|
<br />r
<br />
<br />l
<br />
<br />*t-~o . ._,
<br />83-Jlclu;
<br />
<br />I
<br />
<br />83-fjU 1 '7lie
<br />
<br />UNIFORM CoVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. I'1Iyment 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 />:z. F1IIIIIs for Tans..... Insnrance. 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 (herein ~'Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority over this
<br />Deed of Trust. and ground rcnts on the Property. if any. plus one-twelf(h of yearly premium installments for hazard insurance.
<br />plus one-twelfth of yearly premium installments for mortgage insurance, jf 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 gu~ranteed 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 agrcement 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 />shaH 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 the Funds was made. The Funds arc 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 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 shan 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, l.ender 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, l.ender
<br />shall apply, no later than 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 l.ender under the
<br />Note and paragraphs I and 2 hereof shall be applied by l.ender first in payment of amounts payable to l.ender 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. Cb.rges; Uens. Borrower shall 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 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 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 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 stich lien by. or defend enforcement of such 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. Hazard Insunmce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />against 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 periods as Lender may require; provided. that Lender shaH 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 he chosen by Borrower subject to approval by l.ender: provideu.
<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 carrier.
<br />All insurance policies and renewals thereof shall be in form acceptable [0 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 ..md 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. 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 restoration or 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 hy this Decd 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 from the
<br />date notice is mailed by lender to Borrower that Ihe insurance carrier offers 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 hy this Deed of Trust,
<br />Unless Lender and Borrower otherwise agree in writing, any such application 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 />sueh installments, If under paragraph I ~ hereof the Property is acquired by Lender, all right, title and interest of Borrower
<br />in and to any insurance policies and in and 10 the proceeds ther~of resulting from damage to the Property prior to the sale
<br />or acquisition shall pass to Lender to the extent of the sums secured by this Deed of Trust immediately prior to such sale or
<br />acquisition,
<br />6. Preservation and Maiutenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
<br />shall keep the Property in good repair and shall nol commit \\:~lsle or ~rmit impairmcll[ or uClcrioration of the 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 a
<br />condominium or a planned unit development, Borrower shall petform all of Borrower's obligations ullller the declaration
<br />or CQvenanls creating or governing the condominium or planned unit de....elopment. the by~laws and regulations of the
<br />c~nd~minium or planned unit development, and constituent documents. I f a condominium or planned unit development
<br />flder 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 covenant:-. and agreements of this Deed of Tru~t as if the rider
<br />were a part hereof.
<br />7. Protection of Leader's S<<urity~ If Borrower fails to perform the covenants an<.l agreements contained in this
<br />~ ~f Trust, or ~f ~ny action .or proceed!ng .is commenced which materially affects Lender's interest in the Property,
<br />mcludmg, but not hmlted to, emment domam, Insolvency. code enforcement. or arrangements or proceedings involving a
<br />bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearanccs, db.burse such
<br />sums and take such action as is necessary to protect Lender's interest. including, hut not limited to, disburscmcnt 01
<br />re~n.able attorn~y's fees and entry upon .the Property to make repairs. If Lem.lcr required mortgage insurance as a
<br />conditIon of makmg the loan secured by thiS Deed of Trust. Borrower shall pay the premiums required to rnaintl.lin ~uch
<br />insurance in effect until such time as the requirement for such insurance terminates in accordance wilh Borrower's and
<br />lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in [he
<br />manner provided under paragraph 2 hereof.
<br />. Any amounts disbursed by Lender pursuant to this paragraph 7, wi[h interest thereon, Sh~lll hecome addition~d
<br />IOdebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to other terms of paymenl, such
<br />amounts ,shall be payable upon notice from Lender to 8orrower rcqucsling payment thereof. .md shall hear interest from the
<br />date of disbursement at the rate payable from time to time (~n outstanding principal under the Note unless payment of interest
<br />at su~h. rate would be. contrary to ap~1icable law, in which event 'illch amounts shall hear Interest at the highest rate
<br />perm~ble under apphcable law. Nothmg contained in this p;:uagraph 7 shall require l.ender to incur anv expensc or take
<br />any actIon hereunder, '
<br />L I_pedlon~ Lender may m~k.c oryausc to be ma~e rca~~nablc cr~tri~s upon ;ll1d m~pc..:tlons of the Propaty. provided
<br />~hat l...c~der shall give Borrower nolu;e pnor to any such inspectIOn speclfymg reas.onable (:~HI~e theretol related In lender....
<br />IOterC$t tn the ProPerlV,
<br />
|