|
<br />~r~ecorided
<br />Untt*oant Corrnrur+'rs. Borrower and Lender covenant and agree as follows: 11 ~ ll ~ l
<br />1. Par®ntt of Prinaipaf gad latt:•reat. Borrower shall promptly pay when due the principal of and interest nn the
<br />irtdebttdnesa evidenced by the Note, prepayment and late charges as provrded in the Note, and the principal of and interest
<br />on any Future Advances secured by this Deed of Trust.
<br />Z FttttttAs for Taxes and Iroorruee. Subject to applicable law or to a carioca waiver by Lender, Borrower shall pay
<br />to Ixnder on the day monthly installments of principal and interest arc payable under the Note, until the No[e_is paid in full,
<br />a sum (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 Property, 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 reasonahly estimated initially and from
<br />time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. -
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments. -
<br />insuranee premiums and ground rents. Lender may not charge for so fiolding and applying the Funds, analyzing said account
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable taw
<br />~rmits Ixnder to make such a charge. Borrower and 1_ender may agree in writing at the time of execution of this -
<br />Deed of Trust that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable taw
<br />requires Bach interest [o be paid, Lender shall nut be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shah give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br />purpose (or which each debt: to the Funds was made. The Funds are pledged as additional security for the sums secured
<br />by this Deed of Trust.
<br />If the amount of the Funds held by tender, together with the future monthly installments of Funds payable prior- to
<br />the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
<br />asstxsmen[s, insurance premiums and ground renh as they fall due, such excess shall he, at Borrower's option, either
<br />promptly repaid to Borrower or credited to Borrower tin monthly installments of Funds. It the amount of the Funds
<br />held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due.
<br />Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice es mailed
<br />by Lender to Borcower requesting payment thereof.
<br />Upon payment in tub of all sums secured by this Dced of Trust. [.ender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph I R hereof the Property is sold or the Property rs otherwise acquired by fender, Lender -
<br />shall apply, no later than immediately prior to the sale of the Property or its acyuisition by Lender an}' Funds held by
<br />Lender at the time of application as a credit against the sums secured by this Deed of Trust.
<br />3. Applieatlon of Payments. Unless applicable law provides otherwise, all payments received by Lender under the
<br />Note and paragraphs 1 and 2 hereof shall be applied by lender first in paymem of amounts payable to tender by Borrower
<br />under paragraph 2 hereof, then to interest payable oq the Note, then to the principal of the Note, and then to interest and
<br />principal on any Future Advances.
<br />4. Charges; Liens. Borrower shall pay all rases. assessments and other charges. fines and impositions attributable ro
<br />the Property which may attain a priority over this Deed of Trust, and leasehold payments or ground rents,-if any, in the
<br />mamer provided under paragraph 2 hereof or, i( not paiel in such manner, by Borrower making payment, when due. directly
<br />to the payee thereof. Borrower shall promptly furnish to Lender aR notices of amounts due under thts paragraph, and in the
<br />even[ Borrower shall make payment directly, Borrower shat{ promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has priority over this Deed of Trust; provrded, that Borrower shall nut Fm
<br />required to discharge any such lien sa long as Borrower shalt agree in writing to the payment of the obligation secured by
<br />such lien in a mantxr acceptable to Lender, or shall in good (with contest such lien hy, or Defend enforcement of such lien in.
<br />legal proceedings which operate to prevent the enforcement of the liar or furfciwrc of the Property or any part thereof.
<br />5. Rtuard Insrrraaee. Borrower shall keep the improvements now esisling or hereafter erected nn the Property insured
<br />against loss by fire, hazards included within the term "extendeJ coverage", and such other hazards as i_cnder may require -
<br />and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
<br />such coverage exceed that amount of coverage required to pay the sums secured by this Decd of Trust.
<br />The insurance carrier providing the insurance shell be chosen by Borrower subject to approval by Lender: pnrvideJ.
<br />that such approval shall not be unreasonably withheld. ,4I1 premiums on insurance policies shall he paid in the manner
<br />provided under paragraph 2 hereo[ or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br />insurance cagier. -
<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 in form acceptable to Lender. lender shall have the right to hold the policies and renewals thereof.
<br />and Borrower shall promptly furnish to Lender all renewal noticcy and all recerpts of paid premiums. in the event of lass.
<br />Borrower shall give prompt notice to the insurance carrier and Lender Lender may make proof of loss if not made promptly
<br />by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance prcxceds .hall tx: applied [o restoration or repair of
<br />the Property damaged, provided such restoration or repair is economically frasihlc and the security of this Dced of "trust is
<br />not thereby impaired, If such restoration ur repair is not economically fcasrble or i( the security of this Deed of Tnrst would
<br />be impaired, the insurance proceeds shrill tx applied to the sums secured by this Deed of Tntst, with the excess. it any, paid
<br />to Borrower If the Property is abanuoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
<br />date notice is mailed by tender to Borrower that the insurance carrier oilers to settle a clann (or insurance benefits, Lender
<br />is authorized to E+ollect and apply the insurance proceeds at Lender's option edher to reswraoon or repair n( the Property
<br />or to the sums secured by this Deed of Trust.
<br />Unless Leader sod Borrower otherwise ague in writing, any ouch application o[ proceeds tc. principal shall not extend
<br />or postpone the due date of the monthly installments referred h, in paragraphs 1 and '_ hereof or change the amount of
<br />such installments. 1f under paragraph 1 R hereof the Proper} rs acquired h}° Lender, :dl right, title and interest oC Borrower
<br />tit and to any insurance policies and in and to the proceeds thereot re}ulung Irom damage to the Property prior to the side
<br />or acquisition shall pass to Lender to the extent of the sums secured by this Ihed of i'nest immediately prior to such sale or
<br />acquisition.
<br />b. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit f)evelopments. Borrower
<br />shall keep the Property in good re parr and shall not unnnut +s astc or pcrmn imp^u nwm or drtcriorttion ul the Property
<br />and shall comply with the provisions of any lease if this Deed nt l not is on a leasehold. If this Decd of l'rust a on a unit in a
<br />condominium ur a planned unit developntetet, Borrower shat! perform aR o! Borrower's uhligetians under the declaration
<br />or covenants creating or Governing the condominium ur planned unit development, the bV-laws and regulations of the
<br />condominium or planned unit development, and cunsuturnt documrnn. If a condominium or planned amt development
<br />rider is executed by Borrower and recorded together with thn Decd of [rust, the roveuants and agreements of such rider
<br />shall tx incorporated into and shall amend and supplement the covenants amt agreements tit this Deed of "Trust :n if the rider
<br />wore a part hereof. -
<br />7. Protecfioa of Lender's Securfty_ If Borrower fads to perform the covenants and agreement, contained in chi,
<br />IJeed of Trust, or if any action or proceeding is commenced wheeh materialtc affects 1_cnder's interest in the Pro pcrty,
<br />iucltrcting, but not limited to, eminent domain, insolvency, code enl arcentent, or arrangements or proceedings involving a
<br />bankrupt or.deaedent, then f_znder at Lender's- option, upon notice to Burrower, may- nmke such appca ra trees, dinbnrne sack
<br />sums and take such acL~on as is aecrasary to protect Lender's intetc',t, mrlading, but not limited to, dhbursaincnt o;
<br />reasonahle attorney's fees and entry upon the Property ;o make repairs if Lender rryuiral nu,rtgagc insurance as .~
<br />condition of making the loan secured 6y :his Decd of l'ntst, Burruwcr shall pay the premiums rcyen r:d ;,+ ;naiw:un ~,:~eh
<br />itsurance in effort until such time as the requirement for such insurance terminsles tit accorchurce wish Bnrn,wty'. ,,,i
<br />Lender's written agreement or applicahle law. Borrower shall pay the amour,[ of :dl mortgage huurance pr`ndurns .n ~~rhe
<br />manner provided under ;aragraph ? hereof.
<br />Any amounts disbursed by lender pursuam t,+ thrs paragraph ?. ,with irierrst ihan`ou. shrill Pncoiac addnnar,4
<br />indrbtedncss of Borrower securrd t.y thts []ecd of (rust. l_+nless Borrower noel I .reviler a,yiee to other to*:, ~s ~, payment, sac#,
<br />anwuats shalt be )sa}able upon n9ucr tn+nr 1 rndet «+ Horruwer requesting payn+en; thercof..+nd +h:+ii ~ ~-~r re_,t `corn **-he
<br />date of disbuts,tment aE the rate payable fn+m time tp time tin nat.tnnding principal uadar the care u~r€, -~ :::reel a! in:cn".t
<br />at such vale would be contrary to apphcablc Iew, in whr.h event inch arnounh Khali hear nrteiev .. .hr highest r:mr
<br />permiraiblc utttkr applical>ic taw. ,':aching ~„n rautrJ in thrs Iaragraph -? :gall re,y;ure l.cndcr fo ~nc;:t env espense ur take
<br />any action heteuntkr.
<br />g. lasprction. Lendrr may make o -' ass to t+e made cea - F !e rote es p+-- t :+r t l+crt~.,m ni rn,` P p-a }, pr+.. nkd
<br />that t_ctnfCr shell love Hatrvwer ruN ire pr sr So as}' such ursixc_~on s{xcit t,.ng reais±nahlr c'rrrse cherel.,~ .c L;tc.l .,, I code, .
<br />interest to the Protxm
<br />
|