|
<br />83-1) 0 1 '"1 ":1 ~"
<br />I I ...",
<br />
<br />UNlPOIlM CovENANTS. Borrower and Lender covenant and agree as follows:
<br />1. ~nt of Prindplll ..... Intel1!St. Borrower shall promptly pa'y w~en due the principal o,f and inlerest ,on Ihe
<br />indebtedness evidenced by the Note, prepayment and late charges as provided III the Note, and Ihe pnnclpal of and Interesl
<br />on any Future Advances secured by this Deed of Trust.
<br />2. ........ fur T_ ... I......,. Subject to applicahle law or to a written waiver by Lender, Borrower shall pay
<br />10 Lender on the day monthly installments of principal and inlerest are payable under Ihe Note, until the Note is paid in full,
<br />a sum (herein "Funds") equal to one-Iwelfth 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 installmenls 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 are insured or guaranteed by a Federal or
<br />state agelJCy (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said tases, assessmcnts,
<br />insurance premiums and ground rents, Lender may not charge for so holding and applying thc Funds, analyzing said account
<br />or verifying and compiling said assessments and hills, 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 such agreemenl is made or applicable law
<br />requires such interest to be paid, lender shall not be required to pay Borrower any interesl or carnings on the Funds, Lcnder
<br />shall give to Borrower. without charge. an annual accounting of the Funds. showing credits and debits to the Funds and the
<br />POIJlOSl' 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 duc 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 10 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 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 J 8 hereof the Property is sold or thc Property is otherwise acquired by Lendcr, Lender
<br />shall apply, no later than immediately prior to Ihe sale of the Property or its acquisition by Lender, any Funds held by
<br />Lender at tbe time of application as a credit against the sums secured by this Deed of Trust.
<br />3. AppIkadon of Paymenls. Unless applicable law provides otherwise, all 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 Lcnder by Borrower
<br />under paragraph 2 hereof, then to interest payable on the Note, Ihen 10 the principal of the Note, and then to interest and
<br />principal on any Future Advances,
<br />4.. Charps; Liens.. Borrower shall pay all taxes. assessments and other charges. fines and impositions auributable to
<br />tbe Property which may attain a priority over this Deed of Trust, and leasehold payments or ground rents, jf 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 Lendcr all nolices of amount.s 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 Borrowcr shall not he
<br />required to discharge any such lien so long as Borrower shall agree in writing to thc paymenl of the obligation sccured by
<br />such lien in a manner acceptable to Lender. or shall in good faith contest Stich lien by, or defend enforcement of such lien in.
<br />legal proceedings which operate to prevent the enforcement of the lien or forfeiturc of thc Properly or any part thercof.
<br />5. Hazard Iasu~~ Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />against loss by fire, hazards included within' the lerm "extended coverage", and such other hazards as Lcndcr may require
<br />and in such amounts and for such ~.rjod.c;;, as Lender may require; provided. that Lender shall not require that the amount of
<br />such coverage exceed that amount of coverage required to pay the sums secured by this Ueed of Tmsl.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender: providetl.
<br />that such approval shall not be unreasonably withheld, All premiums on insurance policies shall he paid in the manner
<br />provided under paragraph 2 bereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br />insurance carrier,
<br />All insurance policies and renewals Ihereof 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 Ihe right to hold the policies and renewals thereof,
<br />and Borrower sball promptly furnisb to Lender all renewal notices and all receipls of paid premiums, In 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 writing. insurance proceeds shall be applied to restoration or repair of
<br />the Property damaged, provided such resloration or repair is economically feasible and the securily of Ihis 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, tbe insurance proceeds shall be applied to the sums secured hy Ihis Decd of Trust, with Ihe excess, if any, paid
<br />to Borrower. If tbe Property is abandoned by Borrower, or if Borrower fails 10 respond lu Lender within 30 days from 'hc
<br />date notice is mailed by lender to Borrower that the insurance carrier otTers to settle a claim for insurance benefits, Lender
<br />is authorized to collect and apply the insurance proceeds at Lender's oplion eilher to resloration or repair of the Property
<br />or to the sums secured by this Deed of Trust,
<br />Unless Lender and Borrower olherwise agree in writing, any such application of proceeds to principal shall not cxtend
<br />or postpone the due date of tbe monthly installments referred to in paragraphs I and 2 hereof or change Ihe amount of
<br />such installments, If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower
<br />in and to any ;nsurance policies and in and to the proceeds thereof resulting from damage to Ihe Property prior to the salc
<br />or acquisition shall pass to Lender to the eXlent of the sums secured by this Deed of Trust immediately prior to such sale or
<br />acquisition,
<br />6. Preservation and Malnte_ of Property; Leaseloolds; Condominiums; Planned Unit Developmenls. Borrower
<br />shall keep the Property in good repair and shall nol commit waste t,)r pcrnul impOlirmcnl or deterioration of the Property
<br />and shall comply with the provisions of any lease if this Deed of Trust is on a leasehold, If Ihis Deed of Trust is on a unit in a
<br />condominium or a planned unit development. Borrower shall pecform 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 />~n~iniurn or planned unit development. and constituent documents. If a condominium or planned unit development
<br />nder 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 .nd supplement tbe covcnanls and agreements of this Decd 01 Tru,t as if Ihe rider
<br />were a part hereof,
<br />7~ Protection of ~s Sec::uri'.l'~ If Borrower fails 10 perform the covenants and agreements contained in this
<br />~ ?f Trust. or ~f <;my action .or proceed~ng .is commenced which materially affects Lender's interest ion the Property.
<br />IOcludlOg. but not hmlted to. eminent domam, msolvency, code enforcement, or arrangements or proceedmgs involving a
<br />bankrupt or decedent. then Lender at Lender's option. upon nOlice to Borrower, may make such appearanccs. tlisbursc such
<br />sums and take such action as is necessary to protect Lender's interest. including. hut not limited to, disbursement 01
<br />reaso.n.able attorn~y's fees and entry upon.the Property to make repairs. If Lender required mortgage insur<tn~c as a
<br />conditIOn of ma!ung the loan secured by tb,s Deed of Trusl, Borrowcr shall pay thc premiums rcquired to mamt,"n weh.insurance in effect un~il such time as the requirement for such insurance
<br /> aerminates in accordance with Borrowcr'~ and
<br />Lender's written agreement or applicable law. Borrower shall pay the amount of "U mortgage insuram;c prcmiurn~ ill the
<br />manner provided under paragraph 2 hereof,
<br />Any amounts disbuned by Lender pursuant to this paragraph 7, wilh interest thercon, shall hccome additIOnal
<br />itl(lebtedness of Borrower secured by this Deed of Trust, Unless Borrower and Lender agree to olher lerms of payment, such
<br />amounts shall be payabk upon notice from Lender to Borrower requesting payment thereof, and shall hear inlcrest from the
<br />date of disbursement attbe rate payable from time to time on outstanding principal under the Note unlcss paymcnt of interest
<br />at SlI~h, rate would be, contrary 10 apl'lieable law, i~ which event sueh amounls shall hear intcrest at the highest rale
<br />penllIlISIb!e under applicable law, Nothing conlalned iR thIS paragraph 7 shall require Lender 10 incur any expense or take
<br />any action hereunder, .
<br />L I~ lender may m~ke or.c~use to be m~ re:as~nable el~trl~'o' upon "oJ inspections of Ihe Property. prpviJcd
<br />~bat Le~ shall &lve Borrower nOlu:::e pno( to any such inspection specifYing rcas,onable cause therefor related. !o I cndcr\
<br />tntemt IR the Prooertv.
<br />
|