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<br /> ���'c , ��m� • (Page.2 of S) _`,` . �
<br /> , � TOGE'I'HER roith att�e�i�'mP�p�rovements noN or hereafter erected on the property; and a}1 easemeats. rights. �'`:'4;�,. � `e
<br /> '". appurtenances aad reats(subject however to the righu and suthorities given herein ta Lender to collect and apply such � � ��_ _
<br /> � � " � rents),all of which shall be deetned to be and remain a part of the property oovered by ttus De�d of Trusr.and all of the � ` : � � ` .
<br /> • � . ,` foregoing, togethcr �ith said property (or the leasehold estate if this Deed oY Trust is on a leasehold) are hetsinafter ` ` . �
<br />. : . referred to as the"Property." � ,`` .`.. ` ..
<br /> ' � • • ���: ,. HomoNer covenants that Borrowet is lawfully seised of the estate hereby conveyed and has the right to grant and convey :
<br /> " � ' , the Property, and that the Pcoperty is unencumbered except for encumbrances of record. Borrower covenants that .,
<br /> � � ° . Borrower warrants and wili defend genetaliy the title to the Propercy against atl ciaims and demands, subject to - =`••r=���
<br /> . „ '. eacumbrances of record. .
<br /> _ = � UNIFORhi COVEIVANTS.Borrower and Lender covenant aad agee as follocv� . .
<br /> , - . , .•"'-`ff..i 1.Payment of Principal and IntetesK. Borro�ver shall promptiy pay when due the principal and intePesi -- --
<br /> , r.`°
<br /> indebtedness evidenced by the Note. including anp variations res�lting from chauges in the contract rate, and other
<br />_ � , s chasges as provided in the Nate.
<br /> - . 2.Funds for Tases and Insurance. Subject to appticable law ar written waiver by Lendec, BOrrower sUaU pap to •
<br /> ,`°� � . . � Lender on the daq mosrthly payments of principal and intetest are payable under the Alote,until the Note is paid in fuU,
<br /> � .� � a sum (herein "Funds") equal to one�welfth of the yearly tases sud assessments{including candominium and planned ."�.�•;i'.::"�' =
<br /> ;: . '• unit developmert asse�ments. if any) Nhich may attain priority over this Deed of TnLSt, and ground rents on the ;r �,,:�.t,;.:' ;r
<br /> - �..• �.:°. ,.r•.
<br /> :� � , • Praperty, if any, plus one-twelfth of the yeariy premium installmeats for hazard�n�,�nce, plus one-twelfth of yearly ��,.. .�f � ,
<br /> � : ' premium installments for mortgage insuranee, if any, all as reasonablq estimated initially and from time to time by ;� i
<br /> t �, � I.ender on the basis of assessments and bills and reasonable estimates thereof. Borrower shali nos be obligated to make �°-_
<br /> �` ' -.- such payments of Funds w Lettder to the estent that Borsower makes such payments to the holdet uf a prior mortgage '"�"'""
<br /> 4i. _.'..:_:
<br />�;.,,. , . � or deed of trust if such holder is an institutioual lender. -;._
<br /> ` - ' - If Borrower a s Funds to Lender. tha Funds sbaU be beld in an institution the ta or accounts of�rhich are , •-'�'
<br /> ,. . P Y dep°si ��',..z:::•.
<br />�` �..� insured or guaranteed by a Federal or state agency(including I,.ender if Lender is such an institution).Lender shaU apply -_--
<br /> = , �-:s. the Funds to pay said tases,assessments,insuraacae premiums and ground rents.i.ender may not charge for so hs�ldiag - - .
<br /> •'��'_--
<br />_,r ; . �-! and applying the Funds,analyzing said account or verifying and compiliag said assessments and biUs,unles9 Lender pays _ .` ..;��;
<br /> • . `� Bosrower interest on the Funds and applicable law permits Lender to make such a charge. Bortowec and Lender may - .��;��_
<br /> ,� ;;. agee iA cvriting at the time of eaecution of this Deed of Trust that iuterest on the Funds shall be paid to Borrower.and =��,
<br /> �'� � unle�such ageement is made or applicable law requires such interest tn be paid, Lender shall not be required w pay �_.
<br />;_;`�'-�� � .��'��� Borrower any interest or earning�on the Funds.Lender shall give to Borrower, without charge,an annual accountiag o4 . �' '�`.���
<br /> .,�,�
<br /> . � .. the Funds showing credits and debits to the Funds and the purpose for wluch each debit ta the Funds was made.The ' •�•::_}�_
<br /> ,�;' • • Funds are pledged as additional security for the sums secured bq this Deed of Trust. ` � '=:�__
<br /> �`' . � � If the amount of the Funds held by Lendet,together with the future monthly installments of Funds payabl$prior to • '�� �f_,;i--
<br />��'s.� � . the due dates of taxes.assessments,insurance premiums and ground rents,shall exceed the amount required to pay eaid . '`�``�'
<br /> ;s � . ' , , taxes, assessments, insurance premiums and ground rents as they fa�il due,such eacess shall be, at Borro�ver's option, : ;��- —
<br /> . • either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the � —`
<br /> , .+� Funds held by Lender shall not be sufficient to pay taxes,assessments.insurance premiums and ground reats as they fall .�''��
<br /> :~.;�, ' • � due,Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Leadet :<�;�
<br /> � � ---._,,..,.::-- =, may require. -_
<br /> ;..�.
<br />- � , Upan paymeat in full of all sums secwed by this Deed of Trwt,Lender shall promptly refund to Borrower any funds • ��
<br /> � � held by Lender. If under paragraph 17 hereof the Praperty ia sold or the Property is otherwise acquired by I.ender, • r4•�{_='`
<br /> � Lender ahall apply.no later than immediately prior to the sale of the Property or its acquisition by Lender,any Funds . •f--
<br /> • held by Lender at the time of application as a credit against the sums secured by this Deed of Tn�st. �� �
<br /> :: � � , 3.Applicatioa of Payments. Unless applicable law provides otherwise,all paymenta received hy I.ertder under the ,: •�•`� -
<br /> : ' � Note and paragraphs 1 and 2 hereof shall be applied by Lender fisst in payment of amounts payable w Lender by . . ' —_
<br /> .;:;,•. �� __�
<br /> - r Borrower under paragraph 2 t�ereof,then to interest payable on the Note at the applicable contract rate,and thea to tne f� � —
<br />:t. ;: • .. . Principal of the Note. � ;��
<br /> � � 4.Prior Mortgages and Deeds of Trust; Charges; II.iens. Borrower shall pe�form all of Borrowet's obligations � ���'�-�
<br /> � � ,� ' _� under any.mortgage,deed of trust or other security agreement with a lien which has priority over this Deed of Tr►�st. , ���'=-
<br /> � � , including Borrower's covenants to make payments when due. Borro�rer shali pay or cause to he paid all tasea. ,
<br />-. , ' . ' assessments end other charges,fines and impositions attributable ta tha Property which may attain a priority over this ..' • �
<br /> . , ' .. '• Deed of Trust,and leasehold payments or ground rents,if any. , �
<br />- - ` , � , S. Hazard Insurance. Bonower shall keep the improvements nocv esisting or hereafter erect:d on the Property . •
<br /> � ` insured against loss by fire, hazards included within the term "extended coverage," and such other hazards as Lender - "
<br /> �� � may require and in such amounts and for such periods as Lender may require.
<br /> �� .�� � The insurance carrier providing the insurance shall he chosen by the Borrower subject w approval by Lendes: ; •
<br /> ' ' � provided,that such approval shall not be unreasonably aithheld. All insurance pnlicies and renewals thereof shall be in a
<br /> � form acceptable to Lender and shall include a standard martgage clause in favor of and in a form acceptable to Lender. '��. ' �
<br /> Lender shall have the right to hold the policies and renecvals thereof.subject to the terms o4 any mortgage.deed of trust — �-
<br /> . , � or other security ageement with a lien which has priority over this Deed of Trust. ' . .
<br /> . In the event o4lass, Borrower shall give prompt notice to the insurance carrier and I.ender.I.ender may make proof
<br /> , ' . of loss if not made promptly by Borrower. :
<br /> ,.�. ,�� Unless I,ender and $orrocver otherwise agree in cvriting.insurance proceeds shall be applied w restoration or repair of . :�
<br /> ' � . . the Property damaged. if the restoration or repais is economically feasible and I.ender a security is not lessened. If the . ,.
<br /> restoration or repair is not ecanomically feasible or I.ender's security would be lessened,the insurance proceeds shall be • . �
<br /> . applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to$onower.14 •
<br /> �� ' . Horrower abandnns the Property,or does not enswer within 30 days a notice from Lender that the insurance carrier has �
<br /> ` � � offered tu settle a claim, then I.ender may collec:t the insurance proceeds. I.ender may use the proceeds to repais or - �
<br />`'' • • restnre the Yrnperty or to pay sums secured by this 5ecurity Instrument,evhether or not then due.TAe 3Q'day periad will .
<br /> : • . � � begin when the notice is given. •
<br /> 'i lf the }'rnperty is abandoned by }3onower, or if Horrower fails to respond tn I.ender within 30 days from the date
<br /> . � nntice is mailed by I,ender to Horrower that the insurance carrier offets to settle a claim far insurance beneYits, lxnder
<br /> , � ? is authoriied tn collect and apply the insurance proceeds at l.ender's c�ption either to restnrati�n c�r repair of the _
<br /> ' ' '� � f'roperty��r t��the sums secured by this Deed of'I'rust. .
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