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<br /> �O�ROWElt COVENANTS theE Borrower is lawfully selsect uf the estat� brreby convey�l s�nd h�s �ha ri�lu tn
<br /> grant nnd convey the �'ropeny and that tha Property le unencumbered, except for encumbr�nca c�f rc�ntd, li�rn�w•rr
<br /> warranls and will dcfene� genarally tha titla to the Property �gainst �ll alaime �nd dem�nd+, eubJc�;l ta�U�r.n�►nnbr+ux:r�
<br /> of record.
<br /> THIS SECURiTY INSTRUMENT combines uniform covrn�nts for natlonxl usc and nun-unitume cuvrnu�tx wUh
<br /> limitcd variations by Jurlsdictlon to constitute a uniform securlty Inotntnt�nt coverin� real property.
<br /> UNTFORM COVBNAN'fS. Bo:rower and Lender covenant and egree as followa:
<br /> 1, PAymwt of Principal� Intarrt md Gte Char�e. Borrower ehall p�y whrn due the pdncip�l aF,KnQ iql�rrrl
<br /> on, the debt evidenced 6y the Note tu►d late charges duc under the Note.
<br /> 2. t+innthly I'ayrnwt of Ta�ces,in�ur+ioce, and Olher Chuta• Borrower shall includo in r�:h irwn�hl�� �xy��K�n6
<br /> together with the principal and interest as set farth in the NatC nnd ►ny late ch�tgrs, a sum for (�) t�acc rutd epei:l�l
<br /> assessmenGS levied or t�bc levied against tha Property, (b) l�esehold peyments or Qround rrnu on the Prr>perty, wnd
<br /> (c) premiums for insurance required undor paragraph 4. In any year in w[�ich the Ixndrr rtwust p�y � nx�rt�Nga
<br /> insurence premtum to tho Secretary of Hnusing and Urbrut Development ("Sec;rctary"),or in ruty yru in which cuch
<br /> premium would havc heen required if l.ender still held the Security inatcument, cach monthly p�yment ihdl �Iw
<br /> include eld�ei: (i) a suiii fo�die annual mangage i;�surancs prcmium to bc p»id byl.e�der to th= �.Mretar;, �s(!!?�
<br /> monthly charge instead of a mortg�e insurance pnmium if tt►is Security Instrumrnt ie held by the 5ecrctary, ln�
<br /> reasonable amaunt to be detnrmined by the Secretary. Except for tho monthly chu�e by the Secrrtuy, these Itrnu
<br /> aze called "�scraw Items" and the sums paid to l.ender s�re c�iled "Faccow Funds."
<br /> l.ender may,at any time, rollect and hold acnouncs for Escrow Items in� eg�regntn Amount ncit to excerd ehe
<br /> maximun�amount ihat may be rcquired for Bonower's escrow account under the Real Ettate Settlemrnt Proc�durri
<br /> Act of 197�, 12 U.S.C.§2601 et s .and lmplementing ngul�tions, 24 CFR Part 3500,a they may be iunrnded from
<br /> time to time ("RSSPA"),except that the cushion or reserve permitt�d by RESPA for unutticlp�trd dl�bur�rnenl� or
<br /> disbu[sernents befare the Hotruwer's pAyments are available in the pccount may not be ba�ed on amount� due far the
<br /> mortgag�e insurance premium.
<br /> lfthe amaunte held by l.ender for Escrow Items exceed the amounts permittrd to be held byRE5PA, Lxtwkr th�ll
<br /> account to borrower far the excess funds as required by RESPA. if the unounts of fltmic hcld by l.ender u�ny titta
<br /> are not sufficient to pay the Bscrow Items when due,Lender rnay notify the Borrownr and rcqulrc Bomtwer to rruke
<br /> up tbe shortage as pemnitted by RESPA.
<br /> 'lli� Escrow fi�nds are pledged as additional xcurity for all sums sexured by thie Secu�ity Inurument. If Borrowa
<br /> - ter.de: tc ixnds- the full gayment of all���h �umc, Borrower's eccaunt shall be ereditod with tho balmcs rettu�laiM
<br /> for all tiutallment items (a),(b),and(c)and any mortgage insurance premium installment th�t Lender h�e�at become
<br /> � obli��ed to p�y to tbe Secretary, and I.ender shall promptly refund Any r.xcess funda to BoccoMtir. Inutteciluely prlor
<br /> ; to a foreclosucr sale of the Propeny or ita acquisition by Lender, Borrower's accaunt sh�ll be cteditrd with�ny bdu�a
<br /> •� mnaining for all inst�llments for items (a), (b), and (c).
<br /> 3. Applka�tioa of Prymeats. All peyments under pazagraphs 1 e��d 2 shdl be�Pplied by Lender �s folfow�:
<br /> } FIRS'f, to the mortgage insurance premium to be paid by Lendor ro the 5ecretxry or ro the monthly chu�e by the
<br /> Secrnuy instead af the monthly mort$age insurnnce premium;
<br /> ,� ,�CQt;�, ia any taxcs,sgccial assc�sments, le:sehold p�;sr�nts er etound rrnts, ra:! fce,A^u�1*.nd att!.n hwud
<br /> iwurwce premiums, as requfred;
<br /> ��. �IRD, tn h�t�rest due under the Note;
<br /> ;� FQURTH, to anio.nization of the principui of the Notc; end
<br /> _' �H. tu late charges due under the Note.
<br /> �' 4. Fine�Plood and Ot}ier Hufanl Insurancc. Bonower shall insure a�l improvemrnts on the Property, whether
<br /> � now in e�lstence or subsequently erected, against any hazards, casualties, and contingenciea. inclteding tirt,for whicd
<br /> Lendec requires insuraa�ce. This insurance shall be maintained in the amounts And for the period� tlut l.etr.fet
<br /> «quircs. Borrower shall also i�isure all improvements on the Property, whether now In exiuence or Rub�equrndy
<br /> rrected. t�Ainst loss by floods to the extent required by the Secre►.ary. All insuiance sh�ll be c�rrlM with compuaia
<br /> appmved by Lender. The insurance polloies ancl any renewals sh�ll be held by I.ender arid eh�ll include las payRble
<br /> • ct�usa in favor of,and in a fom� aceeptable to,l.ender.
<br /> ` ln the event of loss,Borrower shall give Lender immediata notice by mail. Lender may m�ke p[oc►f of latt if not
<br /> ' mAde pmmptly by Bonower. Each insurance cumpany concemed is hereby euthorized ux! directed to make payrtknt
<br /> for such loss dir�ctty to L,ender, instead af to Bonower and to Lender jointly. All or aay pact oF the ituunr�ce
<br /> ' pruceoda may be applied by i.ender, ac its option, either (a) to tho reductlan of the indebtednesa under the Note and
<br /> , thls Scr:urlty Instrument, first to any delinquent amounts applied in the order in puagraph 3,uxi thtn to prcpsymeat
<br /> of princlpd. or (b) to the restoraclon or repuir of the damaged Property. Any epplication of the proceeds to the
<br /> prineipal shall not extend or postpcme the due dnte of the monthly paymtnts which ere �ni'crred to in pu��r�p1t 2.ov
<br /> , ehut�e the amount of such payments. Any excess insurance proceeds over an amount required to puy�ll outtt�qdin�
<br /> indrbedneas under the Note and thls Security lnstrument shall be paid to the cntity le$�lly entitlod tt�ereto.
<br /> In the event of foroclosure of this Security Instrument or athor transfer of title ta the Property thu extlnEuistxe •
<br /> the Indebtedness, all right, title and int�rest of Borrower in and to insurance policies in force sh�ll p�ss ta tho
<br /> . purchuer.
<br /> S, Ooca�ocy. Pe+raervatiou. Maintenance avd Ptotecti�n oi the Ptopaty: Hocmw�a's Lo�n Appiiatioa;
<br /> I,a�bidi. Borrowcr sh�ll occupy,estublish, and use the Property as Borrower's princip�l residence within sixtyd�ye
<br /> nitwr ih�.eYwcudmt nf this Securitv Inscrument (or within sixtvdavs of a later sale or uansfer of the Property) and ah�ll
<br /> �antlnuC to acupy the Property as Bonower's principal residence for at least one year after the datC of a:eupNney,
<br /> unl�u l.cnder dctetmincs that requirement wlll cause undue hudship far Borrower, or unlesa ext�nuuin�
<br /> cfrcunu►tu�e� exlst wbtch aze beyond Bono�v�r's control. Borrower shall notify Lender of any extenuotin�
<br /> r�rwu�ce•�vu �o or�usr �
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