|
<br />83-OU17Ui
<br />
<br />UNIFORM CoVENANTS. Borrower and Lender covenant and agree as follows:
<br />
<br />t.. hymen' of Principal and Interest. Borrower shall promptly pa.y w~en due the principal o.f ~nd interest .on the
<br />indebtedness evidenced by the Note, prepayment and late charges as provIded m the Note, and the pnnclpal of and mterest
<br />on any Future Advances secured by this Deed of Trust.
<br />%. FUIItIs for Taxes and IIISIII'lIDce. Subject to applicable law or to a written waiver by Lender, Borrower sball pay
<br />to Lender on the day monthly installments of principal and interest arc payable under the Note. until the Note is paid 10 full.
<br />a sum (herein "Funds") equal to olle-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 haz: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 institution the deposits or accounts of which are insured or guaranteed hy 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 intere.o:;t 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 slIch 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 shol,\'mg credits and de}-lits to the Funds and the
<br />purpose for wbieh each debit to the Funds was made. Tbe Funds are pledged as additional security for tbe sums secured
<br />by tbis Deed of Trust.
<br />IUhe amount of the Funds held by Lender, together with tbe future monthly installments of Funds payable prior to
<br />the due dales of taxes, assessments, insurance premiums and ground rents, shall exceed the amount r~quired to pay said taxes.
<br />assessments, insurance premiums and ground rents as they fall due. such exces,'\ shall be. at Borrower's option, either
<br />promptly repaid to Borrower or credited to Borrower on monthly ins~allments of Funds. If the amount of the Funds
<br />held by Lender shall not be sufficient to pay [axes, assessments. insurance premiums and ground rents as they fall due.
<br />Borrower shall pay to Lender any amount necessary iO 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 IS sold or the Property IS otherWIse acquired by Lender, Lender
<br />shall apply, no later tban immediately prior to the sale of the 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 1 and 2 hereof shall be applied by 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 Note. and then to interesf and
<br />principal on any Future Advances.
<br />4~ Charges; liens.. Borrower shall pay all taxes. assessments and Olher charges. fincs 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 Lender all notices of amounts duc 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 Borrower shall not hc
<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 COOlest slIch licn by, (lr defend enforcement of sllch lien in.
<br />legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br />5" Hazard InsuraDce. Borrower shaH keep the improvements now c.\istlllg or hereafter erected On the Property insured
<br />against Joss by fire.. hazards included within the term "cxtended .:ovcrage". anJ \tlI.:h other hazarus as Lender may require
<br />and in such amounts and for such periods as Lender may require; providcu. th~lt Lender 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 Tnlst.
<br />The insurance carrier providing the insurance .;;hall be chosen by Horrower sllbjc(:t to approval by I.cnder: provided.
<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 hereof or, if not paid in such manner, by Borrower making payment, wben due, directly to the
<br />insurance carrier.
<br />All insurance policies and renewals thereof shall be in form act,;cptablc 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 holLl the policies and renewals thereof.
<br />and Borrower shall promptly furnish to Lender all renewal notices and aU receipts of palJ premiums. In the event of loss.
<br />Borrower shall give prompt noti\.:e to the insurance carrier and Lender. Lemler may make proof of loss if nol made promptly
<br />by Borrower,
<br />Unless Lender and Borrower otherwise agree in writmg. insurance pn.1Cceds ,hall be applied to restoration or rcpalf of
<br />the Properly damaged, provided such restoration or repair is cconomh.:ally feasible and the security of this Deed of Trust i~
<br />not thereby impaired. If such restoration or repair is nOl economically feasible or If the security of thiS Deed of Trust would
<br />be impaired, the insurance proceeds shall be applietl to the sums secured by this Deed of Trust. with the c.\ccss. if any. paid
<br />to Borrower. If the Property is abandoned by Borrower. or if 8orrower fails to rcspllOd to Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the iI1suran~,:c carner olTers to scltlc a daim for insurance henefits. Lender
<br />is authorized to collect and apply the insurance prO\:ceds at Lender's option either to restoration or repair of the Property
<br />or to tbe sums secured by this Deed of Trust.
<br />Unless lender and Borrower otherwise agree in wflting. any ~uch application of pnJ(:ccds to principal shall not extend
<br />or postpone the due date of the monthly installments referred h,) in paragraphs I and 2 hereof or change the amount 01
<br />such installments. If under paragraph IS hereot the Properly IS. i\l.:4uircd by Lcnder. all right, title and interes.t of Borrower
<br />in and to any insurance policies and in and to the, prul.;ccds ther..:of rc~uhing t rom d~magc to (he Property prior to the sale
<br />or acquisition shall pass to Lender to the extent 01 the sums ~cl.:ured by thiS Deed of rrust HnmCdtalcly prior 10 such salc or
<br />acquisition.
<br />6" Preservation and Maintenance of Property; Leaseholds; {:ondominiums; Planned Unit I>evelopments. Borrower
<br />shall keep the Property in good repair and ~hall not (nnHlllt \\astc ~lr pl."rlllH impalrmcnt I,)r dctcritlration of the Propaty
<br />and shall comply with the provisions of any lease if this Deed of Trust is on a lea~ehold. If thi~ Deed of Trust is on a unit in a
<br />condominium or a planned unit development, Born..""lwer shall pcuorm all 01 Borrower"s ohligatlons under the declar~Hion
<br />or covenants creating or governing the condominium \Jr planned unit dcvclopment. the hy-Iaws and rcgulatioo1.... l,f the
<br />condominium or planned unit development, and constitucnt documcnb. If ~t (ondominium or planned lInlt dcvdopmclll
<br />rider is executed by Borrower and recorded logether with thiS Deed ~lf Trust. the co\'cr:anls and agrcement~ IJf such ridel
<br />shall be incorporated into and shall amend and supplemcnt the C\wcnanb anJ agreements of this Deed of Trust as if the rider
<br />were a part bereof.
<br />7. Protection of Lt:nder's Security. If Borrvwer falls to perform the co\'enants and agrccmenh ..:ontamed in this
<br />Deed of Trust, or if any action or proceeding is commenccd which materially atfects l.ender's intcrcst in Ihe Propcrt;.
<br />including, but not limited to, eminent domain. insolvency. code enforcement. or arrangcmcnt:-. or procccding~ irwol\'lllg a
<br />bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances. disburse such
<br />sums and take such action as is necessary to protect Lender's interest, including. hut not limited to, di~hursclllcnt llt
<br />reasonable attorney's fees and entry upon the Property to Illake repairs. If lender required mortgage insur.lllcC <I'" a
<br />condition of making the loan secured by this Deed of Trust, Borrower shall pay the premiums rcquir"l:d to miunt.li" 'lh.:h
<br />insurance in effect un!iI such time as the requirement for such insurant,,;e terminates in accordance with B()rrt)wcr\ ~llhl
<br />Lender's written agreement or applicable law. Borrower shall pal, the amount of ill! mortgage im.uranl.:c prl'llllllln~ in Ihe
<br />manner provided under paragraph 2 bereof. . -
<br />Any amounts disbursed by lender pursuant to this paragraph 7. with nHcrest IhcrctJO. ,...hall become ;lddIlHHl,d
<br />indebtedness of Borrower secured hy this Deed of Trust. Unless Borrower and Lender ;,lgrcc 10 other terms IJf p.n mcn!. :-.lll.:h
<br />amounts shall be payable upon notice frmn Lender 10 Borrower r~4ue~ling paymenl thcr~of. ;lnd shall he.lI interest tWill tlu...
<br />date of disbursemeut at tbe rate payable from time to time on outstanding principal under the N~)IC lInlcs~ payment nf intlTc~[
<br />al such rate would be contrary to applicable law, in whu,:h evenl stich amollnts ..hall hear lfltnl'st ..t the highc\t ratt.'
<br />pcrmiss!ble under app1icahle law. NOlhing contained in this paragraph 7 .shall require Lender to in,,:ur ;lilY ex.pense or take
<br />any aellon bereunder,
<br />
<br />8. Inspe('tion~ Lender may m~~c Of{'UUSC to be made rc~"~~~nablc I.,'ntnc\ \lpon ;H1d In...pedll.JI\\ of lhl.:' Propnt\'. PItH idcd
<br />lhat Le~der shall g....e Borrower notu;c prwt' to ~II1Y such inspel.:tH.H"l ':opc~ifying rCa~(Hl~lhlc (.llISC tht.'rdor rclilk'J hl I ""nuel \,
<br />Interest In the PrOllertv,
<br />
<br />~-~
<br />3 --'rI 0 1'-; H ".
<br />I) I' U
<br />
|