|
<br />
<br />UNIFORM Covetverr'rs. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal and Interest. Borrower shall promptly pay when due the prncipal of and interest an the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of ;mD interest
<br />on anyy Future Advances secured by this Dced of "Tnist.
<br />Z. Bands for Taxes and Insurance. Subject to applicable law or to a wrinen waiver by Lender, Borrower shall pay
<br />to Lender on the day monthly installments of principal and interest arc payable under the Note, unlit the Notc is paid in full.
<br />a sum (herein "Funds") equal to one-twelfth of the yearly taws 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 hazarJ insurance.
<br />plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
<br />time to time by Lender on the basis of assessments and bills ant reasonable estimates thereof.
<br />The Funds shall be he]d in an institution the deposits or accounts of which arc insured nr guaranteed M• a Federal or
<br />state agency (including Lender if Lender is such an irstitution). Lender shall apply the l=ands to pay said tales, assessments.
<br />insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower interest nn the Funds and applicable law
<br />permits Lender to make such a charge. Borrower and Lender 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 ^grecment is made or applicable law
<br />requires such interest to be paid, Lender shall not be required to p:ry Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrower, without charge, an annual accounting of the Funds showing credits and Debits to the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds am pledged as additional security for the sums secured
<br />by this Deed of Trust.
<br />If [he amount of [he Funds held by Lender, together with the future monthly installments of Funds payable prior to
<br />the due dates of fazes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
<br />assessments, insurance premiums and ground rents as they Adl due, such excess shall be, at borrower's option, either
<br />promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If 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 is mallet
<br />by Lender to Borrower requesting payment thereof.
<br />Upon payment in (all of all sums secured by this Deed n( "Trust. Lender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph 13 hereof the Properly is sold or [he Property is otherwise acquired by Lender. Lender
<br />shall apply, no later than immediately prior to the sale of the Property or its acyuisition by Lender, any Funds held b}•
<br />Lender a[ the time of application as a credi! against the sums secured by this Deed of Trust.
<br />3. Application of Payments. Unless applicable I:nv provides otherwise, aft payments received by Lender under the
<br />Note and paragraphs 1 and 2 hereof shall he applied by Lender first in payment of amounts payable to Lender by Borrower
<br />under paragraph Z hereof, then to interest payable on 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 alt tasn.:+ssessments :cod other charges. fines and impositions attributable to
<br />the Property which may attain a priority over this Dced of Trust, and leasehold payments or ground rents, iF any, in the
<br />manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly
<br />[o the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the
<br />event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts eviJencing such payments.
<br />Borrower shall promptly discharge any Iicn which has priority over this Deed of Trust: provideD. that Borrower shall nut be
<br />required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation scoured by
<br />such lien in a manner acceptable to Lender, or shall in good faith contest such Iicn by, or defenJ enforccmcnt of such Iicn in.
<br />legal proceedings which operate to prevent the enforcement of the Iicn or torfeiture of the Property ar any part thereof.
<br />5. Hazard Insurance. Borrower shall keep the improvements now esistmg or hereafter crcctcJ on the Property insured
<br />against loss by fire, hazards included within the term "extendeJ coverage", ant such other hazards as lender may require
<br />and in such amounts and for such periods as Lender may reyuire; provided, that Lender shalt nut require that the amount of
<br />such coverage exceed that amount of coverage reyuired to pay the sums secured by this Decd n! Trust.
<br />The insurance carrier providing the insurance shall tx~ chosen by t3orrower subject m approval hg I.cnder, pn?v~deJ.
<br />[hat such approval shall not be unreasonably withheld. Al( premiums on insurance policies shall he paid in the manner
<br />provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when Jue, Directly to the
<br />insurance carrier.
<br />All insurance policies and renewals thercol shall he in form acceptable to Lemlcr and shall mc9ude a standarJ mortgage
<br />clause in favor of and in form acceptable to Lender. Lender shall have the right ;o hold the policies and renewals thercol.
<br />' nd Borrower shall promptly furnish to Lender all renewal notices anD all receipts of pa+d premiuvrs. In the event of lass.
<br />Borrower shall give prompt notice to the insurance carrier ant Lender. [.enter may make proof of loss i i nut made promptly
<br />by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, msurancc proceeds ,hall be appheD to restoration or repair of
<br />the Property damaged, provided such restoration ur repair is economtc:Jly (risible ant the security of this Dced of "trust i,
<br />no[ thereby impaired. If such restoration or repair is not economically feasmlt or it the security of this Dced of 'Dust would
<br />be impaired, the insurance proceeds shall be applied to the sums secured by this Dced of Trust, svnh the creels" it any, pail
<br />to Borrower If the Property is abandoneJ by Borrower, or if Borrower fails to +apund h? Lender within 30 days Irom the
<br />date notice is mailed by Lender to Borrower that the insurance carrier often to settle a elaun for insurance benefits. LenJer
<br />is authorized to collect and apply the insurance ,proceeds at Lender option either to restoration or repair of the Property
<br />or to the sums secured by this Deed of Tntst.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
<br />or postpone the Due date of the monthly installments referred to in paragraphs I and _' hereof nr change the amount of
<br />such installments. If under paragraph IS hereol the Propert} n ^cyuired by Lender, all right, title and interest of t3orrower
<br />in ant to any insurance policies and in and to the proceeds thereof reauhing from Damage to the Property prior to the safe
<br />or acyuisition shall pass to Lender to the extent of the runts sccweJ by this Deed of 'Frost immediately prior to such sale or
<br />acquisition.
<br />6. Preserralion and Maintenance of Properly; Leasehutds; Condominiums; Planned Unit Developments. Borrower
<br />shall keep the Property in gcxxl repair :cod ,hall not coconut waste or permit impairnieut or Jcteriurntion of the Pit+peric
<br />and shall comply with the provisions of any lease iE this DeeJ of 'ITust is on a leasehold. If [his lleed of lYust is on a unit in a
<br />condominium or a planned unit development, Borrower sh;dl perform all of Borrower's obligations under the declaration
<br />or covenants creating or governing the condominium or planned unit development, the by-laws :mJ regulations of the
<br />condominium or planned unit development, and constituent documents. If a condominium or planned unit Develapmem
<br />rider is executed by Borrower and rewrJeJ together with this lleeJ of l"rust, the covenants ;cod agreements of such rider
<br />shall be incorporated into and shall amend and supplement the arvrnantn and agreements of this Decd nl "Trust :u if the rifer
<br />were a part hereof.
<br />7. Protection of Lender's Security. If Borrower fails to perform the covenants surf agreements containeD in flit,
<br />Deed of Trust, or if any action or proceeding is conunenccJ which materially afTects Lender's interest in the Pro pert -,
<br />}
<br />including, but not !invited to, eminent domain, insoWency, code enforcement, nr arr:utgemenis or prceedings inw?Suing a
<br />bankrupt or decedent, then Lender at 1-ender's option, upon notice to Borrower, may make such appea ruuccs, Jishur,e wch
<br />sums and take such -etion as is necessary to protcrt i.ender's inlerost, including, but not limited to, dnhunen~~ent of
<br />reasonable attorney's fees and entry upon the Property to make repairs. If Lender reyuire) mortgage insurance :+.
<br />condition of making the loan soared by this Deed of 'intst, Berrowcr shall pay [he prenrunts required m niainrun such
<br />insurance in effect un•il such time as the requirement for such insurance terminates in ;+ccordancc whit Borrower'., :u?J
<br />Lender's written agreement or applicable law, Borrower shall pay dre amount of all mortgage insurance premiums in the
<br />manner provided under paragraph 2 hereof.
<br />Am' amromrts disbursed by Lender pursuant to this paragraph ?, with interest tharc•on, .hall become aJDiuunal
<br />indebtedness of Borrower secure) by this Deep of Trust. lJnless Borrower anU I ender agrw u: other r.-, ~,,.. of pa}-n~ieut, loch
<br />amounts shall be-payable ulxtn notice (pan LenJer to Bortow er' rcyucsting puyitren[ thercol.:+nJ sh;r, ::merest Irom the
<br />date of disbursement at the rate payable from lino. to time on nutstanJing principal under the Note unlr,- ;;rymem of incerast
<br />a[ such rate would bt coutcarv to applicable taw, in which event <uch amounl+ shall bear mtcrest :u the highest ?;ue
<br />permissible under applicable law. Nudung aauaineD in this paragraph ~ shall reyuire Lender to incur any e.x pease ur take
<br />any action tx:reunder
<br />d. -nspectiua. i.ender may make of .nose to be made rcaxniab{c sorrel upon ant mspeniotn of the Property. pr.~, iJcJ
<br />that Lender shall give t3orrower notice pn v to any- loch u+>pection specil_ymg rc.c; mrablc cause thcrelcn related to frndet ,
<br />intoreu in the Proixrty.
<br />
|