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<br /> UNIFORM COVENAPITS.Borra�nrer and Lender covenant and agrea as foitows: 9?� ����iZ ` � � � :'
<br /> � 1. Paylment of Principaf and I�terest.�arruwar shall prompY{y pay whe�due the principat�nd intersst indebtedness • , �` ' ' � ,�-
<br /> evidenced by the Nate and late charges as provided in the Note. ���° " � � -
<br /> 2. Fu�sds brTaxes and Ir�surertce.Subject.�appliCabl�la�v or a vvritten waivar by Lender,Bonower shaU pay to Lender � ., ' " •
<br /> on the day monthly payments of principal and interest are payable under the Note,until the Nots is paid in full,a sum(herein � • � � _
<br /> + "Funds")equal to one-tweltth of the yearty taxes and assessrt►ents(inctuding condominium and pfanned uni4 development . - •_
<br /> � assessmen4s,if any)�rrhich may attain priority over this Deed of Trust,and grourtd rents on the Rroperty,if any,plus one-iwelfth
<br /> .t 4f yeariy premium installmen4s ior haaard insurance,plus one-twelfth of yeariy premium instattmentsfor mortgage insurance, � , .: .�-.
<br /> if any,ali as reasnnably ostimated initiatiy and from time to time by Lender on the basis of assessments and bilis and reasanabte , . � _
<br /> estimates thereof.9onower sfiail not be obligated to make such payments of Furtdsto Lenderto the�xtent that Borrower makes , •� .
<br /> _._. such payments to the holder of a prior mortgage or desd of trust if such holder is an institutional lender. ' �� ----
<br /> if Borrower pays Funds to Lender,the Funds shall be heid in an insiitution the deposits or accounts of which are insured ' -. . _
<br /> '` or guaranteed by a Federal or state agency(ncluding Lender tf lender is such an institution).Lender shalt apply the Funds
<br /> to pay said taxes,assessmenis,insurance premiums and ground rents.Lender may not charge for so holding and applying , _
<br /> . the Funds,anatyzing said accountor verifying and com�iling said assessments and bilis,unless Lender pays Borrower interest • : . .
<br /> on the Funds and applicable law permits Lenderto make such a charge.Borrower and Lertder may agree in writing at the time
<br /> of exscuUon of this Deed of Trust that interest on the Funds shail be paid to Borrower,and unless such agreement is made ar - -- =�_ --_
<br /> applicabfe law requires such Interest to be paid.i..ender shalt not be required to pay Borrower any interest or earnings on the , • � -'•�ti•�-#'!�--�'
<br /> � Funds.Lender shall give to Borrower,without charge,an annual accounting of the Funds showing credits and debits to the • � • ., . __
<br /> � FundsandthepurposefarwhicheachdebittotheFundswasmade.TheFundsarepledgedasadditionalsecurityforthesums � ��'��:
<br /> secured by this Dead of Trust. • �.. .�
<br /> If the amount of the Funds heid by Lender,tagether with the future monthly instaliments of Funds payable priorto the due �� r`_���,3'v.
<br /> � dates of taxes,assessmertts,insurance premiums and ground rents,shall exceed the amount raquired W pay said taxes, _ � ` .,
<br /> i a�ments,insurance premiums arid ground rerits as theytall due,such excess shall be,at Borrovuers opUon,etther prampity : - - ��;�4
<br /> repaid to Borrovrer or credited to Borrower on monthly installments of Funds.If the amount of the Funds held by Lertder shall • .�,;,� -.v=
<br /> ,.� not be sufftcierttto paytaxes,assessments,insurartce premiums and ground rerrts as thayfall due,Barrowershali payto Lender � .� :�` ` �� �
<br /> any amaunt necessary to make up the de�ciency in one or more payments as Lender may require. � ��`
<br /> � U�c�payment in full of all sums secured by this Deed of Trust,Lender shall promp4ly refund to 8onower any Funds held � • ._ • ?`���`__�
<br />' `:�. by Lender.lf under paragraph 17 hereofthe Property is sold or the Propetty is othervvise acquired by Lender,Lenders�sall appty, ' . . �i,� :�j;'�
<br /> no later than immediatel rior to ths sale of the Pra erty or its acquisition b Lender,an Funds held b Lender at the time '�`` � "�� �� r��
<br /> YP P Y Y Y �.;�,.,..„j.
<br /> of application as a credit against the sums secured by this Deed of Trust. ..- - ' , �
<br /> 3. Apppqtion of Rayments.Unless applicabte law provides otherwise,aQ paymerrs received by Lender under the No4e . '� `��:� + �
<br /> and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts�ayabte to lender by Barrower under . . =
<br /> paragraph 2 hereof,then to interest payable on the Note,and then to the principal of the Note. " • '. '�
<br /> 4. Prbr Mortgages and Deeds otTtust;�r3rges;LEens.Borrower shail perform all of�orrower's obligations under any - - - _
<br /> mortgage,deed of trusi or other security agreement with a lien which has F;iority over this Deed of Trust,including Borrowar's , . � ;.�� .. _°`
<br /> covenants to make payments when due.Borrower shall pay or cause to be paid all taxes,assessments and other charges,flnes �� ' +. '' � '
<br /> and impasitions attributabls to ths Property which may attain a p*iority over this Deed of Trus�and leasehotd paymenG or graund "�'- � � �i;(�: _-
<br /> rents.if any. , . �`,:. _��r .�
<br /> 5. Hazar+�Insurance.Borrower shafl keep the improvements now exisiing or hereafter erected on the Property insured - ::_�.` . :l�: �,.
<br /> against loss by fire,hazards included within the term"extended coverage",and such oiher hazards as Lender may require = � � �`
<br /> and in such amounts and for such periods as Lender may require. � '���. � ---��
<br /> The insurance carrier rovidin the insurance shall b chosen b Borrower sub'ect to a roval b Lender; rovided,that t�Y� i?�`�����'
<br /> P 9 Y Y J PP Y P -��> .� ;r-.:
<br /> such approval shall not be unreasonably withheld.Ail insurance poiicies and renewais thereai shali be in a form accepiabte ' Y.,. �
<br /> to Lender and shall inctude a st4ndard mortgage clause in favor oi and in a torm acceptable to Lender.Lender shall have the �'�����— '
<br /> right to hold the policies and renewats thereof,subjact to the terms of any mortgage,deed of trust or other securiry agreement " -� `��"
<br /> with a lien which has prloriry ovet this Deed of Trust. ,�-:-•
<br /> In the event of loss,Borrowershall give prompt natice to t�a insurance carrier and Lender.Lender may make proof o}loss - ����``�'
<br /> . I4 not made prompUy by Borrower. �'r='��{
<br /> If the Properry is abandoned by Borrower,or if Borrower fails to respand to Lender with(n 30 days irom the date notice Is � F� �
<br /> mailed by Lender to Borrower that the insurance carrler ofters to settle a claim for insurance beneflts,Lender is authorizsd . ����,, .
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<br /> tocollectandapplytheinsuranceproceedsatLender'sopiioneithertorestoratianorrepairoftheProperryortothnsumssecured . . '�
<br /> by this Oeed o!Trust. :r'•�_�_
<br /> 6. Preaervatlon and Maintenance of Praperty;Leaseholds;Con�ominiums;PS:nned Unit Dev�fopmenta Borrower . � .'� �.::,�,,... y-
<br /> shall keep the Property in good repair and shalt not commit wasie or permit impairment or deteri�ration of the Property and . :.r..
<br /> shall compty with the provisions of any lease if this Deed of Trust is on a leasehold.If this Deed o}Trust 1s an a unit in a • �" � � ;..:; �,
<br /> condominium or a pfanned unit development, 8orrower shall perform atl of Borrower's obligatlons under the declaration or ' • '
<br /> covenanb croating or govarning the condominium or planned unit development,the by-laws and regulatlons of the condominlum �. - � � � __
<br /> � or planned unit development,and constituent documents. • -
<br /> 7. ProLectton of Lender's Securlty.If Borrower fails to per(orm the covenants and agreementa contained in this Oaed . �
<br /> of Trust,or if any actian or proceeding Is commenced which materlally aftects Lender's interest in the Property,then Lender, �.
<br /> at Lender's opiion,upon noticeto 8orrower,may make such appearances,disburse such sums,including reasonable attomeys' � . . —
<br /> fees,and take such action as is necessary to protect Lender's interest.If Lender required mortgage insurance as a conditlon • . • .
<br /> of making the loan secured bythis Deed of Trust.Borrower shall pay the premiums required to maintain such insurance ln eifect
<br /> until such time asthe requirementfor such insurance terminates in accordance with Bonower's and Lender's wrltien agreement � �
<br /> or appUCable law � —
<br /> Any amounts disbursed by Lender pursuant to this paragraph 7,with interest thereon,at the Note rate,shall become �
<br /> additional indebtedness o}Borrowersscured by this Deed otT�ust.Unless Borrower and Lendor agree to otherterms of payment, . � � ' . � � •���
<br /> such amounts shall be payable upon notice irom Lender to Borrower requesting payment thereof.Nothing contained in this � . � �,_.
<br /> psragraph 7 shall require Lender to incur any expense or take any action hereunder. ' � -
<br /> 8. Inspectton.Lender may make a cause to be made reasonable entries upon and inspections of the Property,provided � � —
<br /> that Lender shatl glve Borrower notice prlor to any such inspeCtion specifying reasonable cause theretor related to Lender's � �
<br /> interest in the Propertyr. � . ' --
<br /> 9. Condomnatiflr�.The proceeds of any award or claim for damages,direct or consequential,In connection with any � _
<br /> condemnation or other taking of the P►operty,or part thereo},or for conveyance in Ileu of condemnation,are hereby assigned � �• .
<br /> and shall be paid to Lender,subject to the terms of any mortgage,deed of trust or other security agreement v�ith a lien which � � � . ' �-_�
<br /> h�s prio�ity over this Deed of Tn�st• f . �-- _.._ : _
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