|
~;~. r ~ =
<br />U~trount Covervnrvrs. Borrower and Lender a:oveitam and agree as foBaws:
<br />1. Payment of Princip2l and Lrterest. Borrower shall promptly pay when due the principal of and interest an the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided in the hots, and the principal of and interest
<br />an any Fu[urc AJc;mcas scarred by fns DecJ u(Trest.
<br />2. Funds for Ta:zs and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower sha31 pay
<br />iu LenJer on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full.
<br />a sum Therein "Funds") equal to one-twelfth of the yearly taxes anJ assessmems which may attain pnarity 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-fwd (th 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 hills and reasonable a>timates thereof.
<br />The Funds shall be held in an institwion the deposits or accounts of which are insured or guaran[eed by a Federal or
<br />state agency (including Lender if Lender is such an ins[innion). Lender shall apply the Funds to pay said [aces, assessments.
<br />insurance premiums and ground rents. Lender may not charge fur w holding and applying the Funds, anal}•zing said account
<br />o~ verifying and compiling said assessments auJ bills, unless (.ender pays Borrower mterest an the Funds and applicable law
<br />permits Lender to make such a charge. Barrower and 1_ender miry 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 agreemen[ is made or applicahle law
<br />• d requirs such interest to he pail, Lender shall oat 6c reyuired w pay Burrower any interest or earnings on the Funds. Lender
<br />-d shalt give is Borrower, without charge, an annual acco!mting tit the Funds ,howmg credits anJ Jebits to the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds arc pledge) as additional security for the sums secured
<br />by this Decd of Trust.
<br />, If the amount of the Funds heW by Lender, together with the funme monthly installments of Funds payable prior to
<br />the due dates of taxes, assessments, insurance premium. ;mJ grounJ rents, shall esceeJ the amount reyuired to pay said taxes,
<br />O assessments, insurance premiums and grounJ rents as Ihcy fall Juc, >uch caress shall he, at Borrower's option, either
<br />ry~ promptly mpaid [n Borrower or credited to Borrower an monthty installments of Funds. I( the amount of the Funds
<br />'°V held by Lender shall not he sulticient to pay inxcs, assessments, insuranc;: premiums and ground rents as they fall due.
<br />Borrower shall pay to Lender any amount necessary to make up the defiaen y within 3U Jays from the date notice is- maileJ
<br />by Lender to Borrower requesting payment thereof.
<br />Upon payment in Lull a( a31 sums secured by the DccJ of "1"rust. LrnJer >hall pnnuptly refund to Borrower any Funds
<br />held by Lender. If under paragraph I8 hercoi die Properly is sold or the Pn+peny a otherwise acyuireJ by Lender. fender
<br />shall apply, no later than immediately pour n+ the ,ale of the Property or ito acquismon by L.enJcr, any Funds hell by
<br />l.emder at the time of application as a credit aguins[ the sums secured by this UceJ of "Griot.
<br />3. Application of Payments. Unless applicahle law provides otherwise, all payments recciued by Lender under the
<br />Nate ar.J paragraph. t and 2 hereof shall be applied by Linder first in payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, then to interest payable on the Note, [hen to the prinupnl of die Note. and then to in[erest and
<br />principal on any Future Advances.
<br />3. Charges; Liens. Borrower shall pay all Giles, asse>smenis and other charges. lines and impositions auributabie Ia
<br />the Property which may attain a priority over this Decd of Trust, and leasehold payments ar ground rents, if any, in the
<br />manner provided under paragraph 2 herco( or, ii ao[ pail in such manner, by Borrower making payment, when due, directly
<br />to the payee [hereof. Burrower shall promptly tarnish to LenJer alt notices oC amounts due under this paragraph, and in the
<br />event Barrower shalt make payment Jirectly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which has priority aver this Uced a( Trust; provide). that Borrower shall na[ he
<br />reyuired to Jisehargc any such lien so tang as Borrower shall agree in writing to the paymem of the obhg:nion secured by
<br />such lien in a manner acceptable n: Lender, or r:hall in goad Caith coolest arch hen by, or detenJ enforcement of such lien in.
<br />legal proceedings which operate to prevent the enforcement al the tics or farfciuue u( the Yropeny or an}• part thereof.
<br />5. Hazard Insurance. Borrower shall keep the improvements now caisung ar hereafter ereacJ on the Property insured
<br />against toss by fire, hazards included within the term "eatendeJ coverage".:mJ such other hazard.; s Lender may require
<br />and in such amounts and For such periods as t_enJer may rcyuirc: prow)[), chat Lender ;hall nut rcyuac that the amount ui
<br />such wverage exceed that amount of coverage reyuucd Ia pat the soots secured by this Decd of Trust.
<br />The insurmce carrier providing the inauarse shall be cho,cn by Borrower su6lcct to approval h}' Lender, prov:deJ.
<br />that such approval shall not be unreasonably withheld. All premiums on in>uinncc Iwhcie> shall he pail in the manner
<br />provided under paragraph 2 hereof ur, if not paid in >uch manner, by Burrower making paynten[, whin Jue, Jirectl}' [o the
<br />insurance carrier.
<br />All insurance policies and renewals thereof shall be m form acceplahlc to LenJer and shall include a uanJard morgage
<br />clause in favor of and in farm acceptable to Lender. 1_cnder xhall have the right to hold the nubcies and rencaals thereof,
<br />and Barrower shall promptly fw~nish to Lcndcr all renewal notices anJ :dl receipts of p.uJ prmiuns. In the event of loss,
<br />Borrower shall give mannpt notice to the insurance carter anJ Lender. Lenaler in::y make prop( of lass .f nut made pr;mpd}
<br />by narrower.
<br />Unless Lender and Burrnvtr otherwise agree in wrung, uaurmee proceeds shall be appheJ to resnxaiion or repmi of
<br />the Property damaged. proviJeJ such restoration ur repau a euuunmeally Ic:uible anJ the security of thi, UeeJ of Trust i,
<br />no[ thereby impaired. If such resturauon ar repair is nut ecmuunir.Jly Icasibk ar d the ,ecunty of [hi, UeeJ of I7u,l wool)
<br />be impaired, the insurance prucecJs shall be applieJ to t7ic luau secured t;y ilia UecJ of "Cn¢L wnh the cscess. d am, pail
<br />to Borrower If the Property is abaitJuned by Burrower. or i( Borrower lath to responJ m LenJer wnhm 3U Jay, from the
<br />date notice i> maileJ by Lender in Borrower that the insurance carrier often to scale a elauu fur uswance brnefit>. Lcndcr
<br />is authorized to collect and apply the insw~ance proceeds at Lender's upuan either to restornwn or repair of the Prupeny
<br />or to the sums secured by this Ueed oC Trust.
<br />Unless Lender and Borrower otherwise agree in writing, ;up~ >uch upplie:won of proceeds to pnnapaf shaft nut eaten)
<br />or postpone the due date of the nwnthly installments rclerred ro iu paragrph> 1 ;not 2 hereof or change the amount of
<br />weft installments. if under paragraph IN hereol the Property is acquired by Lender, all right, title and interest of Borrow;r
<br />in and to any insurance policies anJ m and to the proceeds theratl resulting Inau damage w the Property pour to the >ale
<br />or acyuisiuon shall pass w LtnJer to the eaten of the sums secure) by this Decd u[ lYust unmeJiately poor m .uch sale or
<br />acquisition.
<br />6. Preservatlort and Malutenance of Property; Leaseholds; C'mtduminiunu; Planned Unit Uerelapments. Barrower
<br />shall keep the Pruperq• m gout repun~ auJ shall not eumnut ,s sic ur pcnmi unp:unncm or dot vior:u wit at the Proper[}.
<br />and shall comply with the pravi>iuns of :my lease if this Decd o('f rust a tin a Ie;aeholJ. I( this Dee) ul 'lYust a on a amt m a
<br />condominium or a planned unit development, Borrower shall peUann all of Borrower's ohligauom under the Jcclurauun
<br />or covenants creating or governing the untdominmm ar plauna:d unu development, the by-laws :mJ regulatiom of the
<br />condominium or planneJ amt Jevelopmen6 and canstiWent documents. If a condominium or planned uml developmm~t
<br />rider is execute) by Burrower anJ ren,rdeJ together with this DecJ of "foist, the coven:uus :mJ agrermentr of such rider
<br />shall be mcorparated into ;utJ shelf amend ;utd supplement the awcn;m t> rout agreements of this DecJ of Trust as if the nJer
<br />were a part herco[.
<br />~. Praterfimi of Lender's Security. If Borrower fails to parlonn the an•en:uus :uxl ugreentcnts eontmncd in ihi,
<br />Deed oC Trust, or if any action ur prucceJutg rc annnteuceJ which nuucnally alfecU LenJer'=. nacres[ m the Property,
<br />including, but no[ IimiteJ to, eminent dmnaiu, insolvency, Cade euforcentent, or arrutgenteuts ar pn2cceJings incalvmg a
<br />bankrupt or den:dent, then Lender :rt Lender's option, upon notice u, Burrower, may make such aptu:uance,, duhunc such
<br />sums and take such action as is necessary n, protect Lender mlcre>t, uuluJing. hul not limited to, Jnburumutt of
<br />reasonabte attarney'> fees and entry upon the Property to make re pron. It LenJer reyuired nwrtgage uuurancc a.
<br />condition of making the loan seeureJ by [his DeeJ of Trust, Borrower shall pay the premium> reyoircJ to mainium wch
<br />insurance in effect until such time xs the requirement for such insurance tenninate> in accordance with Borrower's :mJ
<br />Lender's written agreement or applicable law. Borrower shall pay the antuum at all mortgage msurnncc prrnuum> m the
<br />manner provided under paragraph 2 hereof.
<br />AnY amounts disbursed by Lender pursuant to this paragraph 7, with mterest thercan. shall brontc addition:)
<br />indebtedness of Borrower seeureJ by this Uced of Trust. Unless Borrower anJ Lender agree to other terms o[ pa}•mem, uich
<br />amoums shalt he payabte upon notice tram Lender to Borrower requesting paynreal thereof, anJ shall hoar interest tram the
<br />date of disbursement at the rate payable from time t o time on outstanding principal under the Note unless payment of interest
<br />at such rote wool) be contrary to applicable law, in which event such amounts >hall bear int erest tit the highest rote
<br />permissible under applicable taw. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
<br />arty artier. hereunder.
<br />B. t~pecUon. Lender may make or roux to be made reaxmable entue> upon anJ mspeawns of the Property, Provided
<br />that Lender shat! give Borrower notice prier is any >uch inspection specifying reaxutable cause therefor relate) to Lender's
<br />interest in the Property.
<br />
|