amount of
<br />such installments, If under paragraph I ~ hereof the ProperlY IS acquired by Lender, all right, title and inlerest of Borrower
<br />in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
<br />or acquisiliQn shall pass to Lender to the exlent of the sums secured by this Deed of Trust immediately prior to sueh sale or
<br />acquisition.
<br />6. Preservation and MaIntenance of Property; Le_holds; Condominiums; Planned Unit Developments. Borrower
<br />shalt keep the Property in good repair and shall not comnll( \\aslc t)f permll impairmcnt or deterioration of the Property
<br />and shaH 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 a
<br />condominium or a planned unit development. Borrower shall petform all of BOI rower's obligations under the declaration
<br />or covenants creating or governing the condominium or planned unit development, the by-laws nnd regulations of the
<br />condominium or planned unit development~ and constituent documents. If a condominium or planned unit development
<br />rider is executed by Borrower and recorded together with this Deed of Trust, the covenants and agreements of such rider
<br />shall be incorporated into and shall amend and supplement the covenants ami agreements of this Deed of Tru~t as if the rider
<br />were a pari hereof.
<br />7. Protedioa of LeDde~s ~uri'y. If Borrower fails to perform the covenants and agreements contained in Ihis
<br />Deed of Trust. or if any action or proceeding is commenct."ii which materially affects Lender's interest in the Property.
<br />including, but not limited to, eminent domain, insol\:cncy, code enforcement. or arrangements or proceedings involving a
<br />bankrupt or decedent. then Lender at Lender's option, upon notice 10 Borrower, may make such appearances, dishuro;,c such
<br />sums and take such action as is necessary to protect lender's interest. induding. hut not limited to. di~burselllcnt 01
<br />reasonable attorney's fees and entry upon the ProperlY to make rcpairs_ If Lender required mortgage insurance a, a
<br />condition of making the loan secured by this Deed of Trust. Borrower shall pay the premiums required to maintalO \lh.:h
<br />insurance in etfecl until such time as the requirement for such insurance terminates in accordance with Borrower's and
<br />leDder's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance prclHium~ III the
<br />manner provided under paragraph 2 hereof, , .
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with intereM lhereon, shall hecome additional
<br />indebtedness of Borrower secured hy this. Deed of Trust. Unles~ Borrower and Lender agree to other terms of p;lyment, ~llch
<br />amount$ shall be payable upon notice from l.ender to Borrower reque~tlOg payment thereof. and shall he.lr interest from the
<br />date of disbunement at the rate payahle f.rom time to time on outstanding principal under the Note unless payment of interest
<br />at su~h_ rate would be. contrary to ap~hcable I~w. i~ which event sllch amounts, shall hear interest at the highest I'ate
<br />po:rnu~btc under applicable law. Nothing contamed In Ihls paragraph 7 shall require Lender to incur a.ny expense or take
<br />any &ctlOll hereunder,
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<br />II. laspedioa~ Lender may mue \.1t (au,\e to be made reasonable cntnes upon .and m'i.pectl(lJll\ of 1he Property, phlviJcd
<br />that lendet lhaU ,Nt: Borrower nohc~ pnur 10 any such in:\ipeCIIOIl !tpeciJ'ying reasonable C,Jusc therefor relatt"d In I t,'nJcr"\
<br />mlenltlt In the Prollettv,
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