|
I
<br />84`~ 001850
<br />UNrroaxr Covenstvrs. Borrower and Lender covenant and agree as follows:
<br />.1. Paytsent d Prlttr<lpl sad latereat. Borrower shall promptly pay when due the principal of and interest on the
<br />mdebtednexs 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 Tntst,
<br />I. Fns far Taaa M IrtsaratssY. Subject to applicable law or to a written waiver by Lender, Borrower shall ply
<br />to Lender on the day monthly irtstaOments of principal and interest arc payable under the Note, until the Note is paid in full,
<br />a sum (herein "Funds"1 equal to one-twelfth of the yearly taxes and assessments which may attain priority over this
<br />Deed of Trust, and ground rcnis on the Property, if any, plus otte-twelfth of yearly premium installments for lazard inwnnce,
<br />plus one-twelfth of ywrly premium installments for mortgage insurarttt, if any, all as reaaanabty estimated initially and lean
<br />time to time by Linder on the basis of aseessmmts and bills and rcasonabk estimates thereof.
<br />The Funds shall 6e held in an instituton the deposits or accounts of which are ittttured or gwrsnttxd 6y a Federal ar
<br />state agency (including 1-ender if Lender is such an institution). Lender shall apply the Funds to pa aaid~taxes, attrie~stttenta;
<br />insurance premiums and ground rents. Lender may not charge for so holding seed applying the Funds, analyxin` ftid ae#onrrt
<br />or verifying and compileng said assessments and bills, unless Lender pays Borrower ingest on the Funds and applkablrlaw
<br />permits Ixnder to make such a charge. Borrower and Lender may agree in writing at the tune of exeeWien ~d tbjs
<br />Deed of Tnrst that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicalle-~Gxv
<br />requires such interest to be paid, Lender shall not be required to pay Borrower any interest or tamitt4s on theRttnds. Lender
<br />shall give to Borrower, without charge, an annual accounting of the Funds showing erectile and tlebr[s to-the EuetGs and`the
<br />purpose for which each debit to the Funds was made. The Funds arc pledged as additional security for-the.talWe. eec131ed
<br />by this Deed of Trust.
<br />If the amount of the Funds held by Lender, together with the future monthly irntalltmmts of Furtda payable Prior to
<br />the Jue dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount tttgtri-ad Ito payAsatd lases.
<br />assessments, insurance premiums and ground rents as they fall due, such excess shall be, at BOROWer's opttgq. Clffl~
<br />promptly repaid to Borrower or credited to Borrower on monthly irtstalltnents of Funds. ff the atmwmt a the FiitQs
<br />held by tsnder shall not fie sufBcrem to pay lazes, assessments, insurance premiums sect ground rents as they faN='due:
<br />Borrower shall pay to !..ender any amount necessary to make up the tkikiency within 30 days from the date ndioe & ensiled
<br />by Lender to Borrower regttdtimg paytment thereof.
<br />Upon payment in full of all sums secured by this Deed of Tnust, Lender shall promptly refund to Borrower any Foo~-
<br />htld Ay !.ender. If under paragraph f R herrnf the Properly is sold or the Property is otherwise acquired by Lender, Lender
<br />shall apply, nu later than immediately poor to the sale of the Property or its acquisition by Lenrkr, any Fonds heW- by
<br />I~nder at the tune of application as a credit against the sums secured by this Deed of Trent.
<br />J. AMYeaYor, of rayttaenar. Unless applicable law provides otherwise, all payments received Isy Lender under the
<br />Mute and paragnohs I and 2 hereof shall 6t applied by Lender first in payment of amounts payable to Lettdecby Brxrower
<br />under puagraph .i hereof, then to interest payable on the Note. Then to the principal of the Nde, sled then to inteeeY and
<br />principal on any Puturc Advances.
<br />~ Ctarles: Lien. Borrower shall pay all taxes. assessments and other charges, fines and impositions attributable to
<br />the Property which may attain a pnonty over this Deed of Trust. and Ieaxhdd paymrnla or gromid rents, if any, io the
<br />moaner provided under paragraph 2 hereof or, i( tent paid in such manner, by Borrower making payment, when diiC. directy
<br />to the payee thereof. Borrower shall promptly furnish to Lender all noises of amounts due under this paragt7tplt, and in the
<br />event Borrower shall make paymem directly, Borrower shall promptly furnish to Lender rcceipb evidencing such payments.
<br />Borrower shall promptly discharge any hrn wheel has pnorih~ over tots Ueed of Trust' provided, Dial Bar[ower shall trot be
<br />regwrcd to discharge any such lien u, long as Burrower shall agree m writing to [he payment of the obligation secured by
<br />such lien m a manner acceptable to Lender, or shall m good (sell wntest such lion by, or defend enforcement of arch Ikn in.
<br />tcgai pproceedings whrch operate to prcvrnt the enforcement of the lien ar forfeiture of the Properly or any patl lhtteof.
<br />S. Bossed lawraace. Borrower shalt kelp the rmprovemems now exrsung or lereafter err:cted on the Property ittaured
<br />against fuss by fire, hautds iru:tuded within the term "extended coverage ,and such other hazards as Lender may requite
<br />and to such amounts and for such periods as fender may rcgwre; provided, Thal Ixntkr shall not require that the amaunf of
<br />such coverage exceed that amuum of rnverage reywred to pay the sums secured by this Deed of Trent.
<br />The imurance carrier providing the insurance shall he chosen by Borrower subjcet to approval by fender, provided,
<br />that such approve! shall not lee unreasanahly withheld All prcmiunn on insurance pOlicia stall be paid in the mamm
<br />provided under paragnp6 2 hereof or, it no[ paid in such manner, by Borrower making payment, when date, directly to ale
<br />iasunnce carrier.
<br />AO rsuranct policies and renewals thercot shall be tit form acceptable to Lender and shall include a s4itdard mortgage
<br />clause in favor of and in form acceptable to Lrnder. Lender shall have the right to hold the policies and renewals thereof,
<br />artd Borrower shall promptly furairh to Leader aft renews{ notices and ail receipts of paid premiums. In Ilie event of TOSS,
<br />Borrower shaft give prompt notice to the insurance earner and Lender. Ixnder may make proof of lots if not made promptly
<br />by Borrower.
<br />Unless Lender and Harrower otherwise agree ui wnung, insurance Prsxeeds stall be appliaf to restoration or repair of
<br />the Properly damaged, provisfrA such resuxanon ar repau n t4anomic--ally feasible and the security of this Dad of Trust is
<br />not thtreby impaired. If such restoratwn or repau rs not economically feasible or d the security of this Dead of Tnur wouM
<br />be impaired, the insurance proceeds shalt be applied to [he sums secured fiy this Deed of True, with the excess, if any, paid
<br />w Borrower. If the Property is abandoned by Burrower, ur if Barrnwer fads to resp~end to !.coder willnn 30 days from the
<br />date tmucc is mailed by Lender to Borrower that the insurance carrier uOtrs to settle a claim for insurance brmflts. Lander
<br />is authonzed to collect and apply the insurance pre><~esds at Lender's option either to restoration or repair of the Property
<br />or to the sums secured by [his Deed of Trust,
<br />Unless Lender and Borrower attierwtx agree m wnung, any such applicatwn of proceeds to principal shall not exteial
<br />or postpone the dot date of the momhly instrlltrtents m{erred to in paragraphs 1 and 2 hereof or chaitgt ale amOUM of
<br />such installments. if udder paragraph 1 R hereof the Property is acquired by Lender, all right, title sled interest of Borrower
<br />in and to any insurance policies and m and to the pruc:ecds thereof rtsufung from damage to the Property prior to ells sale
<br />or acquisiton shall pass to I~nder to the extent of the sums secured by this Dred of Trust immediately prior to such xale or
<br />acquutman.
<br />fi. Ptttaervafbw said lNalalewaace of Pnyerq: LeaseloWs; (:'ondominiren; Pluaed Unit DerebpnienW. Barrnwer
<br />shall keep the Properly m gsnxl rcpa,r and .hall nut commit uastr nr prrnut unpairment ar deteriorauan of the Property
<br />sad shat) comply with the provisions of any lase, if this Deed of Trust is on a leasehold If this Deed of Trust is on a unit in a
<br />condominium or a piannet! amt development, Borrower shall pedarm elf al Borrower's obligations under the declaration
<br />or auvtrtants creating ar governing the condominium or planned amt development. the by-laws and regulations of the
<br />rondominium ar planned unit deveiepment and asnsutuent documents. if a condominium or planned unit development
<br />rider ss executed by Borrower and recorded together with this Deed of Trust, the covenants and agreements uC such rider
<br />xfiall bt mwrpurated into a.ttd shall amend and supplement the an-enants and agreements of this Deed of Trust as if the rider
<br />were a part herwf.
<br />7. PratecHoe of Ledar'a Security. It Burrs wee fads to perform the covenants and agreements contained in this
<br />Deed of Trust, or if any attioo ar prrxxtding is commenced which inatenally afTecls Lender's interest in the Pnipeny,
<br />irrctuding, but riot limiest to, errilatnt danrain, msotven+:y, code. enforcement, or arrangements ur proceedings involving a
<br />bankrupt or decedent, then Ir-nder ai L.ender's option, up<m native to Borrower, may make such appearances, disburse such
<br />sums and take such action as is pessary ^u pratter Lender's interest, including, but not @mited to, disbursement of
<br />icasonaAk attorttty's fees and entry upon the Properly to make repair It Lender reyvired mortgage insurance as a
<br />coisditran rif making the loan secured by this C7etrf of 'Trust, 6ornawrr she!! pay the premiums required to maintain such
<br />.ristrancw in effect until such tune as tju requirement fat such rinsurancc tennmatev m accordance wish &rrrawer's and
<br />Lender's wririen agreeatoot or applicatrk taw Harrower shall pay the amount of all nwngage insurance premiums in the
<br />manner provided under pars~raph 2 hereof.
<br />An amswnts d~ta+rsed h}~ lender purxuant to this paragraph ?, wrt6 interest themuu, shall f,ectizaic additional
<br />in+7cbtedtttss of Borrower sci~urtd fiy~ this Thec1 :7t Trent t'nless Horrawtr and t.endcr a$rec ti. othex a^a ms of pa }~mrnt. such
<br />amatluxs staff he payable upon nau.~€ #rorq Lender m Bun'uwer requesting I?aymtm ffiertof, soil shall hear interest from the
<br />daft of dltwrtastteut st iht rats payahla tram Lfine tri time an .-wtstanding principal under the Hare unless payment of irate text
<br />at suet rate would Lit romrsry a, apphcabtt taw. in a-bleb rvem a~~cfe amt~n,nts she!! hear rntarear st the hight~xt rate
<br />prrrnisafbk under appticatlale taw ticxh:mg c~~atairted in this paragraph 7 ,hail ieytrn~c Leroder ra incur any rapense or take
<br />any' astit>rt harpmder,
<br />€~# ~ Tall. I-tyrtkir may males yr c;eosr r._± E+e marlr rcav-,nab{e r rcrc: ipc.n n- rr pcit .r- ~.i ~hc° 1'rnperty pi rrr~,i
<br />.,todct shaf# give Borr'cwer r,ot:ct prxa[ tt an}' such ansptsnr3n speuf}frig rrtaa.. ia~iste cnuu th- eels! relates! r., 1 enter .
<br />rnserara W rho /"rtMMrty.
<br />84 .r.~; 001 ~+a (~
<br />
|