|
UNIF,ORM COVENANTS. Borrower and Lender covenant and agree as follows: a�V�'1��I�+�:�8
<br /> . 1. Payment of Principal and Interes� Borrower ahall promptly pay when due the principal and interest
<br /> indebtedness evidenced by the Note and late charges as provided in the Note.
<br /> 2. Funds for Taaes and Insurance. Subject to applicable law or a written waiver by Lender, Borrower
<br /> shall pay to Lender on the day monthly payments of principal and interest are payable under the Note, until
<br /> the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments
<br /> (including condominium and planned unit development assessments, if any) which may attain priority over
<br /> this Deed of Trust, and ground rents on the Property,if any,plus one-twelfth of yearly premium installments
<br /> for hazard insurance,plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as
<br /> reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and
<br /> reasonable estimates thereof. Borrower shall not be obligated to make such payments of Funds to Lender to
<br /> the extent that Borrower makes such payments to the holder of a prior mortgage or deed of trust if such
<br /> holder is an institutional lender.
<br /> If Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of
<br /> which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an
<br /> institution). Lender ahall apply the Funda to pay said taxes, assessments, insurance premiums and ground
<br /> rents. Lender may not charge for so holding and applying the Funds, analyzing said account or verifying and
<br /> compiling said assessments and bills,unless Lender pays Borrower interest on the Funds and applicable law
<br /> permits Lender to make auch a charge. Borrower and Lender may agree in writing at the time of execution
<br /> of this Deed of Trust that interest on the Funds shall be paid to Borrower,and unless such agreement is made
<br /> or applicable law requires such interest to be paid, Lender ahall not be required to pay Borrower any interest %
<br /> or earnings on the Funds. Lender shall give to Borrower,without charge, an annual accounting of the Funds
<br /> showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The
<br /> Funds are pledged as additional security for the sums secured by this Deed of Trust.
<br /> If the amount of the Funds held by Lender, together with the future monthly installments of Funds
<br /> payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the
<br /> amount required to pay said taxes,assessments,insurance premiums and ground rents as they fall due,such
<br /> excess shall be, at Borrower's option,either promptly repaid to Borrower or credited to Borrower on monthly
<br /> installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes,
<br /> assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any
<br /> amount necessary to make up the deficiency in one or more payments as Lender may require.
<br /> Upon payment in full of all sums secured by this Deed of Trust, Lender shall promptly refund to
<br /> Borrower any Funds held by Lender. If under paragraph 17 hereof the Property is sold or the Property is
<br /> otherwise acquired by Lender,Lender shall apply, no later than immediately prior to the sale of the Property
<br /> or its acquisition by Lender, any Funds held by Lender at the time of application as a credit againat the sums
<br /> secured by this Deed of Trust.
<br /> 3.Application of Payments,Unless applicable law provides otherwise, all payments received by Lender
<br /> under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts
<br /> payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, and then to
<br /> the principal of the Note.
<br /> 4. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's
<br /> obligations under any mortgage, deed of trust or other security agreement with a lien which has priority over
<br /> this Deed of Trust,including Borrower's covenants to make payments when due. Borrower shall pay or cause
<br /> to be paid all taxes, assessments and other charges,fines and impositions attributable to the Property which
<br /> may attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any.
<br /> 5• Iiazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
<br /> Property insured against loss by fire, hazards included within the term "extended coverage," and such other
<br /> hazards as Lender may require and in such amounts and for such periods as Lender may require.
<br /> The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender;
<br /> provided, that such approval shall not be unreasonably withheld. All insurance policiea and renewals thereof
<br /> shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form
<br /> acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the
<br /> terms of any mortgage, deed of trust or other security agreement with a lien which has priority over this
<br /> Deed of Trust.
<br /> NEBRA3%A-SECOND MORTGAGE-1/80-FNMA/FHI,MC MODIFFIED INSPRiJMENT pb���
<br /> REF21435.PCL6/97 Page 2 of 6
<br /> I
<br />
|