|
<br />L
<br />
<br />UNfPOJlM COVENANTS. Borrower and I_ender covenant and agree as follows:
<br />
<br />,J. P~..f PrlacipaIIUId bIt_. 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 bv this Deed of Trust,
<br />1. Fmodsfor -ru. ... l....irure. 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 are payable under the Note. until the Note is paid in full.
<br />a lum (herein "Funds") equal to ODe-twelfth of the yearly taxes and assessments which may altain priority over this
<br />Deed of Trust. and ground rents on the Property. jf any. plus one-twelfth of yearly premium installments for hazard insurance.
<br />plus o",>-twelfth of yearly premium installments for mongage 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 il\5litution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />stall: 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 nOI cbarge for so bolding and applying the Funds. analyzing said account
<br />or verifyin!:and eomplling .aid asseosments and bills. unless l.ender pays Borrower interest on the Funds and applicable law
<br />permit.~ Lender to make such a charge, Borrower and Lender may agree in writing at tbe timc of execution of this
<br />Deed of Trust that interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law
<br />requires such interest to he paid. L.ender shall not be reqUIred to pay Borrower any in,erest or earnings on the Funds. Lender
<br />shall give to Borrower. witbout charge. an annual accmlOting of the Funds showlOg credits and debits to the Funds and the
<br />~ for which each debit to the F.md.. was made, The Fund< 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 montbly in.'<lallmenlS of Funds payable prior to
<br />the due dates of tu.... _nts. mlurance premiums and ground rents. shall exceed the amount required to pay said taxes.
<br />assessments. il1$u.rarn:e premiums and ground rents as they full due, such excess sh.all be, at Borrower's -option, either
<br />promptly repaid 10 Borrower or credited ,,, Borrower on montbly installments (If Funds. If the amount of tbe Funds
<br />hdd by Lender shall not be sufficient tCt pay taxes. alscs--smenls, insurance premlums and ground rents as- they fait due~
<br />Borrl>Wer .ball pay to Lender any amount necessary 10 make up Ihe deficiency withm 30 days from the date notice is mailed
<br />by Lender to Borrowe; requestiog payment thereof.
<br />Upon payment in full of all sum. secured by' 'h.s Deed ot Trust. Lender shall promptly refund to Borrower any Funds
<br />bcld by Lendc:r, If under paragraph f8 herrof the ProperlY " sold or the Property" olherwise acquired by l.ender. Lender
<br />shall apply. no law than immediately prIOr 10 the sale of the ProperlY or Its .Icquisilion by Lender. any Funds held by
<br />Lender at the time of application... a credit against the sums ,"""ured by this Deed of Trust.
<br />3. AppIk1>doR of ~ Unl"", applicable faw prov.des o.herw.se. .11 paymen., received by l.ender under Ibe
<br />NOle and rar"3rapm I and 2 hereof shall he applied bv L<ltder fim HI pay men. of amounts payable to Lender hy Borrower
<br />under paragraph 2. hereof. then to inter~t payable on the Note, then 10 the flrinClpat of the Note. and then to interest and
<br />pnncipaJ on any Future Advances.
<br />4~ ('1tatwes; f_JeaL 8ort'0'6-er Il-haU pay <tit la,\t':o., <isuumenls. and \Jther charg-es. fines and Impositions attributable to
<br />the Property which may at"'." a priority ",.er .h.. Deed cOt Tru.t. and leasehold payments (>r ground rents. if any. in the
<br />manner provided under paragraph: 2 hereof (If. H n~)t pztid in "Hcn manner, hy Borrower making payment. when due\ directly
<br />10 the payee thereat Berfowt.-r $h:aU promplty fUf m;sh ti:~ Lender all n-otKC~ ot amounts due u~r this pa~lraph. and in the
<br />event Borrowef ,hall mab payment d1lcctly. Borrower shall promptly fumtSh to I.ender rec...pu evidencmg sucb payments.
<br />Uorrower shall promptl). d!iCha~e any hen whKh has p"omy Mer th,s l>eed of Tmst: proVided. that Borrower shall nOl be
<br />rcqut~ to d",,=harge any such I~n )\(1 h.'?fi@ a\ BtnHlwer ...hall agrt't' In wrttlfltl h) the paym~nt of the obligataon scc-ured by
<br />'iiuch hen in a ma.Ju~-r ~~ab!e to Lender. \,}I' -shaH in good f.uth (,"ontcst 'ilKh hen by, or defend enforcement of such lien in.
<br />lea..,l p1"OCeCdi-np which opet'I,tc: to prevent the enfon:~ment of the hen or forfeiture, of the Propet1y or any part the-reof.
<br />~.. n:.a.nIl_nM'e~ Borrower \~aJl keep the Improvements now e\l\tmg Of hereafter erected on the Property insured
<br />agamst lost by firt'. hu..ard'S induded \Hthm the term "e~t-cnd(:d dWt"rn,,:", 3-nd s.uch (llhe-r huard$ ~ Lender may require
<br />and in $lX-h amounts and tOt such pettodl il-\ Lender may requne: provH.ted, thAI l.endt"f ~hai1 om requul: thai the amount of
<br />,ueh coycrqr C:l-C=d that amount of covC'fate reqwred to pM' t~ .um"" ~ured by thl!'. Deed of Tnl~L
<br />The: insurance: ea1'ricr pt(wldit'tg the-- tn,urao(e 'Shall he Ch(\">ell bv RflrrO'H~t subl('Cf to ~ppro"i>11 by l.ender: provldet..L
<br />that such approVltI lball n'" he unreasonal>ly ",..hhehl All p""mium. on .nsurance p"lid.. sball he paid in the manner
<br />provided umIe-r potr.....ph :I hereof or. if no. pa.d '" soch manner. loy Bormwer .ntuting payment, when due. directly to the
<br />tOl\11'"Ul(.'lC carrier.
<br />.''\iI fnsUf'arn.'"C pObdes and rt'MWllb- lher<<l( shaH b< Hl fmm a~'J,,;("pUtbJe Itl Lender .and 'ihaU include a standard mortgage
<br />,jaUK in favor of and in form acccptaN-e to Lender Lender ..h.df have, the nght to haM the policies and renewals thereof.
<br />.>loo Borrowcr \hall pron\ptty furnish ll'" Lender 311 re-new:-:tl !HJtK~ and -itll ,e-cClpt$ of paRI premi-um\. In the event of Iou.
<br />Bo-fT1)wer ~U Brv-~ prompt notice to ~he mMUAnt:( ,;;urrer ~i1ht Lendcf. Lemler may make proof of 1Q3!\ If not made prompt I)'
<br />bY llo!"f'l:>Wer.
<br />. Unles.5 Lender l'l-Od IklTrower t1IMtWlR .,tee m wrttlOg, In'iUf-IHll,."c 'proceed:t- \hall be applied. to restoration or _repa.r (~f
<br />the Propert)' damaged. pttwided. !ouch re:ltoratli'lon ur repalf ,'- t~.:ofk)mKj)Hy ICi1SJhie :ind tOe ~curlty of th'!ii Deed ot TrusI t~
<br />not thereby fmp.l.l-recl If ~-uch reltonttOn Of repair t~ o\.lt t."\:on~\mk.:;ill~' fe,U,fbh: or If the lleCurity of this Ik:ed of Trust would
<br />be imp.iron. tM ItlSUUD4;'C pnl\,-ttd:s ,\han be .ppJ~d h} the liUm\ sa:-ul'cd hy itus lked of Trusl, wfth thc_ e:u;e~'. 1f any. paid
<br />t-c ~f.; If the: Prt.~ny t$ aM.ndoOll:d hy fk~tfOWt'f, t~r if 6orrowet' fOtlh W ft..'"'.ipond to- Lender withm 30 days from the
<br />date: oobce i, mailed by Lender td Born,wer ,h.t the- IOSUranf.'-C ';;'iuuc:r ot'fen. to setde i1 d~um "c.r lns-urO\ll(.-e benefitS-. Lender
<br />i1 authonz:ed to l:o-llc:cl and apply the insurance ph:X:eW\ at Lendef\ optIOn e-it~r to resloratJOn or repair of the Property
<br />or to the .ums secured by th.. Deed of T t\!Sl,
<br />Un_ I.ruder and Borrowe; otherw..., agrre In wnting. any su~h .pp1t~"tlon 01 proceeds to prUlcipal shall 00' eXlend
<br />or IXl\ltpune the due dale of fhe monthly ,mtallment> referred 10 ,n potragraphs I and 2 hereof or ~hange the amount of
<br />such instlll!mcnts. If under paraITaph I X herrol lhe Property" acqu.red hI' I.ender. "II ught. title and inter"".t of Borrower
<br />.n and to any insurance polic"", and .n and to the proceeds thereof resulting lrom damage to the Property prtor '0 the sale
<br />0.. l!C<juuition shall pass 10 Lender to .he .."tent 01 ,he su..... ",",ured by .his Deed of Trust Immediately prior to such .ale or
<br />acquisition,
<br />6. Pr_........ all ,. 111 .41 ,~ of I'ropot-\y; uawhoWo: ('o.daminl_ """""'" tinil DenloplneRls. Borrower
<br />~U keep the- Pmpcny Itl: fOl-'l&.i repair .ulti dudl 001 ,'::~)fn"'1t \\-aste ('1' permtl impaument ,or u.cterioratlon (~f the Propeny
<br />.nd shall cx>ntply wilh the J>rOVtstOnl ot any lease If IhlS n.ed of Tru>l " on a leasehold. If tblS Deed of Trmt tS on a unit in .
<br />oondominium or a planned untl development. !lor.ower .hall petlorm all 01 Borrower's ol>lipl.ons under the declaration
<br />or e~. cruliua or aovemin, the condOnlltlium Of planned I1ll1t development. the by-law. and regulalions of the
<br />t'Oftdomitlium or planned "011 dewlopmen.. and COOllituent documenls, If a condominium or planned unit development
<br />ride.. i. eucuted by Borrower and recortIed togethef wllh Ihi. Deed of Trust. the covenants and agreements (.f mch rider
<br />wI! he incorporated into and $hall amend ltOd supplement the cownant. ."d agreements of tbis Deed 01 Trust as .f the rider
<br />_ a pan hereof.
<br />1. ~ of I~. See-tlrity~ If Borrower fails to perform the co\o<enants and agrc:emenls contamed in this
<br />o-s of Thast. or it any action or proceed"', i. eommen<:ed wh.ch matenally a!fects Lender', interest in the Property.
<br />incltRtiaa. but 001 limi1ed 10. eminent don""n. insolvency. code enforcen..nl. "r arrangements '" p,oceedms> myo/vms a
<br />baaVupi or decedent, then t...endel:' at Lender's option. upon nOlice 10 IIorrower. may male sucb appearanc"'. d"burse sucb
<br />._ .Atld. tUe. such action. as.s ne:cenary loO protect Lender's, m(er~_r. lOcluding. hut not limited 10. d~)ibuf:)C'meflt oj
<br />t-"Ie aUQrallV's f_ Atld _". "pon lbe Property,,, make rcpa..". If Lender required ,"'>riP" ",.uranc. .. "
<br />~ of mMina the loan .lGCUred by tbJ. Deed of Trust, !lorrower shall pay the premiums required 10 mamtain ,"ch
<br />itllllf'UlOl- m cI'ec:t uDtU t\:ldi time sa the 1'C!quin:merit for t"tlCh Jnsuran-\.~ ter-mt~atn In -tH:.c~-'rdan'Ce With Borrower'!. and
<br />~.. wn- ~~ law. Borr~ shall pa)' lhe amount ot all mortp.. m,uranee prem.ums 10 the
<br />__ pt'lMded ...... . 2 heseof.
<br />ADZ --' by l.endc:r P\UM!aDt '0 ,his pot"",aph 7. wllh mlert$t lhe...,on. shall h<"Come add"",n.1
<br />,,","Ill _ of Bonower __ by Ih;. Deed of Trust. Unk>ss Borrower and tender .gree 10 other lerms 01 1)3)'n""'l. such
<br />~alIIIIl be plI""'upc>n ~ from Lendc:r to llorrowcr req_tin, payment thenof. and shon he.. ,nte",,1 trom .h.
<br />... of"l . III ..lll at the_ pa'....,rom tJme In time on out1ltandm, pltn"'potl under lhe Note IInless payment ". inle......t
<br />at __ _ Il<IIIkl " ~ to appllcahle I..... in wh;.,h ownt SiKh amollnts shall hear ",teft'1 a' .h. h.ghest rale
<br />~..... ~ la.... !'lothlbl C<IlJlai,ted in thIS pa,agnopb 1 .hall requI..., Lender '" '''''\If .n)' ..pe.... '" take
<br />~~......
<br />.. ~I.."" may Ill&U ore_ to he made r,,-..,a.ble .m..... "pon .nd ",sl""'t.OO\ ,'fthe ~rty. p""ided
<br />tllRt ~:IIW....... a..rr-... """"" j>n\lr to .any l1.ICh .........~tOn .""".iym, r....><maNe ':OUR lbe""lm ,d..<<l III l.ender's
<br />......in_JI1t:IMm.
<br />
<br />83_003763
<br />
|