|
iJNIPORM Covett,tivrs. Borrower and Lender coven:utt and agree as follows: ~ ~ ~~ ~~ ~ O
<br />1. Payment ql Principal sad IMrteat. Borrower shall promptly pay when due the principal of and interest on the
<br />indebtedness evidenced by the Note, prepayment and late charges as provtded in the Note, and the principal of and interest
<br />on any Future Advances secured by this Deed of '[nest.
<br />I. Ftrada f~ Tatlea sold Insaraace. Sub}act to applicable law or to a written waiver by [.ender, BotTOwer shat! pay
<br />to Lender nn the day monthly installments of principal and interest are payahle under the Nato, until the Nate 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 />Dced of Trust, and ground rents on the Property, if any, plus uric-twelfth of yoazty premium instatlments for hazard msurance.
<br />pins one-twelfth of yearty 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 bills and reasonable estimates thereof.
<br />The Funds shalt be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br />state agetxy {includeng Lender if Lender is such an institutianj. Lender shall appty the Funds to pay said taxes, assessments.
<br />insurance premiums and ground rents. Lender may not charge far so holding and applying the Funds, analyzing said account
<br />or verifying and compiling said assessments and bills, unless Lender pays Borrower interest an the Funds and app'-t-.icable 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 law
<br />requires such interest to be paid, Lender shall riot be required to pay Borrower any interest or earnings on the Funds. Lender
<br />shalt give to Borrower, without charge, an annual accounting of the Funds show•rng credits and debits to the Funds and the
<br />purpose for which each debit to the Funds was made. The Funds arc pledged as additional securiry for the sums secured
<br />by this Aced of Trust
<br />if the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
<br />the due dates of taxes. assessmerts, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
<br />assessments, itnuraner premiums and graund rents as they tall due, such excess shall he, at Borrowers 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 nut be sufficient to pay taxes, assessments, insurance premiums and graund rents as they fall due.
<br />Borrower shalt pay to [.ender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br />by Lender to Borrowu requesting payment thereof.
<br />Upon payment in full of ail sums secured by this Deed of Trust, Lender shall promptly refund to Borrower any Funds
<br />held by Lender. If under paragralh 18 hereof the Property is sold or the Property is otherwrse acquired by Lender. [.ender
<br />shalt apply, no later than immedtatrly prior to the sale of the Property or its acquisrtion by Lender, any Funds held by
<br />Lender at the time of application as a credo against the sums secured by this Deed of Trust.
<br />3. Application of Payments. Unless applicable law provides otherwise. alt payments received by Lender under the
<br />Note and paaagraphs 1 and 2 herrnf shalt he applied by Lender firs! in pa}'ment of amounts payable to [.ender by Burrower
<br />[order paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Nate. and then to interest and
<br />princepal on any Future Advances.
<br />4. Chsr}tes; Liens. Borrower shall pay all taxes. assessments amt other charges. hors and ~mpasrtions attributable [a
<br />the Property which may attain a priority over thrs Deed aE Trust, and leasehold payments or ground rents, if any, in the
<br />manner provided under paragraph 2 hereof or, i( not paid in +uch manner, by Borrawer making payment, when due, dtrcctty
<br />to the payer thereof. Harrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the
<br />event Borrowrr shall make payment directly, Borrower shalt promptly furmsh to Lender receipts rvidenci,.g such payments.
<br />Borrower shall promptly discharge any lien which has priority over Chu Deed of Trust: proc+ded, that Borrowrr shall not he
<br />required to discharge any such hen su long as Borrower shall agree in writing a, the payment +?f the obligation secured by
<br />such Tien in a manner acceptable to Lender, ar shall io gooJ faith camrst w fi Len hy. or defend enforcement of such lien in.
<br />legal pproceedings which operate to prevent the enforcement at` the Ecn or forfeiture of the Property or anv part thereof.
<br />S. Hazard instttraatt. Borrowee shah keep the improvements now existing or hereafter orected nn the Property insured
<br />against loss by fire, hazards inetuded within ihr term "extended coverage", and itch other hazards as Lender may require
<br />and en such amounts and for such periods as Lender may require: provrded, chat Lender shall not requvc that the amount of
<br />loch ~ '<i ab~ -.,.xrd 'hat amount of r _ ,_ _ r.•d tr? nav- iht sum. set ufrd b}' IFtis Deod of TfUSt.
<br />Thr insurance carrier providing the insurance ,hall t>z Chosen by Burrower subject to anprova( by i.ender, provided.
<br />that such approval shall [rot be unreasonably withheld. All premiums an msurance policies shalt be paid in fie manner
<br />provided under paragraph 2 hereof or, if not paid m such manner, by Borrower making payment, when due, directly to [he
<br />insurance tacriar.
<br />A8 msurance policies and renewals thereat shat br m farm aseptahle to tender and shalt include a standard mortgage
<br />clause in favor of and in firm acceptahlr to fender. Lender shat have the right to hold the policies :rod renewals therwi,
<br />and Borrower shalt promptly Furnish to Lender alt renewal notices and all receipts of paid premiums. In the event of lass.
<br />Borrower shall give prompt notice to the insurance earner and Lrndrr. Lender :ay make proof of toss if not made promptly
<br />by Borrower.
<br />Unless Lender and Borrower otherwise agree in wrung, msurance proceeds shall be applied to restoration ar repair u(
<br />the Ptop<•tty dsmaa_d, provided such rrstarat;au or repair rs r-CUnom[cally feasible :rod the security of this Deed of Trust is
<br />not thereby impaired. If such restoration or repair is oat economicatiy frastble or if the security of this Derd of ('rust would
<br />be impaired, the insurance proceeds shat! be applied to the sums secured by this Deed of Trust, wish the excess, if any, paid
<br />to t3errower. If the Property is abandoned by Borrower, or if Borrower faits to respond to Lender within 30 days from the
<br />date Halite is mailed by Lender to Borrowrr that the insurance carrier offers to settle a claim for insurance benefits. [.ender
<br />is authorized to collect and apply the insurance proceeds at Lender's option either to restoration ar repair of the Property
<br />or to the stems soured by this Dred of Trust,
<br />L'nkss Lender and Borrower otherwise agree in writing, any such application oL proceeds to principal shall not extend
<br />or postpone the due date of the manthly installments referred to in paragraphs 1 and ? hereof or change the amount of
<br />such installments. If undo paragraph S k hereof the Property is acquired by Lender, all right title and interest of Harrower
<br />in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the salt
<br />or acquisition shalt pass to Lender to the extent of the sums secured by this Deed of Trust immediately prior [a such salt or
<br />acquisition.
<br />6. Preservs~oa aoA '.Slsioteaaece o[ Prrrperiy; Leaseholds; Condominiums; Planned Unit Developments. Harrower
<br />shalt keep the Properly m gewd repair mrd shall nor comma waste or getout imp:+irment or deterioration of [he Property
<br />and shall comply with the provisions of any (rase if this !beef of Trust is on a leasehold. If this Deed of Trust is on a unit in a
<br />eoadomini.un or a planned unit development, Borrowrr shalt prdornt all of Borrower's ohligatrons under the declaration
<br />ur covattants treating or governing the condominium or panned unit development, the by-taws and regulations of the
<br />condominium or planned unit development, and wnstituem documenro. If a condominium or planned trait development
<br />rider is executed by Borrowrr and recorded together with this Deed of l~rust, [he covenants and agreen[crts of such rider
<br />shall be incorporated iota amt shall amend and supplement the tavenanu and agreements of this Dred at "Crust as if the rider
<br />weer a pate hrr~f.
<br />7. Ptta~Ctiea of i,eader's Sertuity- tf Borrower fails to perform the covenants and agreements Contained in this
<br />Deed of Trust, of if any action or proceeding is commenced which materially affects [.erzder's interest in the Property.
<br />iacludtng, lrtd [Col limited to, emit[ent domain, insolvent}, rude enforcrrnent, or arrangementx ar prtxeedings invalvmg a
<br />bankntpt or deetdent, then Lender aE Lender's option, upon notice to Borrawer, may make such appearaneos, disburse such
<br />sums a[td take such action as is necessary to protect Lenders interest, including, but riot limned to, disbunemeni of
<br />reaaatabk attorney's face and entry upon the Property to make repairs- 12 Lender required ntortgagc insurance as a
<br />rgnditiort of making the loan set[;red by this [Iced of Trust, Borrower shall pay the ptemtums reyuired to maintain such
<br />itrwranrr in egant utuit such time as the requirement for such insurance terminates en accordance with Borrower's and
<br />Lenderi written agreement or applicable taw. borrower shalt pay the arrruruu of a!I mortgage insurance premiums in the
<br />tt+anau provided trader par Ph 2 hesaof.
<br />Any amounts diaburstd shy I.rtrdrr pursuam to [hts paragraph 7. with interest thereon. shalt brcu[no additional
<br />indebtedrarss of Borrowrr secured by this Deed of Trust Unless Burrower and Lender agree to other terms of payment, such
<br />amounts shoji br payablr upon mttSce from (.ender to Borrowu rrqurssing payu?enr thereof, and shall tzar imrrest born the
<br />data of diaburtettlrnt at the talc payahle from time to tune on outstanding prircipal undrr [hr Nate unless payrnrnt of interest
<br />al pleb talc x+ttuW be taetrary to apalicabic taw, in which event strth amounts shell !sear +nterrst at the highest rate
<br />gtgtsni#{bf€ tmdier appSicahk Saw. Ngtiiiog cWtttairred in thts paragraph "T shah require Lender ro iotur any expense or take
<br />nay ~tiatt hertaatder,
<br />g. ItzFaellnat. I.etrt~ar may trut3[a or cause to ix made rrttxanai+le cturres ([pun and inspetiians of tfx Prc,prrty, provided
<br />that t&rt~t-a~kudS give Lierratrsr twtitr prior to anY strsh inspu:tian specifying reasonable tattsc therefor related ro !..Crider".
<br />in[erast in the Pcopatly,
<br />
|