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<br /> ` UNIFORtN COb`ENANTS.Borrowar and Lender covenant and agrse as follovus: 9�� ����� . ; ,V;"
<br /> . 1. �yment of Prir.cipal and in4erest.Borrower shall promp4ly pay when due the principat and interest indebiedness , , , _ ��
<br /> evidenced by tha Note and late charges as provided in tha Note. �� . . . -
<br /> 2. FundstorYaxesanclQnsueence.SubjecttoapplicablelawrarawrittenwaiverbyLender,BorrowershatlpaytoLendet . , :;
<br /> on the day monthly payments ot principal and interest are payable under the Note,untii the Note is paid in full,a sum(herein . ' ,�,.
<br /> "Funds")equal to one-twelfth of the y�arty taxes and assessments(including condominium and planned unit devalapment . • ,_
<br /> assessnsents.if any)whtch may attain priority overthis Desd of Trust,and ground rents on the Property,if any,plus one-twe�fth � : ,
<br />� of yearly premium instaiiments br hazard insurance,p�us one-twelfti�of yearly premium instalimenis for mortgage insu�rance, n
<br /> if any,a11 as reasonabty estimated infially and from time to time by Lender on the basis of assessments and bilis and reasonable �
<br /> estimates thereoi.Borrower shall not be obligated to make such payments of Funds to Lender to the extertt thai Borrower makes � . .
<br /> such payments to the holder of a priar martgage or deed of trust if such holder is an instt3utional lender. . ,
<br /> If Bo�t�rver pays Funds 4a Lender,the Funds shall be held in an institution the deposits or accounts of which are insured �
<br /> or guaranteed by a Federal or state ag�ncy(including Lender if Lender is such an institi►tion).Lender shalt appty the Funds - -
<br /> to pay said taxes,assessments,insurance premiums an�i ground rents.Lender may na2 chargs for so holding and a�plying �� __ _. . _ _..-__
<br /> the Funds,analyzing said account or verifying and compiling said assessments and bitis,untess Lender psys Borrower interest <<
<br /> on the Fvnds and applicable law permits Lendsrto make such a charge.Borrower and Lender may agree in wrfing at the time � ,
<br /> of execution of this Deed of Trust that interest on the Funds shall be paid to Borrower,and unless such agresment is made or , _
<br /> f applicable law requires such intenest to b�paid,Lender shall not be required to pay Borrower any interest or eamings on tP�e . ,.' 4�., _�,,��:-
<br /> �urtds.Lender shali give to SoROwer,without charge,an annual accounting of the Fonds showing credits and debits to the
<br /> �undsandthepurposebrwhicheachdebittatheFunds�vasmade.TheWndsareptedgedasadditionalsecurityforthasums . ' _'.. _
<br /> ` secured by th�s Dead of Trust. '°"��
<br /> If the amount of tfie Funds held by Lender,together with the future monthly instalimants of Funds payable priorta the due _, ��-�"�•�---° -
<br /> .,Y,,,ti,�•=
<br /> � dates of taxes,assessments,insurance premiums and ground rents,shali exceed the amount required to pay said taues, �w`::'_ . :
<br /> assessments,insurance premiums and ground rents asthey fail due,such exces3 shall be,at BoROwer's ap�on,either promptty , j �i�
<br /> repaid to Borrower or credited to Borrawer on monthty instailments of Funds.if the amouM of the Furtds held by 4ender shali , __-
<br /> � not be sufficient to pay taxes.assessments,insurance premiums and ground rertts as thoy fai!due,Borrower shall pay W Lender . ;. .: ����
<br /> •�'- a n y a m o uni necessa ry to make u p the deflciency in one or more payments as Lender may requtre. �.- �.-.�._.�� ==
<br /> � Upon payment in fuil of atl sums secured by this Deed of Trust,l.ender s ha l i promp t ry re fun d t o B o R O w e r a n y F u n d s h e t d • • � �� ��
<br /> a Lender shall apply
<br /> by Lender.lf under paragraph 17 hereofthe Property is sotd orthe Praperty isotherwise acquired by Lender, . .:. ��
<br /> '�� no later than immediately prior to the sale of the Properry or its acquisition by Lender,any Funds held by Lender at the time . .,�?
<br /> of application as a credit against the sums secured by this Deed of TrusL : `� -'�:'�!
<br /> � 3. App�icatlon of Payments.Unless applica6te Iaw provides otherwise,all payments received by Lender underthe fVote , . � Y �" .,
<br /> ,� and para�rapfls 1 and 2 hereaf shall bs sppltsd by L.ender first in ment of amounts payabte to Lender by Borrower under • • '�° r; ' •� 1
<br /> .� PaY . .__.:_: '-��T._• : ..._
<br /> paragraph 2 hereaf,then to intersst payab1s an tha Naie,and th�n to ths princip�l of the Note. L=��:_--�i-?�-"'� ':� _.
<br /> 4. PriorMaRgegesand Deeds of'fi�ust;Charges;Uens.Borrowar shall parform aii of Borrouver's obiigations under any € - . �:',.� � � -..
<br /> mortgage,deed of trust or other security agreement with a lien which has priority overthis Deed of Trust,inciuding Borrower's
<br /> covenants to make payments when due.Borrower shait pay or cause to be paid all taxes,assessmenis and other charges,fines t+,�
<br /> r this Deed of Trust,and leasehold paymenis or ground ��w�R����%,9'
<br /> and impositions attributable W the Properry which may attain a pnor►ty ove t. � J .
<br /> rents,if$(1y. -. _ ._��'�`� �.
<br /> S. H a r a r d{n s urance.@orrowar shall keep the improvemen4s now e�usting or hereaftee erected on the Property insured ' ;. :- . .,_�s :
<br /> against loss by tlre,hazards inciuded within the term"extended coverage';and such other hazards as Lender may requ ire :���' ._.$ - �e.
<br /> . and in such amounts and for such periods as Lender may require. �;� _ _-
<br /> .•:�t �
<br /> Th e i n s u r a n c e c a R l e r p r o v f d i n g t h e insurance shalt b y chosen by Borrower subject to approval by Lender.provtded.that
<br /> such approval shaQ not be unreasonably withheld.All insurance policies and renewals thereof sha l l be in a form accep t a b t e ' . ,`� �,�`
<br /> • to Lender and shail includ�e a standard mortgage clause in tavor of and in a torm acceptabie to Lender.Lender shall have the
<br /> ri htto hold the polictes and renewals thereof,subjectto the terms of any mortgage,deed of trust or other securiry agreement -� :.��'_°�
<br /> 9 '
<br /> with a lien which has priority ovar this Deed ot Tiust. __ :� : �-"..-:_
<br /> In the event of loss,BoROwer shatl give prompt noticetothe insurance carrier and Lender.Lender may make praof of toss : __,,'._;.- ��
<br /> if not mads promptty by Bonower. '`_�A -�=-_-
<br /> t!the Property fs abandoned by Borrower,or i!Borrower faits to respond to Lender within 30 days from the date notice is :::; _,;-��:+
<br /> � i mailed by Len�er to Borrower that the insurance carrler offers to settle a claim for insurance beneflts,Lender is authorized .y��':�a- ;
<br /> tpcoRectandapplytheins�rancepraceedsatLender'soptioneithertorestorffiianorrepalrofthePropertyortothesumsseaured , •se��r
<br /> by this QBed Of?PUSt. : �--�'-'"�� �
<br /> 6. P���nratean and Malntenartce of Property;L+easeholds;Condominlums;Planned UMt Developmen4e.Borrower . : _
<br /> shail keep the Property in good repair and shall not comrnit waste or parmit impairment or deterforetion ot the Property and -� �
<br /> shall comply with the provislons of any lease if this Qeed of Trust is on a leasehold.If this Deed ofi Trust is on a unit in a • . � •
<br /> condominium or a planned unit develo�ment,Borrower shail perform all of Borrower's obligations under the declaration or �
<br /> oovenants creating or goveming the condominium or planned unit development,the by-laws and regulations of the condominium � . -,
<br /> or planned unit devetopment,and constituent documents. . �-� •
<br /> 7. Protectlon of Lender's Security.If Borrower fails to periorm the covenants and agreements contained in this Daed .
<br /> of Trust,or if any action or proceeding is commenced which materialiy affects Lender's interest in the Property,then Lender, .
<br /> at Lertder's option,upon notice to Borrower,may make such appearances,disbutse such sums.including reasonable attorneys'
<br /> fees,and take such action as is necessary to protect Lender's interest.If Lander required mortgage insurance as a condition
<br /> of making the loan secured bythis Deed of Trust,Borrower shall paythe premiums required to maintaln such insurance in eftect _
<br /> untilsuchtimeastherequiremeniforsuchinsuranceterminatesinaccordancewithBorrowor'sandLendePswrittenagreement �� _
<br /> =� or appltcable law. � � .
<br /> Any amounts disbursed by Lender pursuant to this paragraph 7,with interest thereon.at the Note rate,shall become . . -
<br /> additional indebiedness of Borrower socured bythis Oeed of Trust Untess Borrower and Lender agree to atherterms of payment,
<br /> such amounts shall be payable upon notice from Lender to Borrower requesting payment thereot.Nothing contained in this
<br /> . paragraph 7 shall raquire Lender to incur any expense or take any action hereunder.
<br /> 8. Inspectlon.Lender may make or causs to be made reasonabte entries upon and inspections of the Properiy,provided . _
<br /> that Lender shall give Borrower notice prior to any such inspection specifyfng reasonable cause therefor retated to Lender's ,._
<br /> interest in the Property.
<br /> ' 9. Condemnation.The proceeds of any award or claim for damages,direct or consequential,in connection with any ,
<br /> condemnation or other taking of the Property,or part thereof,or for conveyance in lieu 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 with a lien which � —
<br /> has priority over this Deed at Trust. `
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