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DEED OF TRUST
THIS DEED OF TRUST ("Security Instrument') is made on December 31,
2005. The grantor is John T. Readybuy and Mary A. Readybuy
("Borrower^). The trustee is John T. Adams ("Trustee"). The
beneficiary is Cash Flow Mortgage Co., which is organized and
existing under the laws of The State of Maryland, and whose address is 4321
Broadway Street, New York, NY 12485. ("Lender").
Borrower
owes Lender the principal sum of Ninety Mine Thousand Five Hundred Dollars
(U.S. $ 99,500.00).
This
debt is evidenced by Borrower's note dated the same date as this security
instrument ("Note"), which provides for monthly payment., with
the full debt, if not paid earlier, due and payable on November 31, 2031.
This security Instrument secures to Lender: (a) the repayment of the debt
evidenced by the Note, with interest, and all renewals, extension and
modifications of the Note; (b) the payment of all other sums, with
interest, advanced under paragraph 7 to protect the security of this
security instrument; and (c) the performance of Borrower's covenants and
agreements. For this purpose, Borrower irrevocably grants and conveys to
Trustee, in trust, with power of sale, the following described property
located in Frederick County, Maryland:
See Attached
Exhibit A
which has the
address of 123 ABC Street, Frederick, Maryland 21702
("Property Address");
TOGETHER
WITH all the improvements now or hereafter erected on the property, and
all easements, appurtenances, and fixtures now of hereafter a part of the
property. All replacements and additions shall also be covered by this
Security Instrument. All of the foregoing is referred to in this Security
Instrument as the "Property."
BORROWER COVENANTS
that Borrower is lawfully seized of the estate hereby conveyed and has the
right to grant and convey the Property and that the Property is
unencumbered, except for encumbrances of record. Borrower warrant. and
will defend generally the title to the property against ail claims and
demands, subject to any encumbrances of record.
THIS SECURITY
INSTRUMENT combines uniform covenants for national use and non-uniform
covenants with limited variations by jurisdiction to constitute a uniform
security instrument covering real property.
UNIFORM COVENANTS.
Borrower and Lender covenant and agree as follows:
1. Payment of
Principal and Interest; Prepayment and Late Charges. Borrower shall
promptly pay when due the principal of and interest on the debt evidenced
by the Note and any prepayment and late charges due under the Note.
2. Funds for
Taxes and Insurance. Subject to applicable law or to a written waiver
by Lender, Borrower shall pay to Lender on the day monthly payments are
due under the Note, until the Note is paid in full, a sum
("Funds")
for: (a) yearly taxes and assessments which may attain priority over this
Security Instrument as a lien on the Property; (b) yearly leasehold
payments or ground rents on the Property, if any; (c) yearly hazard of
property insurance premiums; (d) yearly flood insurance premiums, if any;
(a) yearly mortgage insurance premiums, if any; and (f) any sums payable
by Borrower to Lender, in accordance with the provisions of paragraph 8,
in lieu of the payment of mortgage insurance premiums. These items are
called "Escrow item." Lender may, at any time, collect and hold
Funds in an amount not to exceed the maximum amount a lender for a
federally related mortgage loan may require for Borrower's escrow account
under the federal Real Estate settlement Procedures Act of 1974 as amended
from time to time, 12 U.S.C., section 2601 et Beg. ("RESPA"),
unless another law that applies to the Funds seta a lesser amount. If so,
Lender may, at any time, collect and hold Funds in an amount not to exceed
the lesser amount. Lender may estimate the amount of Funds due on the
basis of current data and reasonable estimates of expenditures of future
Escrow Items or otherwise in accordance with applicable law.
The Funds shall be
held in an institution whose deposits are insured by a federal agency,
instrumentality, or entity (including Lender, if Lender is such an
institution) or in any Federal Home Loan Bank. Lender shall apply the
Funds to pay the Escrow Items. Lender may not charge Borrower for holding
and applying the Funds, annually analyzing the escrow account, or
verifying the Escrow Items, unless Lender pays Borrower interest on the
Fund. and applicable law permit. Lander to make such a charge. However,
Lender may require Borrower to pay a one‑time charge for an
independent real estate tax reporting service used by Lender in connection
with this loan, unless applicable law provides otherwise. unless an
agreement is made or applicable law requires interest to be paid, Lender
shall not be required to pay Borrower any interest or earning on the
Funds. Borrower and Lender may agree in writing, however, that interest
shall be paid on the Funds. Lender shall give to Borrower, without charge,
an annual accounting of the Funds, showing credits and debits to the Funds
and the purpose for which each debit to the Funds was made. The Funds are
pledged as additional security for all sums secured by this security
Instrument.
If the Funds held
by Lender exceed the amounts permitted to be held by applicable law,
Lender shall account to Borrower for the excess Funds in accordance with
the requirements of applicable law. if the amount of the Funds held by
Lender at any time is not sufficient to pay the Escrow Items when due,
Lender may so notify Borrower in writing, and, in such case Borrower shall
pay to Lander the amount necessary to make up the deficiency. Borrower
shall made up the deficiency in no more that twelve monthly payments, at
Lender's sole discretion.
Upon payment in full of all sums secured by this security instrument,
Lender shall promptly refund to Borrower any Funds held by Lender. If,
under paragraph 21, Lender shall acquire or sell the Property, Lender,
prior to the acquisition or sale of Property, shall apply any funds held
by Lender at the time of acquisition or sale as a credit against the sums
secured by this security Instrument.
3. Application
of Payments. Unless applicable law provides otherwise, all payments
received by Lender under paragraphs 1 and 2 shall be applied; first, to
any prepayment charges due under the Note; second, to amounts payable
under paragraph 2; third, to interest due; fourth, to principal due; and
last, to any late charges due under the Note.
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