|
'� . •
<br /> :,1�Ili, � � _ =;v�.::�--
<br /> �
<br /> --:"' •------.._..-----�-----•-�---- --- --...__.---._.......�.--•-----------------•--------.__...-- ---- - _ �
<br /> �.�,t
<br /> .. •--. - �.l_� • -
<br /> . ��°`'i�... . _:._ . _ .: _ - ��,�f—,{�+�1qy� r.F A+tR'r+"a - - _
<br /> . ... ,...
<br /> . �� :r.Y.+�MC'��i� .`!':! . . � ����� iry/yt�{4i1e: _ '���1��7 . .. .- . . -_
<br /> . .�M �;w.4. "'�a .
<br /> � �
<br /> ' BORROWL�R COVENANTS that Borr�wcr ls lawfully sclsed uf the estate hereby comeycd and has the ri�ht to �
<br /> grant and convcy the Property und that the Pr�perty is unencumbered,except for encumbrances of record. Borrower �
<br /> w�urrunts and wiU defend genernlly the Utle to the Property egainst all claims and demands,subJect to any encumbrances ��
<br />-. � of record. °`
<br /> THIS SECURITY 1NSTRUMENT cambines uniform cavenants for nationat use and non-uniform covenants�rith �
<br /> . � llmited varlations by Jurlsdictlon ta constitute a unlfarm securlty instrument covering real property. =
<br /> �� UNIFORM COVENAN''S. 13orrowcr and Lcndc:r wvenant and agrce as follows: � �
<br /> 1. Payment ot Prindpal,Interost and Lta Cfusba Bon°wer shull pay when dua the principal of,and Interest �
<br /> � :..�!yF !�\ on,the debt evldencrA by the Nate and late charges due under the Note.
<br /> �^•.�°r""n'F 2. Monthly Payment of'�7ures,Iffiur�noe.end�the�C�L� Borrower shall include in each monthly paymenc� �
<br /> i togctiier wlth the principal and interest as set farth!n the Notc and any late charges,a sum for(a)taxes and speclal �
<br /> � � assessments levled or to be levied against the Property,(b) leaschold pay�ments or ground rents on the Property,and Q
<br /> . (c) premiums for insurance required under paragraph d. In any year in which the L,ender must pay a mortgage �
<br /> insurance premium to the Secretary of Housing and Urban Develapment("Secretary"),or!n any year in which such
<br /> s premlum would have beea requL•ed if Lender still held the Securiry Insuument, each monthly payment shall also �
<br /> include elther:(i)a sum for the annual mortgage insurance premium to be paid by Lender to the Secretary,or(fi)a
<br /> • monthly charge instead of a mortgage insurance premium if tt►is Security Instrument is held by tlie Secretary,ia a
<br /> � reasonable t►mount to be determined by the Secrewry. Fxcept for the montWy charge by the Secretary�these items
<br /> � � are called"Fscrow Items"and the sums paid to Lender are called"Escrow Funds."
<br /> Lender may, ac any time,collect and hold amounts for Fscrow Items lii an aggregate amount nat to exceed the -
<br /> '� maximum amount that may be required far Bonower's escrow account under We Real Erstate Settlement Procedures
<br /> Act of 1974, 12 U.S.C.$2601 et se,ct.und implementing regulations,24 CFR Part 3500,as they may be amended&om
<br /> time to time('RESPA"),except that the cushion or reserve permitted by RESPA for unanticipated disbursemenu or
<br /> ' ;�:.. disbursements befura the Borrower's payments are available in the account may not be based on amounts dua for the
<br /> mortgage insurancc premium.
<br /> If the amounts held by L,endcr for Escrow Items exceed the amonnts permitted to be held by RESPA,Lcnder shall
<br /> account to Borrawer for the excess funds as required by RESPA. If the amounts of funds held by L,ender at any time
<br /> are nat sufficient ta pay the Escrow Items when due,Lendar may notify the Barrower and require Borrower to make
<br /> up thc shortagc as permittcd by RESPA.
<br /> The Escrow Funcls nre pledged as additlonal security tor uil sums secured by this Security Instrument. If Borr�o.wer
<br /> . . tenders to L,ender the full payment of alt such sums,Sc�rruvve,'s accouai sha!!be credised�:l:h ihe balanCp I�=ISI�21S2T�p
<br /> Eor all instaUment items(a)�(b),and(c)and any mortgage insurance premium instsllment that Lender has not become
<br /> • obligated to pay co the Secretary,and Lender shall promptly refuad any excess funds co Borrawcr. Immediately prior
<br /> to a foreclosure sale of the Property or its acquisttion by L,ender,Bonower's account shall be credlted with any balance
<br /> rematning for all installments for items (a),(b),and(c).
<br /> 3. Applicstlon ot Payments. All payments under paragraphs 1 and 2 shall be applied by Lender as follows:
<br /> � FIRST,to thc mortgaga insurance premium to be paid by Lendet to the Setretary or to the monthly charge by the
<br /> Secretary instead of the monthly mortgage insurance premium;
<br /> �- SECOND,to any taxes,special assessments,leasehold payments or ground rents,and flre.flood and other hazard
<br /> ' � insurance premiums,as reqalred;
<br /> THIRL�,to interest due under the Note;
<br /> OtF 1RTH, to amortization of the principal of the Note;and
<br /> �� • FIFTH,to late charges due under the Note.
<br /> . ' ,}, ��F��nd pWer Ha��rd Insueanoe. Borrower shall insure all improvements on the Property,whether
<br /> now in exLstence or subsec{uendy erected,against any hazarcls,casualties,and contiagencies,including fire,for which
<br /> L,ender requires insurance. This Iasurance shall be maintained in the amounts and for tne periods chat 1.,endCr
<br /> j� requires. Borrower shall also insure all improvemcnts on the Property,whether aow in existcnce or subsequently
<br /> � erected,against loss by floods to the c;xtent requlred by the Secretary. All insurance shall be carried with companies
<br /> •* approved by I.ender. 'I'he insurance pollcies and any renewals shall be held by Lender and shall include loss pay�able
<br /> � � clauses in favor oP,and in a form acceptable to,Lender.
<br />, #
<br /> In the event of loss,Borrower shall give I.ender immediate notice by mall. Lender may make proof of loss if not
<br /> made promptly by Bonower. Each insurance company concerned is hereby authorized and directed to make payment
<br /> for such loss directly to Leader, instcad of to Borrower and to Lender jolntly. All or any part of the lnsurance
<br /> proceeds may be applted by L.ender,at its optiun,cither(a)to the reduction of the Indebtectness under the Note and
<br /> this Securicy Instrumcnt,first to any delinquent amounts applied In the order tn paragraph 3,and then to prepayment
<br /> of principal,or (b) to the restoration or repafr of the damaged Properry. Any application of the proceeds to the
<br /> principal shall not extend or postpone the due date of the monthly payments which are referred to in paragraph 2,or
<br /> change the amount of such payments. Any excess insurance proceeds over an amount requireci to pay all out,standing
<br /> indebu;dne;ss undcr the Note and thts SecurIty Instrument shall bc paid to the entity legally entitled thereto.
<br /> !n thc evcnt of forcclosurc of this Sec;urtty Instrument or othcr transfcr of titic to the Property that cxtinguishes
<br /> thc indebtedncss, all dght, title and interest of Borrower in and to insurance policies in force shall pass to the
<br /> purchaser.
<br /> 5. Oa�upanc.y� Preseevation, Maintenanoe and Protection of the Pro�x:tty; Borcower's Loan Appllcation;
<br /> Leaseholds. Borrower shall occ:upy,establish,and use the Property as Borrower's principal residence with{a sixty days
<br /> ..a.�.i�..t....,.�.,.,�nf o lotnr cvlv nr francfr•r nf tht�Prnnnrtvl and chall
<br /> _ : � uner tne exe.c:ueion oi inis accuiiiy ii�sii u�n�ai����,.�...,v,...�....���._--.-------- •-----•-- -------r--•..--•-------
<br /> continue tu oc;cupy the Property as Borrower's prineipal resldenee for at least one year after the date of occupaney,
<br /> � unless Lcnder detcrmincs that rcquircment will caasc undue hardship for Borrower, or unlcss cxtenuating ;
<br /> i circumstanc:es cxist which are be�ond Borrower's wntroL Borrower shall notify I.ender of any extenuating ;
<br /> � !
<br /> i
<br /> � NHBI2ASKA-E7fA D1IHI)QF TRUS'C �' �
<br /> j I�cumem��emx Inc(600)679-IM2 }�f1SC 2 Uf f1
<br />. �
<br /> �
<br />
|