|
<br />
<br />Utrrtttratat t:~strx+ttrrs. 8orroerer artd l~t€der covenant and agree as tol:aws:
<br />1. )Fi~tarest at ~ lei IahrwM. B[nrzvwer shaft prrxrtptiy pay whet( d:e tbt prat€cipal of arrd iratertw nn the
<br />itrdt evideetcsd by the Nore, prepaytnu€t and fate charges as provided in the Nutt, and the prenctpat of and mtrrest
<br />on Ftnttre Advarxxs secured by this tksd of Trust,
<br />},~ gK')I'~ ttr~ Itatetraeee. t to applicable Law or to a written waiver by Lersdtr, Borrower shut pay
<br />to Lendt:r on the day monthly irolf-Lmrnts of principal and interest art payable unfit: the Note, unfit the Notc is paid in full.
<br />a sum (herein "Fonda") equal to one-twelfth of the yearly taxes and assessrntnts whicfi may attain prrority pelt thrc
<br />heed of Trtrst, sled ground rents on the Property, if any, plus one-twelfth of yearly premium instaittreents for hazard ettsuranec.
<br />pttraotre-twelfth of yearly prtmitrm instalittrents for mortgage insuranct, if any. atI as reasonably estimated inrt+alty and from
<br />there to time by !.sailer on the basis of asstestrtenls and bills and reasonable eshmates thereof.
<br />The Funds shaft be held in an itrt[itution the deposits or accounts of which rare insured or guaranteed by a Federal nr
<br />state agency fncludittg Lender if Lender is wch an tnshtution). !.ender shall apply the Funds to pay said taxes. assessments.
<br />irtsterarrce premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyr+ng w+J account
<br />or verifyireg and compiling said asttessrnenta and bills, unless Lender pays Borrower ,merest on flit Fteads and appltcabk lax
<br />ppeMrmnits Lender to make such a charge. Borrower and Lender may agree in writing at the time of exearuon of th•s
<br />fAud of Trust that interest on the Funds shall be paid to Borrower, and unless such agrectnent is made ar apphcatrk lav.
<br />regtdres such interest to be paid, Lender shall rent be regwred to pay Borrower any interest ar rarnings on the Funds I cntftr
<br />shall g'rvt to Borrower, without charge, an annual accoemting of the Funds showing tred+ts and ilel,its to the Funds .,rut ttx
<br />purpose for which each debit to the Funds was mssit. The Funds arc pledged as additiarul stxuriry [or the sums secured
<br />by this Deed of Trust.
<br />[f the amount of flee Furry held by Under. together with the future mo:+tfily +rwat-srxvsts +*f F,snds ;s~tahie pr,.*r :.,
<br />the due dates of farces, assessments, inauratrce premiums and ground rents, shat! exceed fbc a.rtxerl resfusrcd u, pay srrd faces.
<br />ap[ttmtnts, imrrrarece premiums and ground rents as they tall due, such e>,<-e.s s'~att ne s'. $t,;:<vwer~ ;=ptunn, either
<br />prn~tpt tspaid to Borrower or credited co Borrower on rrtomhly instaUmrnts of F€.nds tf the alwMent ,k +he Funds
<br />hdd byyLendt:r shall not be suficient tc pay rues, assessments, inwrartce premuum sad gtwrtsd rents ac flow fall due.
<br />Borrower shalt pay to Ltnder any amamt necessary to make up the dtdicirncy wuhsn ?6 sty from €tx date orifice rs mailed
<br />b! [.ceder to Bnrrmrer regttetrrrg payment thereof.
<br />Upon payrrrrnt in full of all sums secured by flits Deed of Trust, Lender shall promptw refund n, Borrnwtr any Funds
<br />held by fender. [f under paragraph IB hereof the Property rs sold or the Property +s atherw+ce acquired by Lender. Lender
<br />shall apply, tw later than imrnedately prior to the sale of the Property or its acqursmon by Lrn::er.:,ray Funds held by
<br />Lender a< the time of appliwion as a credit against the wins secured by this Deed of Trust
<br />]. ArplieaYae d hytoetstr- Unless applicable law provides otherwise. alt payments rtten~eil by Lender under the
<br />Ntrte and paragrapphs t and 2 hereof shall be applied by Lender first m payment of amamts payable to Lender by Borrower
<br />uedrr paragraph 2 hereof, then to interest payable on the Note. then to the principal of the Note. and thrn to interest and
<br />prio~l on any Frnute Advance.
<br />_ f, Ltiger, [Seas. Borrower shall pay all [axes, assessments and other charges. fines and +mpvsuions attributable to
<br />the Plrre~stty which may attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any, in the
<br />resaeeer ptvsided under paragraph 2 hereof oe, if rani paid in such manner, by Borrower making payment, whrn due, dereMly
<br />to the payee thetrnf. Borrower shall promptly furnish to tender all notices of amounts dot under this paragraph, and in the
<br />ewwt Borrower shall make payment directly, Borrower shall promptly furnish to Lender receiptt evidencing such payments.
<br />Borrower shall promptly discharge any lien which has priority over flits Iked of Trust: provided, that Borrower shall not he
<br />required to disdtargt any such hen so long as Borrower shall egret in writing to the payment of the uhhgatian secured by
<br />code flea m a manner acceptable to Lender, or shall in good faith comes( such hen by, or defend enforcement of such lien in.
<br />Lt~al prnc~dmgs which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
<br />S. Blwsd lwswra~ce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
<br />agairest lots by fire, haurdt included within the term "ex/ended coverage", and such other hazards as f.endcr may require
<br />and in such attaounts and for such periods as Lender may require; provided, that Lender shaft not require that the amount of
<br />arrch coverage exceed that atnouet of coverage required to pay the sums secured by this Deed of Tnist.
<br />The irourance carrier providing the insurance shall be chosen by Borrower sublec[ to approval by I ender- provided.
<br />tint Stith approval shall not be unreasonably withheld. All premiums on insurance policies shall ix paid iu the manner
<br />provided under ptuagrap6 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br />iasuraorx caaisr.
<br />Atl irr~rrance policies and renewals thereof shall be in form acceptable to Lender and shah include a standard mongage
<br />clause in favor of and in form acceptable to Lender. Lender shall have the righE to hotil test policies and rtncwals attereaE.
<br />aed Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premusms. In the event of loss.
<br />Borrower shall give prompt notice to the insurance earner anJ Lender. Lender may make proof of loss tl not made promptly
<br />by Borrower.
<br />Unles Lender and Barmwer ulhtrwise agree rr. writing, +nsurance prcxetds shat, be applied to restoration or repair of
<br />the Property damaged. proviiltd such rtsiorativn yr repair is esuttumicarly feasible and the security of rhts Dstd of .gust is
<br />not !ht-reby unpaired. if such restoration or repau is not economically feasible or .f the security of this Deed of Trust would
<br />be impaired, the insurance proceeds shah be applied to the sums secured by this Deed of -f use, with :h:, sxctsa, rf ary, paid
<br />to Borrower. If the Froperty is abatedotetd by Harrower, or if Borrower fails to respond tv~ t Winder within l0 days (rem the
<br />date notice is mailed 6y Lender to Borrower that the insurance carrier oilers to settle a claim For insurance benefits. (.ender
<br />is suthoriud to collect and apply the insuram:e proceeds at Lender's option tuber to restoration ur repair a?f the Property
<br />or to the sums secured 6y this Dced of Trust.
<br />Unless Lender and Borrower otherwise agree m writing, any such apphwtion of pnxeeds eo principal shall not extend
<br />or (pone the due date of the monthly installments referred to in paragraphs I and :hereof or change the amount of
<br />Stich instaUrnents. If under paragraph I S hereof the Property is acquired by Lender, all tight, title and interest of Snrruwcr
<br />in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property poor to the sale
<br />o[ acquisition shall pass to Lender to the extent of the sums secured by this Deed tit 'Trust immediately pour to such sale or
<br />acquisition.
<br />6. Preservation sad iNtrhiteeawet of Properly; Leaseholds; t;ondominiums; Planned Unit Devrlopmeots. Borrower
<br />shalt keep the Property in goof repair and shall not comma waste ur pcrm~t impairment tit Jtttnordum of the Property
<br />and shat! comply with the provisions of any hose if this Eked of l7ust is on a Ituaehold. If this Deed of -!'rust a nn a tint in a
<br />condominium or a planned unit development, Borrower shall perform all of Borrower's obhgahons under the declaration
<br />or covenants creating or governing the condominium or planned unit development, the by-laws and regulation o[ the
<br />condominium or planned unit development, sod tonstituem documents. If a condominium or planned unu development
<br />rider is executed by Borrower and recorded together with this Deed of 1 rust, the covenants and agreements of such rider
<br />shaft 6e incorporated into and shall amend and supplement the covenants and agreements of this Decd tit "f rust as if the rider
<br />ware a part hereof.
<br />7. Pseleelioe o[ Lender's Security. li 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 Lenders interest in the Property.
<br />including, bur oat 3imiitd to, eminent domain, insalvensy, soda enforcement, tit arrangemtntx or p€a+:ecdsngs involvntg :~
<br />bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, dishunt such
<br />stuns and fake such action as is necessary to protect Lender's interest, including, but nut limited to, disbursement tit
<br />reasonable attorney's fen sled entry upon the: Property to make repairs. If Lender required mortgage insurance as n
<br />condition of making the loan secured 6y this Deed of Trust, Borrower shall pay the ptenuums reyuired to maintain such
<br />ittserastcc fir eAscl Un'i! such tint ns the requirement for such insurance terminates m accordnnce with Borrower's and 'szt' .,
<br />Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insuranct premiums in flit
<br />manner provitlal under paragrapbi 2 hereof.
<br />AArutyy amounts diaburaed by Lander pursuant to this paragraph ?, with imerest thereon, shall hetvmc acfd,tiun;al
<br />indebtedieess of Borrower secured by this Decd of Trust. Unless Borrower and i_endet agree to other terms of paymem, such
<br />amounts shalt be payable upon notice from Lender to Borrower requesting payment thereof, and shall beurinterest from the
<br />dale o! disbuisCtertnt at the rate payable from time to tint vn outstanding pnnctpal under the Notc unless payment of interest
<br />it such Bate wiwld br contrary to applicable law, in which event such amounts Shull bear interest tit the highsst raft
<br />ptrmiaiblc under applicable law. Nothing cvntaioed in this paragraph 7 shat! require Lender to incur any txptnse or take ~ .
<br />any action hereunder.
<br />>i. i~nytctke. Leader may rnakc ur cause to bt mach reasonable entries open :trail inpcchvns of the PrupFtrty, nru,-tiled
<br />that L,°,t:dtr xh:,/l gi'=° a^rrowe: noels.. prior ~ a ~ .rl€ i.._~~qi,?n cn~sifying reasonable cause therefor related tct 1-endet'~
<br />intents[ in the Proxrty. - _
<br />
|