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RE-REL'GR+J£� ��- i�j4�ss
<br /> SnRROWER COVENP.NTS that gorroatir is 1aw{wi},x�of the estate hereby convryed and has the rig6t ro
<br /> grant and convey the Property a�d that the Propetty is unenpnabered,cooept for eacnmbranoes of record. Borraarer
<br /> warrant�and witi deiend generalty the tide to the Property against all daims and
<br /> of rernrd. demands,subject to any eacumbrances
<br /> THIS SECURI'tY tNSTRUtvlENT wmhines nn➢formTovenanu foraationat use and non-nniform covenant�with �
<br /> limited variadoas by jurisdiction to canstitutc a uniform security iostrument covering teal properiy,
<br /> UNIFORM CGVENAI+ITS. �orrowcr and I.ender covenant and agee as follows:
<br /> 1- �t of Psinci Intearst and Late(�arae„ C`o3
<br /> P�+ Borrow�er shaB pay�w�en due the principai a�and interest .J
<br /> on.the de�t evidenced by the Nate and Iate charges due under the Note. '
<br /> 2 MontLty Pa;�t of'riae�Iasnranoe,a�p���, �n�r shall lndude la each monthly pa;ment,
<br /> together vrith the prtacipal and interest as xt fonh in the Nots and aay late charges,a snm for(a)taxes and special �"�
<br /> assessmenu levied or to be Ievied againit the Proptrty,(b)1e.asehald paJ,ments vr ground rents on the Property,�and �
<br /> (c) premiums for insurance required under paragraph d, In 8ny y�ar in which the Lender must pay a mortgage �
<br /> insurance premium to the Secretary of Hoasing and Urban Deve ment Secreta ' �
<br /> �OP �� ty"),or In a�year in which such �
<br /> premivm wonid have beea reqnired if L.ender st�l held the Secarity lnstmment,each month!}�payment shall aLso
<br /> indnde either:{i)a sum for the annual mortgage insnranc,e premn,�m to�p�ia try Lender to the Secretarq,or u a �
<br /> mamfily charge instead of a mortgagc iasuranoe preminm if this Secnrity Instrument is held by the Secretary,(in a ,
<br /> reasonab:e amount to be determined by the Secreta�,. E�xPt far the monthly charge by the Sect�taly� these iteau
<br /> are called"Fsceow Items"and Ehe sums paid io I.encler are«�Ilted"Fsecow Fnnds."
<br /> L.ender may,at a�t'sme,colieet and hold amounts for Fscrov,r Items in an aggregdte amonnt not to exoeed the
<br /> ma�:mum am�unt that may be requ�red Eor Bnnower's escmw aco�unt under ihe Real Fstate Settlement Procxdures
<br /> Act of�974, 12 U.S.c:_§Zv11 et_gse .and implementing regnlations,7A CFft Pan 3500.as thry may be amended from
<br /> time tc time("RE;SPA"),ezcept that the cushioa or reserve permitted by RESpA for unaaticIpated ditbarsemenis or
<br /> disburscrnelits before the Borrower's payments are avaaiable in the accaunt may not be based on amounu due for the
<br /> mortgage insurancc premium.
<br /> If the amounts held by Lender for Fscrow Items eaceed che amounts percrtitted to be heid by RESpA,Lender shall
<br /> account to Borrower for Ehe excess funds as rec�uved by RF.Spp, If�ke anounts of funds held by Lr_ncier at anv time
<br /> are not suffirient trz pay the Euxow Items ahen due,Lender may noti"ry the Borrower and re�uire BQnower to make
<br /> up t�e shortage as permitted by RESpA.
<br /> Tlse Fsaow Funds are pledged as additionat sec�zrity for all snms sec�red by this Security I�trument. If Borrower
<br /> tende:s to Lender the full payment of ail snch sntns,Borrovver's account shall be credited with the bafance remaining
<br /> for��ll instailment items(a),(b),and(c)and any mortgage insurance premium installment that Lender has not become
<br /> obligated to pay to the Secret$ry,and I,ender shail promptly refund any e,xcess funds to Borrower. lmtrediatety prior
<br /> to a toreclosure sale of the Properry or its acquisition by Lender,Borrower's acoount shal]be credited with anv bala�ce
<br /> remaining for all installments for items (a), (b},and (c). '
<br /> 3. A�giication of paymeats, ,eUi Paymenu under ra hs!and�shall be a hed I,ender as foilows:
<br /> Pa +3�P ' PP� bY
<br /> FIRST,to the mortgage insurance preatinm ro be paid by Lender to the Secretary or to the motuhly c6arge by the
<br /> Secretary instead of the monthly mortgage insu:aace premium;
<br /> SECOND,to any taxes,special assessments,leaseboid payments or ground rents,and fire,flood and other hazard
<br /> i�zsacance premiums,as required;
<br /> THIRD,to interest due uader the Note;
<br /> FOURTH,to amortization of the principal of the hote;and
<br /> FIF'i7-i,to late charges dae under ihe Note.
<br /> 4. Fire,F7ood and pt}►er Ha�d��, �,��r shall inswe all improvements on the Property,whether
<br /> now in eustence or snbsequently erected,agains�am hazards,casualties,and mr.tingencies,inclading fire,for which
<br /> Le�der requires insuranee. T'his insuranc� shall be maintained in the amonnts ancl for the periods that Lender
<br /> requires. Eorrower shall also insure ali improvements on the Properry,whether now in �stence or subsequently
<br /> erc�c:ed,against loss b�floo�is to the e,rtent required by the Secretary. Ali insut�ance shall be carried with compani�s
<br /> approved by Lendsr. The insurance policies and arry renewals sha31 be held by Lender and shall include!oss payable
<br /> clauses in favor of,and in a form acceptable to,Lender.
<br /> In the event of toss,Sorrower shall give L,ender immcdiate notice by mail. Lender may make proof of loss if not
<br /> made prompily by Borrawer, Fach Insurance�mpany concerned is hereby authorized and directed to m�ke payment
<br /> for sn�:h loss dirertty to L.eader, instead oC to Borrower and to I.esder jointly. A11 or any part of the insurance
<br /> Pr°ceeds n'aY be applied by Lender,at its opdon,either(a) to tl�e recluction of the indebtedn�s under the Note and
<br /> this Security Instrumcnt,first to atry delinquent amoucts appli�in the order in paragraph 3,and then to preoavment
<br /> of principal,or (b) to the restoration or repair of the damaged Property. pny apPiicati�n of the proceeds to the
<br /> principal shalf nat extend or postpone the due date of the monthiy payments which are referred to in paragraph 2,or
<br /> chang-the amount of such payments. A,ny ezcess;nsurance proceeds over an amourit requirad to pay all outstanding
<br /> indebcedness under the Note and Rhis Security Instrument shal! be paid to the entity legally entitleci thereto.
<br /> In the event of foreclosure of this Serurity Instrument or other traos[er of titie to the Property that extinguishes
<br /> the iazfcbtednzss, all right, title and interest of Borrower in and t� insurance poticfes in force shall pass ro the
<br /> purchacer.
<br /> S. Oc�cupamcy. Pre�vation, Maintenance and Pt�tection of the Property; Borrawer's Loan Application;
<br /> I�e�Oids- Borrower sltall occupy,esiablish,and use the Prvperty as goROwer's principal residence within sixty dars �
<br /> after ttre ezecation of this SecuHry Instzument(or within sIxty days of a later sale or transfer of the Property)and shall
<br /> continue to occuPy the Property as gorrower's pr{ncipal residence for at least one year aCter the date of occupancy,
<br /> unless I.ender determines that requirement wiil rause undue hardship for Borrower, or unle'ss �ctenuating
<br /> circumscances exist which are beyond Bonower's control. Borrc»ver shail notify ixnder of any actenuating
<br /> Nf13ft/LSICA-E71A UE'��(�+1RUS'I'
<br /> r��••��n.t��eoo��s+acn: Page 2 of h �
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