|
84-m ~~a~i~~~
<br />UntFOant Covexartrs. Borrower and Lender covenant and agree as follows: -
<br />i. Payment of Principal and Interest. Borrower shalt promptly pay when due the principal n[ and interest on the-.
<br />indebtedness evidenced by the Note, prepayment and late charges as provided in the No' ~. and the principal of and. interest -
<br />on am' Future Advances secured by this Deed of Trust. - -
<br />2. Fonds ffor Taxes and Insurance. Subject to applicable late or to a written waiver by Lender. Borrower shall pay:
<br />to Lender nn the day monthly installments of principal and interest are payable under the Note, until the Note is paid in foil; -:
<br />a sum (herein "Funds") equal to one-twelfth of the ycai-Iy taxes and assz_ssmenu which may attain priority over this
<br />Decd of Trust, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments tut hazard 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 and t'easonable estimates thereof. -
<br />The Funds shat! 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 FunJs to pay said taxes, 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 fender pays Bor'uwer interest on the Funds and_applicahte.law
<br />permits Lender to make such a charge. Borrower and Lender may agree in writing at the Time of execution of [his
<br />Deed of Tntst that interest on the Puncis shall be paid to Borrower, and unless such agreement is made er applicable law
<br />requires such interest to be paid, Lender shall not be required ro pay Borrower :un• interest or earnings on the Funds. Lender`
<br />shall give to Horrower, without charge, an annual accounting oI the Funds showing credits and debits to the Funds and [he -
<br />purpose for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums secured
<br />by this Dced of Trust - -
<br />If the amount of the Funds held by Lender, together with the future mon[hh• installments of Fonds pa}•abte prior to
<br />the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents ati they tall due, such excess shall 1?e, at Borrower's option, either
<br />promptly repaid [o Borrower or credited to Borrower on monthly-installments of Funds. If the amount o[. the Funds
<br />held by Lender shall not he sutHcicnt to pay taxes. assessments, insurance premiums and ground rents as they fall due,
<br />Borrower shall pay to Lender any amount necessary to make ^p the deficiency within 30 days from the date notice is mailed
<br />by Lender to Borrower requesting payment thereo[. -
<br />Upon payment in fiili of ail sums secured by this Deecl o[ Tt'ust. t:.ender shall promptly rc[und to Borrower any Funds -
<br />held by Lender. If under paragraph I8 hereof the Property is sold or the Proporty is otherwise acquired by Lender, Lender
<br />shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held b}'
<br />Lender a[ the time of application as a credit against the sums scarred by this Decci of Trust.
<br />3. Applicafion of Paymenls. Unless applicable law provides othcrw'ise, all payment; received by Lender ender the
<br />Note and paragraphs I and 2 hereof shalt be applied by Lender first in payment of amounts payable to Lender 6y Borrower
<br />under paragraph 2 hereof, then to interest payable on the :Vote, then m the principal of the Note, and rhea to interest andr
<br />principal on any Future Advances.
<br />A. Charges; Liens. Borrower shall pay all taus, assessments and other ,barges. fines and impositions attributable to
<br />the Property which may attain a priority over this Deed of Trust, and leasehold payments or ground tents, if any, in the
<br />manner provided under paragraph 2 hereof or, i[ not paid in such m:mner, by Borrower making payment, when due, directly
<br />to the payee ihereuf. Borrower shad promptly furnish to 1_ender all notices of amounts due under this paragraph, and in the
<br />event Borrower shall make payment directy, Borrower shall promptly furnish to 1_m?der receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has priority over this Deed of `t`rust. provided, that Borrower shall not he
<br />required to discharge any such lien so long as Borrower shall agree in ',felting to ttte pa}'ment of the obligation secured by
<br />such lien in a manner acceptable ;o Lender, or shall in good faith contest such lieu by, or defend enforcement of such lien in.
<br />legal proceedings tshich operate to prevent the enforcement of the lien nr forfcinue of the Property or any par[ thereof.
<br />5. Hazard lnsnranee. Borrotvrr shall keep the improvements now existing or herea[tcr erected on the Property insured
<br />against loss by fire, hazards included within the terra "extended coverage", amt such other hazards as Lender may require
<br />-ard in such amounts and for such periods as fender may regwrc; provided, that Lender shall not require that the amotmt of
<br />such coverage exceed that amount of mveragc reyuired to pay the sums scented by this Deed of 'i'rttst.
<br />"the insurance carrier pnn'iding the insurance shall he chosen by Bdrrrnfer subject to approJai by Lender: prevtdeJ.
<br />that such approval shah not he unreasonably withheld. All premiums on insurance policies shall I?e paid in the manner
<br />provided under paragraph 2 hereof ur, if nut paid in such manner, 6y Borrower making payment, when due, directl}' to the
<br />insurance carrier.
<br />All insurance policies and renewals thereof shall he in form acceptable ro i.znder and shall Include a standar,; atort¢age
<br />clause iu favor tit and in fern acceptable io Lender. Lender shall have the right m ho(.i the uoiicies and rcnra.us thereof.
<br />.and Borrotcershall prumntly furnish to Lender ell [cuewal notices and ell raccipts of paid premnimx. [n the scent o[' loss,
<br />-Borrutver shall give prompt twice to tlc :nsuranre carrier anti i.<~nder. l.emier may make prosf or toss :f oar ou+de pr,rnptiy -
<br />by Bcrruwe-r. _ _ -
<br />- jlnless I..endcr and Borru+ver otitcrw'isc agree in writing, insurance proceeds .h:dl hr applied to rr,turua,n or repair of
<br />the Property damaged, ptovideJ such resu?ritiun or rcpau is econonucally fcusihlr .tad the ucurny nl the Decd of l'rust i,
<br />not thereby tin paired. (( such restonttfon or repair is nut cconomicnll} feasible aril the securit} ,+t this Dred of Yon[ would
<br />be impaired, the insurance proceeds shall 6e applied to the soot, srcuracl by dtis Dced of "1?usL cvdh the tees,,. it ;:n>'. p;ud
<br />to Borrower. If the Property is abandoned by Borrower, ur ii Bonrncer i:uk to rrx~pund to Lender tt ithL, ip da}s from the
<br />date notice is mailed be Lcndcr to Burrower that the insurance carrier otTers to settle a claun !or :manner benefit,, i endkr
<br />is authorized to collet.{ and apply the insurutce proceeds at Lender's option either to resmrnron nr rcp:r.r ,.i shre. Propcet5-
<br />or to the sums secured 1?v this lleed of Trust.
<br />Llnless Lcndcr and Borrower uthertvise agree in waning, any such applicaunn of pro~aeds ;o pri;,ap,d shall uo: cxtentt
<br />or postpone the due Jnte of the monthly installments referred to in pur:tgraphs 1 :rod 2 hrrcni or ~hat~KC the annum .,1
<br />such installments. If under paragraph 1V hereof the Propm't}~ is :mqulred by l.cudrr, .dl right, tills soli wlrra,t of Harrower
<br />in and to any insurance Iwlizics ^nJ in :tad u? the. prnccaJs thrreol rceutNng from damage m ihr I'm~;rt} p-tar h, the .ale
<br />or acquisition shall pass to Lender to the extent tit the sums secured by this Deal et f`ru,t ;nmrcdiatrl} ,,., .., such ;ale :?r
<br />acyuisition.
<br />6. Presert'alian and bluiulenmtce of Property; Lcor.eholds; (.bndorniniuuu; PluuneJ Unit Uerelopment., lintn,wc+
<br />,hall keep the Ptopcrt} ^t go.:J repau' .utd sh:dl nor comma ,taste ,: peuun nnp;w meat , 1.~n^+, ~,,u:.,:::_ :hs I'r,.q+:a t}
<br />unJ shall comply with dtr provisions of :ury base iC this Dced of lruat is on a leasehold. It tlis Dced of 1 rust _~, on :t unit u; ,i
<br />amdnminium or a planned unit dcvclapment, Borrower shall perkonn all of Borrowar, oirlibauorn ars;;t+ ;He :Sat "ra t,ruw,
<br />ur cua'enantti ctc:umg or governing the eondoutinium ur planned unit Jccclitptnent, the ht-..law. :,•. •ru;atinm .+I the
<br />condoudnium ar plaoncJ unit Jevelupntent, and constituent ducamcuty. ll' n condnmiuium nr plauneti ~+unt Jeuaopnxnt
<br />rider is executed by Borrower and recorded uigether wnh ihi, I?zed of 1 ru+t, the a,acnants soul :n;i cct„cni..*i ,udr udr.
<br />shalt hr incorporated into and xlall ?uuznd and xtpplenrcpt tlr u,venant± anJ agtreatcnts t s I??c~? _ r±r~t „ it t.c ndcr
<br />were a part hereof. - - - - - -
<br />7, Prolectfntt of Lenders Secnrity. If Bottoms' Giilx ru (~tlumt the :_ucenziiK au:} set e3•cneii, -:a?x_,ned in t§t~~
<br />Drrd ul Tntst, or it erg action oc prtcecdutq i, ct+nuucnccJ a=hicn mau~natl} alic~i= rurtpt? ~w i s :n fete Pro{+rrt},
<br />including, but not tinuced lo, enriutne sioni, n lax,itrt -Jt ente.rezntent ct 'tt range n rr -,c pm.c~~t'ut~~, is _h tit- a
<br />bankrupt tit dacctilent. then Lrndtt „t +.ender, i pG,?a, iltim notice- kt Ban slue' ma} _n,ikt ;oc€t :y*In u,nt. r,, _hshuns -.uch
<br />sums and nikz such action as s neeessar±° m pt'i?r-err i,cntlcfs imet cxt, indudu?g. but not linutid~ t,+, s i,bursenrcut ~+~
<br />reasonable auornry's ices :rod entry upon the Pro f,cnv to make repair,. II Lander ivyun od mot truer flax^autc .i •. :i
<br />condition of making the lc3i;t ses:urcal ht= this 4)erJ of feint. Buuvwer shall pay th-r la rt+t,tt+n, rtv,;tiirr,i rrs avuuuun ,ash
<br />insurance in cll~ct uutd arch time` ax =he .egtutcnteni it .u.h ut.uiaucc trnnurrte. ie .t.cr-r,!:. r+crr wah Dori+w rt'. .viJ
<br />1-cadet's writinn agrcrntent or npplicahte law Borrower shall pa} tlsc :uuount nl .dl :Hurt g.+ge :n,uruncc picntiunt, +n the
<br />manner provided under paragriy?h .", bercot.
<br />Any amounts dtsburxrd h} Lender pursuant to the paragraph '7, wul? alas ast thrt nn:. ,t?:di ftit++tnr sddrimvial
<br />indebtadnes of Borrower xrcun:d b} the UerJ r:f feusx t'nte s Nuriaw-or and i.etuter :. _riec to ,+Qtrr iG~r:Yes ~d par nt¢nL such
<br />"tmounts shall hr payable ut?nn ^efic'e tmai Lendei to Bornnvct ;cyuesdng l»uwua tit thereof. ,aid sh,tH heat vllere,t front the
<br />date of disbursement :n fhr rate P•+Y able tram limn' k~ untr ou otua;eu,hng I'unetpal vrtder ilm Z+,ic uulea.~ (vyment ,~i imrre,t
<br />:u such talc woul;t be coatr„ry to applcablr tau, in wiut t: recut web atu.aru, .salt ecat unriva .a the htt?hc,t utti
<br />penne„rhlr undo` aitpiiaahie tax-. Not hntg ;.::mamz,i in this itaragruph' asap rcyu0c LauJct tc, incur aov exlw^rnr ar take
<br />any a: uzm hcreundcr.
<br />$. Irrspet lion, 1_ -dci lets} m A-;rr _~ rn ,L- r- e - - I uLe~ it -__ " t--- ~ _ _ _ +-'rctfrete; !d•~d
<br />t!u i i ~ndrr ,hall gitc Bnrn,wer font,. print a ~.:,r y~„ace i ,;i,ai, c p„~f; nth 'aa,otu. ~Ir .ain't t a.. ,, e >. Lou, 'r 2 utJo ~.
<br />rota n..,. u, the 1'n,txnt.
<br />
<br />
|