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<br /> �� •� (Page~1 of 5)
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<br /> ,'. � TOGET��ith�����ovements now or heteafter erected on the property. and ali easements, rights, � ' . � •
<br /> ,` � , 4 appurtenances aa d rents(su hject however to t he n g hts an d a u 2 hori ties given h e r e i n t o L e n d e r t o c o l l e x t an d a p p l y s u c h °` _
<br /> :.." �. . � rents),all of which shall be deemed to be and retnain a part of the property wvered by this Deed of Trus�and all of the - _` `�'� : .
<br /> � ' �' foregoing. tagether with said property (or the leasehold�.state if this Deed oY Trust is on a teasehold) are hereinaftes -
<br /> . ` � referred to as the'Propertp.° . �� � ;
<br /> Borrower covenants that Borrower is iawfully seised of the estate hereby oonveyed and has the right to grant aztd convey L
<br /> � , � j the Ptoperty. aad that the Pmperty is unencumbered escept for encumbtances of record. Borrower coveaants that � ' .
<br /> � . ; Ba�rrower wanants aztd wiil defend generallq the title to the Froperty against all claims aad demaads. subje�t to .. . ,� t:��• , -:;`.
<br /> � � . . ,'� encumbrences oi record. � , .. .
<br /> .` --- �� 2 L'NIFaRM COVENANTS.Barrovrer and Lender coveaant and agee as follows <
<br />- � "-s�• � '� ; I.Payment of Principal and Interest. Borrower shall promPdp pay when due the principal and interesc _. _ -_, �
<br /> - �-.- -. r` ; indebtedness evidenced by the Note, including any variarions s�suIting from changes in tLe contract rate, aad oth� ,- ---_--
<br /> � • � ^ � charges as provided in the Note. . • ` .
<br /> • � 2. Fvads for Taxes and Insorsnce. Subject to applicable law or written waiver by Leader, Borrower shall pay to ., •;_• :
<br /> � . . Lender on the day monthly payments of principal and interest are payable under the Note,until ffie Note is paid in fuU,
<br /> � a sum (herein.'Funds")�qual to oae-twelftt�of the yearly taxes and ass�ssments (iaclttdiAg condominium and pla�ned � '`'� ' �`�
<br /> ' ` � 5 unit developniet►t'a�sst�tents, i� any) which maq attain priority over this Deed of Tntst, aud gsound rer►ts oa the "� . :�'.,5
<br /> . . ` P r o p e rt q. i f a n y.p l u s o n e t w e l f t h of the yearl q p r eminm installtaents for hazard insuraace, plus one-tweifEh oi pearly �:;:� :
<br /> .,•; premium installments for mortgage insuraace,if any, all as reaso�blq estimated initially and from time w time by _�•,�,,,:�.�-��°
<br /> ` ' `` Lender oa the basis of assessmenis aad bills and reasonable estimatea thereof.Horrower ehall not be obligated to make . _�`-`
<br /> ' • � • such payments of Funds to Lender to the estent that Borrower makes such papments to the holder of a prior mortgage •�, •. .� .`;';'���_�.
<br /> or deed of trust if such holder is an institutianal lender. ' .• '_=
<br /> ":�:—
<br /> � � If Borrower pays Funds to Lender, the Funds shall be held in an iastitution the deposits or accounts of w}uch are . �� �;�..�..._
<br /> � . . , iusured or guaranteed•by a Federal or state agency(incIudiAg I.eader if Lender is such an isisstitution).Lender shall applp ` , "'�`=-°
<br /> ' the Funds to pay said tasea,�ss�sments,iasurance premiums and ground rents. I.ender maq not charge for so holding . ��;
<br /> ' •• . � , - ead applping the Funds,anatyzing said account or verifying and wmpiliag said assessments and billa,unless Lendet paps . �_ .� .�.�.
<br /> , : �� 1 Honower intecest on the Funds and appIicable law permits Lender to make such a charge. BarroRer and Leader may �
<br /> - .;,'<.'.�;� agree in writing at the time of eaecution ot this Deed of Trust tl�aat interest on the Funds shaU be paid to Bonower,and
<br /> � ��.''�._.
<br />_ . _ : � unless such agreement is rnade or applicable law requires auch iaterest to be paid I.ender shaU aot be required to pay > ,�
<br /> � ; ! Borrower anq interest or earnin on the Funds.Lender shaU ve to Borrowet,withoui char e,aa annual accouatin of . '`'��'"='`�
<br /> 8� Si P S . ' y__r�cc��.
<br /> ' � the Funds showing credits sud debits to the Fuseds end the purpose for which each debit to the Funds was made. Tlie ' ' < ,+p
<br /> . � Funds are pledged as additional s�ecuritp for the sums secured bp this Deed of Trust. ;,.����
<br /> � - � . If the amount of the Funds held bq Lender,together with the future tnonthly installments of Funda payable prior to. ;r°`;f. .,���
<br /> �` .� � . � the due dates of taxes.assess.ments,insurance premiums and ground reats,shal!esceed the amount required w pay said '��•`'=*'.-s�
<br /> .�,:.
<br /> . �,.,,. ,;
<br /> • �` � � taaes, assessments. insurance premiums and ground rents as they fall due,such escess ehall be, at Bortower's option, ..�. �,�� ��
<br /> . � either prompttq repaid w Bonower or credited to Borrawer on monthly installments of Fuads. If the amouat of the -:.�:
<br /> Funds held by Lender shall not be suf�cient to pay taxes,assessments.insurance premiums and ground rents as they 4a11 • �• --��,
<br /> ' • � • due.Horrower shall pay to Lender any amount necessary to make up the de�ciencq in one or more payments as Lender . ` `�;-�� �' •.
<br /> - - ���:."
<br /> may require. • -�
<br /> - • � - Upon payment in full of ail sums secured by this Deed of Trust,Lender shall promptlq refursd to Bortawer anp funds � ' .�':`'-,�'-:
<br /> • . , held bq Lender. If under paragraph 17 hereoY the Property ia sold or the Property is otherwise acquired bp Lender. �.. ;_:;�,:��:T y:
<br /> ' � � � � Lender shall apply.no later than immediately prior to the sale of the Praperty or its acquisition by Lender,anp Funds � :.:•::;�
<br /> • ::,� held by Lendec at the time of application as a credit against the sums secured bq this Deed o4 Trust. . ' '�3�``.�
<br /> 3.Application of Peyments. Unless applicable law provides atherwise,all paqments received by I.endet under the �' '��'-
<br />__ � .. ' � 1Vote and paragcaphs 1 and 2 hereaf shall be applied by Lender first in payment of amounts papable to Lender by � � ���:�-°
<br /> Borrowet under paragraph 2 hereof.then to interest payable on the Note at the applicable conttact rate,and then to the , ���_
<br /> � '" principal of the Note. ' `�`'"��"._,
<br /> _ � 4.Prior Mortgages and Desds of Trust; Charges; Liens. Bonower shall pettorm all of Borrower's obligatiops �'' . '"'`''
<br /> - - : `•;!' under any mortgage,deed of trust or oiher security agreemant with a lien which hss priority o�er this Deed oi Trust, • :- -=__--
<br /> ' including Borrower's covenants to make paj�ments when dne. Borrower ehall pay ot cause to be paid all tases, ,•
<br /> • , , assessments and other charges,�nes and impositions attributable to the Property which map attain a prioritq over this � .. ;
<br /> •. . ., Deed o4 Trust,and leasehold payments or ground renta.if any. •� .
<br /> ' � S. Hazard Insurance. Bonower shall keep the improvements noa existing or hereafter erected on tha Property . • •
<br /> • � insured against loss by fire, hazards included within the term "extended covetage" and such other ha7ards as Lender '`'
<br />� �. � � •:. } may require and in such amounta and for auch periods as Leader may require. • �
<br /> , The insurance casrier providing the insurance shall be chasen by the BorroRer subject to approval by Lender; .
<br /> . provided,that such approval shall not be unreasonably withheld.All insurance policies and renewals theteof ehall be in a •
<br /> � , "' form acceptable to Lender and ahall include a atandard mortgage clause in favor o4 and in a form accepteble to Lender. •
<br />'� �� � Lender shall have the right to hold the policies and renesvals thereof,subject to the terms of any mortgage,deed of trust ' . "
<br /> or other security agreement with a lien which has priority over thia Deed of Trust. • � _� .
<br /> , � � In the event of loss,Botrower shall give prompt notice to the insurance carrier and I.cnder.Lender may maka proof
<br /> of loss i4 not made promptly by Borrower. ' � � '
<br /> . : . � � � � Unless Lender and�orrower otherwise agree in writiag,insvrance proceeds ahall be applied to restoration or repair ot
<br /> the Property damaged, if the restotation or repair is economically feasible and Lender's security is not lessened.If the
<br /> ' � ; restoration or repair is not economically teasible or Lender's security would be lessened,the insurance proceeds shall be �� ' ,
<br /> applied to the sums secured by this Security lnstrument,whether or not then due,with any excess paid to Borrowet.If
<br /> i Horrower abandons the Property,or dnes not answer within 30 days a notice from l,ender that the inauranca carrier has ' � . �
<br /> . • � offered to settle a claim, then Lender may collect the insurance proceeds. l.ender may use the proceeds w repair or . ' .
<br /> , � restore the Property or to pay sums secured by this Security lnstrument,�vhether or not then due.The 30'day periud cvi11 .
<br /> begin when the notice is given.
<br /> • j If the Property is abandoned by Aorrotver,ot if Iiorro�ver tails to tespnnd to l.eader within 30 days from the date : . •
<br /> � notice is mailed by l.ender to $orrower that the insurance carrier offers to settle a claim for insurance benefits,l.ender ,
<br /> � ! is authorited u� collect and apply the insurance proceeds at Lender's option either to restoration or repair of the �
<br /> ' � ' � Property c�r tn the sums secured by this Deed of Trust. • ,
<br /> � •
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<br /> �',. 08-30•94 OoaA of Trust NE ORIG�NAL QIIII�II�II ar I'I I'I� ItIIIIm�I'nI' �i ��ImI'�� NE007924 �
<br />_ � . II��114IUIIIWll�W�IL�Iu�WUWlL���WIUWIIIWI�WIWIHW��� . • '
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