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<br /> Auy r[der ("Rldcr") attached hereta nnd executcd ot even dute Is incorpnruted hercln und the �ovenunt and �--
<br /> ngrcen�cnts o[the Rldcr ehall umend and eapplement thc covenant�and aRrecmentA of tM�Dsed ot'I'rust,u.g if � - __
<br /> the Rlder wcrc a parS hereof. _
<br /> � � Bonower covenants that Borrower Is lawfully seized of the estate hereby conveyed and has the right to grant and convey �. „ -
<br /> 1 the Properry, an�i that the Property is unencumbered. except fbr encumbrances of record. Borrower covenants that _
<br /> � Bonower warrants and will defend generally the title to thc Praperry against all claims and dem�utds, subject to -
<br /> •--��'°`' encumbrances of record. �
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<br /> ' I UNIFORM COVENANTS. Bonower and Lender covenant and agree as follows: ' .:-
<br /> 1. Payment oP Prtncipal and Interest. Bormwer shall promptly pay when due the principal and interest indebtedness ^�^
<br /> ` evidenced by the Nate and late charges as provided in the Note. This Deed of Trust secures payment of said Plote ..t,i���
<br /> according to its terms,which are incorporated herein by reference. =
<br /> � 2. Applicatton of Payments. Unless applicable law provides otherwise, ull payments received by I.ender under the
<br /> •��, Note and paragraph 1 hereaf suall be applied by Lender first to interest due on the Note,second to the principal due �r_�
<br /> Y on the Note,and then to late charges due on the Note. _
<br /> C 3. Prior Mortgages and Deeds of Tnut; Charges;Liens. Bonower shall perform ull of Borrower's obligations, �=
<br /> under any mortgage,deed of trust or other securiry agreement with a lien which has pr�ority over this Dced of Trust, _
<br /> � 5 �, including Boaower's covenants to makc payments wben due. Bonawer shall pay or cause to be paid all taxes,
<br /> assessments and other charges, fines and impositions attributable to the Property which may attain a pdodty over this _
<br /> ��f Deeci of Trust, and leasehold payments or ground rents, if any.
<br /> � � 4. ftazard Insurance. a) Borrower shall keep the improvements now existing or hereafter erected on the Property
<br /> '� �� insured agaiast loss by fire, hazards included within the term "exteaded coverage", and any other hazards, including -
<br /> floods or flood, for which Lender requires Insurance. T'his insurancc shall be maintained in the amounts and for the
<br /> _ _ �i pedods that Lender recluires. The insurance carri�r providing the insurance shall be chosea by Bonower subject to
<br /> ' L.ender's approval which shall not be unreasonably witl�Yheld. !i Borrower iails to maincain covcragc Srscilbe3 abovc,
<br /> Lender may,at I.ender's option,obtain wverage to protect i.ender's rights in the Property in accordance with paragraph --
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<br /> • b) All Insuranr.e policies and renewals shall be acceptable to I.endcr and shall include a standard mortgage clause.
<br /> ` Lender sh�ll have the rtght ta hold the pollcies and renewals. If L.ender requires, Borrower shall promptly give to �
<br /> �. L.ender ull receipts of paid premiunu and renewal notices. In the event of loss, 8orrower shall give prompt to the
<br /> s' insurance catrier and L.ender. i.,ender may make proof of loss if not made promptly to Borrawer.
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<br /> ~ c) Unless L.ender and Bonowcr otherwise agree in writing,insurance proceeds shull be applied to restoration or repair
<br /> � of t,�e Property damaged,If she restoration or repalr is econotnically feasibte and Lender's secudty ts not lessened. If
<br /> }` the restoratioa or repair is not economically feasible or I.ender's securiry would be lessened,the insurance proceeds shall
<br /> � be applied to the sums sccured by this Security Instrument,whether or not then due,with anv excess paid to Borrower.
<br /> � If Bonower abandons the Property or dces not answer within 30 days a notice from Lender that the insurance carrier
<br />' ; has offered to settle a claim, then I.ender may collect the insurance proceeds. Lender may use the proceeds to repair _
<br />_ � or restore the Property or to pay sums secured by this Securiry Instrnment.whether or not then due. The 30-day period
<br /> will begin when the notice is given.
<br /> � , ` � d) Except as provided in subparagraph 4(e) below,should partial or complete destruction or damage occur to the
<br /> Property, Borrower hereby agrees that any and all instruments evidencing insurance proceeds received by Lender as a ___
<br /> result of sald damage or destruction,shall be placed in a non-interest beuring escrow account with Lender. At l.ender's -�-�_. _____
<br />_. 'I discretion. Lender may release some or all of the proceeds from escrow after Borrower presents I.ender with a �__�:—_
<br />- receipt(s). invoice(s),written estimates(s)or other document(s)acceptable ro Lender which relates to the repair andlor r��*�°�;=,
<br /> improvements of the Properry necessary as a result of said damage and/or destruction. Absent an agreement to the '��'f�'=
<br /> contrary. Lender shall not be requircd to pay Boaower any intcrest on the proceeds held in the escrow account. Any ��',�:'� ��`""
<br /> amounts remaining in tlie account after all repairs and/or improvements have been made to the Lender's satisfaction. ••
<br /> shall be applied ro the sums secured by this Deed of Trust,Deed to Secure Debt,or Mortgage. Bonower further agrees
<br /> to cooperate with Lender by endorsing all,checks, drafts and/or other instruments evidencing insurance proceeds; and
<br /> any necessary documents, Sl�ould Bonower fail to provide any required endorsement and/or execution within thirty(30) I
<br /> • 1 days after Lender sends borrower notice that Lender has received an instrument evidencing insurance proceeds, or j
<br /> � document(s)requiring Borrower's signature, Borrower hereby authorizes Lender to endorse said instrument and/or '
<br /> ' document(s)on Borrowers behalf,and collect and apply said proceeds at Lender's option,either to restoration or repair
<br /> _ � of the Property or to sums sccured by this Deed of Trust, Deed [o Securc nebt, or Mortguge. It is not the in[ention
<br /> - , of cither party that this escrow provision, andlor Lender's endorsement or execution of a�i instrument(s) and/or
<br /> document(s)on behalf of Borrower create a fiduciary or agency relat�onsh�p between i,ender and norrower. -- ` ----
<br /> e) Unless Lender and Borrower othenvise agre�in writing, any application of proceeds to principal shall nat extend
<br /> � or postponc the due datc of thc monthly payments rcfencd ro in paragraphs l and 2 or changc the amount of the
<br /> payments. If under paragraph 16 the Pmperty is acquircd by Lender, Borrower's right to any insurance policies and I
<br /> procceds resulting from damagc to thc propcny prior to thc acquisition shall pass to Lcndcr to the cxtent of the siims
<br /> sccurcd by this Security Instrument.
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