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ut10682
<br />~1.-
<br />UxtFOat~t Covexnxrs. Borrower and Lender covenant and agree as follows:
<br />1. Paynxni of Principal and Interest. Borrower shall promptly pay when due t)te principal of and interest on the
<br />indebtedness evidenced by the Note, prepayment and late charges as provided in the Mote, and the principal of and interest
<br />on an Future Advances secured by this Deed of Trust.
<br />1Poa~ for Texts and Ittsmaace. Subject to applicable law or to a written waiver by lender, Harrower shall pay
<br />[o Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full,
<br />a sum (herein "Funds") 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 one-twelfth of yearly premitim installments for hazard insurance,
<br />plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and foam
<br />time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
<br />The Funds shall be held in an imtitution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />stag agency (including Lender if Lender is such an institution). Lender shall apply the Funds 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 Lender pays Borrower reforest on the Funds and applicable law
<br />permits Lender to make such a charge. Borrower and Lender may 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 agreement is made or applicable taw
<br />regttitrs such interest to lie paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shall give to 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 as additional security for the sums secured
<br />by this Iced of Trust.
<br />Yf the amount of the Funds held by Lender, together with the future monthly installments of Fttnds payable prior to
<br />the due dates of taxes, assessments, insurance premiums and ground rents, shalt exceed the amount required to pay said taxes,
<br />assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
<br />promptly repaid to Borrower or credited" to Borrower on" monthly installments of Funds. If the amount of the Funds
<br />held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br />Borrower shalt pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br />by Lender to Borrower requesting payment thereof.
<br />Upon payment in full of all sums secured by this Deed of Trust. I-ender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragraph t8 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br />shall apply, no later than [mmedtately prior to the sale of the Property or its acquisition try Lender, any Funds held by
<br />Lender ai the time of appltcaiian as a credo against the sums secured by this Deed of Trust.
<br />3. AppllcaHon of Payments. Unless applicable law provides otherwise, all payments received by Lender under the
<br />Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
<br />under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
<br />princepal on any Future Advances.
<br />4. Cbar6es; Lieoa. Borrower shall pay alt taxes, assessments and ether charges, fines and impositions attributable to
<br />the Property which may attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any, in the
<br />manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly
<br />to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the
<br />event Borrower shalt make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
<br />Borrower shaft promptly discharge any lien which has priority over th[s Deed of Trust: provided. that Borrower shall not be
<br />required to discharge any such lien so tong as Borrower shall agree in writing to the payment of the obligation secured by
<br />such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in.
<br />legal pproceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any par[ thereof.
<br />5. Hazard Iasursate. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require
<br />and in such amounts and for Bach periods as Linder may require: provided, that Lender shall not require that the amount of
<br />such coverage exceed that amount of coverage required to pay the sums secured by this Deed of Trust.
<br />The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Leader, provided.
<br />Phat such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
<br />provided tinder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br />insurance carrier.
<br />All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
<br />clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof.
<br />and Borrower shall promptly furnish to Lender cell renewal notices and all receipts of paid premiums. In the event of loss.
<br />Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br />by Borrower.
<br />Unless Linder and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
<br />the Property damaged, provided such restoration or repair is economically feasible and the security of this Deed of Trust is
<br />trot thereby impaired. If such restoration or repair is not economically feasible or if the security of this Deed of Trust would
<br />be impaired, the insurance proceeds shall be applied to the sums secured by this Decd of Trust, with the excess, if any, paid
<br />to Borrower. If the Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the
<br />date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insuranw benefits. Lender
<br />is authorized to collect and apply the insurance proceeds at Leader's option either to restoration or repair of the Property
<br />or to the sums secured by this Deed of Trust.
<br />Unless Leader and Borrower otherwise agree m writing, any such application of proceeds to principal sha{I not extend
<br />or postpofte the due date of the munth{y insiatlmems referred to in paragraphs i and 2 hereof er change the amount of
<br />such installments. tf under paragraph t F3 hereof the Property is acquired by Lender, all right, title and interest o1 Borrower
<br />in and [o any insurence policies and in and to the proxeeds thereof resulting from damage to the Property prior to the sale
<br />or acquisition shall pass to Lender to the extent of the sums secured by this Deed of Trust immediately prior to such sale or
<br />acquisition.
<br />6. lhaervation std Maialewace d Property; Leasthuids; Condominiums; Planced L'ni[ llevelopmenls. Borrower
<br />shelf keep the Property in good repair and shall not commrt waste or permn impairment ar deterioration ~f the Property
<br />and shall comply with the provisions of any Jesse if this Deed of Trust is on a leasehold. If this Deed of Trust is on a unit in a
<br />condominium or a planned unit development, Borrower shall peiform cell of Borrower's obligations under the declaration
<br />or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the
<br />oondomjnittm or planned unit development, and constituent doc:umen[s. If a condominium or planned unit devebpment
<br />cider is exocuted by Borrower and recorded together with this Deed of Trust, the covenants and agreements of such rider
<br />shalt be incorporated into and shalt amend and supplement the covenants and agreements of this Deed of Trust as if the rider
<br />were a part hereof.
<br />7. PreieeUon of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this
<br />Deed of Trust, or if any action nr proceeding is commenced which materially affects Lender's interest in the Property.
<br />iftclttdittg, but not limited to, eminent do:aain, msolvettcy, code enforcement, or arrangements ur proceedings involving a
<br />bankrupt or decedtat, then Lender at ender's option, upon notice to Borrower, may make such appearances, disburse such
<br />sttttul and take sttt:h action as is necessary la rote[[ Lender's interest, including t,ut not limned to, disbursement of
<br />teaaanabk attarttey's fees and entry upon the Property to make rtpairs. I( Lender required mortgage insurance as a
<br />condition of retaking the loan secured by this Iheti of Trust, Borrower shall pay the premusms required to maintain such
<br />instttr~e is affect anti: such tune as the reyuircmem fur such insurance tennina[es m accordance with Borrower's and
<br />[,eodsr's written agreenxnl of app~rcabte law. Borrower shall pay the amount of all mortgage insurance premiums in the
<br />martttor pravid~ under pa aph 2 FKreof.
<br />tlitwunts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall t,ecorne additional
<br />indebt~ of Borrower secured by this Deed of "t'rusi. Unless Borrower and Lender agree to other terms of payment, such
<br />amirtteHS shalt be payable upon notice from Lender to Barrawer reyuestng payment thereof, and shall bear interest from the
<br />ttra+e of dbRturremottt at the rata payable From iitrte to time on outstanding princpal under the tier[ unless payment of intcrest
<br />at such rasa wWdd tx contrary w applicable taw, in which event such amounts shall bear interest at the highest rate
<br />paraiYdile twtkr pppfiCable taw.. Nothing cuntainttl in stns paragraph 7 shat! require Lt:nder to incur any expense ur take
<br />arty Fttraundor.
<br />~ Ltndt¢r may make at' caws to tx made rcaxinabit entrees ctpam and +nspcctions of ttte Property, provided
<br />that I,et>,fer slsafl give &Ntuwer rsatice prier to a~ surh inspection apec;i(ying reasevtxhle tauw therefor related to C ender's
<br />i~fert~t in ittt PLOpettY.
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