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<br /> :�,,,,.s If thc amaunts hcld by Lcnder for Escrow Items excced thc emoun4s permittcd to bc hcld by RESPA,I.cndcr shall � ::�•�,*;T=
<br /> .. �� Accounl to Borrower for thc excess funds as requucd by R�SPA. If the amounts of funds hcld by l.endcr ut any umc ws*_'-_"�
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<br /> • � arc not sufficicnt w puy the Escraw Itcros whcn duc,Lcndcr muy notify thc Borrowcr and requirc Borrowcr to makc up .•��,J;;_�,,
<br /> � the shortnga as pern►iued by RESPA. ' �`'�
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<br /> ' Thc Es�row Funds arc pledgcd as additional sccurity for all sums securcd by this Security[nstrumcnt. If Bonower .:.,�N,�,r,
<br /> • tenders to Lendcr thc full payment of aU such sums,Borrower's account shall be credited widi�he balancc remaining for ;V:w,�____
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<br /> all installment items(a), (b). end (c) and any mortgage insurance prcmium installment that Lendcr has not bccomc n:-,--
<br /> obligated to pay to the Secretary,and I.ender shall prompdy refund any exc.ess funds to Boaower. Immediately prior to ���:--
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<br /> ;;, a foreclosure sale of the Property or its acquisirion by Lender, Bocrower's account shall be creditcd with any balance __
<br /> �►. remaining for all installments for items(a),(b),and(c). ___
<br /> ' 3.Application of Payments.All paymen�c undcr paragraphs 1 and 2 shall be applied by Lcnder as foAows: ____
<br /> � �,to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the :;Yl�-_
<br /> Secretary instead of the monthly mortgage insurance premium; _
<br /> • $�&pp$� to any taxes,special assessments,Iceschold payments or ground rents, and f'ue,flood and other hazard •"",
<br /> insurance premiums,as required; �`
<br /> � y�j,to interest due undcr the Note; �''�
<br /> , g,Qy�,ta amortizadon of d�e principal of thc Notc;and _
<br /> gj�,to late charges due under the Note.
<br /> 4.Fire,Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether
<br /> � � � now in existence or subsequendy erected,against any haasards,ca5ualdes,and conungencies,including fire,for which
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<br /> • Lender requires insurance.'Ihis insurance shall be maintained in the amounts and for the periods that i.ender requires.
<br /> _______ ga�;;,����in���rP aD improvemencs on thc Property,whethcr now in existcnce or subsequendy crected.egainst
<br />- loss by floods w the extent required by Ihe Secretary..All insurance shall be carried with companies approved by Leneier.
<br /> • 'Il�e insurance policies and any renewals shall be held by I.ender and shall include loss payable clauses in favor of,and
<br /> ' in a form acceptable w,Lender.
<br /> � In the event of loss,Borrower shaU give Lender immedlate notice by mail.I.endec may make proof of loss if not
<br /> made prompily by Barrower.Each insurance company concemed Is hereby authoriacd and directed to make payment for
<br />�;,-•_� such loss direcdy w L.ender,instead of to Borrower and to Lcnder jointly.All or any part of thc insurance proceeds may
<br />�"'' " be applied by Lender,at fts option, either(a) w the rcducaon of thc indcbtedness under the Note end this Sccuriry _
<br />- Instrument, first to any delinquent amounts applicd in ihe order in paragraph 3,and then to prepayment of principal.a
<br />- . (b)to the reswration or repair of ihe damaged Property.Any application of the proceeds ta the princlpal shall not extcnd
<br />-`� or postpone the due date of the monthly payments which are referred to in pazagraph 2,or change the amount of such
<br />�•`. : payments.Any excess insurance proceeds over an amount requ'ved to pay all outsinnding indebtedness under the I�Tote
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<br />__� •,., ,� Y and this Securiry Instrument shall be paid to the cndty legaUy entitled thereto.
<br />�,,_�•.,_•'� In the event of foreclosare of this Sceurity Instrument or other transfer of tide to the Property that ex6nguishes the
<br />����+�'��%� indebudncss,ell right,tide and interest of Bonower in end to insurence policies in force shall pass to the purchascr.
<br />�;�:� : �" . 5.Occupancy, Preservatioa, Maintenance ond Protection ot the Prope�ty; Borrower's LoAn Applkation;
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<br /> ,•. Les�.ceholds. Bonower shall occupy.establish,and use the Propecty as Boaower's principal residence within sixty days
<br />"�''' "� � ' after the execution of this Security Instrument(or within sixty days of a later salc or vansfcr of the Property) and sh�l
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<br />`°.;���,,-..,.,, condnue to occupy the Propercy as Borrower's principal residence for at 1ea5t one year after the date o occupancy,
<br /> - ---��'•�?•� unless Lcnder detcrmines that requirement will cause undue hardship for Borrower,or unless extenuating circumstanas
<br />:�+titi�,,,� exist which are beyond Borrower's control.Boaower shall notify I.ender of any extenuating circumstances. Borrower _
<br />-,�•-'�� �" shnll not commit waste or destroy, demage or substantially ch�nge the Property c� allow the Property W deteriorate, _
<br />�4�.'�''_�� reasonable wear and tear excepted.L.ender may inspect the Property if the Property is vacant or abandoned or the loan is
<br />' . ���'.' �' in defaul� I.ender may take reasonable acdon to protect and preserve such vacant or abandoned Properry.
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