|
(-
<br />- If Borrower pays Funds to Lender. the Funds shall be held in an institution the deposits or accounts of which are -
<br />insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution ).-L.rnder shalt apply
<br />the Funds to pay said taxes. assessments: insurance premiums and ground rents- Lender may nrrt charge for so holding
<br />- and applying the Funds.-analyzing said account or verifying and-compiling said -assessments and bills. unless Lender - - - - - -
<br />" pays Borrower interest on the Funds and applicable taw permits tinder to make such a charge. Borrower and Lender- -
<br />may agree in writing a[ the time of execution of this Deed of Trust that interest on the Funds shill be paid tc Borrower.
<br />and .unless such agreement is made or applicable law requires such interest to be paid. Lender shall not be required
<br />to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower. without charge, an annual
<br />accounting of the Funds showing credits and debits to the Funds and the purpose forwhich each debit to the Funds was
<br />made. The Funds are pledged as additional security for the sums secured bi" this Deed of Trust.
<br />- If the amount of the Funds held by Lender. together with the fhture monthly installments of Funds payable prior to
<br />~~ the due dates of taxes. assessments, insurancepremiums and ground rents, shall exceed-the amount required [n pay said
<br />- ~R' taxes, assessments, insurance premiums and ground cents.as_they falidue. such excess shalt-be. at Borrower's option. - - - - -- -
<br />~ - either promptly repaid to Borrower oc credited to Borrower on monthly installments of Funds: If the amount of the -
<br />~ Funds held by Lender shat I not be sufficient to pap taxes. assessments. insurance premiums and ground rents as they tall
<br />-.~~, due, Borrower shall pay to Lender any, amount necessary to make up the deficiency in one or mere payments as Lender -
<br />j may esquire.
<br />1 Upon payment in full of all sums secured b}• this Deed of firust, Lender shall prompth~ refund to Borrower any -
<br />`~ - Funds held by [.ender If under paragraph 17 hereof the Property is sold or the Property is-othenrise acquired by - - -
<br />- ~ Lender, Lender shall apply, no laterthan immediately prior [othe-stile-ofthe-Property oc its acquisition by Lender, any
<br />- _ - Funds held by Lender at the time of application as a credit against the sums secured:-bv.this Deed of Trust. r -
<br />- - 3. Application of Payments. Unless applicable law provides otherwise. ail payments receihed by Lender under
<br />[he-Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by. - -
<br />Borrower under paragraph 2 hereof, then to interest payable oathe Note,and then to theprincipal of the Note.
<br />- 4. Prior Mortgages and. Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations --
<br />_.. under-any mortgage. deed of trust or other security agreement with.a_Iien which has .priority over-this Deed of Trust,.-._ _
<br />- including Borrower's covenants Yo make payments ai~tien- due. Borrower shall pay or cause to be paid. aII taxes. -- - -
<br />assessments and other charges, fines and impositions atfributable-to the Property which-mac attain a priority-over this --- - -- - --
<br />_ Deed of Trust, and leasehold payments or ground rents. if an}•. - -
<br />- . 5. Hazard Insurance. Borrower shall keep-the-improvements now existing or hereafter erected on the Propertc _ - _ -
<br />- - -insured against Toss by fire.'hazards included within-the term "extended coverage". and-such other hazards as t.cnder
<br />- -may require and in such amounts and for such periodsas Lender may require. - - - _ _ -_ _
<br />_ - - - The insurance carrier providing the.insurance shall be chosen by Borrower subject to approval by Lender: prosided.
<br />- that such, approval shad -nor be unreasonably. withheld.-All insurance- policies and renewals thereof shall he in -a form - -
<br />- - acceptable to Lender and shall include a standard mortgage_clause in favor of and in a-form acceptable to lender: - - -- - --
<br />Lender shall-have the right to hold the policies and renewals thereof, suUjecI to the-terms of any mortgage. deed of trust
<br />or other security agreement with a lien whichhas priority over.[his Deed.oF"trust. - - - -. -
<br />In the eventof loss. Borrower shall give prompt notice to the inwrance carrier and Lender. Lender mavmake proof
<br />- of loss if not made promptly'by Borrower. - - '- - -- - --' - - - - - - -: - - -
<br />If the Property is abandoned by Borrower, or if Borrower fails to respond to"Lender within30-days from the date,
<br />- - notice is mailed-by Lender [o Borrower that the insurance carrier ot'fers to settle aclaim-for. insurance-benefits; Lender is -~ - -
<br />"-`--- authorized fo-collecf and--apply-the insurance proceeds-aL Lender's-option"richer to restoration _oe-repair-oaf-the -
<br />- - - -Property or to the sums secured-by this Deed of'Crust. - - '- - - - - - - -- - - - -
<br />- -- - 6. Preservation and Maintenanoc of Property; Leaseholds; Condominiums; Planned.Onit Developments. Bor- - - - ----
<br />--- rowershall keep-the Properg•`in good"repair ancf-shalt not commit waste-or permit;impairment-or deterioratran-of-the -- -------
<br />- Propertyand-shall-comply-with the'pra~isions ~I soy (case if this Deed-~+f"Crust is on-aaeasehold:;~lEthiz-Deed ofTrusfs _ - --- -
<br />_ on aunit in a condominium or a plar<ned untt development, Borrower shall perfot'm-alt of Borrower's itbliKations under _ _-
<br />the declaration occovenantsreating oc giivetning she condominium or planned_unit development. fhe fly-laws-and
<br />-. regulations of the condominium or planned unit de6elupmeni and constitdentdocuntents. _ - _ --_----
<br />- 7. Protection of Lender's-Security. if Borrower fails to- perform the covenants and agreements contained in this -
<br />Deed of Trust, or if any action or proceeding is commenced which materially affects Lender's interest in the Propertc.
<br />then Lender, at t,endec's option, upon notice [o Borrower, may make such appearances, disburse such sums, including - - - -
<br />- - reasonable attorneys` fees,,and take such action as is necessary to-protect L.ender's,interest. IfLender required mortgage
<br />- -- - -insurance as a condition of making the-loan secured bythis Deed; of Truse,Borrower shall.pay the premiwns required-to - -- - -
<br />maintain such insurance in effect until such time as.tfie requirement fur such insurance terminates in accordance with
<br />- - Borrower's and Lender's written agreement or applicable-law. - - - - - - -. - - - - - - - -
<br />- - Any amounts disbursed-by-Lender pursuant.to this-paragraph 7, with-interest thereon:. at the Note-rate, shall - - -
<br />become additional indebtedness of Borrower secured try-this -Deed of Trust. Lnless Borrower and [:ender agree to
<br />otticr terms of payments such amounts shall be payable upon notice tFum [.coder- m Borrower requesting paymtenc
<br />thereof. Nothing contained in this paragraph 7 shall require Lender to incur any, axpcitse or take any°actiuu hereunder.
<br />8. Inspection. Lender ntuy matte or cause-tq be-made reasonable antrios upon-and inspections of the Property'.
<br />provided that Lender- shall give Borrower notice priorty airy such inspection specifying reusunabte cause therefor
<br />related YO Lender'sinterest in the Property.
<br />9, Condemnation. The proceeds of any award ur claim for damages, direct or consequential, in : nnnectiun-with
<br />- any condemnation or other taking of the Properly, or part thereofrc~r for conveyance in lieu art' condemnation, err
<br />hereby assignecCand shall tie:paid to Leader, subject: ro the terms of any, mortgage. decd of trud'~t• ~rthcr ;rrurU~ agree= '
<br />meat with a lien which haspriority overihis Deed aP`I"rust:
<br />10. Borrower Not keleasedq Forbearance By- Lender Not a Waiver: Extension -of the ume for payment nr
<br />- _ -- - tnudification of am_ortizatton'ofthe sums-secured by-this Deed-of Trust granted tiy- Lender to qne successor in-interest of - - -
<br />Borrower shall no[ operate tc~ release: in. env manner, the liatility of the riginal Borrower and Bnrniwcr's weceasi+rs in - - -
<br />--- - - --_interest,Lender-shattnut-borequired-(recommence.pr~ceedingsagainst:suehsuecesserorrwfuxtuestrnd-time-for pay-_
<br />- - -
<br />- mentot otherwise modify amor[izatign of the-sums secured by this Deed of"Trust-by reason of soy demand made by the - ,
<br />original Burrower and Borrower's successors in inerest. Anv forbearance by Lender in rsercising any right nr remedy
<br />- hereunder,oi" otherwise afforded by applicable law; shall not be a waiver of oc preclude theexercise ofwny such right or
<br />remedy.
<br />~: _ - -- I1. Successors grid AssfKns Bnand; Jirint and Severest-~Llesbilfty;_-Co-signers. fhq riivciiants dad - agrcrnieiit; -- _ _
<br />_ _ -herein-cuntnine[Ishall-bind,-and the.-:rights hereunder-sh;til-inure to;thc;~respretivcauccvasots-and-as+iMa-, .dt.ondec.,~ncl _.. _
<br />Borrower, subject tottie provisions of paragraph I6-hereof'. Ali-cavenants and ctgreenicnt. c+t-Barroayer shall tk i~iint anal - - - -
<br />- several: Anv Burrower who co-sigh. i:his Geed of"'Crus4 but eli+es not axe-ru(c the ,tiote. is. to cz+=siknml; the. ~Lk:a -ti i 1 tact - ' - -
<br />- -Doty-.ire-gran[ antL c«nrea°"that-B~arrnwer"c"mter4st-in-rtet ['rapt=rt,: t •,I..rastie uaafrr rho- naz aft#n 1}--c,i -1'-'t rt 5_. ?+t.±z _- -...
<br />
|