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<br /> , 100586 x2/20/1996 � ; ''�rt"'�� -
<br /> • DARRSL K FOKK8N VIRf3ItSIA M FOICI�N �•° $����
<br /> IUNIF�RM CbVP.NANTS. Dorrawer nnd I.ender cave��ant nnd ugree as follows:
<br /> I1. f?nyre��cni of Pri�clgnl nnd I�3e+•�t. [iorrower shnll prum�tly pay wh�n due the principal Rild interes¢ =
<br /> 1 h�de6teduess evidenced by die N�te c+nd Inre char�rs as ptovided in tlie Note. :
<br /> 2.F�utcb tor T�xea and In�urnnce. SuhJect to applicnble law or u wdttcu wuivcr by L.�ixic:,Born�r:er sliell p�y n� � � � �_
<br /> Le��der on the cl�y mc►nddy payn�ents of principal And interest Are payable under t�e Note,until the Nore is paid in full,a .-_
<br /> sum(herein "Fwxis")equal to oi�e-twelftli of thc yearly taaes aad assessments (►ucluding condominium and planned unit
<br /> develupn�ent assessn�ents, if any) whIch a�uy attain prinrity aver[his Deed of Tnist, and ground rent� un the Property, if � .,
<br /> any,plua ut�e-twelftl�04'ycarly peenuun�inst�.11mes►t�for haaard insurance,plus one-twclfth of yearly prea�etm iirstallniencs
<br /> fa� mnrtgage insuraace, if any, all As reasonably estin�ated iaidally and from time to dme by Leuder on the basis of
<br /> ' nsscssmenta a�x!bi11s and reusanable esdmates thereof. Borrower�shall not be obligated to make such payments of Funds
<br /> • "� to Lender to the e�tent ti�at Honower a�kes such pnymente to the halder of a prior mortgage or deed of tmst if such holder �_
<br /> is an tnstitudoi�t loadur. '
<br /> ` If Horrower pays Fuuds to Lender. t�e Fuudu shall be held ia an insaniaon che deposlts or accounts of which are . �-
<br /> Ipsured or guaranteed by a Federal or state ugency(includtng Lcnder if I.eader is such An instltution). Ixnder shall apply -
<br /> the Funds to�ay sald ts►nes,assessments.tasurance premiums and ground rents. Lender muy uot c2�arge for so holding and _
<br /> applying tke Fuadc, anulyan8 said accoant or verifyinII and compiliag said assessments and bills, unless Lend;.r pays . ,��1:��
<br /> Borrower interest on ttie Funds and applicable law permits Lender to make suci�a charge.Borrower and Lender may agree
<br /> � in wrlpng at the dme of esecudon of this Deed of Tcust that intenst on the Fuads shall be plid to Borrower. and unless ,_. ����,,�-
<br /> + such agreemenc is made or applicable law requlres such incerest to be paid.Lender shnll not be required to pay Borrower r��r?�._'_'°�"-
<br /> 3 m
<br /> any interest or earniags on the Fiwds. Lender shall give to Borrower, without charge,an anuual accounting of the Funds
<br /> � showing credits and debits ta the Funds and zhe pucpose for which eacb debi[to the F�wds was wade. The Punds are '_� - _
<br /> pledged as addidonal security for the sums sec�red by this Deed of Tcust. '��'"�"`�"'�
<br /> � If tha umount of the Funds held by Lender.rogetber with the future monthly instalLnents of Fuuds payable prlor to �.�°����_.
<br /> 1,__
<br /> ��� the due dates of taxes. assessmeuts. insuiance premiums and ground rents,shall exceed the amount requued to pay said �.•�
<br /> � � taxes, assessments, Insvrance premiums and B►nund rents as they fall due,such eacess shal�be,at Bonower's option, ` —__
<br /> � � � eiWer prompdy rep�id to Borrower or credited to Borrower on monthly installments of Funds. If the amou�c of the Funds :• j,�r� '�
<br /> " ,�� held by Lender shall not be sutficient to pay tar.es. assessments. insurance Premiuws and Sround rents as t�ey fall due, y . �
<br /> !�°.* Horrower shaU pay ca Lender any amount necessary to m�ke up th?�eficiency in one or more paymeats as L:nder way — _
<br /> require.
<br /> „ {� Upon payment in full of all sums secured by this Deed of Trust,Lender shall prompdy nfuud ro Boaower any Funds �
<br /> ___ _ hP1�1 hy�ender. If under paragraph 17 hereof the Proper¢y is sold or the Property is athenvise acquired by Lender,I.ender
<br /> �� shall apply, uo later then immediately prior to the sale of the Property or its acquisition by t..ender. any Funcis uc2d�y
<br /> - � ' Lender at the ttme of applicadon as a credit against the su�secured by tfiis Deed of Tnut. "� .
<br /> r� 3. Appltcation o�Puyments. Unless appHcable law provides othenvise. a11 payments received by Lender under the -
<br />-• , Note and puagraphs 1 and 2 hereof shull be applied by Lender first iu payment of amounts payable ro Lender by Borrower
<br /> _ under paragcaph 2 hereof,then to interest payabie on t�e Note,and then to the principal of the Note.
<br /> � 4. Prtor Mortaa�es end Deeds of T►t�st; Char�es; Ueag.Borrawer shall perfonn �I of Borrower's obligadons ' 4�.
<br /> wzder any mortgage, deed of uun or other security agreement with a Uen wluch hps priodty aver this Deed of Ttust, .�
<br /> including Borrower's covenants to mal�e payments when due.Harrower shal]pay or cause to be paid all taxes.assessments ,-
<br /> and other charges, fines and imposidons ataibutabie to the Properry which may attain a priority over this Deed of Tcust,
<br /> and leasefiold paymer►ts or ground reuts.If any.
<br /> ' g, gaz�rB InSUrance. Borruwer shall keep the improvements now eusting or hemafter erected on the Property �,�`
<br />�,.. • insured agAiast loss by fire.hazuds included within the term'extendecl coverage".a�s�ich other ha7arcls as Lender may
<br /> -.••. f : ,..., �. re9uire and in sach amouuts and for such perlods as 1.cnder�ay require. -
<br /> 'The insurance carrier providing the lnsvra�e sba11 be chosen by Borrower su6ject to approval bY Lender;provided,
<br /> ` :•� • • that such :.�^proval sh:11 nos be s.hreasonably withheld. All iasurance pollcies and renewals thereof shall be in a form
<br /> acceptable to Lender and shail include a suwdard mnrtgage claase in favor of and in a fornn acceptable to I.ender. I.ender
<br /> :- � shaU have the right to hold the policies and renewals thereof.subject to the terms of any mortgage, deed of trust or other
<br /> �•�.;` .� security agnement with a lien which has priority over tlris Deed of Tcust.
<br /> - ,. ;�. In the event of loss,Borrower shall glve prompt nodce to the insurance carcier and Lender.Lender may make proof
<br /> — � .°,:..;,.. .. of loss if not m�de pmmptly by Borrower.
<br /> If the Proptrty is abanc�oned by Borrower.or if Borrower fails to respond to Lender within 30 days from the date ��''�'='��'
<br />��t..V , nodce is mailed by Lender to Barrower tLat the Ins�urince carrier affeas to s�ttle a claim for InsuTance beneSts, I.ender is
<br /> �� authorized w collect and apply the insurance p�+oceeds at Lender's option elther to reswration or repair of the Pmperty or �v `"°
<br /> � to the sums secuned by thls Deed of Trust. "� � �+l"
<br /> . � 6. Preservadon and 1Ylaintenance oP ProPe�'tYi Leasehalds► CondomiNuroSi �lanned Unft Developments. �4��,�:
<br /> av��u.-��Y;.�.
<br /> � Borrower shall keep the Property in goad repair and shall not commit waste or per�lt imp�irwent or deter�oration of the e:�._.
<br /> � � Property and shall comply with the provisions of any lease if this Deer�of Trust is on a teasehold,If this Deed of Tcust is •,s.^,�.�;1.• �,�1'r
<br /> . n.. � r.,,,.r�...
<br /> . � on a unit in a condominium or a planned unit development,Borrower s3�11 perform all of Bo�rower's obligadons under the �_��,���:
<br /> S , �.:��%:. - r;
<br /> declaradon or covenants cmating or governing tl�e conclominit�m or planned unit developnvent,the t�y-laws and regulations
<br /> . Y_>5, .
<br /> • j of the condomZnium or planned unit development,and constituent documents. '°�;��';�''s+�"�'•
<br /> c ��_
<br /> � 7. Protxttoa of Lender's Security. If Borrower Eails to perform the covenants and agreements contained in ttus `'.,'i'`�.i:.�_-..�a .
<br /> . : Dced of Tn�st,or if any acdon or proceeding is commenced which materially affects I.ender's interest in the Property,then ,x.� �=R��••;
<br /> Lendor, at Lender's opdon, upon nodce ro Borrower, may make such appearances, disbiuse such sums, including
<br /> --- -- . _______u_ _....��....� �m e...1 �oLn esv�h ortina ac ;�.���arv rn nm�ect Lender's interest.If Lender requirecl mortgage � ••
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<br /> r_.__-. __' ____
<br /> insurance as s condition of m�king the loaa�,:,.ureci by this Deed of Tcust, Botrower shall pay the premiums requlred to
<br /> maintain such insurance in effect until such dme as the requimment for such insurance termiaates in accordance with
<br /> Bortower's and Lencier's written agreement or applicable law.
<br /> ' A,ny amounts disbursed by Lender pursuant to this paregraph 7, with interest thereon,at the Note rate, shall become
<br /> , addidonal indebtedness of Eorrower secured by this Deed of Tmst. Unless Borrower and Leader agree co other terms of .
<br /> payment. such amounts shall be payable upon noace from Lender ta Borrower requespng payment thereof. Nothing
<br /> conta{aed in this par�gcaph 7 shall require I.ender to incur any eapense or t�lce any acdon hereunder. ��
<br /> S. Inspectton. Lender may make or cause to be made reasonable enMes upon aad inspecaons of the Properry.
<br />—; , provided Wat L.ender shall give Borcnwer nodce prior to any sueh inspecdon specifyi�g reasouable cause therefor related to
<br /> i.eader's intemst in the Praperty. ,
<br /> �,1 NcAnek�2687d-3 11/96 Origin�i(R�c�rdadl Copy(eranch) Copy(Cu��on�r) Nase z uts
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