|
<br />Ur+troau COYENkNTS. Borrower and Lender covenant and agree as follows:
<br />i. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the
<br />mdehtedness evidenced by the Note. prepayment and late charges as provided in the Note, and the principal hf and interest
<br />on am' Future Advances secured E;v [ha Deed ni Trost.
<br />2. Femt# ffor Ta:es and tttsuranee. Subject to applicable law ur to a written waiver by Lender, Borrower shall pay
<br />+,o fender on the day monthly installments of principal and interest are payable under the Note. until the Nate is paid in full.
<br />a sum (herein "Funds'1 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 orre-twelfth of yearly premium installments for haurd insurance.
<br />plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initialty and from
<br />ume to time by Lender on the fulls of assessments and bills and reasonable estimates thereof.
<br />The Funds shalt be held in an institution the deposits or accounts of which are isusured or guaranteed 6v a Federal or
<br />state agency oncluding Lender d Lruder is such an institution). Isnder shall apply the Funds to pay said taxes. a=sessmrnts,
<br />rnsurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyang said account
<br />or verifying and compiling said assessment:; and bibs, unless 1_ender pays Borrower interest nn the Finds and applicable law
<br />permits Irnder to make such a charge. Borrower and Lender may agree in writing at the lime of exeetnion of this
<br />Deed of Tnrst that interest nn the Funds shall be paid to Borrower, and unless such agrecmens is made or applicable law
<br />requires such interest to hr paid. fender shall not be required to pay Borrower any interest or earnings on the Funds. 1-ender
<br />shall give to Borrower, without charge, an annual ascoun[ing of the Funds showing credits and debits to the Funds and the
<br />purpose far which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured
<br />by this Decd of Trust.
<br />If the amount of the Funds held by Lender, together with [hc (uutre monthly installments of Funds payable prior in
<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 as they fall due, such excess shall Ire, at Borrower's option, either
<br />promptly repmd to Borrower nr credited to Borrower on monthly installments of Funds. If the amount of the Funds
<br />held by bender sh:dl not be sufficient to pay fazes, assessments. insurance premwms and ground rents as they felt due.-
<br />Borrnwer shall pay io Lender any amount necessan• to make up the deficiency wuhin 30 days from the date notice is mailed
<br />by [.ender to Borrower requesting paytitent thereof.
<br />Upon payment in foil rat ail sums seaared by this t3eui oP Trust. (coder shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph iS hereof the Property a sold or the Irnrpetty rs otherwise acyoin:dby Lender, Lender
<br />shall apply. no laver than immediately poor ro the .ale ref the Property air its acquisition by Lender, any Funds held by
<br />Lender at the time of application as a credit against the ,oars ucured by this Deed of Trust
<br />3. :1pplication of Payments. Unless apphcabic ;s•a~ , rovutex otherwise, all payments reten•rd bv' Lender under the
<br />Note ;end paragraph; ' and 2 }terrof shall bar applied by Lender first :n paymem of amounts paya63r fir Lender fay IIorrnwer
<br />under paragraph 2 hrrrof, then to imaeat payable on the Nate, titan tr:+ the nrincrpat of rhr Note, and then to imerest and
<br />principal an any Future Advances.
<br />4- Charges; I,iems. Borrower shall ptv all taxes. usscssmrnis :,m~i other charges, flocs and rot F<asitirrns anribuntble to
<br />ihr Property which may attain a priority ever this Deed art Trust, and leasehold payments nr ground rents, if ;troy. in the
<br />manner provrded under paragraph 2 hereof or. rf nut paid in such rnanetrr, by Borrower tanking payment: when due. directly
<br />to the payee thereof. Borrower shall promptly furnah to i_endcr all Wooers rf amounts due under this paragraph, and in the
<br />event Borrower shall make paymem directly. Borrower shat! promptly (urntsh to Lrndrr receipts evufrncine such payments.
<br />Barrewrr shall promptly discharge any Len wYnch has- pnornv nett flu, Deed of Tntst: prnvufed that 6nrrower shall wt br
<br />required to dixharge :my such lien sn leng as Borrower ,hall agree in „riling to rhr pavmetn of the ohhgauon secured h}•
<br />such lien in a manner acceptable to Lender, ..r ,boll m good fettle cennst such hen by. ar defend entoreemem ut such hen rn.
<br />Irgal prose-edings whsh operate to prevent the en rorttmem n: the hen or Corfeiuare of the Pmpeny or am' part thereof.
<br />". Hatard Im:nrante. Borrower shall keep the rmprooements oow rs nhng or hereafter erected on :hr Property insured
<br />against loo by fire, hazards included within-the Term 'estended .avenge". and wch ether hazards as Lender may require
<br />and m such amounts and for wch penods as ! gender may reymrc: providcd.:itat I ender ,hall not regwre that the amount .d
<br />uteh coverage c.xcced Iha[ amannt of _•.overege rryused rn p:a7r the .arm .crurcrv 6, :bon Prod „f T nat.
<br />The insurance terrier pror:d:ng rhr snturance ,hail ~, .±,u~u ks firrrmut. h-,cot ~prr,-ri by tender' r .v,dz:~!_
<br />that 5ueh approval shall not 6e unreasonably wuhhcld. ,ill prrnrtums p^ !nsunnce pnbc!rs shall t>e p:nd m the roamer
<br />provided under paragraph 'hereof .ar..E not prod in such ~nnnner. 'rn Slorra,wer ,:raktn$ paymem.:vhen due. directly to the
<br />insuranrc tamer.
<br />slit rnsurance pohcns and renewah Ihrreat ,htdl l+r m h,ena a,.rvalahle t., { rn,irs ,rrri:.hnh .a. I,xir a nrmdatd mortgage
<br />clause m favor of and in Perna ncceptahir na icoder t enrcr mnVi outer this nght vo hr.l,v she poirsrs and rrncwods thereat.
<br />,end Borrower stroll pn,mptlY' tut ntsh !,1 frailer :rli rent d .slat tS'e•+ an6':I .r.fl r_r op:s ~,! I+'at.r ,,renn„ntn. In the even) at 1u4.-
<br />Borrower shall ervc oromnt nohcr to the rsururance ;area .urd Le~udrr l r[aricr mss make aa~aot of lass :I nut made nrtrntoth-
<br />n4 Bnrrawrr. ~~ ,
<br />Un}rss I tinder and Borr=w~rr - hcr•~;se.:+F --r .:..... .: ...... ,{.~r.si .. „ran st?n r°:~ :rpa:r ,.'.
<br />the Iaropcrty damaged, provtded ;uch resnnau,ur r. :rp.n~ .,.moon; .or, z wr,lc ..nd~; n,. _.u uv~, •:~riu•. Drnr nv trust „
<br />not thereby rmp:ured. If ,uch restorauon ro rep:ur :, oat e~.•n:•n ncall, teas: h!t ,u !she ,r.:u its „1 !hi, t)acd of fnrsr ss Quid
<br />be rmparred, the msutance pn,cneds ,hall hr applied to rn,: ,um, ,runt°d M :hn !tn•d „1 l ru,t. „rah ihr c„~-„_ !I nnV. pmJ
<br />to Harrower. If the Property' !s abundone.r by Hornwer, ~, if.++r.~u cr :. ..,, „nxt n, i ender ., niun t0 da-., Irom rhr
<br />date neucr i, mudcd by I_endrr to Borrower :hat rhr : swans _ :rr ~4tarl.: ~~c¢~Ic .~ J,um :.+r ~, vane: hcnrlin. I ender
<br />rs authorized to .ellett and apply rhr rnsurance p .eeds .,t Lrndrr, .peon r, _.:ar ;., e,rorata,a or rcpau .=t she Pn,pcrt,
<br />or m the sums scoured 6y the Drcd of Trrau.
<br />li nlrss Lender and Borrower uthu,s•ar ,,gees ~: -anal;.., , -...,ppii,-.,r!, •:, .,. ~cd> ro pan: q,.r! ,gall nut extend
<br />qc postpottr vhC due bate of rhr rnomhis !natnlirnenr ~!rlcrrcu :, p.u agr..rph, _n,trn r , . •h:mge rhr nmuum .,i
<br />sucft !nstal!ments. If under par~rt ph I K hewn: the 14upe•rr::, :,c yu:red !•, 1 cmtc•: ,.:,::: y1fvrr•: rte : rid nvrrest of Hut n,w rt
<br />m and [o .my msurmee pohcres and m and to the pna:ceds thcrr,•I rrsuiamc ir.,m damage to the Pngx:rts ,u mr to the ,u:c
<br />or :vequiaruun .half pass to Lrndrr to the event ,~I the wens :nu: ed m 'Ica I'itca ,•1 I nn:.nnnrd:atei, ~ , : ..• .uch ,.de .,r
<br />ac:yttlsitian.
<br />d. Preservation and Nalatenanre of Pneprrty: Lrarrholds; t'oadnouniuno; Plaunrd t-nit Urvrhrpmrnty. Hoe.,,,.cr
<br />,hall keep the Propem rn ga,od rrpau .rod ,hail : ur !u up,. ~r;ern„ :.ro,v~ rhr Pn,pcu,
<br />-end shalt comply wnh the pmvts!ons at ur} leusc :f rMs 1)rrd .~r hr u,t :, e,rhrdd 'III the I vrrd :•1 i oat ~, :our m ,+
<br />cwtdominiuro ur :, planned unn developnacnt Bnrruw-rr shaft IYtina,n ~uh .,tr Hoanw tt , .,nirga onm= umic! the ndeci,aaunn
<br />nr covenants creating or gcwerntng the wtrdumuumn nr prar;ued ,ram de+efopntuu, :he ~,: -iu,+s -,rid rcguluhnns „I rhr
<br />condominium or planned amt Development. , rid .:onsnuron: Jo-amarnr, I! ., ;ondomnnuur~ or plunncii iron des dopnxm
<br />rider is executed by Borrower and rccarde.i ;ogrther wnh flit, Dead al !nat. rhr .o,rn,mn .,rid egrrrnrent, ,-.I ut,h ndc
<br />shell hr ntearporatrd nun and shall amend and supplrnR•m ihr e", rn.ud, .w^ .rgrrenu•nts .tl ;hu ih•cd „I I na:.,s d Uu• ndcr
<br />were :a part hereof.
<br />°r. {"'rrrieefion of fxrtder's Security. Et Baron+er ;ads ro pin, rm --*c - t~+ana .,,.,run ,--.r..,.u.,-,: :r rhr.
<br />U~d of (rust. ar if any :xtion .,r pn+teedmg ,s .omnxuscd •nh¢h ,rrtcr,.,il; ,Nc<r. I reset , nre:u=: -u rh, :' ,ere,
<br />including, lint not litnrtcd to, eminent dammn, uuolvenes, ~odc rnio ,cmtan. +,r ..ern ngr:nem, ,u p: n,cni;rag, :u,,,i,rm {; .,
<br />bankrupt cr decedent. then Lender at i_enderb opliun, upon nousc• rn Iinrrrnva. ores m:,kr .r:rh .y,pcar.,u, c+. ~.l„Funr ,tali
<br />sums and take vnch action as .+ necessary to protect Lender, rote: est. anciudmg- ''ut nor i urncd r-. d,ilnu u•nrcm el
<br />reasonable alto rneY's fees and entry upon rhr Property rcr nwkc repaus It Lender rc•ywred ouv tkage :u,urmn•
<br />ronditran of making the loan secured by this Dred of ~i~rusl, 13or row rr ,hail pay rhr prcuuuna, rcyuu c,i ro nr.n noun •1u.h
<br />Insurance in elfret anal such time as the roquiremem kx ,uch mam:urre lennmatc :u accord;utcr wr+h Hon nwrr-, .,ud
<br />Lender', written agreement or applicable Ixw. Borrower ,h:dl pax the amount .~I .dl mon>!ayr ~n-urunce pr canon„ ~;! rhr
<br />manner provided under paragraph 2 hereof.
<br />Any amounts disbursed by Lander pursuant w Ihrs paragraph 7. ,vnh ~n:ct cs: rhr!e,nr_ ,hall I~ra,!ne addn!on,a
<br />indebtedness of Borrower secured by this Derd of That. Unless Borrower and I ender :rgrce n, other vet m, cd p:r, nrcm. ,uch
<br />amounts shall he payable upon notice front Lender to &,rmwnr requesting ptrymm~t thereot.:urd ,trail hc:u !afro yt tr.,m rhr
<br />date of disbursement at the rate payabir from time in time on outs!u:rdmg pnncrpal ender rhr ti'n!c unless payment „t nnere,r
<br />at such rate woulvl he contrary to applicable law, in which event ,uc0 aau,unis ,hall hc;u uucresr .rt the hrghe,t rate
<br />permissible under applicable law. Nothing contained in chi, paragraph 7 ,hall *cqura L.endet a, ,near any expenar .m take
<br />any action hereunder.
<br />8. Itrspectbn. Lender maY make or tattle to ere made rcasnnahic crones upon :mJ uunectrons of the Property. pro, nlrJ
<br />that Lender shall gtve Borrower notice prior to nay such inspecuun sprcdying reasonable rntas• ihctef o: related !o I eudu ,
<br />rntcrest in the Pronertv.
<br />
|