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<br /> � 97— ht to � .��:r'"-
<br /> ' rt is unencumbcrcd,cxccpt far cncumbrances of rerard. Borrower
<br /> BORROWEFt COVENAN'I5►hat Borrp oer is lawfully selscd of the estatc hcreby cunvPyed and has the dg ���;;;�-
<br /> grant and convey the Property aad that the F� y 8 ��all claims aad demands.subject to any encumbrances
<br /> warrxnts and wW defend genctally the tiQe to the Properry 8
<br /> ot rccord. �
<br /> 'THISSECURITY WSTRUMENTcombiaa uniform��ty nct�rumenteover�in8�a� Property. COVCnantswith n..
<br /> !im[ted vartations by judsdicdon to cdnstitute ' �;-f,-
<br /> '-� Borrawer shall pay when due che princ�pal of,and interest _�
<br /> UNIFORM COVENANTS. �n��Ltade��aant end agrce as follows: -:-•_-
<br /> 1. Paymeat ot Prindpa `':.:�
<br /> •""""r`'�' an.tha debt evldenced by tbe Note i d 1���a��d�� �n wer shall include in each monthly paYu����+ - -
<br /> .•"w•,•w�►ti 2. Monthly Pt��t otl�uoe�, texes and sp�lal ,�;.:
<br /> together with the pric►cipal aad interesc as set forth in tbe No�tee�dBIIyyments o grouad rents on the PropenY.and '�,--.
<br /> assessmeats levied or to be levied agalnst che Pmpertyh N) � any y� �'►w�ch �e ��der must pay a mortgage ,�,_;�
<br /> . (c) Prcmiuras for insucauce requtre+d under paraSraP .�e�,•��or in any ycar in which such �,"-_-
<br /> insuranas premium to ttte Secretary ot I-Iousing and Urban Aavelopmant( a ent shall also
<br /> or ll a �r�'
<br /> prepn�,um would have been required U Lender atlU held tha 1e�u�t�p�d y J�nder to e��e, ���a -
<br /> � Include either.(i)a sum for the annue�mortgage fns������ty��ent is held by th �Y �
<br /> moathly charge instead of a morcgage Insurance P e b �e Secretaty+these items �
<br /> ttte Seccetary'• ExcePt for the monthly charg Y _
<br /> reasonable amouat to be determined DY e ate amount not w exseed the �
<br /> . '�� are called"Escrow Items" eud We sua�ss paid to Lender are called'Fsecow Fuads." eed �_
<br /> L,ender may,at any tiwe+c�Uect and hold amounts for Fscrow Items 1a aa aEBr 8 -
<br /> maximum amount that may be required for Sorrower's escrow account under the Real Estate�au be amended from _
<br /> re ations,24 CFR Part 3500,as theY Y
<br /> pct of 1974,12 U.5.G 2b01 et .ea- nnd imPlementing 8W� �ed dLsbwsements or
<br /> � time to time("�PA'),��pt�at the cvshion or reseive rmitteA by RESPA for uaenticiPa
<br /> disbursements before the Barrawer's payments are available in the acoonnt may not be based on amounu due for We -
<br /> ipartgage insurance premiiun. rmdtted to be held by RFSPA+LeAder shall _
<br />- ' If the amounts held by Lender for Fscsow It��b��P���e�o��of���eld���awer o make
<br /> aecount to Borcower for the excess fu�ds as recl �he Borrower and req
<br />'• are not sugiclent to pay t he E s c r o w I t e m s w h e a d u e,I.e nder ma y nottfy ���ty��eA� ���owet
<br />_� '-_ ___— up the shortage as permitted by R.PSPA.
<br /> ----- 'Ihe Escrow runci,u�a pir,d ent of all such aums,Borrawellr's accoun suall be crcitited u�th ihs h�noe remaininS
<br />:,��. tenders to Lendar the full paym rem{um installment that Lender h a s not bccome
<br />� for all installment items(a),(b)�and(C)and any mortgage insurat►ce P
<br /> and i.ender ehall promptlY refund any oxcess fiinds to Bonower. ImmediatelY prior
<br />:,,; . obligateci to pay to the Sec[etary, or its a uisidon by Lender,Bonower's accowit sha111�e c�'��""���y b�ce
<br />� � � , to a fotecloswe sale of the Property �9
<br /> `' ' ' for aU installments for itecas(a), (b), aad (c). Pp L,ender as fallncws:
<br />�: ,� : remainin8 ents under paraBraPhs 1 sutd 2 shaU be a lied bY charge by the
<br />_._;, .,.� . 3, w,pplication ot Ptymaat� AU paYm d b Lender w the Secretcuy or to the monthly
<br /> :l FIRST•co the martg�ge insuranoe pnmium to be pai Y
<br /> �--r,� _�;, mort e insurance premium;
<br /> , ,;�� S e c re t a ry i n s t e a d o f t h e i uoa t h l y 8 a8
<br />=— . " �''� � SECA to any taxes�specta1e���'���'l�ehold payments or gco u n d r e n t s�a n d S r e,flood and ott►er h
<br />=���.� '"'`.' insurence preiniums,as recluired;
<br />�rY��.»�-�a' D to interest due underthe Note;
<br /> '"`�'�" to amordzation of the pn�icipal of the Note;and
<br /> s,�c;T':�s<�•�. F
<br /> -�� �� �o late charges due under the Note. whether
<br /> ..��.��
<br /> �_ Ins�aoe. Borrower shatl insure all itt►Provemen�s on the rope .
<br />��.::,;:�:. . 4. Pfin,P1ooa wd Otba H�urd �t any ba7ards�casualties�and contingenctes�including fire�for which
<br />:r-'�;:`.�� now in exlstence ur subsequently erectcd,aga
<br /> � Lender requires insurance. This lnsurance shall be maintained ia the ��ther now in eadstence or su�bseclu ntly
<br /> `�, '„%s`. requires. Banower shaU also insure aU improvements on the Prope�• insurance shall be carrled with oompanies
<br /> :�::�::1�;_
<br />— . ._: . erected,against loss by Aoods to t6e ext��x��r n��1e����'be held by Lender and shall include loss payablc
<br /> R�,.:::::,.•. .:.:..
<br /> �" `�-Y� approved Dy Lender. The insurance po
<br /> �•. clauses in favor of,and in a forntacceptaVee t�ond�n���ate notice by mall• Lender may make proaf of loss if aot
<br /> �Y.,�.�...
<br /> ,E,,,,,. . In the event of loss,Bonower shall gi
<br /> =w�'.��: .. :� made promptly by Borrower. Each insurance company oonverned is hereby suthorized and direct�of t�he insurence
<br /> �''. '� � for such loss directly to Lenaer,instead of to Bonower and to Lender jointly. A11 or any p
<br />=,°. . � ' � r�may be applied by Lendcr, at tu option,eiWer(a)to the reductioa of the Inde h���en to pr paym na
<br />_ • �� t�his Security lnsuument,Hrst to any dalinquent amounts applied in the order A p�pp�P��on of the proceeds to the
<br /> . ,_ Qf principal,or (b) to the restoration or repair of the damaged Pr aPe ett�which are refened to in pataScaPh 2 or
<br />. �, principal shall not extead or postpone the due date of the montLly p Ym r��ount required tv pay all outstandin8
<br />- ��' change the amount of such paymeats. Any excess tnsu�aAOe PfOO� entitled thereto.
<br /> ` • indebtedness under the Note and this Secarity Instrun►ent shall be aid to the entity legally that extinguls�es —
<br /> ` In the event of foreclas�re of th�s Sec�t3'Instrument or oWer transfer of title li���in�fo c.�� shall pass to tt►s _
<br /> ' � the indebtedness, a11 right+citle and intetest of Borrower ia and to insucance po
<br />� � ' i p�5�pocupanc,y, Presenrat3oo. M�iatea�°° a� Proteetion ����°��rinci a�deII�t�s�Y�}5
<br /> 5 _.�..._.....,.. ��ohu�h.Ana use the Prot�nY p p
<br /> _n�....e.�.,\ond Rh811
<br /> ----_ � - _ . –
<br />- _ �bpy�, �pnOwc[5itan v...��r�+------• � of a later sale or transicr oi iu�_=��••s i------
<br /> � after the e,�ecution af this Securiry Instrument(or�vithin sixty Ys
<br /> - continue to occupy d►e ProPerey as B°rr°wer's principal residence for at least one year after the date of occupanc�++
<br /> " unless Lender determines tbac requirement will cause undue hardshlp for Bonower, or unless excenuating
<br /> ctrcumstances e�dst wluch are beyond Bonower's conerol. Bonower shall notify Lender of any excenuating
<br /> N96
<br /> _ �g,RA4KA-FHA DBSD OF'IRUSf page 2 of 6
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