83006427 - Laserfiche WebLink

Browse

I 83-0064.27 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: .1. Paymeut of PriDc:ipaI aod lokleSt. Borrower shall promptly pay when due the principal of and interest on the mdebtedness 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. Z. Fa'" for Tans ud 1_. Subject to applicable law or to a written waiver by Lender, Borrower sboll 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 ta)(e5 and assessment'; which may attain priority over this Deed of Trust. and ground rents on the Property, if any. plus one-(weJfth of yearly premium installments for hazard insurance, plus one--twelfth of yearly premium instaUments for mortgage insurance. if anYl all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates the.reof4 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 instjtution). Lender shall apply the Funds to pay said taxes, assessments. insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account or -verifying and compiling said a.uessments and bins, unless Lender pays Borrower interest on the Funds and applicable law pennits Lender. to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Deed of Trusllhat interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable Jaw requires. such interest to be paid. Lender shall not be required to pay Borrower ;my Interest or earnin~ on- the Funds. Lender shall give to Borrower. without ,harge, an annual accounting of the Funds shOWing credits and debits to the Funds and the purpose for whicb 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. shall exceed tbe 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 promptJy repaid 10 Borrower or credited to Borrower ('10 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 shall pay to Lender any amount na.::essary to, make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower req....tiog payment thereof. Upon payment in tun of aU sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any Funds held by Lender, If under paragraph 1 R hereof Ihe Property j... sold or the Property is otherWise acquired by Lender, Lender shall apply. no later than immediately prior to rhe sale of the ProperlY or its acquisition by Lender. any Funds held by lender at the time of application as a credit against the sums securl':d by this Deed of Trust. J. Applicafion of raymeah. Unle..s. applicable law proVIdes otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shaH be appfted by Lender t1rst In payment of amounts payable to Lender by Borrower unde~ para((raph 2 hereof, then to interest payable on the Note, then 10 the principal of the Note. and then to interest and pnnc1pai on any Future Advances. 4. Cbran; IJens. Borrower shall pay all til.\.(~~. assessments and (1lner charges, fines anJ Impositions attributable to the Property whkh 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. Borrowe.r shall promptly {urmsn to I.cnder ;iil notl{:e" of amounfs due under this paragraph. and in the event Borrower shaH make payment directly. Borrower shall promptlY furnish to I.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has pnonl)' ovc-r 1~1~ De~d of Trust; provided. that Bor.ro~er shaH not be- required to discharge any such hen so long as. Borrower 5.hall agree tn wr1llOg to the p.aymenl of the- obligatIOn secured by such lien 10 a manner acceptable to Lender. or ~hallln ~ood (.llth -contest such lien by, 1.).[ defend enforcement of sllch lien in. legal proceedinJs which operate 10 prevent the enftJrcemenl of the lien or t:orfeiturc of the Property or any part thereof. S. HaanlIJlSll.lWl(:t!. Borrower !'hali keep the Improvements now eXI~tmg or hereafter erected on the Property insured ,tgain~t Joss by fire. hazards included within rhe term "c.xtendeJ I.:overagc"', and such other halJlfds as. Lender may require and in such amountS- and for such peflods as Lcn~r may reqUire; pnwi\Jed. [hat Lender shall not ~e-quire that the amount of 'tuch coverage exceed that amoun~ of I.'~w~rage reqUIred IO Pi.lV Ihe slims 'secured by tillS Deed of Trust. The lnsur-.mce carner proViding the mwrant..'e -;haU he ,h(~'Cn by Borrower soblecl to approvOll hy Lender: pnlVldel!, that such approval man not be unrearonably wJthheld. All prermums. on msurance policies shall be paid in the manner provided under- paragraph 2 he.reo-f or. if not plud in "buch rn~mner, by Borrower making payment, when due., .. '.""ctly to (he insu.ra.nce carTier. AU insurance polK~ and renewab thereOf shaH be III torm a"x'.-cplable 10 Lender and shall include a standard mortgage clause- in f:avor of and in foml iicctpfable to Lender. l.emler ~hall have the right to hold the policies and renewals thereof. ;md Bl)rrOWer -shall promptly furnish to L~ndcr all renewal !1otice~ and .ill receipts of paid premiums. In the event of loss. Borrower shaH gi....e prompt notice to the lnsorancc ~arner and Lender. LCfh1er may make proof of loss if not m:tde promptly bv Borrower. - Un.iess Lender ami Borrower otherwl!ie a~ree in >writing, lnsurancc proceeds. ~tHdl he applied to restoration or repair of the Property damage-d. provided such rest(\"ratiun IX rep;!!r I' eLtHlOmIC~tH~' t'castbh: ..and the ~cllrity of this Oectl of Trust i~ not thereby im.plllred. If such restoration ...--.r repair i!o. opl ~corh)mlcally feaslbk or II the security or this Deed of Trust would he unpatred, the JnwrarKe pmcceds ihaH be applted W Ihe sums secured by this Deed of Trust. with the c,ces.s, if any, paid lO Borrower. If the Property i$ abandouc-d by Borrower. ;,1r It Borrtn.\-'er falls to res.pond l(.l Lende~ within 30 days from the- dale notice is mailed by Lender to Borrower thaI the IUSUr<ifH.'e carner otfef~ to ~tlle a daun for msurance bcnefits~ Lender is lluthorll..cd to l.:oUect and apply the insurance proceed'!. at l.ender'~ oprion either 10 restonUlon or repair of the Property or to the tunls secured by this Deed of Trust. Unless Lender and Borrower mherwlse agree in wrlt~ng. any ~uch application of proceeds tf? principal shall not ex.tend <.11' postpone the due dale of the: monthly HlstaUments relerr-eJ 10 In paragraphs I .100 2. hereof or change the amount ot ~uch installments. if under .~gra.ph 1 ~ hereof the Property IS acquucd by ~cnder. all fight. title and interes.l of Borrower In and to any Insurance poliCIes and III and to the pnx:eeds thereoi resulllOg trom damage to the Property pflor to lhe ~alc or acquir.ttion shall pass to .Lender (0 the e.~tent ot the s-umlt .sccurw by this Deed of Trust immediately prior to such ~ale or acquisition. &. ~..... _ of Property; I~bolds; Cond.....iniUl1l5; Planned Unit Developmeohi. Borrower ..hall k:(!ep the Proper1y in gO(Xi repair and ~hal1 not ~t)mmtt \\:asle (lr permit impalflnent l)( uClcrionUlon of {he Property and iball comply wllh the proVisions of any lease if thi-s Deed of Trust is on a lea$C-hold. H this Deed. of Trust is on a unit in .. condominium Qr a ptanned unit development, Borrower 5naH pettorm aU of Borrower's obligations under the declaralion ur- covtnants Cn.41\og or governmg the condommium or planned unit development, the ~y.law$ and reguJal!ons of the condominium: o-r planned unit developmem. and ct..lUstltuent documents. If a Ct)ndominium Of planned Unit dc\'elopmt'ot nder is ~ecutcd by Borrower and recorded together with thi" Deed of Trust, the co....enant:;, and agreemeOl~ of such rider ~haU be incorporated into and shaU amend and supplement the cov-enantji and agreement.s of [his Dt-oed of Trust as if the rider ....re a part hereof. 7~ ProIedieD of l.eDcI:er. SKurity. If Borrower fails lo rerform lhe covenants and agreements cOnlained in {hi.. ~ of Trust. or .if any action .of proccahng i~ o;~mmenc.e-d which materially affects Lender's interest in the Pro~ny. 1ncludiDg. but not lunited to, e:IDmcot domain. insoi\l-ern:y, code enforcement, or armngements or pr(lceedin~ involvmg it bank.ru-pc: or dccedent~ then Lende-r at Lender's aption~ upon notice 10 8orrower~ may make such appearanl.:"~, di~bursc :mch iUlnI .nd take such action as if, nec;c.uary to protect Leoder"s mterest. indudmg. but not limited to. disbursement nl ~ aUo.mey'.s fees and entry upon the Propert)' to male repairs, H Lender req~ir\.o-d mortgage inslJ~l.tn'e as OJ ~"OIidi:tion- -of mai.in, the loan secured by tM Deed of Trust. Borrower ~haU pay the pr~mllUlls required to rnamtalI1 such tI1S-urance in effect untH suc:.b time liS the rt.qul~ment for s-uch insurance lerminates in aCI;ordam.'e wllh Borrower's and t..eadof'. Wiittcm a~t or- aDpticable faw. Borrower $halJ pay ihe ilD\Ount ot ,iiI mortgage tnl'iurance premIUms in the ........... pnwided undct parapaph 2 hereof. MY ~u di$buned by Lender pu.nwml. W Ihis. paragraph 7, wfIh mt-ereS-l therc()Il, "hall bet:"ome :.lddltional j~ of Borrower .-tIled by thit Deed of Trwn. 1.InJess 8otrow.er and Lender agree (0 mber feTnl.. ot payment. ~Udl IltIHlUQt& .hatt he ~ upon ~Jce- from Lent:ref to Bo-r-rowe-r r~questing payment thereof, and shaU beat tl1terat ft(ltJi the ~ -o-{ ~t.. the rate payablCll-rQlQ time W lime on otrtstandin. p-rirn:-ipal under the Note HnJ6s payment of inltre5-t III ~ rate v.-+ouk{ be (,.'UfttrU'y to applit:ahlt lllW. tn wtuch event ~uch ame-unts !\-hali hear InterC'!$l at the iltght:st rate ~. U:tldu .ppli(:.able l.w_ Nothif1& (OOliU.Md in thj~ pi,u8graph 1 ..hall require Lender to incur any expense of take "'Y adlon~. . .~ ............ l~ may nl.u-e {:)-r..~;.'-au~ to b(' made: t\':.ason.aOle emrle~ upon and m\JW.X'w)n~ t,\f I.h(' f'nopcrfv, pmvHJed tn.t l~1baU-Jiw BorrOWCf ru-MJ<< Pf"'lf til ~my !!:ucb jMpe\:tu.m !j.pee~fyi.ng f~.a.~mabl{': ~4."lu)e I.hcrei.~H 1't"l.He-.a t~, i .:'!H.kr'!',- '_iIl_P_~,