|
<br />Utvteoant COVENANTS... Borrower .and Lender covenant and agree as follows: v ~ ~~~ ~ ~ i
<br />I. Payment of.Prindpal grid Inferestc $orrower shall promptly pay when due the principal of and interest on the :
<br />IndebtednessevidencedbytbeNote,prepaymentandlateclsargesasprovidedintheNote,andtheprincipal'ofandinterest
<br />onanyFutureAdvancesecuredbythisDeedofTntst.
<br />22 Fonds Eor Taxei, sad lttsurance. Subject to applicable .law or too:written waiver by.Lender, Borrower shall pay
<br />: to :Lender on`.the day monthly installments of principal and interest are payable under the Note, urstil theNote is paidin full.
<br />a sum (herein "Funds") equal to'bne-twelfth of the. yearly taxes and assessments which may attain priority over this
<br />Deed of Trust; and ground rents on the Property, if any; plus one-twelfth of yearlypremium installments for hazard insurance,
<br />plus one-twelfth of yearly premiuminstallments for mortgage insurance,ifaoy, all as reasonably estimated initiahyaiad from
<br />.time to time by Lendefonthe basis of assessments and bills and reasonable estimates thereof:
<br />The Funds shat! beheld in an.inslelutiorr the deposits or accounts of whichare insured or guaranteed by a Federal or -
<br />state agency'.(induding Lender if Lenderissuch an institution). Lender shallapplytheFundsiopaysaid taxes, assessments..
<br />insurance premiums andground rents. Lender may notcharge for so holding and applying the Funds,:analyzing said account
<br />or verifying and compiling saidassessments andbills, unless Lender pays>HOrrowermterest onaheFundsandapplicablelaw
<br />,permits Lender to make such acharge: Borrower and Lender may agree.. in writing ar thetime of execution of-this
<br />Deed of Trust that interest on theFunds shalt be paid.toBorrower, andunless such agreement is made or,applicabielaw
<br />requires such interest to be paid,'Lendersliall not be required'topay Borrower any tnteresr or earningson therPunds: Lender
<br />`shall givetoBorrower, without charge; an_annualaccountingof the Funds showing,credtsand debitstothe Funds and the
<br />purpose for which each debit to the Funds was made. The Funds arepledgedas additional security, for tfie sums secured
<br />by..this Deed.of Trust.:
<br />if thcamountofthe Funds held by Lender, together wi[hthe future-monthlyinstallments of Fundspayableprior to
<br />the due dates of tsaes, assessments, insurance premiums and ground rents,3hall exceed the amount required to pay aid taxes,
<br />assessmedts;,insurance' premiums and :ground rents: as they fall due; such excess shall be,. ar Borrower's option, either
<br />.:promptly repaid to Borrower or oredited to Borrower on monthly installments of Funds. If the amount. of the'Funds
<br />.:held by Lender shalt not be sufficient to pay taxes, assessments, insurance. premiums and ground rents. as .they fall due:
<br />Borrower shall pay to Lenderaoy amours[ necessargto make up the deficiency within 30 days from the date notice:is mailed
<br />by Lender to, Borrower requesting payment thereof: r
<br />Upon payment in full of all sums secured by this Deetl oPTrust, Lender shall promptly refund to Borrower any Fimds
<br />held by Lender.. If under paragraph 18 hereof the.:Property is sold or the Property rs otherwtse. acquired by .Lender, Lender
<br />shall apply, no later than immediately pnorrto the sale. of the Property or its acquisition by Lender, any Funds field by
<br />Lender at the time of application ass creditagainst the sums secured by[hisDeedof Trust.
<br />3. Applkatlon ofPaytnents;. Unless applicablelaw provides otherwise, all .payments received by Lender under the
<br />Note and paragraphs l and 2 hereof shall be applied by Lender'firt m payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, then o interesrpayable'on the Note, then totfie principator the Note: and then to-interest and
<br />principal an any Future Advances:
<br />4.: ChaRfs; Liem..'Borrowerl. shall pay all taxes; assessments and other- charges, fines and. impositions- attributable to
<br />the: Property which. may attains priority over [his Deed of Trust, and leasehold payments or ground. rents; if any;'in the
<br />manner provided under paragraph'2 hereoP.or; if norpaidinsuch~mannegby'Berrowermaking payment; wtien.:due, directly
<br />to the payee thereof.' Borrower shall promptly furnish: to' Lender all notices of amounts tlue under this paragraph, ahd in the
<br />event Borrower shalt make payment diratly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shalCpromptly discharge any lien which has priority over thts Deed of Trust-, provrded. hat Borrower shall':not be
<br />required to discharge'any such lien o longas Borrower shall .agree in writing to the payment' of the cib]igation secured by
<br />such lien iqa manneracceplable to Lender; or shall in good faith'comest such lien by, or;defend enforcement of suchlien in
<br />legal pproceedings which operate ro prevent tKe enforcement of the lien or forfeiturr'of the. Property or any part. thereof.
<br />S. I~arard Iewra~ce.. Borrower shall keep the improvements now exisiingor hereafter. erected on the Propertg-insured
<br />against loss by,firc, hazards inditded within the term "extended coverage":.and such other hazards as Lendermay`regmre
<br />• and in such amounts and forsuch periods as tender mayrequirc: provtded; that Lender shall not require tfia[ the amount of
<br />such coverage exceed that amount of coverage required to pay the sums secured by this Deed of Trust.
<br />The insurance carrier providing. the insurance shall' be chases by Borrower subject to approval by 1:ender.; provided.
<br />that: such approval shall. not be unreasonably withheld. All premiums on insurance policies: shall be paid' in' the .manner
<br />.provided under parttitaph 2 hereof or, if sot paid in such manner, by' Borrower making payment, when due; directly:-to the
<br />Insurance carries
<br />All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br />clause in favor of and is form acceptable to Lender. Lender shall have the .:ght to hold. the. policies and renewals thereof.
<br />and Borrower shallpromptly furnish to Lender all renewal notices and all receipts of paid premiums. Tn the event of loss,
<br />Borrowershallgive pomp[ notice to the insurance carrier andLender. Lender may make proof of loss if not"madepromptly
<br />by Borrower.
<br />: Unless'Lender and. Borrower otherwrse.agree in writing, insurance proceeds shahbe applied,to restoration or: repair of
<br />the Prolxrty damaged, provided such restoration or repair. as economically feasible and the security of this Deed of Tnistrs
<br />not therebyimpaired. 7fauch restoration or.repair is not economically feasible oc if theaecurily bf this Deed'of Trust would
<br />beimpaired,tht insurance proceeds shall be appliedto the sums secured by this.Deed ofTrus[;with theezcess,'if any,.paid
<br />to:Borrowee` If the Property is abandoned by Borrower, or if Borrower fans to respond to'Lender within 30 days from the
<br />date'noticeirmailed: by Lender to'Borrowerthat the insurance carrier offers to settle a claim. fornsurance benefits. gender
<br />is authorized,to collectand apply the insurance proceeds at Lender's: option either to restoration or repair of. ihe'Property
<br />or to the sums secured by this. Deed of Trust:
<br />Unless'Lender and Borrower otherwise:agree in writing, any such application of proceeds to principaf shall not sxtend
<br />or-postponethe due..dale of the monthlyinstallmentsreferred loin paragraphs 1 sod"Z hereoE.or changetheamount of
<br />such installments. Ifunderparagraph 28: hereof [hc Property'isacyuired by: Lender, a1L'righL. title and'.interestof'Borrower
<br />in and to anyinsurance:policies and m andto the proceeds ihereof:resultingfromtlamage to the Properay pnorto the: sale
<br />or acquisition shall pass: to.Lendecto the extent of the sums secured by this Deed of Trust immediately priorto such sale or
<br />-acquisition. ;
<br />`f. lreseevatlwr:and Mainfenaace of Property; leaseholds; Condominiums; Pladned Unit Developments. Borrower
<br />shall keep tbeProperty in good repair and shall not commnwas{eorpzrmit impairment or Jeterio~aiionof the Property
<br />.and shaltcomply with the provisionsof any lease if this DeedofTrust is ona leasehold.' [fhisDeed of Trust is on a unit ins
<br />condominiumor a plannedunit developmen[,Borrower shall-performa}I of.Borrower'sohligationsunderthedeclaration
<br />or'covegan[s creatingorgoverring the': cohdommiumorplanoedunitdevelopment, the. by-laws and regulaiions~fthe '
<br />rcondominium or planned unit development, and constituent documents. 7f a condominium or planned unit development
<br />rider is executed by Borrower and: recorded together with this Decd of Trust, .the covenants and agreementsof such rider
<br />shall beincorporatedintoand shallamend and. supplement the covenants and sgreementrof [his Deed. of Trust as if the rider
<br />-were a part hereoL
<br />7. Prolectlon ofLender's Security. lf-Borrower fails to perform the. covenants and agreements. contained inthis
<br />Deed of Trust; orif any' ac[ion'or proceeding is'commenced which materially affects Lender's. interest in. the Property,
<br />including, but: not limited to, eminentdomain, .insolvency, code enforcement, ar arrangements or proceedings.. involving a.
<br />bankruptor,decedent, then Lenderat Lender's option upon notice to Borrower,.may,makesuchappearances, disburse such
<br />sums and take such action asis necessary to protect Lender's interest, .including,: bat not limited to,. disbursement of
<br />reasonableattorncy'sfees and entry upon the Property:: to make repair. If Jzenderreyuiredrrtortgage insurance:rs a
<br />.condition dfmaking [he-loan secured by. this. Deed of Trust; Borrower. shallpay the premiumsrequired tomain[ain such
<br />ituurance ineftect uotilsuch timeas the requirement forsuchinsurance terminates ln-accgrdance with Borrower's and
<br />Lender's wntten agreement or applicable law:'Borrowershall pay the amovm of all morigageinsurance premiums in the
<br />manner provided under paragraph 2 hereof.
<br />:Any amounts disbursed by Lender pursuant tothis paragraph 7, with interest thereon, shall lxcome additionad
<br />L indebtedness of Borrowebsecured by this Decd of Trust. Unless Borrower and Lender agree to other terms of pnyrnent, such
<br />amounts shntt he payableupon notice from Lender to Borrower requesting payment thereof, and shall txarinterest from the
<br />date. of disbursement ai [tie rate payable froth time totime:on oulstandingpnncipal. under the Nate unless paymenl•>f interest
<br />~at such ratewould be .contrary to applicable iaw,.inw.hicbevent ouch amauntssha3ltxar interest aP the highest rate
<br />permissible under applicable law. Nothing contained. in. this paragraph 7 ,hall. reyvire Lender to incur any expense ar take
<br />any actiot hereunder
<br />ti. Int~ektion. Lender may make orcause to th, made reasonable entries upon and inspcctians of the Property, pnlvided
<br />iha[ Lendecshali giveBorrower noticeprior ioany such inspection specifying reasonable cause theretor related to Lenders
<br />ntereu in the Property.
<br />
|