|
„, ;•��!�;
<br /> � . , ,
<br /> a i� .
<br /> . ' . „ �':�'�r:..ft�. , . -. . � , w..���.
<br />' t
<br /> • . ��,��� -
<br /> BORROWER COVENANTS that Borrower ls lawtully scised of thc estate hereby canveyed and has the rl�ht to
<br /> grant end oomcy the Properry attd that the Property l�unencumbered,eaccept for encumbranocs of rccord. Bonowcr
<br /> warrunts and wtll dcfend grneraUy the Utle to tAe Properry agalnst ail claims and demands�subject to any encumbrances
<br /> ut recurd.
<br /> THlS SECURITY 1NSTRUMENT combines uniform covenauts for national ase and non-uniform covenants with
<br /> limited variations by jurJsdictlon to constitute a uaiform secudty iastrument covering rcal property.
<br /> � UNIFORM COVENAN'I'S. Borrower and Lunder covcaant and agree as foIIowa: c
<br /> i. Prrymont of Prindpal�Intc�est�nd Lta Cbar�o. Bonower shall puy when duc the principal of,and interest
<br /> an,tha dcbt evtdenced by the Note aad late charges due under the Note.
<br /> ^�,,,�� Z, JbbQWly pa�at otZyu�.Inyranoe�and Othet Char�es. Bonower shall include In each monthly payment,
<br /> together with the princJpai and taterest as set forth ia the Note and any late charges,a sum for(a)taxes and special
<br /> a.�sessments levied ur to be levted against the Property,(b) leasehold payments or ground rents on the Proparry,and
<br /> � ��� (c) promlums for insurance required under paragraph 4. In aay year in which the Lender must pay a morigage -
<br /> � insurenca prcmium to the Secretary of Housing and Urban Development("Secretary"),or in any year in wbich such
<br /> = premtum wouid have been required if Lender sWl beld the Security Iasuument,each monthly payiaent shall also -
<br /> '�' inctude elther:(1) a suc�x for the aanual mortgage insurance presaium w be paid by L,ender to the Secretary,or(U)a
<br /> � monthly charge instead af a mortgage insurance premivai if this Secudty Insuument is beld by the Secretary,in a
<br /> � reasonablo emouat to be deternitued by the Secretary. Except for the monthly charge by the Secretary,these items
<br /> ara raUcd"Escrow Items”and the sums paid to Lender are caAed"Fscrow Funds." _
<br /> � I.ender may,at any time,coUect and hold amounts for Escrow Items ia an aggregate amount not to oxceed the
<br /> maximum amount that may be required for Bonower's escrow account under the Real Estate Settlemeat Proaedures
<br /> Acc of 1974.12 U.S.C.$2601 e,t ze,a.and Implementing regulations,24 CFR Part 3500,as Wey may be aYaended froru
<br /> ' Ume to time('RESPA"),except that We cushion or reserve permitted by RESPA for unanticipated disburscments or
<br /> disbursements befate the Borrower's payments are available in We account may not be based on amounts due for the
<br /> mortgage inauraacc premium.
<br />�. ., If the arnounts held by I.ender Yor Escrow Items exceed the amounts permitted to be held by RESPA,Lender shall
<br /> , pocnunt to Borrower for the excess fuads as requtred by I�ESPA. IP the amounts of funds held by Lender at any time
<br />='- �, Are not sufticlent to pay We Escrow Items when due,I.ender may notity the Banower and require Bonrower to make
<br /> �� up the shnrtage as permitted by RESPA.
<br /> •�- .•-. �� , �R g���v Fundc are nledged as additional security far aU sums secured by tUis Secudty Instrumen� ff Bonower
<br /> 4 ,;
<br /> w.; ,� '.� teaders to Lender the full payment of all such sums,Borrower's accoune shell be credited with the balance remaining
<br /> ��;����-�•;�,� [or ail inat�Ument items(a),(b).and(c)and any mortgage insurance premium installment that L,ender has aot beoome
<br />__ �� ,- �5 obUgued to pay to the Secretary,and L.ender shaU promptly refund any excess funds to Borrower. Immediatel�►prlor
<br /> ==� �� ta a foreclosure sale af tho Propeny or its aoquisition by L,ender,Bonower's account shall be credited wlth any balance
<br />--}':j�,;:',�_,.; remaining for aU installments for items (a)�(b),and (c).
<br />—� -•�c�,� 3, Appliwtion ot prymenn, All payments under paragraphs 1 and 2 shell be applled by Lender as fallows:
<br /> �-�-��
<br /> ._..�i:;,::_+;}� gj�.to the mortgage insurana premiun�to be paid by Lander te the�retery er to the moathly char�4+y the
<br /> ,�::::��;;"`� Soccetary instead of the monthly mortgage insuranae premium;
<br /> -- �i3�=-_� SECOND,to any tax�es�spec[al asscssmente,leasehoid payments ar gound rents,and 8re�Qoad ond other hnzard
<br />�_=�� inaurana premiums,as roquired;
<br /> "`Q=` �($Q,to Interest due under the Note;
<br /> FQURTH,to�mortization of the principal of the Note;end
<br /> �. �„to taie cbuges due under the Nou.
<br /> 4, plrey pbod�,od OtLer FLpicd Ia�neanx. Bonower shall insure a11 improvements on the Property,whether
<br /> nrrw In extauaoo or subsequently erected,against any hazards,casualties,and oontingencIes,including�re,for which
<br /> Lander requlres insurana. This insurance shell be maintaine�l in the amounts and for the perlods tl�at Lender
<br /> �--- — coquUes. Bonower shaQ also insure all improvements on the Propeny�whether now ia e�dstcna or subsoquently
<br /> -��"'� erected,vg�xinut laas by IIoods to We extent required by the Secretary. All iasurenae shall be caMed with oompaNes
<br /> •_-•_ .,� �pprovod by Lender. The insutance polictes and any reaewals shall be held by Lender and shall include loss payable
<br /> �� clawea in tavor of,and ia a form acaptable to,Lender.
<br /> �_"� ln tho oveat of loss�Borrower shW g[ve Leader immediate notice by mail. Lender may make proaf of loss if not
<br /> � ��� msede promptly by Bonower. Fach iasw�►ce wmpany ooncemed is hereby authorizect and directal to make payment
<br /> :�-��^*�*�; tor �uch Ic�as direccly [o Lender, instead of to Borcower and to Lender jointly. Ail or any part of the insuraucx
<br /> °����ss,.-',�•° prna�nda m�y bo appticd by L.epder,at its option,either(a)to the reductioa of the indebteMess under the Note and
<br /> _;°_.��� thia SecuHty Imtrument,timt to any delinquent amounts applled in the order in paragraph 3�and then to prepayment
<br /> :'�� ';�'= " ot pdnclpal,or (b) to tha restoration or repair of the damaged Property. Any application of the praxeds to the
<br /> : �rF principrl hholl nnt extend or postpoae the due date of the monthly payments which are refercal to in paragraph 2,or
<br /> "::f . •�...;�.;• ch�n6o the amaunt of auch paymenta. Any exass insurance prooeeds over an amount required to pay all outstsading
<br /> i;. �' IndcbtaAncss undcr thc Notc and this Sccurity tnsuument shall be patd to che entity legally entitled thereto.
<br /> .. . In thC cvont ot forcclosure of this Sc�ccuriry Instrument or othar uansfer of tItle to the Property that eatingulshes
<br /> , Ihu Indebtodness� rll dght, tide and intorest of Borrower in and to insurance pollcies in force shaU pass to the
<br /> purchwscr.
<br /> �,,.;� S. Oawpaeq. Pro�crvatioo. Matntcaauoe and Pmtoctbn ot the Propccty; HonoMex'a Loan Application;
<br /> - Lanehol�ia. Bnrrow�cr ahill oocum.establlsh.and use the Ptouert5�as Bonower's A�►ciPai residence within sixty days
<br /> -v�rf l r� xlter the exccutinn nf this Sccutlty Instrument(or within slxty days of a later sale or transfer of the Property)and shall
<br /> ' aintlnuc tu�wcupy the Property as Borrower's prInctpal residenoe for at least oae year after the date of oocupancy,
<br /> • unl�s� I�;ndcr dctcrminc� t{�at rcquireinent wtll cause undue hardship for Bonower. or unless extenuating
<br /> �� ! circums�an�s cxiat whlch aru bisyond Borrower's oontrol. Borrower shall notify Lender of any extenuating
<br /> i
<br /> ; �l141N1AlICA 1+1 IMUU)(H+7RIJS1' �
<br /> ' i�..w«M q,u�,i«.ieuo�►M.�Ht Pegc 2 of 6
<br /> 1
<br /> � '
<br />
|