|
<br />I"
<br />
<br />83....1)06796
<br />
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of PrIncipal and Interat. Borrower shall promptly pay when due the principal of and interest on the
<br />indehtedness evidenced by the Note. prepayment and lale charges as provided in the NOle. and Ihe principal of and inleresl
<br />on' any Future 'Advances secured by-this Deed of Trust.
<br />Z. Fnds for T_ .....1_. Subject to applicable law or to a written waiver by Lender. Borrower .sball pay
<br />to Lender on the day monthly installments of principal and inlerest are payable under the Note. untillhe Nole is paid in full.
<br />a lum- (herein ....Funds.') equal to one-twelfth of the yearly taxes and assessments which may' attain priority over this
<br />Deed of Trust, and-ground rents on the PropenYl if any. plus one-twelfth of yearly premium installments- for hazard insurance.
<br />plus one-twelfth of yearly premium installments for -mortgage insurance. if any. all as reasonably estimated jnitially and from
<br />lime to time by Lender on the basis of assessments and bills and reasonable estimates Ihereof.
<br />The Funds shall be.held in an institution -the deposits or accounts of which are. insured- or- gua:ranteed by' a:Feder~_I-or
<br />slate agency (including Lender if Lender is such an institulion). . Lender shall apply Ihe Funds 10 pay said..taxes, .assessments;
<br />insurance _premiums and ground rents. Lender may not charge for so holding and applying the-Funds" analyzing said account
<br />or verifying and compiling said assessments and bills, unles.s Lender pays Borrower interest on the Funds- and applic.able'-Iaw
<br />permits Lender to make such a charge. Borrower and Lender may agree-' in writing at the_ time 'of execution'- of -:this
<br />Deed of Trust that interest on the Funds ~hall be paid to Borrower+ and unless such agreement -is made- or a_pp1icable ,law
<br />requires s.ucb interest to be paid, Lender shall not be required to pay Borrower any interest .or earnings on the F~nds~ - Lender
<br />shaU give to Borrower, without charge~ an. annual accounting-of the Funds showing credits-and debits. to the Funds, and-_the
<br />purpose for which each debit 10 Ihe Funds was made. The Funds are pledged as additional security for Ihe sums secured
<br />by Ihis Deed of Trust.
<br />If the amount of the Funds held by Lender. logelher with. the future monlhlyinslallments of Funds payable prior 10
<br />the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount -required -to pay said taxes~
<br />assessments, ,insurance premiums and ground rents as they fall due. such excess shall be, at Borrower's option. either
<br />prompHy repaid 10 Borrower or credited to Borrower on monthly installments of Funds. If the amount - of the - Ptindli
<br />heJd by Le~der shall nOl be sufficient In pay taxes, as~ssmenb. insurance premiums and ground rents.-'as they,-rall due.
<br />Borrower shalt pay to Lender a~y amount necessary to make up the deficiency within 30 days from the date notice -is maih~d
<br />by Lender to Borrower requesttog payment thereof.
<br />Upon payment in fun of aU sums secured by rhis De-cd of Trust. Lender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph 18 hereof the Property 1';' sold or the Property is mherwis.e acquired by Lender. _Lender
<br />shaH apply. no later than immediately pnor to the sale of the Property or its acquisition by Lender. any Funds held by
<br />Lender at the time of application as a credit against the sums secured by this Deed of Trust,
<br />3. Application of Payments. Unless applicable law pro\'jdes otherwise, all payments. received by Lender under the
<br />Note and paragraph~ 1 and 2 hereof shall he applied by Lender first in payment of amounts payable to Lender by Borrower
<br />under paragraph :2 hereof. then to interest payable on the Note. then to the principal of the Note, and then to interest nnd
<br />principal on any future Advances.
<br />4, ChaJ"ltt5; Liens. Borrower shall pay ~11I t3.,e", as.<>essment~ and other charges. fines and impositions attributable to
<br />the Property which may attain a priority over lhis Deed of Trust. and leasehold payments or ground rents. if any, in the
<br />manner provided under paragraph 2 hereof Of, if not paid in stich manner, by Borrower making payment. when due. directly
<br />to the payee thereof. Borrower shall promptly furnish to Lender -all notices of amounts due under this paragraph, and in the
<br />event Borrower shall make payme-nt direclly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shaH promptly discharge any lien which has pnority over this Deed of Trust; provided, that Borrower shan not he
<br />required to discharge any such lien $0 long :-\'\ Borrower shalt agree in writing to the payment of the obligation secured by
<br />such lien in a manner acceptable to Lender. or shall in good faith contest sllch hen by. or defend enforcement of such lien in.
<br />legal proceedings which operate to prevent the enforcement of lhe lien or forfeiture of the Property or any part thereof.
<br />5. HazanllllSUl1UIce. Borrower s.hall keep the improvements now eXisting or hereafter erected on the Property insured
<br />against loss by fire. hazards ~nduded within the term "extended -covcr:1ge'., and such other hazards as Lender may require
<br />and in such amounts and for such periods as Lender may reqUire; proVided, thaI Lender shan not require that the amount of
<br />such coverage exceed that amount of coverage required to pay the: sum.. secured by Ihis Deed of TmsL
<br />The insurance carrier proViding the insurance "hall be cho"cn hy Horrower subject h' approval by Lender: provided.
<br />that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br />provided under paragraph 2 hereof or. if not paid in SUdl manner, hy Borrower making payment, when due. directly to the
<br />insurance carrier,
<br />AU insurance policies and renewa13 [hereOf shall be m f\Jrm -a':l.:cptablc to Lender and shalt include a standard mortgage
<br />clause in favor of and in form acceptable to Lender. Lender shalt have the right to hold the policies and renewals thereof.
<br />and Borrower sh~f promptly furnish to Lender ;'111 renewal notice;;, and all rt:celpts of puiJ premiums. 1n the event of loss.
<br />Borrower ~haU gIve prompt notice to the msuranl.:C C:lrrlcr and Lender, lender may make proof of loss If not made promptly
<br />by Borrower.
<br />Unless Lender and Borrower otherwise agree in \10 ritmg. Insurance pnKceUs ~hal1 be applied to restoration or repair of
<br />the Property damaged, provided ~uch restoration or n::p.nr ,'> t:conoffill:aliy kaMblc ;uld the security of this Decl1 of Trust is
<br />not thereby impaired. If -such restoration or repan '" not economIcally feaSible or if the se.curity of this Deed of Trust would
<br />be impaired, the insurance proceeds shalt be applied to the sums secured by this Deed of Trust, with [he excess, if any, paid
<br />to Borrower, if the Property is abandoned by Borrower. or if Horwwer fJils to re.1pond to Lender within 30 days from the
<br />date notice i~ mailed by Lender [0 Borrower lhat the insurance carrier oilers to settle a claim for lO$lIrancc benefits., Lender
<br />IS authorized to collect and apply (he insurance proce-eds at Lender's option either to restoration or repair of the Propen)-'
<br />or to the sums: ;ecun:d by this Deed of Tn~st.
<br />Unless Lender and Borrower otherwise ~'gtee In "'-"fltlng. any ~uch ilPphcatton of proceeds to principal shall nof extend
<br />or postpone the due date of the monthly installments referred 10 in paragraphs I and 2, hereof or change the amount 01
<br />such installments, If under paragraph I S hereof the Property IS i.lcqUlred by Ll'nder, uti nght. title and interest of Borrower
<br />in and to an)' insurance policies and in ilnd to the proceeds Ihereof rcsuhing from damage 10 [he Property prior 10 the ~alc
<br />or acquisition shan pass to Lender to the extent of the- sums secured by this Deed of Tru5l Immediately prior to s.uch s.ale or
<br />acquisition.
<br />6. PraervatioD and MaIaIeaance of Property; Ltawbokls; Condominiums; Planned Unit Developments. Borrower
<br />..hall keep the Property in @.CK.'\-d repair and -shall not <.:nmmlt waslC (Ir ~nlllt impalrml~nt (If deterioration of the Property
<br />and shan comply with the provisions of any lease if thi-s Deed of Trust IS on a Jea~ehold. If this Deed of Trust is on a unit in a
<br />condominium or a. planned unit dc\'elopmenl. llorrowcr shaH pedorm all of Borrower's obligatiOns under the dedararion
<br />or ~ovenants creating or governing the condominium, or planned unil de~elopmem, the by.laws and regulations of the
<br />condominium or planned UOIt development, and conshtuent docurHenls. Jf a condominium or planned Unit development
<br />rider is e.,'\ecut-ed by Borrower and recorded together with thi~ Deed of TrU_'ll. the ,"o\'enants and agreements of such rider
<br />s.b.a11 be incorporated into and shall amend and supplement the covenal1l::. and agreements. of this. Deed of Trust as if the rider
<br />'a"et'C a P&!''t hereof.
<br />7~ Pntaectioa of l.nMkr's Security. If Borrower falls. to perform the covenants and agreements contained in rhi_,
<br />~ of Trust~ or if ~ny action or proceeding is commenced which matenaHy affects Lender's interest in Ihe Property,
<br />mcludinJ! - but not limited to, eminent domam. insolvency, code enforcement, or arrangements or proceedlngs IIwo!vmg :1
<br />bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
<br />sums and take such action as is necessary to prOtect Lender's interes,1. including_ but not limited to, dishur~cmellt 01
<br />reasonable attorney's fees and enlt)' upon the Property to make repalf'$., If ('lender reqUired mortgage in~uran\.---c a'l a
<br />comIition of makina the loan secured by this Deed of Trust. Borrower shall pay the premiums required to maiorain ~uc-h
<br />tMUr&lK;e in ~tf<<:l until such lime -11$ tbe requirement lor such im.urance terminates in fIc-corda-nce with Borrower's <.Iud
<br />l-eiJder's writfcn,alrccment or -applicable law, Borro-wer shaH pay the amount of all mortgage: jnsv;:mce pte-rniums in 1hc
<br />maoaer jlrO\'ided under paraarap!l 2 hereof. . .
<br />. Any amounts disbursed. by Lender ptlBuant to tnis_ paragraph 7. with )Oterot thereon, shaU become additional
<br />Uldcbtt;:doea of Bonuwc.r secured by Ihi5--Deed -of Trust, Unlns 8orrower and Lt'_nder agree to oth~r lerm!!; of paym.::"t, such
<br />~ ~I be payable upon no-ti<< from_l~r t(1 _Borrower reqUe&IJng ~yment thereof. and snail bear Interest I rom: the
<br />date ot-~t at tb$ "Uti payable from lime: to time: on ou.t:sUmding prmdpal under the Note unless payment of int1:l"Cst
<br />at tueh- l1tte would be .contrary to appli(..bJc law, in which -event s.ut;h amounts shall bear inteWit 3t the highest fat~
<br />pcrmIaible u.... appllcablti law. Nothina contained in Ihi; paraaraph 1 ,hall require Lender to incur any e'pense m take
<br />&Ill' _ llorewder.
<br />... ~ l~-may mne ()r',(.~_\-1Se to be ma~ reaSL't(s-.ble e~lo~ upon and. ill"pechon~ ot the Property, pro\'uJed
<br />t.Wd' I....;;MU ItW Borrqwcr Jmbce- poor tv 41ny M1Cb IfilPlKtJOn sp:-cdYIOg: rea.M>>l.J:bie came- tM--ref:of rclated In Lender's
<br />"~I_ ... .be Prol>eon.
<br />
<br />
|