|
82-~on4s~
<br />if Borrower pays Funds to Ixnder, the Funds shall be held in an institution the deposits or accounts of which are
<br />insured or guazanteed by a Federal or state agrncy !including !.ender if Lender is such an institution). Lender shall apply
<br />the Funds to pay said tares, assessments, insurance premiums and ground rents. Lender may not charge For so holding
<br />and applying the Funds, analyzing said account or verifying and rnmpiling said assessments and bills. unless Lender
<br />pays Bortower interest on the Funds and applicable law permits [ender to make such a charge. Borrower and Lender
<br />may agree in writing at the time of execution of this Deed of Trust that interest on the Funds shall be paid to Borrower,
<br />and unless such agreerrrrnt is made or applicable law requires such intet2st to be paid. Lender shall not be requited
<br />to pay Borrower any interest or earnings on the Funds. Cinder shall give to Borrower, without charge, an annual
<br />aceounring of the Funds showing credits and debits to the Funds and the purpose for which each-debit to the Ftmds was
<br />made. The Ftmds are pledged as additional security for the sums secured by this Deed of Trust.
<br />!f the amount of the Funds held by Lender, together with the furore monthly installments of Funds payable prior to
<br />the due dates of tares, assessments. insurance premiums and ground rents, shall exceed the amount required to pay said
<br />taxes, assessments, insurance preminms and ground rents as they fall due, such excess shall be. at Borrower's option,
<br />either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the
<br />Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall
<br />due, Borrower shall pay [o Lender any amount necessary to make up the deficiency in one or more payments as [.ender
<br />may require.
<br />Upon paymrnt in full of all stuns secured by this Dced of Trust, Cender shalt promptly refund to Borrower any
<br />Funds held by Lender. If under paragraph 17 hereof [he Property is sold or [he Property it otherwise acquired by
<br />Leader, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Linder, any
<br />Funds held by Lender at the time of application as a credit against the sums secured by this Deed of Trust.
<br />3. App-fatloo of Payrazau. Unless applicable law provides otherwise. all payments received by Cinder under
<br />the Note and paragraphs 1 and 2 hereof shall tx applied by Lender first in payTrtent oti amounts payable to Cinder by
<br />Borrower under paragraph 2 hereof, then to imerest payable on the Note, and [hen to the principal of the Note.
<br />4. Ptisr Mortpgea and Deeb of Traatt Charges; Ldem. Borrower shall perform all of Borrower's obligations
<br />under any mortgage. deed of trust or other security agttxment with a lien which has priority over this Deed of Trust,
<br />including Borrower's rnvenants to make payments when due. Borrower shall pay or cause to be paid all taxes,
<br />assessments and other chazges, fines and impositions attributable to the Prapetty which may attain a priority over this
<br />Deed of Trust, and ltaxhold payments or ground rents. if any.
<br />S. $award lasaraaee. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured against loss by fin, hazards included within the term "extended coverage". and such other hazards as Lender
<br />may require and in such amounts and for such periods as Lender may require.
<br />The insurance carrierprovidingrhe insurance shall be chosen by Borrower subject to approval by Lender; provided,
<br />that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form
<br />acceptable to Cender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender.
<br />Lender shalt have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust
<br />or aher security agreement with a lien which has priority over this Deed of Trust.
<br />In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof
<br />of loss if not made promptly by Borrower.
<br />!f the Property is abandoned by Borrower, or if $orrower faits to respond to Lender within 30 days from [he date
<br />notice is mailed by Leader to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Linder is
<br />authorized to collect and apply the insurance proceeds at Lender's option either to restoration ar repair of the
<br />Property or to the sums secured by this Deed of Trust.
<br />6. Ptnservattna and Maintenance of Property; Leaseholds: Condominiums; Planned Unit Deveiopmrnu. Bor-
<br />rower shat) keep the Property in goad repair and shalt no[ cemmt: waste ar permit impairment or deterioration of the
<br />Property and shall rnmply with the provisions of any tease iti this Deed of Trust is on a leasehold. if this Deed of Trust is
<br />on a unit is a condominium or a planned unit development. Borrower shall perform al] of Borrower's obligations under
<br />the dectaratian or covenants creating or governing the condominium or planned unit development, the by-laws and
<br />regulations of the condominium or planned unit development. and constituent documents.
<br />7. Ptratectlna of Lender's Secnrlty. If Borrower faits to perform the covenants and agreements contained in this
<br />Deed of Trtut. or if any action or proceeding is commenced which materially affects Lender's interest in the Property,
<br />then [.ender. at Lender's option, upon notice to Borrower. may make such appearances, disburse such sums. including
<br />reasonable attorneys' fees. and take such action as is necessary to protect L.endcr's interest. !f [.ender requited mortgage
<br />insurance as a rnndition of making the loan secured by this Deed of Trust, Borrower shat( pay the premiums required to
<br />ttuin[ain such insurantt in eiTeet until such rime as the requitement tar such insurance terminates in accordance with
<br />Borrower's and Lender's wrimn agreement of applicable law.
<br />Airy amounts disbursed by tender pursuant to this pazagraph '. with interest thereon, at the Note rate, shall
<br />become additional indebtedaus of Borrower secured by this Deed of Trust. Unless Horcower and Lender agree tv
<br />otirei terms of payment, such amtwnts shall be payable upon notice from Lender to Borrower requesting p vnrtent
<br />thereof Nothing rnntained in this paragraph 'shall require tinder [o incur any expense or take any action hereunder.
<br />8. inapeatlan. Yoder may make oc cause to be made reasonable entries upon and inspections of" the Property,
<br />provided that Lender shall give Borrower notice prior to any such inspection specthing reasonable cause therefor
<br />related to iettder's interest ut the Property.
<br />9. Caadpsaadoa. The proceeds of any award or claim for damages. direct or consequential, in connection with
<br />any ~roodemnation or other taking of the Property, ar part thereof, or for conveyance in lieu of crondemnaeion, are
<br />hereby assigned and shall be paid to tender. subject to the terms of any mortgage, deed of trust ar other security ag~ee-
<br />tmnt with a flen whleh has priority over the Deed of Trust-
<br />t®. 9rarevrar LSat ttalmmed; Frabanmca Bl Lender Nes a Waiver. F.a7ensian of the time far payment or
<br />mvdi8eatson of amortization af` the sums secured by this Decd of Trust granted by Lender to any suctt-sane +n [ntetrst of
<br />Bortorrer shalt trot operate tta release, in aay menace, the liability of the origins! Borrower and &?nower's successors in
<br />interest. Ltsntler alts!! trot lte requited to commence proceedings against such susressor +.u refuse to extend time for pay-
<br />ment or otl~swisa modify atnoreiuuiott of the sums secured by this Decd of T rust by reason of any demand made by the
<br />otiQinal Borcearer acid Barrorer's suacessoxs in tntelest. Any forbearance hr Lender in excects[n;; any nKht or rrmetly
<br />haztatt~t, a othervvists alTorded by agplirxbk taw. shall not be a watvcr of t?r preclude the etcrctsr ~+f any such right or
<br />ratnedy
<br />ll. ~ oral A.nirat Baaad: lolnt tad Several Llttbtliiy# Co-altsters. l?tr ~mrnants and agreements
<br />heirin catttainsx! that! Ixttrd, atat the rights tteteuttder shalt inure [n, tht respectivr suecrs.se?n atui ass+t;ns .4[ Lander and
<br />Botrowsr. subject to rite provriot+rt of paragraph !ti t;ertx~F Art c:?versants andr~ereements ai E~rrowrr chat! fx• n?+nt and
<br />sevvttkl. Any Burrvv.et wht+:v?-tpt+?s tt+ts L)eed x?f Trust, knit duos r?t+t rte.'vtr the Nutr. +ai>+ ct?-.ik+tttt4 . hi. i~e-r,t ,=t -Trust
<br />d4itT-[a7 kjr ilk Antt s'+?1St`C'} Yhat LftMi~#i•~ IfttcscSt .71 !{l4 Pt+~~'R`n1~ !t) i~c,~jjpr ~-+i^-alts ttTZ s_Ym4 ,n+?hh t~6't ~i " -~, it+t?t
<br />
|