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<br /> � � � 97— �o�a�
<br /> BORROWER COVENANTS that Barrower is lawfully selsed of the estatc hcreby wavcycd and has the rlgbt to
<br /> grant and convey the Properry aad that thc Property ig unencumbered,except for eacumbrances of record. Aonower
<br /> waxraats and will detend generalty the dtle to the Prupeny against sU claicas and demaaais,subject to any eacumbrances
<br /> of reoord
<br /> THIS SECURII'Y INS'CPtUMENT combines uniform coveaants for nationel use and non-un[form covonants wit
<br /> Wnitcd vartation�by jutisdictlon to oonscitute a uniform secudey instrument covering real properry.
<br /> UNIFURM CAVEIVANTS• Bor,o�ar nnd I�e;nAer ccwcnant end agrec as fallows: �_ _
<br />_ 1. Pa�r�eat o[P�indpal,I�tot+as aad 1.sto C�ar�. Bonower shall pay when due the principal of,and Interesc
<br /> on,the debi evldenced by the Notc and late cbarges due under the Note.
<br />= 2, Montuly ptyseat of'I1uoe�,I�wtanoe„and a6u(hub�a. 8°n°w'er shall lnclude in each monthly payment,
<br /> ul
<br />" togather wlth the principal and interest es set fonh in the Note and any late charga, a sum for(a)taxes and special
<br />- assessments levied or to be levIed��aainst the Propeny,(b)leuehold payments or ground rents on the Property�and
<br /> _ (c) preipt�xns for iuswnnce required under patagraph 4. In any year in which the Lender must pay a ix►ort8age
<br /> lnsurance premivai to the Secreta,ry of Housing and Urbaa Development('Secretary"),or in any year 1n which such
<br /> = premium would have been required it Lender still held the Security InstrumGat,each monthly paymant shaA also
<br /> includ�elther.(i)u sum for the ananal mortgage insurance premium co bo Paid by Lender to the Secretary,or(Ti)a
<br /> monthly chatge instead of a mongage insurance pramium it this Seci►dty Instrumeat is beld by the Secretary, in a
<br /> reasonable emowtt w be determined by the Secretaty. Except fot tho montbly charge by the SeccetaiY,these tums
<br /> are called"Esceaw Items"and the sums paid to Leader are alled'Fscrow Funds�
<br /> Lender me►y,at any tlme,coUe�:t end hold smounts for Escrow Items ia an aggtegate amount not to exceed the
<br /> ma�dmurn amount that may be required for Borcower's escrow acaount under the Real Fstate Settlement Procedures
<br /> Act of 1974�12 U.S.C.$2b01 et sea•aad implemeating regul�cioas,24 CFR Parc 3500,as thoy maY be amended from
<br /> time to Wne("�tFSPA"),except that the cushion or reserve permitted by RESPA for unandcipated dlsbursements or
<br /> dlsbursements before the Borrower's paymeats ara available ia tho acoount may not be based on amounts duc for We
<br /> mortgago insuranae premium.
<br /> IP the amounts held by Lender for Escrow Items exceed tLe amounts permitted to be held by RESPA,Lender shall
<br /> account to Borrawer for the excess funds es re4uired by RFSPA. If the amounts of funds hold by Lender at any tima
<br /> - are not suffident to pay the Fscrow Items Wb�n due,Leader raay aotity the Borrower aad require Bonower to make
<br /> - up the shortage es parmitted by RESPA. Instrumen� IP Borrawer
<br /> The Escrow F�nds are pledged as addltIonal security for ell sums secured by this Security
<br /> tenders co Len�kr ina iuti gayAZ:,ni af a23�urh ssims,E�rr4�!'r'�e�unc shalt be aedited with the balance ramaining
<br /> for all iastaUmeat items(a),(b),and(c)and any mortgage insuraaoe premium installment that L.ender has aot b000me
<br /> - obligatal to pay to the Secretaiy,and Lender shall promptly refund any exass funds to Bonow�r• Imm�ately prior
<br /> to a foreclosure sale of the Property or its aoquisition by Lender,Boaower's aocount shall be credIted wtth anY balance
<br /> remaWng tor all dnstallmenu for items (a), (b),and(c). �nder es foAows:
<br /> 3, p�n ot pa�rmeats, AU payments under paragraphs 1 and 2 shall be applIed by
<br /> �IRST•to the mortgage insurance premium to be paid by L.eader to the Secretary or to the montLly charge by tho
<br /> Saxetary}�instead of tlte monthly mortgage insurance premium;
<br />_ � �y�V��to any taxes,spectal assessments,leasehold payments or ground rents.and Gre�flood an�other hpu+rd
<br /> insuranoe promiums.as required;
<br /> �IRD,to Interest due under the Note;
<br /> OU TEI to amortiratlon of the principal of the Note;and
<br /> �I ,to late charges due uader the Note.
<br /> ,� g� �+��d p=her FLarQ Im�uran� Bonower sball insure xll improvements on the Propercy�whether
<br /> now in eadstena or subsequently erected,against any ha7ards.rasualties�and ooatingeades,including 8re�for which
<br /> Lander requira Insurance. Tlils insu:aacc shall be• mainteined in the amounts and for the periods that L,endar
<br /> requira. Bc>rrower shall aLco insure a11 ia►Provements on the Property,whether now in adstance or subsequently
<br /> ecected,against loss by Aoods to tha extent required by the Secretary. All insurence shall be c�rried wlth wml�anla
<br /> approved by Lender. The insurance poHcies and any renewals shall be held by Leader and shaU include loss payable
<br /> clauses In favor o$and ia a form acoeptable to�Lender.
<br /> In the event of loss�Bonowcr shall gtve Lender immedlate notice by maU. Leader may malce proof of loss if not
<br /> made pra�mptiy by Borrower. Each inswance company ooncerned is hereby authorized and directed to make payment
<br /> for such loss dlrectly to L.ender, instead of to Bonower end to Lender jolntly. AU or any part of the insuramas
<br /> proceexis may be applied by Lender,at its optton,either(a)to the reduction of the indebtedness under the Note and
<br /> - this Sccurlry Instrument,8rst to any delinquent amounts appiied in the order in paragcaph 3,and then to pr�payment
<br /> -- of priacipal, or(b)to the restoration or repair of the damaged Property. Any applicadon of the proceeds to the
<br /> ,. priactpal�hc�ll not excend or postpona the due date oi the monthly paymeats which are refemed to in paragraph 2�or
<br /> -- change the amount of such payments. Any excess ins�uance proceecis over an amount required to pay all outstanding
<br /> �� indebtedness under the Note and this Security Insuument shall be paid to the endty legally entitled thereto.
<br /> �' In the event of foreclosure of this Security Insuument or other transfet of dtle to the Properry that extinguishes
<br /> �� the indebtedness, all rigt►t, title and interest of Bonower in and to insurance policies in force shall pass to the
<br /> purchaser.
<br />�► 5. Oocupincy� Pr�se�vatbn, Maintea�aoe and Protaxlon of the Pcoperty Hotro�w�er's Loan APP1icYtb4
<br /> .�;
<br />_ �� uaaeholds, Borrower shall oocupy,establtsh,and use the Property as Borrower's prIncipal residenoe withitt sixty ys
<br /> __..,�....�.�,.�o,...a...t..�..,�,.,p�����.,�*hi���,�w aA.,��f A tAter sate or uansfer of We Property)smd shaU
<br />-_��- iillCl IItG GAC.�.uuvu vs uuo..........y............–...�–' "'—'_'� °r–--–----� -
<br /> contlnue to occupy the Properry as Bonower's prtncIpal residence for at least on�a year after the date of occupanry,
<br /> j` unless Lender determines that requtrement will cause undue hardship for Bonower, or unless extenuating
<br /> c[rcumstances exisc which are beyond Borrower's oonuoL Borrower shall notify I.ender of any extenuating
<br /> � i�sBxesx�+-�nm�or+zxusr �
<br /> �������1�y.� Pagc 2 of 6
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