83006268 - Laserfiche WebLink

Browse

I 83~006268 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: .1.- Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced, by the Note, prepayment and latc charges as provided in the Note, and the principal of and interest on; any Future-Advan~es secured by this Deed of Trust. 2; Foilds for Taxes oodlosorooce. Subject to applicable law or 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 rtnts on the-Property. if any, plus one-twelfth of yearly premium installments for hazard insurance. piUs one-twelfth of yearly premium installments' for mortgage insurance. if 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, assessments. insurance premiums and, ground rents. Lender may nol charge for so holding and applying the Funds, analyzing s'aid account or verifying- and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a ~harge. 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 ?r applicable law 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 sho\.ving,credi'ts 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 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 dates of taxes. assessments, insurance premiums and ground rents, shaH 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 shalt 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 all 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 tbe 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 interesl payable on the Note. then 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 atlributable 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 lo Lender all not.ices of 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 lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender. or shall in good faith contesl such lien by. or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard 'Insurance-. 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; 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 Trust. 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 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. All insurance policies and renewals thereof shaH be in form acceplable t.o 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 all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance \.':arrier and Lender. Lender may make proof of loss if nol made promptly by Borrower. Unless Lender and Borrower olherwise agree in wri~ing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such resloration or repalr is economically feasible and lhe security of lhis Deed of Trust is not thereby impaired. If such restoration or repair is nOl economically feasible or if t.he security of this [)~ed 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 lo Borrower. If the Property is abandoned by Borrower. or if Borrower fails 10 respond lo Lender wilhin 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers lo seule 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, Unless Lender and Borrower otherwise agree in writing. any such application of proceeds lo principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. 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 resulling from damage to the Property prior lo the sale or acquisition shall pass to Lender to the extenl of the sums secured by this Deed of Trusl immediately prior to such sale or acquisition. &. Preservation and Maintenance of Properly; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep lhe Propeny 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 TruSl is on a leasehold. If this Deed of Trust is on a unit in a condom~nium or a planned unit development, Borrower shall petform all of Borrower's obligations under lhe declaration or covenants creating or governing the condominium or planned unil development, the by~laws and regulations of the- condominium or planned unit development, and constituent documents, If a condominium or planned unit development rider is executed by Borrower and recorded together with this Deed of Trust, the covenants and agreements of such rider shall be inco.rporated into and shall amend and supplement the covenants and agreements of this Deed of Trust as if the rider were a part hereof. 7. PJ'(ttec::flon of Lender's Security. If Borrower fails to perform the covenanls and agreements contained in this Deed :of Tmst~ or if any action or proceeding is- commenced which materially affects Lender's interest in the Property. includ.ing~ ~, not limited to" em~nent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or dec~ent, 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 prolect ,Lender's interest, including, hut not limited to, disbursement of r~~b~ attorney's fees and entry upon the Property to make repairs, If Lender required mortgage insumnce at;;, a cQ~4i~9n_~ rnakingthe loan-secured by this.Deed_of Trust, Borrower shall pay the premiums required to mainlain such insura~ in ~~- until such tinlt: as -the requirem<<;nt for such insurance lerminates in accordance wilh Borrt)wer's and ~det._,,_..'.'.. w...".t1...:t.t.e.n..,,_agree. ........me.. not or._ap.p1 ~able.Iaw. Borrower shall pay the amount of all mortgage insurance premiums in the ma.n~p{Qvidedunder 'paragraph 2 hereof. A.il 8.IJ,lOUDt:$ dis~d,-'by .Lender pursuant to this paragraph 7, with interest thereon. shall become additional secured by-_tbis Deed of Trust. Unless Borrower and Lender agree to other terms of payment. such co-upon notice from Lender to Borrower request.ing payment the.rcofl and shall bear intere.'it from the _t\le-:~~e, payable from, tIme to. time On. outstanding principal under the Note unless payment of inte.rest d: ~ contrary to appUcab1-e Jaw.. in which event such amounts shall bear interesl at the highest rate hIe-, law. Nothing cODtained in this paragraph 7 shaH require Lender lo incur allY expense Qf take t.Jmdec may make o.r-.-eause to be ma~e rea~oabJc et!tri~s upon and ins~:tions o{ the Property. provided e Bo!fowe:r notice pnor to .any such JnlSpec.UQn speclfytng reasonable cau:..e thcrd\)f relaled to I_coder's lljlrtv.