|
79--~;~!3356
<br />Utvreotim Covnrtetvrs. Borrower and Lender covenant and agree as follows:
<br />I. Payment of Principal and Interest. borrower shall promptly pay when doe lire principal of and interest on the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
<br />on any Future Advances secured by this Deed of Trust.
<br />2. FaarSs far Taxes sad irrsuraatt. Subject to applicable law or to a written waiver by Lender, Borrower shalt pay
<br />to Lender on the day monthly installments of principal and interest arc payable under the Nate, until the Note is paid in full,
<br />a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority aver 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-twelf€h of yearly premium installments for mortgage insurance, if an}'. all as reasonably 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 ar guaranteed by a Federal or
<br />state agency (incb.tding Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments,
<br />insurance premiums and ground rents. Lender may not charge far so holding and applying the Funds, analyzing said account
<br />or verifying and compiling said assessments and bills, unless Lender pays Harrower mteres[ on 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 [he Funds shall be paid to Borrower, and unless such agreement is made or applicable law
<br />requires such interest to be paid. Lender shall not be required [o pay Borrower any interest or earnings on the Funds. Lender
<br />shall give to Borrower, without charge, an annual accountine 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 are pledged as additional security for the sums secured
<br />by this Deed of Trust.
<br />If the amount of the Funds held by Lender, Together with the future monthly installments of Funds payable prior to
<br />the due dates of taxes, assessments, insurance premiums and ground rents, .hail exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents as the} fall due, such excess shall be, at Borrower's option, either
<br />promptly repaid to Borrower or credited [o Borrower on monthly installments aC Funds. If [he amount of the Funds
<br />held by Lender shall no[ be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due.
<br />Barrawer shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br />by Letrder to Borrower requesting payment thereof.
<br />Upon pa}'ment in full of alt sums secured by this Deed of Trust. Lender shall promptly refund to Borrower an}' Funds
<br />held by Lender. If under paragraph 1$ hereof the Propen}' is Bald or the Property is otherwise acquired by [.ender. Lender
<br />shall appI}', no later than immediately prior to the sale of the Pn.prrn• or its acquisition by Lender, any Funds held b}•
<br />Lender at the time of application as a credo against the sums secured by this Deed of Trust.
<br />3. Applicatioa of Paymrnts. Unless applicable law provides athen+•ise, all payments received by Lender under the
<br />Nate and paragraphs I and 2 hereof shalt be applied h} 3 .rider first in payment of amounts payable to Lender by Harrower
<br />urtder paragraph ~ hereof, then to interest payable on the Note, then to the principal of the Nate, and then to interest and
<br />principal on any Future Advances.
<br />4. Charges; Liens. Barrawer shall pap alt taxes. as-cessments and other charges. fines and impositions attributable to
<br />tF.e Property which may attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any, in the
<br />moaner provided under paragraph ?hereof or, if not paid in such manner, by Barrawer making paymem, when due, directly
<br />to the payee thereof. Borrower shall promptly furnish to Lender all notices o[ amounts due under this paragraph, and in the
<br />even[ Borrower shall make payment direct!}'. Borrower shall prompt!}' furnish to I-ender receipts evidencing such payments.
<br />Harrower sbail promptly dischazge any lien which has priority aver tha Deed of Trust; provided. [hat Borniuer shalt not be
<br />required [o 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 manrter acceptable to Lender, or shaft in good faith cemest such lien by, or defend enforcement of such lien in.
<br />legal proceedings which operate to prevent the entarcetnent of the lien or forfeiture of the Property or any part thereof.
<br />5. I3aaard h4cnra@tt. borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />against loss by fire, hazards included within the term "extended coverage", and such other hazy*ds as Lender 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 exceetl that amount of coverage required to pay the sums secured by this Dred of Tntst.
<br />The insurance carrier providing the insurance shall be chosen M• Harrower sabyect to approval by Lender: provided.
<br />that Birch approval shall not be unreasonabit' withheld. All premiums on insurance policies shall be paid in the manner
<br />provided uader paragraph 2 hereof or, if not paid in such manner, b} Borrower making payment, when due, directly tc the
<br />iasttrance carrier.
<br />AB insurance policies snd renewals thereof shall br in form acceptable to Lender and shall include a standard mongage
<br />clause in favor of and in form acceptable to Lender. Lender shall have the right to hard the policies and renewals thereof.
<br />and Borrower shall promptly furnish to Lender alt renews! notices and all receipts of paid premiums. in the event of loss.
<br />Harrower shag give prompt notitt €a the insurance carrier and Lender. Lender map make proc:f of ions if not made promptly
<br />b_v Borrower.
<br />U*_~s Lender and $orrawer otherwise agree in uriting. insurance pnweeds shall be applied to restoration or repatr of
<br />the Property damaged, provided such restaratian or repair is eeonam:calty' feasible artd the sectirin' of this Deed of Trust is
<br />rani thereby impaired. If such restoration ur repair is riot ec~momically feasible or rf the security of this Deed of Trust would
<br />be impaired, the iffiurance pro~•eeds shall be applied ro the sums secured by this Deed of Trust, with the excess. if any, paid
<br />to Borrower. If the ?ruperi}' is af+andened by Borrower. or if Borrower faits to rc-spend to Lender wi€hin ?0 days feom th€
<br />date tto[ice is mailed by Lender to Borrower that the insurance earner afters to settle a claim tar insuran:e benefits. Lender
<br />is authorized to colic:[ attd apply the insurance proceeds «t Lender's option either to restoration or repatr of the Prapert}
<br />or to the sums secured by this Deed of Trust.
<br />Unless Leader and Barrawer atherw•ise agree m writing, any such application a; prc>`eeds to principal shall not rxttnd
<br />er postpotte the due date of the rrn~nthl}~ installmems referred to rn paragraphs 1 and '_ hereof or change the smaunt of
<br />such insiallmmts. if utxler paragraph I ~ hereof the Propen} is a.:quired b} Lender, all right, title and interest of Barrnwcr
<br />in and to an}' insurance policies and m and to the pttkrrds [hereof resulting from damage to the Property prior to the sale
<br />ar acquisition shalt pass is Lender to the extent of the sums secured b}' this Deed of Trust imrnedia[eh~ pnor to such sale ar
<br />acquisitioa.
<br />tfti Peeaen-atiion anti Mafarenaoce of Property; Leaselru{dx Co+idominiums: Planned Unit Developirxots. Borrower
<br />shat( keep the Preprn} ,n ~i*,_, ~tlue• ,:ard sha41 rot :.+mrn:: •xaxte .,; p<`rmtt trtpairmt-ni it Jrtennrauan of the Propa:rtti
<br />and shall comply with the provistens of anv tease if this Derd of Trust is oti a leasehold. If [his Deed of Trust is an a unit in a
<br />condominium or a planned unit deve(o~trtent, Barrawer shalt perform all of Borrower's abiigatians under the declaration
<br />ar coverraats treating or gox'erning the condominium or planned unit development, the by-laws and regulations of the
<br />coitdamiaitrm or plaaned umt develaptriexit, and constituent dacumems. If a caradominium or planned unit development
<br />Bider is uecuted by Sorraucr and recorded together with this Died of Trust, the covenants and agreements of such rider
<br />shall be iticorported into and shalt amend and supplement the covenants and agreements of this Deed of Trust as if the rider
<br />Isere a part hereof.
<br />7. rreEeetiea of Leader's Se~rity. If Borrower fails to perform the cavcnants and agreements contained in this
<br />Deed of Trust, or if any action ar prtxeediag is commenced which materially affect=_ Lenders interest in the Property,
<br />including, but not limited to, eminent domain, insolvency, code enforcement, or atrangernents ar proceedings involving a
<br />baakrupi or decedent, then Leader at Lender's option, upon notice to Harrower, may make such appearances, disburse such
<br />slum atsi tape such action as is necessary to pratmt Lender's interest, including, but not limited to, disbursement of
<br />teasonabk attorney's foes and carry upon the Property to make repairs. ![ IZcnder required mortgage insurance as a
<br />emotion of mttlcinB the loan secured by this Deed of Trust. Barrvwer shat( pay the premiums required to maintain such
<br />itnuraaee is e6ect flail! r~ tune as the r~uiretnent for such insurance terminates in accordance with Borrower's and
<br />L,s written agroemcat or agriicabk taw. Borrower shall pay the amount of ail mortgage insurance premiums in the
<br />niartrte~r pruvidu! under paragraph 2 hcttco;.
<br />~amottats disbtttsed by Leadtr pursuant to this paragraph 7, with interest thereat, shalt become additional
<br />of Borrower seemed by this Dad of Ttvst. UnMss Borrower and lxnder agree to other terms of payment, such
<br />t+mounts shalt be payable upon tmtite from Leader to Borrt~er regtesting payment thereof, and shall bear interest from the
<br />date i7f d~tti7lal#At at tbt tam payable froxet time to brae on oidstanding principal under the Nae unless payment of interest
<br />at such race woald bs contrary tr applicable law, in which event such amounts shat) bear interest at the highest rate
<br />peami~Ibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br />any act~a hereunder.
<br />& -_~ I.es>der stay make or cause to be made reasonable entries upon and inspecnons of the Property, provided
<br />that Lender sliaB give Borrower nMia prior tD any such inspection specifying reasonable cause therefor related to Lender ti
<br />interest in tix Protttrty. - -
<br />
|