|
<br />
<br />UNfroanr Covevwx'rs. Borrower and Lender covenant and agree as foNows:
<br />1. Payment of Principal and Iaiertst. Borrower shall promptly pay when due the principal of and interest nn the
<br />indebtedness evidenced by the Note, prepayment and [ate charges as provided in the Note, and the principal of and intetesi
<br />' an env Future Advances secured by this Deed of Trust.
<br />f. Frasda for Tntfa wad lasaraace. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
<br />to under nn the day monthly installments of principal and interest arc payable under the Note, until the Note is paid in full,
<br />a sum (herein "Fupdti') equal In one-twelfth of the }'catty taxes and assessments which may attain priority over this
<br />L>eed of Trust, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard rnsurance.
<br />plus ane•twelfth of yearly premium installments for mongage insurance, if any, all as reasonably estimated initially and from
<br />time to time by Lender on the trazis of assessments and hills and reasonable estimates thereof. -
<br />7he Funds shah !se held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agency (ir+dnding Lender if [.ender is such an instinitioni. Lender shall apply the Funds to pey said taxes, assessments,
<br />rnsurance premiums and ground rents. Lender may not charge for sa holding and applying the Funds, ana{yzing said account
<br />ar verifying and competing said assessments and hills, uniexs Lender pays Borrower interest nn the Funds and applicable law-
<br />permits Lender to make such a charge. Borrower and Lender may agree in writing a: the time of execution of this
<br />teed of Taut that interest an the Funds .hail be paid to Harrower, and unless such agreement is made or applicable Iaw-
<br />requires such interest to be paid, Lender shall not be rcyuired to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give ro Borrower, without charge, an annual accounting 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 az additional security for the sums sectPred
<br />by this tked of Truse.
<br />` tf the amount of the Funds held by Lrnckr, together with the future monthly installmentx of Furrds payable prior to
<br />the due dates of fazes, assessment<, insurance premiums and ground rents, shall exceed the amount required to pay sard taxes,
<br />- - - asses„mrnts, insurnce premiums and ground gems as they fah due, such excess shaEl he, at Borrowers optton, either
<br />promptly [paid to Borrower or credited to Borrower an monthly installments of Funds. If the amount of the Funds ~,
<br />' ~ held by Lender shall not be sufficient :o pay razes. asupsments, insurance premiums and ground reins as' they fall due.'
<br />Borrower shalt pay to Gender any amount necessary to make up the deficiency within all clays from the elate notice rs mailed
<br />by Lertder to Borrower requesting payrxnt thereof. ',
<br />' - Upon payment in full of ail sums secured by this Dced of Trust, Lsnder shall promptly refund to Borrower any Funds'.
<br />held by Lender. If under paragraQh I g hereof the Property is sold or the Property rs otherwise acquired by Lender, [.ender ~,
<br />'~ shall apply, no later than rmmedfately prior m the sale of the Property qr its ,acquisition by Ixnder, any Funds held by 1,
<br />i Lender at the time of application as a credit against the sums secured by this Oeed uE Trust:. ~.
<br />' ~. 3. Applkatioa of P.yareass. Unless applicuble .law provides Mherivise, alt payments received by~ Lender under the',
<br />'~, Note and paragraphs I. and 2 hereof shall Fee applied fly Lender first in pa meal of amounts payable to Lender by Borrower'',
<br />' under ~_ragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note. and thrn to interest and''
<br />principa! on any Future Advance,
<br />4. Cbarge; Lkm. Borrower shall pay all razes, assessments and other charges. fines and impositions attributable to
<br />Ehe Property which may attain a priority ovmr this Iced of Trust. and leasehold payments or ground rents, if any, in the
<br />[Wanner provided un~r paragraph :hereof or, if not paid in such manner, by torrower making payment, when due, directly
<br />to the payee thereof. Borrower shah promptly furnish to Lcndcr all notices of urnounts due under this paragraph, and in the
<br />event Borrower shall make payment directly, Borrower shat) promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shall promptly discharge any lien which ha: priority aver thrs Deed of Trust; provided, that Borrower shall not be
<br />required to discharge any such lien so long as Borrower shall sgree in writing to the payment of the obligation secured by
<br />such lien in a manner acceptable to Gender, or shall in good faith comes[ such lien 6y, or defend enforcement of such lien in.
<br />legal proceedin6rs which operate to prcvem the enforcement of the lien or forfcimrc of the Property or any part thereof.
<br />5. h'--- ' irssazasex. Borrower shall keep the improvements row existing or hereafter erected nn the Property insured
<br />against loss 6y fire. hazards included within the term "eztendcJ coverage", and such other hazards as Lender may require
<br />and m such amounts and for such periods as Lender may require; provided. that lender shall not require that the amount of
<br />sash coverage exceed that amount of coverage required to pay the sums secured by this Decd of "frost.
<br />The insurance carrier providing the insurance shall ix; ehnsen by &anower subject to approval by Lcndcr. provided.
<br />that such aaaroval shttli not he unreasonably withheld. All prrnrituns on rnsurance policies shall be paid in the manner
<br />provided uadtr paragraph 2 hereot or, if not paid in such manner, by Borrower mnking,paymrnt, when due, dirtc[ly to the
<br />insurance camer-
<br />All insurance pniicies and renewals thcreot shall he m form auttptablc to i ender and nhxii-include a standard mongage
<br />clause in favor of and in form acceptable m Lender. Lcndershall have the nght ro hold the policies ~:ind renew:+ls [hereof,
<br />and Borrower shaii promptly furnish to Lender sli rcncu:d notices and :dl receipts of paid premiums. in the event of loo..
<br />Borrower sha!I give prompt notice ra the insurance earner and Lender. Lender may make proof ut losx if nut made promptly
<br />by borrower. .
<br />Unless Lcndcr and Burrowtt otherwise agree in e~Ung, insurance proceeds .hall be applied lu restorauon or repair of
<br />the Property damaged, provided such restoration or repair is economically Ic:rsihle .md the sec'urin• of this Uced n( (rust is
<br />nut thereby impaired. tf such revoration or repau iti Hat economically feasthle or ii the security of this Deed of "I'nrst would
<br />be impaired the insurance proceeds shall be applied to the sums secured by This Deed of l'naL with the eneesc, if any, pout
<br />to Borrower. If the Property is abandoned by Burrower, ur if 13orn,wer f:nly to rcapuud m Lcndcr within 10 d:p~s from d.c
<br />date notice is maileJ by Lender to Burrower that the rnsurance carrier often to settle n chum for inwrunce henrfits, Lcndcr
<br />is authunzed to collect and. apply the insuance proceeds at Lender's option ndmr to reswranon nr repair of the I'ropenc
<br />or to the sums secured try this llecd of Tntst.
<br />Unless Lender and Borns:ver otherwise agree in writing, any Bach applrcation of proceeds to principal shall not extend
<br />or Ixtstpnne the due date of the monthly installments referred m in paragraphs 1 and "_' hereof ar change the amount of
<br />such installments. If under paragraph 1 N hcreol the Property ro acquired by Lender, ail right title urrd uverest uE 13orrowcr
<br />in anti to any insurance {wlicies and in and to the proceeds thereof resuhinp Irom danmge to the Propertt• prior In the sole
<br />ur acywsition shall pass to Lender to the c.vem nt the sums secured hY the Decd of l-rust unmediatcly pour to such >:dc nr
<br />acyuisuwn.
<br />E. Presenatlon anJ i47atntennnce of Property: Leaseholds; Cnndominiunrs; Planned Unit Developments. Horn,wer
<br />.hall keep the Property m gaud report and [hull not eonunn +ca+IC ur pruner unpin uncut ,r de[enorauon of dre Property
<br />and shall comply with rho provisions of any lease if this Uered of l tint is on a leasehold. If this Deed of Trost is on a unit in a
<br />eandominium or a planned unit development, Bon'awer sheet perform all of Borrower-s uhligauons under [hc Acclar;mon
<br />or covenants creating or governing the condoninium or planned unit developmeu, the h}••laws anJ regulations of the
<br />eundominium or planned unit dcvelupnrout, and nmstiutcm datuments. If a condominium ar planned unn dcrclopmcnr
<br />rider is esccuted uy Borrower and recorded urgcrher with This heed at -trust, the ravvmnns and agrecniem+ +a such r~dei
<br />shall he incorporated into and shall amend and sulrplentent the cu•:en:uns .oW agteernents of this Decd of 'fni--! :~, +f the rider
<br />were a part hereof.
<br />7. Protertfon of Lender's Security. 11' Borrower fails N per torn[ the covenants and ag[oancn[r contuumd iu chi,
<br />Deed of Trust or if au}' :fiction nr proceeding is comnrcnced which nuoeuaih~ ad'ects I ender[ interest +n the Property.
<br />including, but not limited to. eminent domout. insoh•cncl, code enlorcenrent, ar :u ourgcments m procecdinpr urv+~la me .:
<br />bankrupt or decedent, then Lender :u Lender's option, upon notice Ia Barn,wcr, ncq• make each appr:aranres. di,hu nc w<i,
<br />sums and take su~. it action as in necessrry a, protect Lender~> interest, including, but nnl hmiled lu. dishm rcmm~t ~,I
<br />reasonable aunnx•y'> fees anti entry apon the Property u, m:+kc repairs. 11 Lcndcr rcyutrcd mongage imin once a .+
<br />condition of making the loan .ecured by Ibis Ueed tit trust, 13oi rower >hall pay the peen uums reyuirttl to maintain verb
<br />insfrance in eBect until suds time as (Ire requirement lur tech insurance Iennutmc+ in .iccaniancc wish Bnrnnser's amt
<br />Lender's wriuen agreement ar applicable low. Bnrrowc: sh:dl pea the :annum nl .dI mortgage insurance prenuunn in the
<br />manner provided under pamgrapn z hereof.
<br />Anv amounts disbursed by Lender pursuont l+~ Ibis paragraph 7, wuh interest thereon. ehall brcornc additional
<br />indehtedneas of Borrower secured hr this Iced of 'frost, l inlerr Uorrmver and I ender agrm to other Icons tit pea meal, r ich
<br />amounts sh:dl he payflbie upon notice tram Lender to Born,u cr requesting payment thernrf, ,uul shall hear mtercu Irom the
<br />dale of disbursement ^[ the roc payable Irom time to once or: outrtanding principal under the Kole nniuss payment of inicrr>t
<br />at such rate would be contrary to applicuble law, in which event ,uch amnunls .hall hear :nR•rec1 :d 6s highest r:+Ie
<br />permissible under applicalalc law, Nuthmg contained in Ibis paragr:q+h ? .bait require t. ender m incur a»y expense nr take
<br />any action hcreundor.
<br />g, lnspvcPinn. Lcndcr may make ,~r cause n, he made rcasnn:rhle entries upon and msptt:»nne of the Pmpcrtv, provided
<br />that Lcndcr shall grve Borrower nonce poor to :my such inspe!:uon ,peciying rcav,nuble cause ihrrclur n9ated h, I rndcfr
<br />interest in the Procerty.
<br />
|