83005399 - Laserfiche WebLink

Browse

r L 83- 005399 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: .1. Payment of Prinelpal and Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note. and the principal of and interest on any Future Advances secured by this Deed of Trust. 2. Funds for Tax.. and Insurance. Subject to applicable Jawor to a written waiver by Lender, Borrower shall pay to Lender on the day monthly installments of principal and interest are payable under the Note. until the Note is paid in full. a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority over this Deed of Trust, and ground rents on the Property, if any. plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium instaJIments for mortgage insurance, jf any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, as~eSSJTlenls. insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing sal.d account or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable la~ permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of executj~n of this Deed of Trust that interest on the Funds shall be paid to Borrower, and unless sllch agreement is_ made or applicable Jaw requires such interest to be paid, Lender shall not be required to pay Borrower any interest or earnin~s 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 suf]1S secured by this Deed of Trust. . If the amount of the Funds held by Lender. together with the future monthly installments of Funds payable prior to the due dales 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 shan 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 within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of aU sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 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. Application of Payments. 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 pavable on the Note, [hen to the principal of the Note, and then to interest and principal on any Future Advances. ~ 4. Charges; Liens. Borrower shall pay 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, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices or amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Deed of Trust; provided, that Borrower shall not be required to discharge any such Hen so long as Borrower shall agree in writing to the payment of the obligation secu~ed by such lien in a manner acceptable to Lender, or shall in good faith conlest such lien by, or defend enforcement of sllch hen in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Haunt Insurance. Borrower shall keep the improvements now existing or hereafier 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 Lcnder may require; provided. that Lender shall not require that the amount of ~uch coverage exceed that amount of coverage required to pay the sums secured by this Deed of Tmst. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provideu. that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the insurance carrier. AU insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender aU renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Deed of Trust is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds shall be applied to the sums secured by this Deed of Trust. with the excess. if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender wilhin 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 aDd 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. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amOunt of such instaUments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extenl of the sums secured by this Deed of Trust immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments, Borrower 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 peIiorm all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulatiolls of the condominium or planned unit development, and conslituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Deed of Trust, ihe covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Deed of Trust as if the rider were a part hereof. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Deed of Trost, or if any action or proceeding is commenced which materially affects lender's interest in the Property. including, but not limited [0, eminent domain. insolvency, code enforcement, or arrangements or proceedings inVOlving a bankrupt or decedent. then Lender at Lender's option. upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a Condition of making the loan secured by this Deed of Trust, Borrower shall pay the premiums required to maintain sllch insurance ili effect until such time as the requirement for such insurance terminates in accordance with Borrower's and Leti~r's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any am()unts disbursed_ by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to other terms of payment, such amounts shalt be payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8~ ~o.. Lender may make or cau.'e to be made reasonable entries upon and inspections of the Property, provided ~hat Le~r sha~ live Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's loterest m the Prooertv.