|
<br />U^rtFOawi CoveNxwTS. Burrower and Lender covenant and agree as follows -
<br />i. Payment of Prirrcipat aad interest. Burrower shall promptly pay when due the principal of and interest on theme
<br />indrhtedness evidenced by the Mute. prepayment mid late charges as provided in the Note, and the principal of and interest
<br />on any Fanrrc Advaoces secured h}• thx [)red of TnuL
<br />2. Fends for Taxes and hesannm. Subject to applicable law nr to a written waiver by Lender, Bortower shall pay
<br />m Lender nn the day monthly installments of principal and interest are p;iyabie under the Note, until the Note is paid in full,
<br />a sum therein "Funds") equal to one~nvcifth of the ycarfy roses and assessments which may attain priority over this
<br />Decd of Trust, and ground rents on the Propert}•, if any, plus unc-t•velfth of yearly premium installments for hazard insurance.
<br />plus one-twelfth u( yearly premium imtalimcnu for mortgage insurance, if any. al! as reasonably estimated initially and from
<br />time to time by Lender on the basis of assessments and hills and rcasanable estimates thereof.
<br />The Funds shall be held m an insuuninn the deposits or accounts of which arc insured ur gnaramtxJ by a~Federal ae
<br />,rate agency (including Lender if Lender is ,ash an instittniom. Lender shat} apply the Funds to pay said fazes, assessments,
<br />insurance premiums and ground rents. tinder may not charge tar so holding and applying the Fonds, analyzing said-account
<br />nr verifying and compiling said assessments and hilts, unless l.endcr pays Borrower interest on the Funds and applicable law
<br />permits Lender to make such a charge. Borrower and Lender may rgree in writing at the time of exeeutrom of thin
<br />Decd of Trust that interest nn the Find, ,hall he paid to Borrower, and unless such agreement is made or applicable law
<br />requires such interest to rie paid. Lender shat[ not t,e reyufred to pay Borrower am• interest or earnings on the Funds. Lender
<br />shalt give to Burrower, without charge, an annual accounting of the Funds showing credits and Debits to the Fiends and the
<br />purpose for which each debit to the Fiords was made. The Funds arc pledged as additional security for the stems secured
<br />by this Dced of Trust.
<br />If the amount of the fiords held by Lender. together with the pours monthly installments of Futtds payable prior to
<br />the due Dates n( taxes, assessments, insurance premiums and ground rents. shall ezcced the amount required to pay said taxes,
<br />assessments, imurance premiums and ground rents as they full Jue, such excess shall he, at Borrowers opbon, either
<br />promptly repaid to Rorrower or credited to Borrower nn morality ittsfallmems of Funds, if the amount of the Furtds
<br />held b}• Lender shall not h.: suffircnt m pay foxes, 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 rs mailed
<br />by Lender to Borrower requesting payment thereof.
<br />U pun payment in (ul! of all sums secured by this Dgad of Trust, ],,.ender- shall promptly refund to Burrower any Funds
<br />hrEd by [snder. if under paragraph ig hereof the Pmpcrty is sold nr the Properly-is otFiersvist acquired by Lender. Lender
<br />shalt apply, no later than immediately prior to the sale of the Property ur its utquisiilon riv L.endc4 any Funds held by
<br />1-ender at the time of application as a credit against the sums secured by this [?eed of l rust. '
<br />3. Appiicatbn of Paytneots. Unless applicable law provides otherwise, all payments received t,y"L:rndcr~~--under the
<br />Note and paragraphs }and 2 hereof shall be applied by Lender first in paymcrt of amounts payable to Lender Hy Borrower
<br />under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the .Nutt. and then to interest and
<br />principal nn any Future Advances. -
<br />4. Charges; Liem. Borrower shall pay all taxes, assessmems qnd other charges,~,Gnes„antL, Iritpositiuns attrihuta6le to
<br />the Property which may attain a priority over this Deed of Trost. and leasehold payments or ground rents, if'any, in the
<br />mantter provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directly
<br />to the payee thereof. @,•-ower shall prcmptly ftlraish to Lender all nooses of amounts due under thtx paragraph, and in the
<br />event Borrower shall make pa}•ment durcdy, Borrower shall promptly furnish to Lender receipts evidencing such paymems.
<br />Borrower shag promptly dixharge any lien which has pnority over ibex flied of Tn1sr provided. that Born wee shall not he
<br />required ro discharge any such lien so long as Borrower shall agree in ,silting to the payment of the obligation secured by
<br />such lien in a manner acceptable u, Lender, or shall in good forth contest such Gen hy, or defend enf4trecment of such hen in.
<br />legal pproceedings which operate to prevent.the enforcement of the lien or (orfciuue of the Property or any part thcreo(.
<br />5. 3laxard lasaraece. Borroucr ,hall keep the improverncnts now exlsung or hereafter erected on the Property insured
<br />against loss by fire, hazards included within the term "extended coverage". and wch other hazaidx as L.endrr may regeire
<br />and m such amourts and for such pcnods as Lender may regwre: prowled, that i.endcr shah not reyuire that the amount of
<br />such coverage exceed Ihat amount of coverage reywred t:; pay the xnn+.a ,;ecurcd by flits Deerd of Trvsr.
<br />TTit insurance carrier providing the imurancr halt he shown by Iforrawer subtuu :i, approval !,y Lender: provided.
<br />that stub approval shalt not he unressonahly wnhheld. .411 premmrrts ufa insurance lxiiicies shalt be paid in the manner
<br />provided uttder paragraph i heeeof or, if not paid in such manner, tzy Borrower ::taking payment, whrn due, directly to the
<br />16SUrane2 earRet. -
<br />r„1 :n5uranae }:. ;+e:a`3 and : n -- - I kcf - _It emu' i" lnrm :,..- tl: I.iri}f: t~+ t ' i:der :end - tt- if i.tt'Ikrn '! tt'lnd;!td nia,rtgatte
<br />t!ause in favor of and in form acuptahl~ to 1 andar. I radar shaft h rou the r!ght 1p hold ilia w lic~es -nd renewals thereof.
<br />and Bnr - '°r ;hat! {xomptly !uraish ta+ Lender ii rc~+a at tr ~ + nu - rt ltca { s -- (:ur rr-runm+. I :e eva:nt .f loss.
<br />Borrower shall crve ;,romp[ noaae to die ,nxuranec tai r u anJ LurJcr I andcr m r1 make {.n, x f uI loss 1f n t modes pt nnpdy
<br />by Bormwcr. ,
<br />Unless Lender and Borrower adterwrsc agree m •.. nlmg, wuueur pro red, ,hall he :yq,nrd In 1r, d,raUOn ur repau of
<br />the Property damaged, provided such restoratnm or repau n enmonurally !r.ruhle .end the ,eauruy of thn Urrd .,f -r rust n
<br />not thereby rmpaved. If ,uch restoration or repau n not rcunonn; all} Irav hle or fl the ,erunty of ilia Ueed al l-rent uauhl
<br />he rmpatred, the insurance prc,creds shall hr applied to the win, >earrcd ha 1hn Used of Tl use. ,uth the rsr,s, fl any, prod
<br />to Borrower. 3f the Property is abandoned by Borrower nr d Rornrwer Luh w n•,pond u, Lender +u(hm Nl day, Inns the
<br />date noose is mailed by 1_rnder to Burrower that the nnur:mce earner alien to settle a aaun for m,uranee benefit,. Linder
<br />is amhunzrJ m collect and apply the iosw.mce pwreJ, at Lender's opuou ruhrr to nstornnon or repau of the Proper[)'
<br />or to the sums secured by flits Decd of T'nat.
<br />Unless Linder and Bortuwer othrrurse age re m waling, env ,uch ,rpphcauon tit proceeds to pnnapal ,hall not estenti
<br />nr postpone thr due Jate of the nxxtthlti utstailmenh rclcrrcd ro m paragraphs 1 and '_ hera,l or ~hauge thr .annum tit
<br />such installments. If under paragraph I5 hercoi the 1'ropern rs aatuircd h} Lander, all nghL talc .utd !merest of ltor« ewer
<br />in and in any insuance policies and m and u, the proceeds dicn•of resuif~n,r, tram danmge [n the Pn,tx•rty pru,r n, the vale
<br />or acyuisiuon shall pass to Lender to the extent of the ,time secured ba ,u, UeeJ of I ruse unnmdratcly poor n, ,uch s;dc .:r
<br />aryuisnion.
<br />6. Prescn anon anJ Maiolrnance of Pruprrt•}; Lcaerlwlds; ('ondomiuiunis; PlannrJ Unit Dtrelupments. Bon ow rf
<br />,hall keep Ihr Pfopert, .n g,>.rJ rcp.ut .uu: ,h;c1i nw ..nnnut ws,ic ,a psiuw uup.unnr n! .~: d,•irnor wx, ,~i rhr }'nq,efn
<br />and sh;Jl comply with Ihr pn: vrsfom of env lease ~( this Dced of I nf,r ., on .t Ie:nrhold It the, teed of -Trust f, ,m e unit m e
<br />condommmm or .t planned unit developrveni, Borrower shalt p<:rh,uu ,.II tit Borrowers sddigauan, undo! the Jcclarauon
<br />or covenxnn creating ur governing the .ondonuntuni or pl:uuu•d unu de, clopnurnf, the 1-y Maws :rod rrgulatinm .,I the
<br />condominium or planned unit development. and amaftuem docuntenh. lI a -a•dominium or planned unn devrlopn,em
<br />nder 1s executed by Bor n,wrr :aid recordr,l together wdh this 1)re.l nI 1 nut, the covenants ,rod age rrmenn .d uch ndrr
<br />chair he snc:,r rs,rsted tetto .,nd ?bait arnrnd and ,up{+ief.ter=t thc• -.. ,s n.ous .u+d :r_ rrrn+, nts o! ihf, lyrcd r•t I ru,t e. !f the ndcr
<br />weer a part hereof. -
<br />7. Proiertina of Lenders Securii}. I( It.ur,~.+rr ':tit, to prriorm nc~ c,.r~ants and :grrrn,eni, „~urm.:o in du,
<br />1)tcd at crust. o+ i! .m} aalfou or pnu-ce.hng +, .nuuncuacd uhlch md!rn,rlh .dlr.!, 1 coder', noel e,i nr dn~ Pr oifa•f !,,
<br />uteludtng, but nut iuuricd to. enuucnt d,.main, nuvl+emy. .,'<Lr entw.enwnt, „ .rn.ut:!r mew, ,a pf o.cedm;;, ni,,.N orb .~
<br />banlrupt or decadent. !hen l,ende: at LendaS epuon, ufxat nonce !„ Iron nwcf, lmay nf,',.c ,uch ,. plMar.mer,, J~,,,1n ,e ,soh
<br />won and take such .rnwn : is . eacs,ary to pr otevr Lender , utter r,f, nrrludmg, f,w nut !uuneJ res. J~,Lur~,anre n! ~•I
<br />rc.rsierebic ttuntey•s fetes and entry upon the Prolurt} m snake rcpeu, II lendef lcyu!r eJ m,n f{ta{tc n. n„ .r
<br />condition of making !hc loan secured by Ih1s I)ec,l of tnf,t, Bornaser ,h;dl pa}- !hr I=,c noun, rryur ere !-~ ,,,,f w,n,. w,h
<br />rnsurarce m riieCi until such time as !hr rcyurf ru!cur for ,axle u:,uf ease tcrrnlnate, m , sori.u!sr wnh [tau.a,rf = riJ
<br />Lender's wnurn agreement or applicable law. Runuwcr ,h.Jl pay !hc annnnlt ,q .dl m.,nprrc mwuamc prrnnnru, ~~, !hc
<br />manner provided under paragraph 2 hemuf.
<br />Ans amounts disbursed by Leudcf puraa.u:~. a+ ctn. p.,rauf.rph 7, w!h uuu r,. !hero,nr_ .hull 6r~„n1r ~.hon„~,.fl
<br />ux}ebtrdness of Borrower ,sewed h} this Decd ,~I 1 ro,l_ 1!nIr„ Hon nw cr end i ender a r f,~ oilier teuu, nl i+.r,rnenf, w, i~
<br />a nunuu, shat} h payable up:]n notice iron Lender to Borrow c; !cyutstnipt Puy uh of !leer crf,l. ,:nd ,hall I~ a! nur!c,! I!,~ni Iii:
<br />dare ,r[ disburwment ai the rata pa)';d,lc Iron[ flare !o loos n., oordendwc prn~, ~,,.:; unJef ,hc ",nn• ante„ tiny norm ~~i nnc!cd
<br />at such rate wuuhl he roman- u, applicable law. 1n ~.+hal: c+cm -uth euraunf, ~-haN br.rf .nterr,! .r! !h,: !tic hr.r ;err
<br />pet nusathic urv_ier ap1>hcablc law. Nr+Ihmg coutann•d m thn par.,gfeph ' +h.,il rcyuuc I ender o+ mein any r, peas.. ,•r !akc
<br />env aatl )rl herCUndef.
<br />s ;` ~'-tt:~, fr::kdrr nick i-~ _ tI' ii.r :;i It i'a- i,i„E. c,,, +~i it } Ida n. I
<br />!hat ! e..c_. ,tall n~v,. B~rn~wrr n t laic r r !ti, ,u-h ur,(x., n r, , . r ..,. ,.; Ic ;_fu,,,• 'lien lc. rc r. !cd r„ I , ud, f ,
<br />~+uerrst m [hc Prorrenv,
<br />
|