|
<br />I"
<br />
<br />83- 006343
<br />
<br />ti
<br />
<br />U"'Il'ORM CovENANTS. Borrower and lender covenant and agree as follows:
<br />.1. __lit Pri8c:IpIII""-, Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedoas evidenced. by the. Note,. prepayment and late charges as provided in the Note, and the principal otand interest
<br />on any: Future. Advances secUred by this Deed of Trust.
<br />2. .,.".forTa....'-. Subject to applicable law or to a written waiver by lender, IlmTowu .hall pay
<br />to Lender on the day moothlyinstallment. of principal and interest are payable under tbe Nole. until tbe Note is paid in full;
<br />a .um (herein "Funds") equal to one.lWeIflb of tbe yearly taxes and ......ment. wbich may attain priority over tbi.
<br />DeCdot Trust, and groundTenlS on the Property, if any, plus one-twelftb of yearly premium In.tallments for bazard insurance.
<br />pi.... _welfth of yeatIypremiuOt instaUments tor mortgage insurance, if any, all a. reasonably estimated initially and from
<br />timc to time by Leoderon the basis of ",_IS and bills and reasonable estimates tbereof.
<br />TheFunds.balf be held in an institution the deposits or accounts of whieb are insured orHguaranteed by a Federal or
<br />state agency (including lender if lender i. such an institution). lender .hall apply the Fund. to pay .aidlaxes, assessments;
<br />ilUtH'llDCO! premium. and ground rents lender may not charge for '0 holding and applying the Funds, analyzing said account
<br />or verifylny,andcompiIing said uscssments and bill., unk:s. lender pays Borrower interest on the .Funds and applicable law
<br />permits I..en4er -to make such a charge~ Borrower and Lender- may agree in -writing at the time of execution of. this
<br />Deed of Trust that intermt on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law
<br />requi....such intetest to be paid, Lender .hall not be required to pay Borrower any interest or eanlings on the Funds. Lender
<br />shall g;.., to Borrower, without charge. an annual accounting of the Funds showing credits and debit. to the Funds and the
<br />DlJ.....-for wbicIt eac:h debit to the Funds WlIS made. The Funds are pledged as additional security for the sum. secured
<br />by ibi& Deed ot Trust. .
<br />If the amount of the Funds held ~y Lender. together with the future monthly installment. of Funds payahleprior to
<br />the due dales of taxes, assessments. insurance premiums and ground rents. ,ball exceed the amount required to pay said taxes.
<br />assessments.-- insurance premiums and ground rents as. they fall due, such excess shaH be, at Borrower's option.. either
<br />promptly repaid 10 Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />heM by Lender shaft not be sufficient to pay taxes.. asseS$ffients. in..'iurance premiums and ground r-ents- as they bU due.
<br />Borrower shall pay to lender any amounl necessary to make up the deficiency within 30 days from tho date n""ce Is mailed
<br />by Lender to Borrower req_ing payment thereof.
<br />Upon pa).......t in full of all sums secured by thIS Deed of Trost. I.ender shall promptly refund '0 Borrower any Funds
<br />held by lender. If under paragrapb 18 horeof lhe Prop<rty " sold lOr In..: Property i. olherwise acquired by Lender, Lender
<br />shall apply, no later tban imme<ltaltlly prior 10 the ..le of ,he Property. or Its acquisition hy Lender. any Fund. held by
<br />Lender at the time of applkation M a credit against the sums secured by thIS Deed of Trust.
<br />3. AppIicadoa of -"""'1$. Unless a-pplicable law provuie otherwise. aU payments reccived by Lender under the
<br />Note and paragraphs I and 2 hereof .hallbe applied by Lender fi..., 10 paymen, of amounts payahle to Lender by Borrower
<br />under paragrapn 2. hereof. then to interest payable on the Note. then to (he principal (~f the Note. and then to interest and
<br />principal on any Future Advances.
<br />4. CItaqn: IJeaI.. Borrow(:r shaU pay aU taxe~. a~ments and other chaf};es.. fines and impositions attributable to
<br />the Property which may attain a priooty over this Deed of Trust. and leasehold payments or ground rents. if any. in the
<br />manner provided undec paragraph 2 hereof or. if not paid in ~uch manner. by Borrower making payment. when due. directly
<br />to the payee thereof. Borrower shall promptly furn"" to l.eoder all notIC'" of amoonts due under this paragraph. and in the
<br />event Borrower &halJ make payment directly. Borrower sh:lJI promptly furnish to Lender rece.tptl evidencmg such payments.
<br />Boll'O'W'Cr shall promptly d~ any hen- whtch has pnority over t~l.i!> ~ of Trust; provided. that Borrower shall not be
<br />required to di\cb.arce any IUCh hen St.) long a~ Borrowcr shall agree m writmg to the payment of the obligatton secured by
<br />such lien in a manner acceptable to Lender, or "hall in good f'ajth (Unrest suth lien by, ()r defend enforcement of such lien in.
<br />leaalf.~ which operate. to preveot tne en(t~t.'Cment of the hen o~ forfeiture ()f tM Property or a.ny parr thereof,
<br />..- I~ Borrower ,haJl kup the Improvements now C-\l'itmg or hereafler erected on the ProperlY insured
<br />api~ toss by fire, hn.arck induded within the tft'.nn "e,xte-nded coverage", and such other hazards a~ Lender may require
<br />and in such amounts and for $uch pcnods '" Lender may. requirc; prOVIded. that Lender shall not reqUIte that the amount of
<br />~ cOYetaJC: -exceed that amount of (;<...)VeT3ge reqUired In Pity the sums ~ecured by this Deed of Tnnll.
<br />The insurance earrier pro\l1dinc the insurance !\'hail be ,h~n by Borrower !ubicct 10 approval by Lender, prov.ded.
<br />that such.pprovaI altall not be uoresonabl)' WIthheld. ....11 premIums on insurance polici", ,hall be paid in tit<: manner
<br />provided wider paraarapb 2 hereof or. if not paid in sucl1 manner. by Borrower making payment. when due. o. 'Iy 'u the
<br />iDltlr'aQCe eaniet'.
<br />AU lMUfan:c.% policies and renewals tbeleot 1halt be in form ~ceptablc to Lender and shaH include a .standard mortgage
<br />cla.use in favor of and i-o form aeceptabk (0 I_~nder. Lender _shaU na'ft the nght to hotd (he policies: and renewals (hereof.
<br />ami Bor-towor $ball promptly f\Knish 10 under all renewal notK.."n and aU recCJ-p18 of poau prc-mium!i. In the event of loss.
<br />Borrower shall give prompt notice to the UUUr-anCC: CliTTler and Lender. Lender may make proof of l<m- if not made promptly
<br />by 1Iorroww.
<br />Unless Lender .and BOfl"O"WeI otherwise a,ree in ......nttng., Jl1suran.ce proo:eds shaH be applied to restoration or repair of
<br />the Property damaaed. provided such n:slor.tton ()1 repair is econo-rmcaUy fC.aiible and the security of this Deed ot Trust is
<br />not tltetcby impaired. If sucl1 restoration or r.palr ;. nOl ero'l<,mically fea..ble or If ,he security of this Deed of Trust would
<br />be impaired. tbe i.....rance ~ llhall be applied '0 the .~ms "'Oled by thill Deed of Trust. with tho. e..c.... if any, paid
<br />to llon'owe.. If the Property Is abandoned by Botr"....r. or ,f /lom'.....r fads 10 r..pond 10 Lender WtlhlO 30 day. from the
<br />date DOtic:e is mailed by Lender- to Borrower that the ifUUfanCC carner offen to ,seule a claim for insurance benefitS:. Lender
<br />is atIlhorized to c;oIIect and apply the inauraoce proceeds at Lender's option either to r..toration or repair of the Property
<br />or to the sums _ured by this Deed of Trust.
<br />UJlIess Lender and Borrower otherwise a;ree in WntlOg. any such application 01 proceeds to principai shall not ...tend
<br />or poolJlOlW tbe due date of the monthly inmllmen.. referred to in paragraphs 1 and 2 hereof or change the amount of
<br />suc:b iDllallments. If under paraarapb 18 hereot the Property" acquired by Lender. all right. title and int..est of Borrower
<br />in pel to aay insurance poIicico lied in and to the proceeds ,hereof resulting from damage to the Property prior to the de
<br />or acqulsitIon shall pass to Lender to the e._ of the sums secured hy this Deed 01 Trust immedi..ely prior to such sale or
<br />~
<br />'" ............. MIl "''''1 _w of I'Jopo<ty; LeMeIlololl; ConcIo"",",,- I'Ialuaed Unll 1Wo~. Borrower
<br />!!i-hatl keep- the Propeny 1n good repair and shaft not 4.'"Ommit waste or permit impairment or deterioration of the Property
<br />""" ahaIl comply with theprovisiom 01 .ny lease if lbi& Deed of Trus' is 00 a leasehold. If thi> Deed of Trust i. on a uni!. in a
<br />condominium or a planned lItlit developmen'. Botrower shall peUorm all of Borru.....r.. obligatinn. under the declaration
<br />-or oo......--.;;_cr=ti=g Of' goveml'lg !he ~'nium or planned 'unit de\~lopmenL the by-laws and regulations of thr
<br />COlIdlmIaium or platmed unit ~t. and constItuent documents. If a condominium 0' plaoned unit development
<br />rider is --.i by Borrower and ncorded together with this Deed of Trust. the covenants and agreements of such rider
<br />shall he-it_t"",.lCd into and .hall ..-nd and supplement the covenant. and agreements of thi> Deed 01 Trust a. if the rider
<br />wm: . put henoIlf.
<br />" .......... lit ........... SenrIIt. If Borrower rails to perform the covenan.. and agreements contained in .his
<br />Deodllt 'nul&. or-iflltl')H'ctioIt or pmoeeding is COI1llllCflc:ed wlUcb materially ..!fecit lender', inte"'" in ,he Property.
<br />I~ bQl_litoito!/to. ~domai... insolvency. code entorccment. or arranll"ments or proceediogs involving a
<br />.....tuptordecedeltt. tberJ Lender al Lender'. option. upon notice to Borrower. may make such appearan=. disburse such
<br />_..and. . tWo suc:b. . aetion. as is ~ to.. E1.Lender. '. inte....l. loclUtfing. hut not limited 10, diShUfSe11. lent 01
<br />'-"'" lIl'IOt'aely's. f_. and """'. upon the- . 10 make repain. I f Lender required mortgage imuranc. as a
<br />~.Ilf"" the iolmaecuredbythJs.Deed of. lUSt, Borrower .ball pay the premiums required to mamtain such
<br />~.lri~-.ll suc:bll.ml>.... the-,~t for .ueh insu.....nee lemuna... in accordance with Borrower'. and
<br />~,.'$.. .__.'... ..,~. .. ._ or. ~ .... .laW. Ilorrower. .1taJ/ pay the amount. of all mortgage in.urance. premiums in the
<br />~~__pIiApltpb:1 hmIof.
<br />LIllIa!IIIbI.diIlJilqed.by Lender ptIdIW1t to this parllarapb 7, with iOlen:ot thereon. shall becume .dditional
<br />I..... . ... Ilf~-...Itlrtllil Deed .of TtUSt. Unless Borrower and I.ender'aa- to other terms of paymonl, s"ch
<br />___""'_~USlM~fI'tltnLender '" ~ mjU!!lltiq payment lhenlof, "nd lhallhear in_t fm", the
<br />....Ilf 1lilIII1U1.. I . ..__~~ll.ml> 10ti1lle on outstanding principal under the Note unlelS paYD*l1 of Interul
<br />at ~!'ldilc'll'Ol$l be-.y to ~ law. In which event ....h amoun15. llhall hear In_ at the highest rate
<br />~ ....~.law. N~_1Ied in tlli. par&JrIIp\l 7 llhall roqu....' Lender '" incur any "po:_ '>r tako
<br />...,
<br />" ..'~...."......'" """"" to be...- ~ ...lrie<UI"'O and.~ 01 tit<: Property. pmvided
<br />tlolit.. .. . ................ _"''e l't'iof.",,,,,y.ud1 impectlon iJlI"ifyin. _.bIt: ea..... themor lclated 10 I..nder's
<br />i--.llll .~.
<br />
<br />r
<br />
|