|
<br />UNtsoatt Covertnm's. Borrower and-Lender covenant and .agree as follows:
<br />L Pu-ment of-Prindpaland Interest:' Borrowershail. promptly, pay. when due ahe .principal of and..tnterest in the
<br />indebtedness evidencedby theTSote, prepaymen6and late charges-as provided in ifieNae, antihe princtpal of and interest
<br />on~any Finure advances secured'by this Deed of Trust:. : - -
<br />1 Fwads tw Ts>cea and Itu~raece. Subject [o applicable law or to a.:wntten wmver try lender, Borrower shall. pay
<br />to Lender on the day monthly installments-of- principaland mterest arc payable underific Note, tied! the Notc is paid !n toll..
<br />a sum (herein "Funds") equal to one-twelfth of [he'yearlytaxcs and:. assessmcniswhtch may attain priority oven itiic:
<br />Decd of "fors!. and ground rentson the Property, if any; plusgne-twelfth of year)}' premium mstallntents for hazard insurance.
<br />plus one-twelfth of yearly premium installments fnctnortgage insurance, rf any, aft as reasnnaoly estimated iniuafly and from
<br />time to time by Lend~ron the basis of assessments and bills andreasnnable'estimates:.thereof.
<br />The Funds shall 6e held in'an tnsiitution the deposits or accounts of which are Ensured orgusrantced by a Federal nip
<br />state agency (indudinglLenderifLenderissuchaminstihnton): Tsender shalTapply tiie.Fundsln'pay sold taros, assessrnentsi
<br />insurance premiums and. groundrenis<t.endermay notcharge.fur..so-holdingand..apolying thrFunds. anaiying sa~if•accounr
<br />or verifying>and cnmpilingsaidassessmentsand-bifls,.unless t_cndcr pays Borrower intatesi nn the Funds and applicable law
<br />.permits Lender to make suchachar~e: Borrower and Lcndermayagree m writing at the'ttmc cif execution i:if titu
<br />Deed of Trust that interesron the,Fiinds shall bepaid to Borrower, andantiess. suchagrcament`is made:-cirapplicahlc law
<br />regoiressuch interesf,to be paid;Lender shall nofbe rcgmred to pay Borrower any interest ar earnings onthcFtmd< Lends
<br />: shall giveio-Borrower,wuhoubcharge, an annual accoannngof the Fitgds showtngcrediis and-uchits to: the Futici+ .roil th.
<br />purpose: for which each debt[:to;the Funds"was made:.TheFunds arrpledged as additionaLaecutity for[lie: sums secured
<br />by this Dived of Trust.:
<br />If [heamount of:~thc Fundsheld by Lender, together withthe Putt!remomhly..installmentsaf !=nods pa}~ahle pn.r, :o.
<br />the due:dates of fazes, assessments,?sa:_Yancc premiums and ground rents. shat! excced3he amouncreyutrcdan pay s:udta~c,.
<br />assessments;:. insurance premiums and:'ground rentsas rficy talTduc,:.such esccssshall he,'at Borrower option,'either
<br />'promptly':repaid`.ao.Borrowcror'creditedt&Horrowcr on.monthlyinstallments nf-Funds. If'ihe amount oF-thc..Ftinds
<br />beldbytendershalTnot be'suffictenttopay taxcs,;assessments. insuranarprcmtnms and ground rcntsas they falldue
<br />Honowershall pay to Lender any amount necessary to make up,the deficiency wiihin3Q days tram the date notice is ntaile<i
<br />by Lenderto Hurrowerrequtsting payment thereof.
<br />Upompaymenrin full of allsurnssecdred by this Deed nfTrust, Lender shall prompNy rclund in Borrower any:Fund
<br />heldby Lender, ifunder paragraph` is hereof thePmpeiYy rssnld nr the Ptolxrty is ahcrwiseacyuired hyl.endcc:Lender
<br />.. s~alTapply,no'lati:rthanimmediarety prinrtothe sale of thcPrnpeny oriu acyuisitionby:Lender, ;my. Fundshddb~
<br />Lender at [he time of: application: as a credit againstihe sumssecured by this Deed oETrust :
<br />3. AppliuHOtt'of Paytseats. Unless'applicaHlc lawptuvidea otherwise. alLpaymcntsrccerved byi.cnder under the
<br />Neteand`paragraphsland2-hereof sha116r..applicdhy.Lender'fiisx m pa}mirnt of amnunupayablc tot:.ender hyBorrawer
<br />- underparagraph 2hereof,.[hento interesTpayahlebnthe.Nate, then to 1heprinapal'bf the Nnte, andihen to-interest and
<br />principalon any Future Advances.
<br />' /.: C6a1Bes;,Lieas. Borrower shallpay. all taxss.: assessments and rithcr charges.-flnvs and impusuions aaribufable tir
<br />tttt Property which may attain a priority aver this Deed. of Trust, and leasehold payments or ground rents, rf any; in the
<br />mamerproyided under ptuagraph Z hereof or, if not paidrn such:manner, by Borrower makingpayment: when due,. directly
<br />to the payee [hereof:Borrower shall promptly furnish to t_ender'atl notices of amounts due under zhtsparagraph,znd io tfic
<br />evtmlBarrowersballmakepaymentdirixt[y, Borrowershall promptly furnish to.[xnder receipts evtdenrutg-such payments.
<br />Borrower shall promptly discharge any lien which has priority over this Decd of 'Tots!; prnv!dcd, .that I)urteswer shall oat he
<br />.required todiuhargeany suchlien so long:as:Bortnwer shall agree in Writing to the:payment of the n,•ligation securcd'by
<br />such lien irr a manner actxptable to Lender, or shall in good faith contest sttcb lien by, or defend enfyrccrnem of such lien in.
<br />legal pproctxdingswhich operate to prevent the entorcemenr,of the Iten or fnrfeitttre;of the c'rnpeny many part thereof.
<br />S. Blared lawn~ee. Borrower'shaq keep theimprovements now esfsnng orhercaBer erected nn the Property,insured
<br />agaiustlossby8re. ha2ardsincludedwithin thgierm "extendeticovcrage"; and..such othcrhazlPds as T:cndcr mayrcgitirr
<br />artd in'such amounts and for such periods as tezttder may reymrc; provided. that !:cotter ;ball not regtf!rt• that the amount of
<br />such coverage exceed that amount of coverage required to pay the sums secured by this Decd ai Trost,
<br />The insurance camerproviding the insurance shall he nc~+cn by Borrower su6lcct io approval ht L ender, prov+ded.
<br />t6u "such approval shall not. be unreasonably withheld. A1L premiums on insurance'. pnhcies shall Sae , aid' m the' manner
<br />provided trotter puagraph 2 Hereof or, 9f-not patd'in such manner, by Borrowertnaking payment, when due, directly;to'the
<br />imuaatm curter:
<br />AlTinsurance policies and renewals thereof steal! Ix: m form ac`.ptablc'tn Lender. and shall include a standard mortgage.
<br />douse in favor of and 'sn Eorm acceptable to Tender: 1,ender shall have zhc; right to hold the pgficics and.renewals thereof,.
<br />andBarrawerahall promptlyfumishto Tender"ailrcnewal notices and :all`-receipts rifpaidpremiums, 1n the e~cnt of los;:
<br />.Borrower shalfgiveprompt noticetothe-insurancecarrier and Lender.. Lender may. make proof of toss: if not mads;.pmmptlg
<br />by Borrower,
<br />UoTessLenderand Borrower otherwise agree inwnUng.?nsurance proceeds shatlbc appfted is~ resu~r~nnn or repair ni
<br />the Property darnaged, provided such restoraney or repatr rs cconomrcaily feasifilc and the securi~~ ~ ! this teed of Tntst
<br />-not thereby imparted: If such restorationorrepair is not econnmicallyteasiblc arifthesccuriryol tins }2eeii of "T'rusr would
<br />be impaired, theinsurance proceedsshall beapplied to. the sums scented by this Decd iaf Trust; w th Stec excess if any, ~aiJ
<br />:t:o Borrower. 7f tht'Property isabandoned`by Borrower; orif Bonowerfails ro respond In Lender wnhia30 days i tom. the
<br />dalanotice is'mailedby Lender to Borrower zfiat the ~nsuranee carrier ot3crs in settlesc claam flit merranec benefits, !.ender
<br />_is authorized to coilecrandappiy the insurance pnxeeds ar Lender's option caber to resmration or repair. of !tie. Property
<br />or to the sums secured by !tits Deed of'Trust
<br />fUn#essLender and: Borrower otherwiseiagreein writing;any: such applicaunn of proccetis. to principal shall :no(extend
<br />'or postponetheduedateofthcmonthly'installmenisreferrcdtn in paragraphs!'and 3fierei+f: or change thcamaumof
<br />such installinettts" If underparagraph IS lteregt the Yrnpen} is atquieed:by Lender, all right, 4itie and intcrcu oi'Bnriowei
<br />in and FOanyirssurance policies:and m and`to the pro~eedsihereafresuhing fmmdarnage to xlte Ya~pertyprnrrtirthc sale
<br />'0or acquisition shatlpassaoLenderxo 1heextentofthe sumssecured bvthis-Deed of Trust:immediatcly prior to such'saleyr
<br />acquisition:
<br />ti. : Yreaervafbetaad Maintenance of Property;Leaseholds; Gondominiums;'Plaarrtd Unit Developments. Borrzawcr
<br />shall keep-The Property m good repatr andshall notrommu.H•astc sr ~mnt impairment or ilcicnorarmin:at iheF'roperty
<br />and shailcomply withthe provisions of anylease iftfiisDeed crf "Trust is nn a leasehold: 1f zhrsDeed of Trust :~, on a nettle a
<br />:::condominium oraplanned unitdevefopment; Borrow•ershail perform all of Borrower"s ohSiga;ions under'thc decfaratrnn
<br />or covenants creating or goeeming the:`condominium or planned unit development. ftte by-taws` and. regulations of the
<br />condominium or planned ui)i[.'developrnenf, and. constituent: documents:' if a condominium-fir planned: umC rlevtatrpmcn~
<br />rider is executt:d by, Borrower`and recorded togetherwrth this Deed of Trust the covenanfs and agreetnenis ztf Stich ridc~
<br />shallbeincorporatedinto andshall amend and Stipp!emetrtiheravenantsandagzeemenis of ihirDeed nf:Trini as`if the eider
<br />were a part: 6ereoL
<br />7. Frweclioe of Leoder's,Security. 'If Borrower Earls roper€orm the covenants and agreements' contained: in this
<br />Dtetd ofTrust, on€anyacdan n6:proceeding:iscommencedwhichmatenaily affeots Lender's interest in the Rinperty.
<br />indtrdingabu[:notlimited to. eminentdomam,insoh""envy. codeenforcement, fir. arrangcments:ar proccedings;inveilvinga
<br />bankruptlocdectxlent, ihenLender at Lender's option; :upon nolicetoBnrrower,may make such-appearances, dishiirscsuch
<br />-sums and take such: action as is necessary: to protect Lender', mterest, including, bur nor'3imittcd ta. disbursemcnr ~!
<br />' reasonab]e attoroey'sfeesartd"entryupon the Properly tvmake repairs. if lender required: mortgage` msurarce as+.
<br />condition of making: the loan secured by this Deed :o[`Frusz~ $nrrowct shall pay the premiums reywrcd' tc+ maintain such
<br />nsurantt in effecLUn•il such time as'the requitement for such insurance terniinafes in accordance wi?h' Borrower's .rod
<br />:'Lender's written agreement arapplicable law. Borrower shall,pay the amount nF alt-tnortgaee insurancc,prernfurns in the
<br />manner ptavided under paragraph 2 Hereof:
<br />L Any :amounts disbursed by Lender parsuant ,to this paragraph 7, with mterest iherenn: shall become atlditiniial
<br />indebtedness of Borrowersecured'by this Deed of Trust. Unlesr Borrower end Lender>agree to'nther ferns of payment, such
<br />amounts shall bepayable upon:noticefrom Tender toBorrowet requesting payment. thereof,-and shall !rear':interestire,m the
<br />• date of disbursement az the rate: payable from time to [tine on outsxandingprincipal under the Note unless'pa)'ment of interist
<br />at such :rate would he ~on[rary'ao`applicabtelaw, in which event such~amoums sfiiall hear interest at the highest rate
<br />permissibieunder applicable taw: Noxhing`contained in thisparagraph 7shalPrequire Lende{toincur-rtnyezpense: qr take
<br />any actioahereunder.
<br />S inspecfion. Lendermay make orcause tobc madereasanabte entriesupori ahdinspectiom of :hefr>perry, provided
<br />that Lender shatL:give Horrowernoticcprlor to anysnch inspectionapecffyingreasonabic cause therefor rclatedti> I_cnilcr'ti
<br />.- ..interest. inihe Efocerv. -
<br />
|