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<br /> � BORROWER COVENANTS tiwt Barrowcr!s tawtully scl�cci of tho c,sujtc hcreby canvayod and htss�l�s right to grsnt �' ����+��°°-°
<br /> und convcy thc Pro�x;rty and thut thc Property Is uncncumbercd,oxu:pc!ar cncumarances ot rcaard Bonrawcr warran�a and �•=3�'��'`'��;�j`"
<br /> wiU dcfcnd gen:.rally the Utie to cl�Property against sll clalms und demands,subjrct t�uny encumbrances o!reoorQ . . �
<br /> TH1S SECURI'i'Y 1NSTRUMENT comdh►e.s unifarm�avcnanu for natianal uau nnd non-unlform cavcnant�wlch 8mltcd
<br /> variati�ns by Jurluiktbn�n umvdtutc u uniComi sccuri�y fnstrumcnt oovc;ring rcal pr�percy. �
<br /> UNiFORM COVENANTS. tk�rrawor and Lcnc+,cr c;avcnunt and i�grce ua fallnws: � _
<br /> fk
<br /> I 1. P�ymeat ot Nrinclp�l,lakrcst aad l�te Charye. Barrawcr�shall pay whcn duc thc princlpul af,and lntcrest an,the ~
<br /> debt evidenced by thc Nate und lutc churges duG undcr the Notc, �►�'
<br /> � 2. Monthly Y�ymeat ot T�xc�, Insrrawe,�nd Otber Cb�ne9. &�rrrnvcr aht�ll indudc in cach manthly pttyment, • '
<br /> togeiher with the principal and interes�w set forth in tlx: Notc utui any IatG chnrges, u sum for (u) tnxes nnd speci�l
<br /> assessrr�cn[s levicd ar ta be kwk:d nguinst the Property, (b)leasehaki paymcnts or grrn�nd rents on the Properry. and (c)
<br /> •-- prcmiums for insurnnce requiruf under paregraph 4. In any yeat ln which the Lender must pAy a mongage insurana; -
<br /> w• ' premium to thc Sccretxry of Housing and Urban Davobpment("Secretary"),or in any year in which such prcmium would
<br /> ; have txen required lf Le:ndr.r stW bcld the Sccuriry Instrument,cach manthly payment shall al4o include either: (i)a�sum for .
<br /> the annusl mar[gagc insurance premlum co be paid by l.�nder ro tlye Sccrat�ry,or(ii)a monthly churge lastead of a mongage ,:_{y���
<br /> I insuronce premium if chts Saurity Instrumcnt is held by the Sc�remq�, in a rcasonubk funount to be dotcrmined by the .,,,,��,;�{-_.
<br /> Secretnry. Except for the moathty charge by tlx Sccretnry.tdese items�res calkd"Escrow Items"and thc sums paid to I.cadar %�:::r�-'4`-�
<br /> are calkd"Fscrow Funds,' •`��';'--_- -
<br /> ..-,.•
<br /> � Lender may,at any time,copect and hald amounta for Escrow Itams in an aggregate amount not ta cxcud tha m�udmum ,.; . :.
<br /> ' amount that may be rcquireQ for Borrower's escraw aaount under the Real Estate Settlement Proccdures Act of 1974.12 ;y:.t,-:
<br /> Y U.S.C. � 2601 c s . and implamenting regulatbns, 24 CFR Part 3SQ0, as ti�c}+ maY bc amended from time to tirae "�!<<-
<br /> 4 ("RESPA"),excep[that the cushion or resecve permt[ted by RESPA for unanticipated disbursements ar disbursements befort ���� -
<br /> `. t� y tlse Bono�ver's paymeats are availnble in the acociunc may nat 6e based on amaunts dua far the mongage insucana premium. �'?"�.
<br /> � � If thc amounts hcld by I.�ndcr for Esctow Itums excced the smounts permitteJ to be held by RESPA. I.cader shall ►:y:;;' .
<br /> � acoount to Borrawer for ttle aceess funds as ioquired by RFSPA. If the amounts of funds held by I.,ender at say titne are not li�1
<br /> �.,�.-_._.
<br /> • '� sufficicnt co pay che Escrow l�cros when du�,Lcnder may no�ify che Borrower and requIre Borrower to make up the shortage 4,�.
<br /> � � as permitted by RESPA. �:`
<br /> f-' � 'Yl�e Escrow�nds arc pkdged as additional:securiry for aU sums secured by this Security Instrumenc. If Borrower teadcrs
<br /> L " to Lender the full paymrat of all such sumti,Borrow�er's accaunt shall be crediteci wiW the balance remaiaing for sA Installnaent '���
<br /> :�`.�.
<br /> itemc(a). (b),and(c)and any mortgage insu�ence premium insw Ument t h at I.en d er h a s no t b e c ome o b l i g a t e d t a p a y t o t ho �.ti, _.
<br /> �.• �' •�,..;,
<br /> . i Secretary, apd Lender shall promptly refund eay acoess funds ta Borrnwer. Immediate rior to a foreclosure sale of the � `°
<br /> �Y P 1'�,}�': •c .
<br /> t�•�( Property or its acquisition by Lender,Bom�r's aocount shall be creditc�d with any balance reaiaining for all lnstaUmeAts for � -�1'-:
<br /> ` items(a), (b).and(c)• ' ,--
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<br /> 3. AppticaHon oi P�ymenta All payrncnts uader paragraptss 1 and 2 ahall be applied by Lender as follows: �, _.
<br /> -. 3 � �IRST,co chc mc�rt�,ga uvu�a�i:� pr�,-Wu�ttr b:. pa;� by Lcnder t�the �:ss;oz tQ the �atlily r�aroe_.hy the .±�_., =-.
<br /> � ,� Secretary inetoad of the manthly mott��C insurance premlum; —=- :
<br /> � ��� �� S CO , to any taxes,special ascasment�,leasehold payments or ground rents, and fire, Aood and other hazard ��___
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<br /> r{ insurance premiums�as tequired; ;��:-
<br /> THIRD,to interest due under the Note;
<br /> OF URTH•to amortiratloa of the principal of the Nnte;and --
<br /> � FI'H to late charges due under the No[e.
<br /> q, Fire, F7ood and Otkr Hwrd Ws�nna. Borrower shall lnsure all improvements on the Property,whether now �Tt�
<br /> In existence or subsequentty erected, againsc any ha�ards,casualdes, and contingencies, including 8re, far which Lender �+'
<br /> rcquires iasurance. 'i'his insurance shall be mainteined in the amounta aad far the perlods that Lender requirea. Bortower
<br /> ��,' shaU nlso ingure all Improvements oa thc Pmperry,whcther now in e�dstcnce or subsequently erccted,against loss by floods
<br />� to the cxtent requircd by the Secretary. All iasuranve shsiU be carrted with oompnnies approved by Lendor. Tha insuraace
<br /> '• poUcks and any renewau shaU be held by Leoder and shall include loss payable clauses in favor o�and ia a forat acaptable
<br /> • to,L.ender.
<br /> ' In the event of loss,Borrower shall give I.ender immediute notice by maiL Leader may make proof of loss if not made
<br />� � promptly by Bonower. Each insurance wmpaay conccmed is hereby authorizcd and direcced to make payment for such loss
<br /> d'ucctly to Leader,instead of ta Borrower and to Lender jointty. AU or any pan of the icuuranoe ptooeeds may be eppHal
<br /> by I,ender,at its option,either(a)to the reduction of the indebtedness under the Note and thls Security Lsscrument,6r3t to
<br /> � any delinquent emounts applied in the order in paragraph 3,and then to prepayment of principal,or(b)ro the restotation
<br /> ,,,7 '• { or rapafr of the damagcd Properry. Any applicatlon of tt�e proceeds to the princ[pal shall not extend or postpoae the due
<br />- date of the mnntlily paymenis which are reterr�.d to in patagraph 2,or change the amount of such payments. Any exoess = -.
<br /> � � insuranoe proceals over an amount required to pay all outstanding indebtedness undor the Note and this Securlty Instrument � --:.
<br /> , � t shalt be patd to the endty legally entitled thereto. -� �
<br /> ' � � In che cvent of foreclosure of[his Secudty Iastrumcnt or ocher uansf6r of dtle to the Properry that e,�tinguishes the ='
<br /> indebtedness,all ri t, tiAe und interest of Borrower in and to icuuranoe licies in force sbnll ass to the urchaser. � �' �
<br /> :i 8h P� P P �`.�:'
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<br /> lbrrower's Lo�n
<br /> A licatbn•I.ease
<br /> hoWa
<br /> 5. Occu Presee�atlo Matntenuce md Protecdon ot We Pro rty; pp �
<br /> . W P� �;:: .�.:
<br /> W�7'
<br /> � �( Borrower shall occupy.establLsh,and use the Praperty s�.s Dc�nower's principal residenae within sixty days after the execution "".:;:.!:;,,. �:;.
<br /> ,, ;�il 4 �tr~ t. .
<br /> af this Securlty Instrument(or within sncty days of a later sale or traa5fer of thc Property)and shall contiaue to oocupy the :•F,;���,,_:,.
<br /> Properey as B orrower's p r[n dpa l res i d ena fora t leas c one year a f t e r t h e d a t e o f o o c u p a n c y,u n l e s s t h e L e n d c r d e t e r m i n e s t u a t .;,,v��,:.�::•:
<br /> � requirement wIll cause uadue hc�rdship for Borrower.or unless extenuatias circumstances extst which ure beyond Borrower's . �;,,A4.'' ;,;:
<br /> ��'� control.Bonower shull notify L.encier of an.y ext�auating circumstauces.Bonower shall not commit waste or destroy.damage � �, ;•:,,,,
<br /> - or substanttally change the Property or allow the Property to daterIor.�te,reasopable wexr and tear cxoepted. Lender may :t=", •
<br /> ' ; � inspect the Propeny if the Property is vacant or abandonod ot tha loan is tn default. I.ender may cake reasonable actfon to � • ,
<br /> ' . :�. procecc aad preaerve such varant or abandon�d Property. Borrower shull eLso ba in default ff Borcower,during the loan
<br /> � �'; appHcation prooess,gave materially fake or tnaccurate Infarmation or statuments to Lender(or falled to provide Lender with
<br /> _ _ arn material infomiation) in connection with the loan evidenoed by che Note,including,but not limiced co,rcpresentndons
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<br /> conoerning Borrower s occupanry of the Property as a principal rpidence. If this Securiry Instrumcnt is on a lcasehold,
<br /> Borrower shall compty with the provisions at ttte�ase, If Borrower aoquices fee citle ro the Property,the leasehald and fee
<br /> title shall not bc merged uNess Lender ngr�cs to thc mergcr in writing.
<br /> - '�� 6. CondemnnQon. 'Il�e prooceds of any award or claim for damages,direct or consequentful.In connecdon with any �
<br /> - condemnation or other taking of eny part of the Property,or for conveyance in place of condemnation,are hcteby assigned �
<br /> _ and shall be paid to Lender to the extent of the fuU amount of the[ndebtedness thac remair�s unpatd under the Notc and this i
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<br /> � xgnxtisx�-�t�+nstin or•�ntusr���
<br /> � o«u�+n sy.c�,iM.ceoo�e+�.ixs Yuge 2 of 5
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