|
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment 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 />2. Funds for Taxes and IRSuran~t". Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />10 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 rents on the Property. if any. plus one-twelfth of yearly premium installments for hazard insurance.
<br />plus one~twelfth of yearly premium installments. for mortgage insurance, if any. an as reasonably estimated initially and from
<br />time to time by lender on the basis of assessments and hins and reasonable estimates thereof:
<br />The Funds shalt be held in an institution the deposits or accounts of which are insured or guaranteer1 by a Federal or
<br />stale agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said i..xes, assessments~
<br />insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, anatyzing. 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 it charge. Borrower and Lender may agree in writing at the. time of. execution of this
<br />Deed of Trust that interest on the Fund" shall be paid to Borrower. and unless such agreement is made or appliCable law
<br />requires such interest to be paid. Lender shall nOf be required to pay Borrower any interest or earnin$s on the Funds. Lender
<br />shall give Hl 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 are pledged a<; 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 />(he due dates of taxes, a~sessments, insurance premiums and ground rents, shaH exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents. as they tall due, such excess shall be, at Borrower's option, eilher
<br />promptly repaid to Borrower or credited to Borrower on moochly installments of Funds. If the amount of the Funds
<br />held by Lender ~hall not be sufficient to pay taxe... assessments. insurance premiums and ground rents as they fatl due,
<br />Borrower shall pay 10 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 'iecllred by this Deed of Tru'il. Lender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph J 8 hereof the Property i.. sold or the Property is otherwise acquired by Lender. lender
<br />shaH apply. no later than immediately prior 10 the ~ak of the f}roperty or its .ar..:quisilion by Lender. any Funds held by
<br />Lender at (he time of application as a credit against the sums secured hy this Deed of Trust.
<br />3. Application of Paym~nts, Unless applicable law prOVIde.. otherwise, all payments received by Lender under the
<br />Note and paragraphs 1 and 2 hereof shall he applied hy I.ender first in payment (If amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, then to interest p.."1yahle on the Note, then to the principal of the Note. and then to interest and
<br />principal on any Future Advances.
<br />4. Chaqes; Liens. Borrower "hail pay all laxe\-. assessments and other i.:harges. fines and impositions attributable to
<br />the Propeny which may attain a priority over ihis 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 sllch payments.
<br />Borrower shaJl promptly discharge any lien which has pnority ~wer this Deed of Trust; prOVided. that Borrower shall not be
<br />required to discharge any such lien so long a'i Borrower "hall agree in writing to (he paymenl of the obligation secured by
<br />such lien in a manner acceptable ro, Lender. or ..hall in good faith contest slIch hen by, (If deteml enforcement o[ such lien in.
<br />legal proceedings which operate to prevent the enforcement of the hen Of forfeiture flf the Property or any part thereof.
<br />5. Hazard fnsunm<<. Borrower ~hall keep the Improvements now 1.'\Is,tmg or hereafter erected on the Property insured
<br />against loss by fire. hazards included within Ihe [('rm "extended L:ovt.'ragc", <md ,,"ueh other haz.;.uds as 1.ender may require
<br />and in such amounts and for such penoos as Lender may reqUIre; provldcu. that Lender shall not requIre lhat the amount of
<br />such coverage exceed that amount of co\'er3g~ rcqlllfcd l(l pay the Slln1-~ secured by this Deed of TrusL
<br />The insurance carrier providing the insurance ~hall x (h(l\;1.'1l hy Borrower subic\:t to apprLlval by Lender: provided.
<br />that such approval shall not be unreasonah-ly Withheld All premiums 011 insurance policies shall be paid in the manner
<br />provided under paragraph 2 hereof or, if nut paid in such manner, by Borrower making payment. when Jue. directly to the
<br />insurance carrier.
<br />An insurance policies ano ~ne""'als thereof ).ha!i he In lorm a<:ccpfable hl Lender and ..hall mclude a standard mortgage
<br />clause in favor of and in form. a(:l:,ep!~bh: to l.endcl Lender 'ihall h.:iVC the fight w hold the pul.icies and renewals thereof.
<br />and Borrower ~hall promptly furnish !\) I.enticr ;111 renewal nOIKC\ Jill.! all rt:-CClpts \",f pall.l premIUms. In the event of loss.
<br />Borrower shall give prompl Ix)(icc to th~: lDSUfiln\.:t:" t:.tfucr ~lIld l..!:nJcr. I ,culler mllY rI1;.tkc proof of lOll.... 11' nol m~.Hjc promptly
<br />by Borrower.
<br />Unless LendeJ and Borrower \Jthcrwl!;c agree in \\-nlmg. jfl"'Uf~t1I1.:C pfO~-eeds -.;h.,lil be applied to rC'j(oration or repair of
<br />the ProperlY damaged. provided su~h rc\ltHa[ll:lll Uf rcp<llr i... I.'UlOl}fHlI..:~tily lca",ihlc ;Ifld !he sc\,:urity t'f thl" Deed of Trust IS
<br />not lher~by impa~red. It su...::h rt'ih.HafIOn t.1r repair ,.... rhlt c~~1fh\mi\,:itlly f':aslbk i.,lr II the ",cnlrilY \)f thi, Deed of Tru~{ would
<br />be impaneJ, the H'ISUritncc prn'l.:ecds shall he applied to the ~llm<; "<''-''!fed hy tilt'. Deed of Trust, Wllh ~hc c\!,,;CSS. If any, pauJ
<br />to BOf1Qwcr. If the PTOJX:rty I~ ilbandoncd hy BI.,)IHI\\-'CL i,)r If Bon,-y,~'cr Luh. to r;.'~pond to Lender wlthw 30 days from thc
<br />date notice i~ mailed bv Lcnd~f 10 Borro~(.'r Ih,tt llle I!lSUrltfll.:C L'afflCf OIt'Cf\ 10 seltJc a t:hllm for in~urancc benefits. l.ender
<br />is authorized to COliC'Cl~ and apply the il1sur.mu: prt..xeeds at Lender's option eUher to reslora!lon or repair of the Property
<br />Of to the sums secured b\' this Deed of Trust.
<br />Unless Lender and Borrower other\ldSC agrt':c In wntlng, '-illY ~uch application ~)t proceeds to prinCipal shall not extend
<br />or postpone the due Jate of lRe mOJlthly inMallmenb reterred In In pitragtuphs I 3nd 2 hereof or change the amounl of
<br />~uch installments- If under paragraph J X hcreof the Property i... al,;4Ulred h} Lender, all right. title and intcre:..t of Borrower
<br />In and t~l,":.ny Insurance poh\,.'ie~ and In ~H1d H) the. pw..:ccds lhere-of re-sultl.ng fr~Hn ~~magc to the Propertr pnor to the fo>alc
<br />or acquisition shall pass t(\ Lcnder to Ih~ t:.\.teOl llf the l)ums ~c-l.:urt:d by thiS Deed ot I rust ImmedJately prior to such sale 01
<br />acquisition.
<br />6. ~nation and MaiDtenance of Prope.-ty; Leaseholds; ('ondorniniums; Planned Unit J)evelopments. Borrower
<br />..haU keep the Pn.)pt:rty In gOi,.lJ repaIr and ....hall not <':l.'rnllut \"."1,,11: P( I)t.'fflllt imr.lirmCnl or J~{CI ioratioll of the Property
<br />and shall ~omply with the provisions of any lease if thIS Deed of Tf~l:.I. is on a lc...~t:huid. If thh._ D~ti of Trust i~ 011 ;J unit i~ a
<br />condominIUm or a planned unit de\'elopmeot, Borrowef shall pcdorm ~dl 01 Borrower's ohhgatll)H~ under the declarall~Jn
<br />or covena!1LS creating or go\'erning the condominium or planned llnll dcvdopment. rhe by-Iaw~ and rcgu!i.lluH1S {)f the
<br />t:ondomilllum or pJannctJ unit uevejopmcnt. J.nd '-=l.lI1s!HltCHI documenh. If a condominium or planned unit de.....elopment
<br />rider is executed by Borrower and recorded together with thiS Deed of Trust. the L"O\!CnaIl!S and ;'tgrc~mcnb of such rider
<br />shall be incorporated into and -shaH amend ,wJ supplement the ';:(l\:en,lllb ,InJ ~grccments 01 this need "1 Tfll"l ;IS If the rider
<br />were a pan heroof.
<br />7.. PrOotedion of Leader's S<<urity. If Borrower fai~:<> ~n pt:rlorm the Cl,wcl);inls anJ agreemenls i'ont;linl.'d in this
<br />[)eed of Trust, Of if any action (It. proceeding i~ ,;~mHncrH..:cd whi~h materially affect'.> Lcuder\ imcrc~t III lhe Property,
<br />irn;luding. but Ilot limited to, eminent domain, insolven~y. code enfor~cmcllt. or arrangements O[ pro..:ecdlOg"i involving 'a
<br />bankrupt Of decedent, then Lender at Lender's option, upon HOlicC' w Borrower, may make such flppC~ll'allL:e:.. JI,>hur~c :\urh
<br />sums and take such aClion as IS. n<<es&ary t(l pWI~ct Lender\ ifHere~{, including. hut nnt !srniled Ill, disbur~cm.:nt 01
<br />reasonable attorney's fees and entry upon the Propert} to make rep,.iIr~. If lA~ndcr rcyuircd mortgage insuranl.:c ;1' .1
<br />~ondition ?r making th,e Joan ~~cured hy thiS Deed of ':rust. Borwwcr shall pay. the p'remiun1:'> rCljuin:d to lIlaintain \ur..:h
<br />uUiuranc-e fA eRect unllf such nine as the (C':quln:mcnt tor such iOY,urUIKC termmate\ In aCI;.'ordance With Borrowcr\. <HH.1
<br />l.ender', wCIUen agreement or applicable .la.w. Borro\l#cr ~haH Pfl\ the amount 1,.11' all rnortgage imurancc premium" 111 the
<br />man",,, provided under paragraph 2 berooL .
<br />Any amotulh disbuned by Lender pursuant w this paragraph 7, With jntcre~J lherc\,.)n, ..hall fx-.::ome addjtiL\n.~1
<br />lnde-bkdmu of Borrower s<<ur-ed by this Deed of Trust. Unles.s Borrower anti Lender ;lgree to o[her term!> uJ payrncl1l. 'SUI.:h
<br />.m~ts 'Shan be payable- upon MIke f(IJJU Lende.f to Uonowc-r requ~tlng payment thereof, .:itH.i shall bear intcreM f.rom the
<br />date of d&$burlie"mc-st at the rate payable (rom time 10 .time 011 outstanding prin~.'ipal under the Note unles.$ payment ("If intcrc){
<br />at $lKh rate would ~ cunttary to applteablc law. H\ whtch event <:om:h amounls ..hall hear iH.ttre'it ,It ihc highe!.t ralc
<br />~misa,iblc under a.ppticablc la",-. Nothing {:()l1t~lfied 1\1 this paragraph ., ~haIl reqUltC" Lcn-de..- to lf1c-ur i!ny e.\pen~ OJ' iake
<br />....y ac_ herel.lnder.
<br />.. ~~ Lender may ~t; o;U -LaMe 10 "be made n~.otS(loable enlne~ upun ~mJ iU\PCCHOI11'l (1t the pfl:.\~){':rty. prc.l,-hkd
<br />th-4.l Len4er !thaU i~yt BOnOWltf 1iotu:c prwr to any i>uch in.\pt:4::tH.Hl ~ptctfyiflg renwnable ;;:au..'>C therdor ,dated !p I t'UJl.'f '\
<br />",..,m. in tbe PtoJlCrtv.
<br />
<br />83- 005068
<br />
|