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<br />83-'1)0170;:;
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<br />UNIFORM CoVENANTS. Borrower and Lender covenant and agree as follows:
<br />I. hyment of Prlncl..... 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. F'1nIoh for T..... and IlII1II1Ince, 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 are payable under the Note. until the Note is paid in full.
<br />a sum (herein uFunds") 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-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 or accounts of which arc insured or guaranteed by a Federal or
<br />stale agency (including Lender if Lender is s.uch an institution). Lender shall apply the Funds to pay said ta~es, assessments.
<br />insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzmg sai.d 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 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 />shaJ1 give to Borrower, without charge, an annual accounting of the Funds showing credits and dehits 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 Ihis 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 f~.1I 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 shaH not be sufficient 10 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 Ihereof,
<br />Upon payment in full of all sums secured by this Dced of Trusl, Lender shall promplly refund to Borrower any Funds
<br />held by Lender, If under paragraph 18 hereof the Propeny is sold or thc Property IS otherwise acquired by Lender, Lender
<br />shall apply, no later than immediately prior to the sale of the Property or its acquisilion 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. Applicalion of P.ymenls. Unless applicable law provides otherwise, all payments received by Lender under the
<br />NOle and paragraphs I and 2 hereof shall he applied by I.ender first in payment of amounts payable to Lcnder 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. Challe5; Liens. Borrower shaH 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 slIch manner, by Borrower making payment. when due, directly
<br />to the payee thereof. Bo,rower 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 furnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has pnorily 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 to the payment of the obligation secured by
<br />such hen in a manner acceptable to Lender, or shaH in good faith COni est such lien by, 0r defend enforcement of slIch 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.. Haz:anI Insuruee-.. Borrower shalLkeep the improvements now existlOg or hereafter erected on the Property insured
<br />against loss by fire, hazards included within the term "extended coverage". and such other hazards as I.cnder may require
<br />and in such amounts and for such periods as Lender may require; provided. lhat Lender shall not require that the amount of
<br />such coverage exceed that amount of coverage required 10 pay the sums secured by thiS Deed of Tnlst.
<br />The insurance carrier providing the insurance sh~1I be chosen by 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 making payment, when due, directly to the
<br />insurance camer.
<br />All insurance policies and renewals lhereof shall be in form acceptable to Lender and shall include a standard mortgage
<br />clause 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 aU renewal notices and all receipts of paid premiums. In the event of loss.
<br />Borrower shall give prompt notice to the lnsurance carrier ami Lender. Lender may make proof of loss if not made promptly
<br />by Borrower,
<br />Unless Lender and Borrower otherwise agree in writtng. insurance proceeds shall be applied to resloration or repair of
<br />the Property damaged, provided such restoration or repair is economically feasiblc and the security of this Deed of Trust is
<br />not thereby impaired. If such restorauon or repair is not cconomically feasible or It the security of this Deed of Trust would
<br />be impaired. the insurance proceeds shall be applied to the sums secured by this Oeed of Trust, with the excess, if any, paid
<br />to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to rt..-spond to Lender within 30 days from the
<br />date notice is mailed by lender to Borrower that the IOsuranl."e carrier offers 10 settle a l..'laim for insurance benefits. Lender
<br />is authorized to collect and apply the insurance proceeds at Lender's option clther 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 pn.1CL~ds 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 omoun! of
<br />such installments, If under paragmph I H hereof the Property" acquired hy l.ender, all right, title and interest of Borrower
<br />in and to any insurance policies and in and 10 the. proceeds thereof resulting from ~amage to the Propertr prior to the sale
<br />or acquisition shall pass to Lender to the extent 01 the sums secured by this Deed ot Trust imme<hately prior to such sale or
<br />acquisition.
<br />6, Pre.e....1ion and Malatenanc:e of Property; Leaseholds; Condominiums; PI.nned Unit Oevelopment.. Borrower
<br />'\hall keep the Property in glX"ld repair <Jnd shall not .nmlOllt ....a.stc \lr ~'rnlll imp:.tirmclll \l.r t.kterioratillO of the Property
<br />and shall comply with the provisions of any lease if thiS Deed of Trust IS on a leasehold. If thl~ Deed of Trust is on a unit in a
<br />condominium or a planned unit development. Borrowcl shall peoorm all of Borr':Jwer"s obligations under the declaration
<br />or cove~a.nts creating or go~erning the condominium or planned Unit development, the ny-laws and rcgl.llations of the
<br />c~nd~mlnlum or planned UllIt development, and consutuenl. documents.: If a condominium or planned unit development
<br />nder IS executed by Borrower and recorded together with thiS Deed ot lrust, the covenants and agreements of such rider
<br />shall be incorporated into and shall amend and supplement the ,"o'Vcnanls and agreements of this Deed ot TrU!l.l as if the rider
<br />were a part hereof.
<br />7.. Protedioa of LeDcler~s Security. If Borrower falls to perform lhe covenants and agreements contained in thi~
<br />~ ?f Trust, or j.f ~ny action .or proceed~ng .is C\Hnrnen..:\..~ which rnatcnaUy alfeets Lender's illter~st in the Property,
<br />mcluding. but not hmlted to. emment domain, IIlsol\'cnc}'. code enforcement, or arrangements or proceedin~ Involving ~l
<br />bankrupt or decedent. then Lender at lender's option. upon notice to Borrower, may make such appearances. di~hur~c such
<br />s.ums and take such action as is necessary to protect Lender's mteresf. including. hut not limitt"d to, dishur~crncnt nl
<br />reasonable aUOTney's fees and entry upon the Property 10 make repairs_ If Lender rcyuircd mongagc insuranc.;c iI\ a
<br />condition of making the loan secured by this Deed of Trust. Borrower shall pay the prerniums required to lll~lIntalll ~\If.:h
<br />insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower'.. ;111(1
<br />Lender's wri~ten agreement or applicable taw. Borrower shaH pay the amount of all mortgage in~uram::c prclllium~ In tht.'
<br />manner prOVIded under paragraph 2 hereof.
<br />. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon. shall hcnHne .HJdillHl1ul
<br />mdebtedneu of Borrower secured by this Deed o[ T rw.L Unless Borrower ilOd Lender ugree W other lerms 01 paymenl. ..w..:h
<br />amoullts ;,hall be payable upon notice from Le~er to ,BoHuwer reque~ling ~a)'~nenl thereof, and shalllx'ar interest Ir.\lfTl tht'
<br />date of disbunement at the .rale payable- from tune to hme on outstanding pnnclpal under the NOIC unless payment of mterc!!.t
<br />at ~ tate would be. c()ntrary to ap~hcable I~w. in wh.J-Ch event ~lI~h amounls shall heal InlcrC'i1 at lhe highc'i.l rale
<br />pen:niuiblc under appbcable law. Nothmg con lamed to thIS paragraph 7 'Shall require Lender to incur an\' e\pense or take
<br />any a<:tion hereunder. .
<br />L I~~ Lender may m~e \}fyau-w to be made reasonable eflln~, upon anti m~l>edloll' \)1 tht:: P'ropcrt)'. I'fll\'IJcd
<br />t"'1 Lender thall live Borrower nota;(: pnof' to any such iOSpe'Clillll ~PCCt'YlOg rea~onitblc C3USC thereto! rcl..led hi I L'mJct ..
<br />inter...t III the Pruoertv.
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