|
<br />I
<br />
<br />84-005354
<br />
<br />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
<br />give to Borrower, without charge, an annual accounting of the Funds showing credits lIlld debits to the Funds and the purpose for which each
<br />debit to the Funds was made, The Funds are pledged as additional security for the sums secured by this Deed of Trust,
<br />If the omol"'t of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes,
<br />assessment;;. !nsuranc:e pre..rni!!.!!1s aM g!'OI.!l:~:d ~nts. stud) e,;t;eed the amount required to pay saW taxes. assessments, bsurancc premiums and
<br />ground renls as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly
<br />installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay ta.~est asse88ment~. insurance PI-emiums and
<br />ground rents as tbey fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30days from the date notice
<br />is mailed by Lender to Borrower requesting payment thereof.
<br />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
<br />under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than ilnmediateIy
<br />prior to the sale of the Property or its acquisition by Lender , any Funds held by Lender at the time of application as a credit against the sums
<br />secured by this Deed of Trust,
<br />3, ApplIcation of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and para&raphs I
<br />and 2 bereof shall be applied by L.,nder first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest
<br />payable on the Note, then to the principal of the Note. and then to interesl and principal on any Future Advances,
<br />4. Charges; Uens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attrIbntable to the Property which
<br />may attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any, in the manner provided under JllIt'llllr8Ph 2 hereof
<br />or, ir not paid in such manner, by Borrower making payment, wben due, directly tn the payee thereof, Borrower shall promptlyfumlshto.
<br />Lender aU notices of amounts dtie under this paragraph, and in th.e event Borrower shall make payment directly, Borrower sbaIl 'promptIy',-
<br />rurnish to l.ender receipts evidencing such payments, Borrower shall promptly discharge any lien which bas priority over this.DeedofTrust;
<br />provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writins to the paymcat of the:
<br />obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of sw;h Iiea
<br />in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thenoof,
<br />5. Hazard 11ISIInl1lCe. Borrower shall keep the improvements now existins or hereafter erected on the Properly inJuredqainst IoaallYlirC,
<br />hazards included within the term "extended coverage", and such other hlUM2 ,., Lender may require and in suc:h amounts and for such pedods.
<br />as Lender may require; provided. that Lender shall not require tbat L'>e . "Ll of such r.ove'lIli.' ~ceed that amount of coverqe required~ pay
<br />
<br />the sums secure!! by th!s ~ of T!'w~-t
<br />
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided. that such ~
<br />shall not be unreasonably withheld, All premiums on insurance poIides shall be paid in the manner ptovided under pa.rqraph 2 hereof orilf not
<br />paid in such manner, by Borrower making payment, when due, direclly to the insutance carrier.
<br />AJllnsurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard moflP&e cIauIe in favor of
<br />and in form acceptable to l.ender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly fumlshto .
<br />Lender all renewal notices and all receipts or paid premiums, In the event or loss. Bortower shall give prompt notice to the insurance carrier and
<br />Lender. Lender may make proor ofloss if not made promplly by Borrower,
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be app1icd to restoration or repair of thePropcrty
<br />damaged. provided soch restoration or repair is ec-onomicaIly feasible and the security of this Deed of Trust is DOt thereby impaiRd. Ii such.
<br />restoration or repair is not economically feasible or if the security of this Deed o.f Trust would be impaired, the insurance proceeds sball be
<br />applied to the sums se<:ured by this Deed or Trust. with ~he excess, if any. paid to Borrower. If tbe Properly is abudoaed by Borrower. or if
<br />Borrower fails to respond to Lender within 30 days from the date notia: is mailed by Lender to Borrower that the Insurance carrier offen to
<br />settle a claim for insurance benefits. Lender IS authorized to collect and apply the insurance proceeds at Lender's option either to ratoralloD or
<br />repair of the Property or to the sum. secured by tbis Deed or Trust,
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to. principal shall not f:ll~ or pIlItpoee the due
<br />date of tbe monthly mstallments referred to in paraaraphs I and 2 hereof or change the amount o.f such instaIlmem&, If under ))IIflIIA(lh 18
<br />hereof the Property is acquired by Lender. all right, title and interest of Bortower in and to any Insurance policies and in and to tile proceeds
<br />thereof resulting from damage to the Property prior to tbe sale or acquisition shall pass to Lender to the extent of the sums sc:cured by this Deed
<br />of Trust immediately prior 10 s.~h sa.l~ or ib..'Quisition.
<br />6, Pre.rvatloa.... MalII~ 01 1'ropKty; LeueRIds; C~; PIaued Ulllt ne.-""l"r'" Borro_ shall teep the
<br />Property in 800d repalf and shall not commit waste or permil impairment or deterioration of the Property and sball comply with the provkIoos
<br />of any le~ II this Dcul of Trust IS on a leasehold, If this Deed of Trust is on a unit in a condominium or a planned unit devdopment. Borrower
<br />sh.H perform aU of 8orroVt-er's obligations unde:- the decla....ation or covenants creatin; or 30vemina the condominium or pIulMd unit
<br />development. tbe by-laws and regulations of the condominium or planned unit development, and constituent doc:uments, If a condominium or
<br />planned unit cte-'elopment rider is executed by Borrower and recorded together with this Deed of Trust, the covenants and aareements of such
<br />rider shall be inrorporated into an<l shall amend and supplement tbe covenants and agreements of this Deed of Trust as if the rider "'" a pan
<br />hereof.
<br />7, Proltdloa 01 Lellder', Sec1lrtty. If Borrower fails to perform the covenants and aareements contained in this Deed of Trus~, or if any
<br />a..:tJo-n or pro....---eeding is commenced which materially affects Lender's Interest in the: Property, includina. but not limited to, eminent domain,
<br />Insolv<ru:y'. code enfotc<m<m, or arrangements or proceedings im'olving a bank.rupt or decedent. then Lender at Lender's option. upon notice
<br />to Borro..'er. may mate such appearances, dt5bur:se such sums and. take such action as is ntttssary to protect Lender's inicn::st, inciuQina, bui.
<br />not limited to. dishurscment of reasonable attorney's r... and entry upon the Property to mue repairs, If Lender required monaaae insurance
<br />as a condition of mak.lOg the loan secured by this Deed of Trust, Borrower shall pay the premiums required to maintain such insurance in effect
<br />until such lime: as the r~ujremcnt fOf such msurance lcnninales in accordance with Borrower's and Lendec's written agreement or applicable
<br />law. Borrowe, shall p;ly tb< amount 01 all mortgage insurance premiums in the manner provided under paragraph 2 beteof.
<br />Any amounts disbur..a by Lender punuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower
<br /><<cured by thts Deed of Trust. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payable upon notice from
<br />Lender tc' Borrowel requ<Sllng payment thereof. and shall bear inter..t ftolllthe date of di.bur..ment at the rate payable from time to time on
<br />~lUi.sta.ndina princ.ipaJ under the Note unless pilym~nt of interest at such rate would be contrary to applicable lawl in which event such amounts
<br />shaH bear intef~! a~ the hl&-hest n.tt ~rmi~ibk under applkabl~ taw. Nothina: contained in this. parq:raph '7 sba.ll require l...ender to lO\.'Uf any
<br />t'.:\p.tftx ()t td.e- an)' action be-n::und-cr,
<br />8_ I...,..,doe, Lender may make", cau,< to be made re...onable eotf>"" upon >lOll lUspe.:tions of the Pruperty, provided that Lender .hall
<br />t(.l\li 80fTU9ic-r no{}C(" prim to .tny ~u,h iru~'i('(;tjon s-P"=ifying f(-aMmablC' (aUK thncfQc related to Lender's intere.\t in the Property.
<br />,. (~..tiott, The ~~f(\..:<<d5 ot" any award ur .:-lllim fftt damag('"::l.. dirC'Ct or ~on~uemiaj. In -.:-nnoC'Ction with An)' c'\.lItJemnation ;Jf
<br />p~hct 'tAklfll; of the PiOr,{"fty, nf van 'hN-r"tJC or h)i '\:onVn"fUKC to lieu t)f' ~~ond~nuUtHon. are hcr<:by wlJ.ned and shall he paId [0 Lcudcr.
<br />tnlhr !'vrn! ,-}f:a !ofifl lalinM of the PH..l1X'ny, !he Pf\x;"<<'d~ ~hl.u be appht'd fl.> the :!Ill"H_ ,>-("(ured b~ {h.i... [)(>ed of Trus.t, with Ih(' C).:I,.'CU. if anv,
<br />~wud to f\(.nn-wer In ~hc t''''('':H fi,r oil pa.rhal takm, (If tht P'-rUl-~Tt~'. l.H~lcs!i- BOtH)~e-r and l t'n-d-c-f n~ht"rw\S€ ajH'C' ill writHUl. ~her(' :.hall o-c ilpplicd
<br />1,'\ ;-h-c ';in.,__, -,<<'~,\t{'-d h" th:~ r~~ t)f Tn.i~l ~u-\,.'t! p~opoftu:m of Hlr' PH_x.:t'td'i ,(t\ r.. cqu.aJ to that p,n,.Jrot1nh'il ""h:~h the l\Ill\.'um ,\1 the \tl!n~ >it",,:U{(~J
<br />
|