83004478 - Laserfiche WebLink

Browse

83- 004478 If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a FeOeral or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account or veritying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Deed of Trust that interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicabll( la... requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge. an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Deedof:rrust. If the amount of the Funds held by Lender, together with the future monthly installmeJ1ts of Funds payable prior to the due dates of taxes. assessments. insurance premiums and ground rents. shall exceed the amOUnt required to pay said taxes, assessments. insurance premiums and ground rents as they fall due. such excess shall be. at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount. of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may require. Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Deed of Trust. 3. AppIIc:adoa of Paymea'" Unless applicable law provides otherwise. all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note. and then to the principal of the Note. 4. PrIor Mortp&elJ aad Deeck of Trwt; ChargeII; IJena. Borrower shall perform all of Borrower's obligations under any mortgage. deed of trust or other security agreement with a lien which has priority over this Deed of Trust, including Borrower's covenants to make payments when due. Borrower shall payor cause to be paid all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Deed of Trust. and leasehold payments or ground rents, if any. 5. HuanI hInnaee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage". and such other hazards as Lender may require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender: provided, that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. subject to the terms of any mortgage. deed of trust or other security agreement with a lien which has priority over this Deed of Trust. In the event ofloss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof ofloss if not made promptly by Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier otTers to settle a claim for insurance benefits. Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Deed of Trust. 6, Pr.en-adoa aad MaiatelulaCe of Property; Leueboldo; Condominiums; Planned Unit Developments. Bor- rower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property 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 condominium or a planned unit development. Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development. the by. laws and regulations of the condominium or planned unit development. and constituent documents. 7. Protecdoa of lADder'. Secwity. If Borrower fails to perform the covenants and agreements contained in this Deed of Trust. or if any action or proceeding is commenced which matertally affects Lender's interest in the Property. then Lender, at Lender's option, upon notice to Borrower. may make such appearances. disburse such sums. including reasonable attorneys' fees. and take such action as is necessary to protect Lender's interest. If Lender required mortgage insurance as a condition of making the loan secured by this Deed of Trust. Borrower shall pav the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon. at the Note rate. shall become additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting p ~ment thereof. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. IDapeedoa. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. CflDdemnatlon. The proceeds of any award or claim for damages. direct or consequential. in connection with any condemnation or other taking of the Property. or part thereof. or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. subject to the terms of any mortgage. deed of trust or other security agree- ment with a lien which has priority over this Deed of Trust. 10. Benower Not ReIeued; Fotbearaace By Lender Not a Walver. ExtenSIOn of the time for payment or modification of amortization of the sums secured by this Deed of Trust granted by Lender to any successor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borro....er.s successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for pay. ment or otherwise modify amortization of the sums secured by this Deed of Trust by reaSon of any demand made by the original BotTower and Borrower's successors in interest. Any forbearance by Lender in exerciSing any light or remedy hereunder. or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of anv such right or remedy. 11. ~ and Aulpa Bound; JolAl ud Several Liablllt)'l (o-.I&11cl'$. The covenan" and agrccments herein contained shall bind. and the rights hereunder .shall mure to. the respe<'tivc su<,'c''''1'\ 'IOd ."'gn, 01 Lender and Borrower. subject to thee provi~ions of paragraph 10 hereof. All co,enant' and agreemt'nt' "i a'"Tower ,hall he ,"1Il1 ,lOd several. Any Borrower whoco~"ilns this Deed of Trw.t. but doe\ not ~'ecutt~ lht" NOH', tat IS- l.,'{)-.;tgnlf1g dw., L)c{"\.J of Trust only tn grant and .convey that Borrower'~ intere1it in the Pf1\rX'ft.\ to rru~te-t' undt'f the r!,.~rm\ I.Jt !hl'>. [h,-ed ',ll lru~L !,h.l I~