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L 84~ 001975
<br />if Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or .,ccounts of which arc
<br />insured or guaranteed by a Federal or state agency (including Lender if Ixnder is such an institution!. Lender shall apply
<br />the Futtds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge fur so holding
<br />and applying the Funds, analyzing said acrnunt or verifying and compiling saiA assessments and bills, unless Lender
<br />pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender
<br />may agree in writing at the time of execution of this Deed of Trust that interest on the Funds shall be paid [o Borrower.
<br />and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required
<br />to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual
<br />accounting of the Futtds showing credits and debits to the Funds and the purpose for which each debit to the Funds was
<br />made. The Funds are pledged as additional security for the sums secured by this Deed of Trust.
<br />11'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
<br />taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option,
<br />either promptly repaid to Borrower or credited to Bortower on monthly installments of Funds. If the amount of the
<br />Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall
<br />due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender
<br />may require.
<br />Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any
<br />Funds held by Lender. If under paragraph 1' hereof the Property is sold or the Property is otherwise acquired by
<br />Lender. Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any
<br />Funds held by [.ender at the time of application as a credit against the sums secured by this Deed of Trust.
<br />3. Applkatbn of Paytneots. Unless applicable law provides otherwise, all payments received by (.ender under
<br />the Note and paragraphs I and 2 hereof shall be applied by Lender fits[ in payment of amounts payable to Lender by
<br />Borrower under paragraph 2 hereof, then to interest payable on the Note, and then to the principal of the Note.
<br />3. Prior Mortgages and Deeds of Trtrr Charges; Liens. Borrower shall perform all of Borrower's obligations
<br />under any mortgage. deed of trust or other security agreemetrt with a lien which has priority over this Deed of Trust.
<br />including Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid all taxes,
<br />assessments and other charges, tines and impositions attributable to the Property which may attain a priority over this
<br />Deed of Trust, and leasehold payments or ground rents, if any.
<br />5. Hazard haeuraate. Borrower shall keep the improvements naw existing or hereafter erected on the Property
<br />insured against Ims by tire, hazards included within the term "eatended coverage", and such other hazards as Lender
<br />may require and in such amounts and for such periods as Linder may require.
<br />"the insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,
<br />that such approval shall nut be unreasonably withheld. Atl insurance policies and renewals thereof shall be in a form
<br />acceptable to Lender and shill include a standard mortgage clause in favor of and in a form acceptable to Lender.
<br />Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust
<br />or other security agreement with a lien which has priority over this bred of Trust.
<br />In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof
<br />of has if not made promptly by Borrower.
<br />If the Properry• is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date
<br />notice is mailed by lender to Burrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is
<br />authorised to collect and apply the insurance pyucceds at Lender's option either to rt~stora[ion or repair of the
<br />Properly ur to the sums secured by this Deed of Trust.
<br />6. Prverralioa and Mttinlenaace of Property; Leatte6olds; Coadumfoiums: P4wned Unit Developmen4. Bor
<br />rower shall keep the Property in gaud repair and shall not commit waste or permit impairment or deterioration of the
<br />Property and shall comply with the provisions of any lease if this [h;ed of Trust is on a leasehold. tf this Deed of Trust is
<br />un a unit in a cmrdorninium ur a planned unit development. Borrower shall perform all of Borrower's obligations under
<br />the dtxlaratiun or wvenants creating ur governing the condominium or pIrnned unit development, the by-laws and
<br />regulations ul the cvndomimum yr planned unit development, and constituent documents.
<br />7. Praleetiuo of Lender's Secority. If Borrower 1'atls to perform the covenants and agreements contained in this
<br />lktd of Trust, or if any action or proceeding is commenced which materially affects Lender's interest in the Property,
<br />then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including
<br />reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If Lender required mortgage
<br />insurance as a condition of making the loan secured by this Lhed of Trust, Borrower shall pay the premiums required to
<br />maintain such inwrance in effect until such time as the reyuiremrnt for such insurance terminates in accordance with
<br />Bortower's and Lender's written agreement or applicable law.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall
<br />become additional indebtedness of Burrower secured by this Deed of Trust. Unless Burrower and Lender agree to
<br />other terms of payment, such amounts shall be payable upon notice from Ixnder to Borrower requesting payment
<br />thereof: {Nothing contained in this paragraph 'shall n:ywre Lender to incur any expense or take any action hereunder.
<br />g. lrtsptxliort. Lender may make ur cause to be made reasonable entries upon and inspections of the Property.
<br />provided that Lender shall give Burrower notice prior to any such inspection specifying reasonable cause therefor
<br />related to Lender's inlemst in the Property.
<br />9. Csudemnation. The proceeds ut any award ur claim fur damages, direct or cunsequenual, m connretton „nh
<br />any condemnation ur viher taking of the Property, ur part thereof, or Ibr conveyance in lieu of cuademnatiun. are
<br />hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed uC trust ur other security agree-
<br />ment with a lien which hss priority veer this Deed of Trust.
<br />10, Borrower Nol Rekased; Farbrartmce By Leader Not a Waiver. Extension of the time for payment ur
<br />mvdifica4on of amortization of the sums secured by [his Dred of Trust granted by Lender to any successor m interest of
<br />L Bot•rowrr shall nut operate tv release, in any manner, the liability of the original Burrower and Borrower's suca•sxxs m
<br />ir,'rrest. Lender shall not be required to commence proceedings against such sucuessvr or refuse to cstend time lur pap
<br />mcN ur otherwise mudiiy umunizatu,n of the sums secured by this Uerd of Trust by reason of auy drnumd nurdr b} the
<br />original Borrower and Bvrrrwer's successua m intrust. Any furbrarance h} landrr ,n exercising eny right nr remedy
<br />hereunder, or otherw•tse afforded by appltcablr law, shall tort tee a waiver of rrc preclude the cxcrc,se ut any suite right vt
<br />remedy.
<br />11. Successors and A~rigrn Boandi foiut and Severe( LLbiOty; Co-aignra. flee .~,vcnum, ,aid dgr~rrtirnts
<br />herein;:urnainrd shall hind, and the t~i;hts tu~rrunder shall inner tv, the res~:cri,c succeuur, ,,nil a.,~;;,n ,.1 Lrnd,~:.,n,i
<br />BVrn,wer. subyeri tv the prov is,uns of paragraph l6 hereof. All covenants and agrerrnrnt5 of Barrvar, shall be lot n, .wd
<br />yevrra4 .any Bc,rmwrr whti co-vigns this Decd of Trust. teat d,xs na! c'xeK tttc ihr Nar !n',s ,~, ~ryvuuq i h,. f kad .+? k nn:
<br />unit _ ,.r .cud cona~ ,_, , r. ~. r ~ ,hr Pr„pens !u-i rns'tc :~. _ ~ .-i., tf;. 'ri, -' i n,.,, ~. i. _
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