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<br /> -' � 2Q05 1O10311996 - -- - �
<br /> S�BRYI. SROAgNAY caxxs s��waY • �6� ��r�8'�9� �-RE 0 0 �—: �. � . . - __
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<br /> . s' . UIYIFORtv1 COVENANTS. 8orrower and Le�ter wvenani�nd agcee as follaws: ' -
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<br /> . 1. Pay��t of Peiridpsl and lni�i. �mrower shall pmm�dy pay when due the priitt.-i�l and interest �,°"..,.,.. �,�.� .
<br /> inde�iietfness evidenced iry the Note ant!Iate char�es as pravided ia the Ncxtr. � . ' _. :,
<br /> �.Fundq Por Taxes end Tn�ur�ce. Sabject tn applicable taw ar a writteo waiver by Lender.Sormwer shall pay to �, ;` ':" . �.
<br /> Lec�er an tiiee d�y m�ntbly payments of priuzipal aa�iaterest are PaYab2e untler the N�te,uati!the IVote is paid in full,a "��•a , . ,,;:.
<br /> suw(he�ein °Fw�ds')e9ua!to one-tweiflh of th�yearly m�ces and a�ments(including cotuinminium and plana�d unic . ,. -
<br /> devetopmQnt a�menrs. if any)wirich may atmio priority over this De�d of Tcusc. and ground cents on ehe P�operty,if . , , ; : <
<br /> . any.plus onr-ew�lftb of yeariy premium installmeats for harard iasurance,ptus one-twelfth af yeariy pretni�am i�talim:nts . :,,�,�•, ,
<br /> for ffiortgage ins�utattce. if any. all as reasouably esumate� initixlly an� from dut� ta rimt by lxndsr on tlte bas�s of � �'t , ' .`. _ <,
<br /> i
<br /> �,,` .
<br /> �aad bil�s a�d r�so�ble esti�tes thereaf. Borrower shap not be obligated co make such p�yments of Funds • , .
<br />-`- to Lead2r to the exteni t1�3 Borrox�er m?kes s��i�Y�D��O�holder af a prior martgage or deed of ttnst if su�holder ' • . •
<br /> ��-=� - .
<br /> is an isstit�donal lea�er. • ..
<br /> If Botro*xer pays Fu�ds w Lender.the Funds sha11 be 1�1d in an iartitution the deposits or ascaunts of which are < F• • '.� , • -
<br /> insure�i or guatanieed by a Federal or slate ageucy(inzluding Lender if L.eader is such an instirarion). Lender shall aPP3Y . , _ . . ., _
<br /> � the Funds w pay s�d taxes.assessments.insutance Prewiums and 8round ieass.ir_ader may nat charge for so hulding and .•. .t.-:,•: -- .
<br /> aPPiYin� the Funds. amlyzin� said azsount or verifying and compilin�said assessments and biils. un2es5 I.eader PaYs �. ` . , , .:
<br /> � Borrow�intepess on the Fuods and appliqble law pemuits Leader to m�1ce such a charge.BoROwer and Lender may agree �,,����,
<br /> YES ' ,�,..:.�,-�
<br /> in writing az the tim�of execudan of this DEed of Ttust that intere�on the Funds shall be paid to Bomowrer.and w�'.•ss .` r,r'°::��
<br /> , such ag�eement is made or applicable!aw requi�es sach uuerest to be paid.Leuder shall nat be�equired to pay�orrmsrec . . :ri ,.,. __ _
<br /> °''� any intemst or earaings on the Fwuds. i.en�irr shall pve to Bomnwer.without ctiarge.an annual accaunting of the Funds ,;� .a � --°
<br />� �towing crediLS aud debits ta the Funds and the pur�se for wflicH each debit w the Funds was amde. Th= Funds aze .. �,'.�s;;�:.
<br /> �I�Sed as addidonal sec�rity for the sams s�ecv�f F�y t�is Deed of Tn�st. � �°'`--
<br /> .����� ��-`
<br /> 'i,� IIf d�as,�nut of the Funds held bp Lender.to��er with thE future moIIthly in�tallme�s of IFvnds payabte prior w ` � ."s��..�
<br /> �cue�S mf taxes.ass�nts.i�aranse premiums and gmanr�.rents.s'ha11 exceed the amwnt required to pay sadd �. ;;���`': s`--
<br /> � ,, t�r.es. a�ents. insurance Premiums u�!8m u n d ce n t s a s t F c�Y f a ll d t i e e. �s h e x c e s s s L z l l be. at Sarmwer's o p don, ----...�': .�.""
<br /> eiti�er pias�ilY r�aid to Borrower or c�edited to Bor�ower an monthly in..`all�t�of Fwpds. If the am�ouni af the Fuuds ,,,. ���:_ �-•--� .:�'�
<br /> � = held by �r shall�wrt be suffiaent to pay taaes.as�esssnents. insviance�and ground rents as they fall due. , :..;,���
<br /> ' � Bomawer�all pay to Lender any amousu nec�..�ssarY to make up the deficiency in o�or more payments as Lender may .
<br /> _`n i �T2• r s6all to Bom�wer aay Funds — .���� y
<br /> - Upnn payment m fiill of aU su�s sec�ued by ch9s Deed of Tnist.Leade F��P�Y�d �% ,�.
<br /> held by Lender.If under patag�apb 17 heteof the Pmperty is sold or the Prapeicy. '''.�;.
<br /> �s othenrrise acquin�d by T�sder.Lender , -. .. #`
<br /> ' 1 rior w t�e sale of the P�operty or its acquisition by Lender.any F�ands held by ._ �� . ���
<br /> shall apply. uo latee than immed�ate Y P ."` `�• �_ ,�� � �;
<br /> . l.encier aY t�e.time of applieation as a s�edit apinst the sums ssc,vred by t6is Deed of Trust. ��•` ',�
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<br /> 3.e��t3t�tian o?�a�eats. Uat�applicable la�a�cuvi�s athetwise.all paymeuts�:ived hy i,.eader under the �''".';'. :
<br /> Note atW paragraphs 1 and 2 deteof s�all be applied by L.ende��cn paymeat of amounts yraY''�ble w I.easPer by B�rrawer .�� ;,�.��' , . '
<br /> " eender para g r a pb 2 heteaf.then w interest payable on the Note.an�Ner�to the LssirsiPa!of tbe Note. . � ''t� ,
<br />`' .-. 4. �Pi3�r Martg���n���of Trm53: �nrBes: I�em�. Eorro�cr fiaL perform all of Borrowes's obiigations " ` :`�.,_ .: '
<br />`J";�' under auy a�atgage.�3 of tnu�t�od�er seca�iry agreement wzS►a L%zn�aich Uas priority over this Deed of Tnr�. ,• 5i •: .
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<br />:-:��`�: inciudiu�I�ur�wer's eov�mnts to�paya�nts afiea due.Bern����:?7 Fay or canse to be paid a11 taxes,assess� �- . -
<br /> ' . and athe7�ha�es.fines an�innpasitinns attn'b�te to the Prop�3 •H�:��y a�a priority ovet this Deed af Ta�. " '" ...
<br /> and leasehoW pay�eess ar gcou�rems.if any. ����-
<br /> ga
<br /> g. H�rd L�smnnce, gorrower shaU ice�{s�:�provements �w existing or hereafter ere�ted on the Pc+a�e*ty :�
<br /> iasweed against toss 6re.ha7ards included aitLin tf�e term'�:•.eaded coverage'. an�suc6 other harards as Le�der ma� ':ar;�c::�'
<br /> bY �._
<br />. .. te�puite aur�i;a socil antounts and for such periods as I.ender Q*als tr,�-uice. :;�,:��,�,�.
<br /> ;4,� ,�
<br /> TT►to i�.�uaace canier pmviding t�e insurance shall be ct��by Bormwer subject to agpmval by Lender.pmvid�cd. �::�����;�`�?.' •.� '�
<br /> d9at soch a p p m v�l s h�ll not 6 e unre�so n a b ly wi d�he l d. A 1 1 i n s u r a n c e p o li c i e s a n d �enew�ls thereof sl�all6e in a fanse ,.�;t•�.;� �t�.`� . ' ;' '
<br /> � aoceptablE to l.+e��s6a11 tnclade a standard mortgage clause ln favor af auLi un a firm acceptable to Lender. Ler.der , :,�,f��;—�'"" �;. .,
<br /> '��;
<br />_ shall I�.ve t�ir_r�ht tm no2d the pollcies and renewais thereof.sv�;ect to the temis of a�r mart�age. doed of uust or ot�i �'''},���s.;�."�'l" _
<br /> s�o�ity�ament with a lien which fsu�priority over fhis peed nG anLSt. . ,r��`��'' ' '
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<br /> IY1 d�t�a'�eIII of IoSS.Bomower shall give piompt notice w�{•.;n insarance canier a n d E x n d e r. L e n d er may m a k e pme: ' t•, -.
<br /> .. of lnss if oot made promPdY bY Bonower. ••--• � ; -_
<br /> Iff�:Piroperty is abwdomd by Borrawet. or if Bormwer fails to respond to Lender witl�in 30 d2ys from the date ��Y° -�-
<br /> .. n�tice iv rs�ailed by l.ender to Borrower that the i��»*+rP cazrier offers to seule a claym for insvrauce benefits. Lender is . •y�. . .,
<br /> rsa
<br /> � autharixr�i:ua collect and apply the instuauce proce�ds at Ixnder's opiion either to restoraxion or repair of the Property or •`����-�'^ : _
<br /> to the s.�secuted by this Deed of T�vst. ������
<br /> 6. Pr+�av�tlon and Mslnteoanoe ot Aoperty: Lease6old4t Conda�tda�vt Plannad Unit QeBCio�macts. :�.. , .• �
<br /> , Bonuwer shall ke�dr.e Pcopetty in goad reptir a�shaSl not commit v�aste oe pe�mit Implirment or deterioradon of the ,a,.�;, ._'
<br /> P �Y
<br /> �• � propeny anc!s�a11 w�,sly witb the pruvisiuu�uf any lease if tt�is Be�i��f Tn�st is oa a leasehold.If this Deed of 7'n�st is �"'`'"'�"'-"`�"����
<br /> n";",.'. OD e QIIIt PII 8.Co�li'oeL�.�++�**�O!8[113IImd UIIit deY810pIF1CIIi.eorm�iex'�s�ii perfoim all of Barmwer's obligaduns undet the �`' .ti '';��x�r:.,;;
<br /> �'
<br />°;�,'���,, deciarafie�a�ur�rovenaats creating ar l�+nvesaing the condominivai nr pivaned unit developmgat.the by-1a�ys and regula6ons 4'''�` �
<br /> -�v�»;,1i���t��,c.• .�—
<br /> . of t�e rx�rnir�mmniwn or ptanned un:��:�+��mea�and cansdtuem ciacuments. ... -.,;�,- ,�;�;. :
<br /> 7. [t�^�t�ection of n.eadzr's g�p. Yf l�nir����er fails to rform the covenants and agretments wntained in this - -. •':
<br /> .ea ! pe i": .
<br /> :�:.�;:�:►,q�r-ii+:�:::.._.
<br /> �d oF Teus�or if azry action or pra+cc�'°..�.ag i5�as��er,ced w�trish materially affects Le�ter's interess in the Praperty.then ...: {�::-:;:;:�`..' =__
<br /> L:a3er. at L�nder's aption. upon �6ce to Barrower. map mnke sucG appearancea. disb�nse such sums. includtng � : .• r. �•
<br /> ressanarsl�:;�tomeys' fces, and take such action as is ne�ssuy w proteet Lender's inrerest. If Lender required mort@�gr. ..�•�-��-: :=�-
<br /> ianu��:as a condidon of making the loaa secured by this Dced of 7'rust. Borrawer shall pay the premiums required to '� '
<br /> ' A131IIMIji a12CI1 lnrnmrrP in effect until such dme as the requimment for such ins�uran�ce terminates in accortlanse with � . ;�,.,.__
<br /> Borrower's and Leu�ter's written agreement or applicabte law. .' •' .
<br /> • pny a�.xwmrc disbursed by Lender pmsuant to this patagraph 7, witb interest thereon,at the Note rate.shall become , •
<br /> a�didonal indebte�ss of Bomnwer secured by this Deed of Tnut. Un2�s Borrower and l.ender agtee to oiher tetms of . , • _ �
<br /> payrren� sac6 amounts s6a11 be payable upon notice fmm Ixnder to Borrower Rques6ng payment thereof. Nothing ,
<br /> �. contaiaed in this parapraph 7 shall require Lender to insur aay expense ar take any action hereunder. ' . . � . . . _
<br /> , S. I�^ge�ion. Lenster may malce or cause to be made rea�onable entries u�a►n and ins�sec�ions of the Property. , • �-
<br /> ; . pravided t�at Legder shall give�otrov�er aatice prior to any such inspection s�ecifying reawnat►le cause therefiir related to • • _
<br /> • � Lentler's interest in the Praperty. ' � –
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