83005922 - Laserfiche WebLink

Browse

I 83- 005922 UNIFORM COVENANT'S. Borrower and Lender covenant and agree as follows: I. Pay_at of Prlndpal and Inlel'1!Ot. Borrower shall promplly pay when due the principal of and interest on the Indebtedness evidenced by lhe Note. prepayment and lale charges as provided in Ihe Note, and Iheprincipal of and interest on any Future Advan,ces secured by this Deed of Trust. 2. FlIIId5for T_ ....111S81'l1D<e. Subject 10 applicable law or to a written waiver by Lender,. Borrower sball pay to Lender on the day monlhlyinstallments of principal and interest are payable under the Note, untillhe Note is paid in full, a sum (herein "Funds") equal to one.twelfth of the yearly taxes and assessments which may -attain priority oV.er t~_is Deed of Trust, and ground rents on the Property, if any. plus one-twelfth of yearly premium installments for hazard insurance, p1U$ one-lwelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimaled initially and from time to _~i~ by lender on the basis oC asse-ssments and bins and reasonable estimates thereof. The Funds shan be _held in an institution the deposits or accounts' of which are insured or guaranteed by a -Federal or slate agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said "taxes, -assess:ments~ fnsurarn::e premium5- and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account 01' verifying and compning said assessments and bills, unless Lender pays Borro1A'er interest on the Funds and applicable' law permits Lender to make s.uch a charge. Borrower and Lender may agree in writing at the'time of execution-.of,this Deed of Trus. that interest on the Funds shan be paid to Borrower, and unless such agreement is made or appli~able law requires such interes': to be paid, Lender shall nof be requimd to pay Borrower any interest or eamings-_on the FOnds. Lender shall give to Borrower. without charge, an. annual accounting of the Funds showing credits and debits to the- Funds and the plJrpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Deed of Trust. rflhe amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, a.'l.~emnents. insurance premiums and ground rents, shall exceed the 'amount required to pay-said taxes. assessments. insurance premiums and ground rents as. Ihey faU due, such excess shall be, at Borrower's opt_ion, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held -by l.ender shalt not be sufficient to pay t3x:e~. assessments. insurance premiums and ground rents as- they fall due. Borrower shall pay to- Lender any amount necessary 10 make up the deficiency within 30 days from the ,date nodc:e is mailed by Lender 10 Borrower rtqUCSIiQg payment thereof. Upon payment in fun of aU sums secured by this: Deed of Trust. Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 h~reof the Propeny 1"'- ~old or the Property is otherwi$c acquired by Lender. Lender s.haH apply. no later than immediately pnor to the sale of the ProperlY or ils acquisition by Lender. any Funds held by Lender- at the time of application as a credit against the sums secllf'ed by this Deed of Trust. 3. AJlIIIkatkm of Payments. Unless applicable law provide.. otherwise. all payments received by lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lcnder first In payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note. then to the principal of the Note, and thtn to interest and principal on any Future Advances, 4. ChaIJes; IJees.. Borrower 'ihaU pay all taxes, assessments and other charges. fines and impositions anributable 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 prQmptiy furnish to lender all noucesof amounts due under this paragraph, and in the event Borrower shaU make payment dIrectly. Borrower shal~ promptly furnish to Lender ~jplS evidenCing such payments. Bor~wer shall promptly dlscha~c any lien which ha~ pnonty oyer thiS Deed of '} rllst: proVIded. that Borrower shall not be reqUired to discharge any such lien so long "'.... Borr~wer shall agree in writing to the payment of the obligation secured ~y such lien In 3. manner acceptable to Lender. f)r shail 1t1 good faith conlest such lien by, or defend enforcement of stich lien m. legal proceedings \.,-'bic-h operate to prevent the enforcement ('f Ihe lien or forfeiture of the Property or any part thereof. 5~ Huant I.....-.a<<. BOf'TQ\l.'er ~haJJ keep the Improvements. now e:\l~nng or hereafter erected on the Property insured against loss by fire. hazards included within rhe tcrm "ex.tended co"'er~ge... and ~uch other hazards a~, Lender may require and in such amounts and for such penods as Lender rna)f require: prOVided. that Lender shall not require that the amount of such coveragt' extted that amount of c.'overage reqUIred to pay the sums secured by this Deed of Tmst. The insurarx:c carrier prOVIding the in~urancc 5-haU be chosen oy Borrower :!.Iubjet.:t 10 approval by Lender; provideu. thai suc:b approval shall not be unreasonably withheld. AU premiumll on insurance policies shall be paid in the manner provided under paraarapb 2 hereof Qt, if nOt paid in such manne-r, to}' Borrower making payment, when due. directiy to the insurance carrier. .""it insunlnce pOlicies and renewals Ihereof shall be In form iic\:cptabJe to Len-der and shall include a standard mortgage dause in favor of and in fo-lm acceplabk: To I ender. L~rldcr :o.hllU have the fight 10 hold the poliCies and renewals thereof. and Borrower shall promptly furnish to Lender ~U n:oe""iIl1 nHli-cC'<. and 311 n..'..:elpts of paid premiums. In the event of loss. Borrower shall gi\'e prompt nOIKe to the IOsurancc ~arflcr and Lender. Lender may make proof of loss if not made promptly by Borrower. UnJess Lender and Borrower ~)thcrWtse agree in "ntmg, ;n~uran~c pruLeed~ ~hall be i.lpplicd to rC~loration or repair of the Property damaged. provjded such rt:slurali\J!l Df rep;;tif 1', c~;;)nornK<lll}' Icilsiblt:- und the security \.)f this Deeo of Trust 1\ not thereby impaired. If su..:;h feitorilllon \)f repair l~ nOl c~ollomlcally feaSible or ~f the ~el.:urity of this Deed of Trusl would be impaired. the insurance pH~eeds shall be applied 10 Ihe sunh se~uretJ t'ty this Dt.'1~d of Trust. with the excess. jf any, p.;ud to Borrower. If the _Property is abandoned by BorruwcL .....r It BolT(lwer bils 10 re::.pond to Lender withm 30 days (rom the date noti\."e is: mailed by Lender to Bo-rro,",er that the Hlsurancc ~arfler offers to settle a claim for in~\lr-an!;c benefits. l.ender is authoriud to collect and ~pply the insurance pHKeeds. .It l.ender's option either to restoration or repair of the Property or to the sums ,"",ured by thIS Deed of Trust Unless Lender and Borrower otherwise iJgree In wnting, any ~UI.:h i.lpphcatjon of proceeds to principal shall not extend or post pont the due dale of the monthly in~tallmem~ r\"iern:J 10 in pal'agraphs I .-wd 2 hereof or change the amount of such installments. If under paragraph I ~ hereof the Prop.;::-fly I:', acquired by Lender, all right, title and interest of B~~rrower in and to any lnsurance policies ~md in ~nJ (0 the prol.:ecih thercot resulting from damage to the Property prior ru lhe s.ale or acqUisition shall piUS to Lender to the eX-lent 1....., tnc sums. ~ecuri;d by thi~ Dct:d of Trust immediately prior to such sale or acquisilioo, 6.- PreIu.adoa ud MaialelUlDCe of Property; l.-eueholds; t:ondominiums.; Planned Unit Developments. Borrower ~OlU keep tbe Property in g0l1d rcp.ur ;.l;nd ~hall nul ;.:t1mfllJI W.l:.li: nr ~rmlt impi.ltrmCIH ur delerioration of the Pwpeny and sbaU comply with the provisions of any leaSct if this Deed of Trust I~ on a lea,schold. If this Deed of Trust is 011 a unit in a condominium or a planned unit development. Borrower shall pedorm all of Borrower's obligations; under the declaration or covenants creatins: or governing the C'tmdominJum ;.)f planned Unit de-\'elopment, the by.la'hs and rcgulation~ of the condominium or planned unit dc',elopmcnt. ;tnd consti.tuent, dr~;urm:nts_ , If a condominium or plann~d unit d.t!"'clop~ent rider is executed b)' Borrower and recorded IOgt::tbe.r With thiS Decd IJt 1 n!$l. [he covenants .:md agfeemenls {)t .such noel shan be incorporated into and shaH amend and supplemclll [he l.,:o\"cnant:. iJ.nd agreements of this Deed of Trm.l .IS if the rider were a part ""!COf. 7. Protectioa _of uac:ler"s Security. If Borrower falls to perform lhe covenants and agreements con tamed in lhi\ .Deed -of Trust, or If any action or proceeding i!o commenced which malerially affects Lender's interest in lhe Property. inc~. but not limited to, eminent domain. insolvency, code. enforccmcru. or .arrangemenb or proceedings ifl\'olving a bankrupt or decedcn~ then Lender at lender's option, upon notice to Borrower, may make such appearances. disourse ~Ul:h sums and take such action as is necessary to protect Lenders interes,t. induding. hut not limited to. disbun,cmcnl 01 rca.sonable attorney's fees and entry upon the Property to make repairs. If ~ender required mo~tgage insu:-uOl:e as a coadition of inakin&lbe Joan secured by fhi~ Deed of Trust, Borrower shall pay the premiums reqUIfe'd to malOtau1 MIL'h j~u.:rancc in. effC\.'1: until such time as. the requirement for such in~uraflce ~erminates in accordance with Uorr\.lwcr'::. and l~~$ written apeemcnt or applica.ble law. Borrower lihall pay !he amount 01 aU mortgage insurance premiums in the ma..- provided under pa....laph 2 hereof. Any attlOWib disbursed- by Lender pursuam to thi$ pa,rl1graph 7, with interest there-QIl. shall heCIJIUC addlt.lnlluJ i~bt~ of Borrower$CCurcd by this Deed of Tr\liL Unless Borrower .-.nd Lender agree to Nhcr ter!lis of (laymenl. \llth -at'nOUt:ltS wll be _payable up<m notice from Lender te &rrower reqUQting ~yment thereof. and shaH bear interc!St froOl lht date of dilbunctDClU at fbe rate: p.yable from time to time on ouhianding principal und~r the Nole unles~ payment of interest at aut,h. rate w,OtJtd be I;olllr~ry to applicable law, in Whll.:h event ...uch llmounls shall beir It1tc-re~t al the hlghc..,t rate perlttiJs1blc Utldet -.ppl~.bte law. Notbma: contained in this paragraph 7 s.hail requilt Lender 10 lllcur any expense or tak:e ...yactioo .hete.WIdet. .. ~ I..eflde:r n~y malu: or cs.u$c: to be made reaklnabJe eotn.es IIp\ln and iO'ipcctlons of ~h(': Pml)(UY. prmqdeiJ lbat L.endet__.~n I:iv(. Borrower notice prior to any such il1$pt:CHon 1J;pecifyHlg reasonable cau!o-e therdor related ht I.endec.'!i "''''l11li in lbe Ptoocrtv.