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<br /> ' ' 98_ 112��30
<br /> BORROW�R COV�NANTS thu Borrower 1s luwfully seieed of tlic estate hereby canveyed and has the rigln to
<br /> glant and convey the Property And that ihe E'roperty is uneikurnbered, exctpt for encumbrancea of r�ord. Bnrrower
<br /> wiur�nt� wnd will defend gener�lly tho title to the Property agalnst all clalms:u�d demands, subJect to any encumbrances
<br /> of record.
<br /> THIS SECURITY INSTRUM�NT combines uniform covenants for national use and non•uniform cavenants with
<br /> limited varlstions by Jurisdlction ta constitute a uniform security instrument cov�ring rcal propertY•
<br /> UNIFnRM COVENANTS. Borrowcr �nd l.ender coven�nt and agree a9 follows: `
<br /> 1 g� ot p�,.�� � ao� �,�te Ch�e, Borrower shall pay when due the principal of,And intereyt
<br /> on,the dtbt evldanced by the Note end Ipte charges dua under the Note.
<br /> Z, Mq�Lly payrmeot of Tud,lnsuana� md 01t�r Ch�Ba• BO170WCr shall in�:lude In each monthly payment,
<br /> together with the principal aud interest as set forth in the Nate and any late charges, a sum for(a) texes and special
<br /> assessments levied or to bc levied agninst the Property, (b) leasehold payments or ground rents on the Property, und
<br /> (c) premiums for insurance requir�d under paragraph 4, In any year in which the Lender must pay a mortgage
<br /> insurancz prcmlum to the Sxretary of Housing and Urban Development ("Secretary"),or in any year In which such
<br /> premium would have betn requixcd if Lender stiU held the Sccurity Instrument, esch monthly puymcnt shall also
<br /> include elther: !i) a sum for the a�ual mortgage insurance premium to be paid by Lender to the Secretary, or(ii)a
<br /> monthty charge insteacl of a mortgage insurance premium if this Security Instrument is held by�he Secretary, in a
<br /> reasonable atmunc co be determined by the Secretary. Except for the monthly charge by the Secretsuy, thesc itesn�
<br /> are called "L'scrow Items" and die sun.�paid to Lender are called "Escrow Funds."
<br /> Lender may,at any time, collect and hold amounts for Escrow Items in an aggregate amount nat to excad the
<br /> a maximum amount that may be required for Bon'ower's escrow account under the Real Estate 5ettlement Procedures
<br /> Act of 1974, 12 U.S,C.§2601 et sea.and irnplementiug reg�ilations, 24 CFR Part 3500,as they may be amended from
<br /> time to time ("RP,SPA"),excepc that the cushlon or reserve permitted by RF;SPA for unanticipated disbursemeats or
<br />= disbursements before the Borrower's payments sue available in the account may not be bascd on amounts due for the
<br /> martgage insuranc,e premium.
<br /> - If the amounts held by Ixnder for Escrow Items exceed che amounts permicted to be held by RB5FA, L.ender shali
<br /> - a�renot uffBc entWOTpay�he Escrow I edmsw henudue, Lendespmay nott�'t1fY�e Bon W�u�d require Borrower oymalce
<br /> up tt�e shortage as permitted by RESPA,
<br /> '►�ne Facrow Funua uic p1:dBw�% «�""itic:ssl `-'-'�''!rlry for all suma secured by this Security Instrument. if Bonower
<br /> tenders to Ixnder the full payment of all such sums,Botrower's account shdl be credited wlth the b�lwsc�e remwinia�
<br /> for all installment ltems(a),(b), and(c)and wny mortBaBe lnsurana premium instalment that Lender haa not become
<br /> obligated to p+�y to the Secrecuy, �nd Lenaier shall promptly nfund any excea�funds to Borrower. Im�r�edfuely pdor
<br /> to a foreclosure sale of the Proper[y os its acquisttion by l.ender, Borrower's account shall be credited with unY bAlw�ce
<br /> remaining for all lnstalirnente for Iterns(a),(b), and (c). lird by Lender as follows:
<br /> 3, ��yW� of prymea�s, pll payments under puagraphs l and 2 shall be app
<br /> FI T, to the mortgage insuru�ce premtum to be paid bY Lxnder to the Secretary or to the monthly charge by the
<br /> Socretary iastead of the mont6ly mortgage insuraz►ct premium;
<br /> ,�ECOND� to any cuxes�6Px�tJ a,iyussments, leasehold payments or ground rents, and fire,flood wnd other haz�rd
<br /> Insurance pnmiums, as requiral;
<br /> THIRD, to in[erest due under the Note;
<br /> FpURTH, to amonization of the principal of the Note; and
<br /> p[FTH. to late charges due under the Note.
<br /> 4. F.u+e�F�� �p�}�p� }�� Inwcanoe, Borrower shall insure all improvements on the Property, whether
<br /> now in existence or subsequently erected. egainst any hacards, casualties, and contingencies, including fire,for whlch
<br /> I,ender requires insurance. Th1s insurancc shall be maintained in the amounts and for the periods chat L.endcr
<br /> requires. Borrower shall also insure all improvements an the Property, whether now in existence or subsequently
<br /> erected, against loss by floods to the extent required by the Secretary. All lnsurance shall be carried with companies
<br /> approved by I,ender. The inaurance policies and any renewals shall be held by Lender and shall include loss payable
<br /> clauses [n favor of,and in a form acceptable to, Lender,
<br /> In the °vent of loss,Boaower shall give Lender immediate notice by mail. Lender may make proof of loss if not
<br /> made promptly by Bonower. Each insurance company conarned is herebyj authYrized and direct��of�einsurance
<br /> for such loss directly to Lender, instead of to Bonower and to Lender oint! All or any p
<br /> -= ptoceeds may be applied by L,ender. at its optlon, eithec (a)to the reduction of the indebtedness under the Note and
<br /> —= this Security Instrument, first to any delinquent amounts applied in the order in paragraph 3,and then to prepayment
<br /> of principal, or (b) to the restoration or repair of the daunaBed Propeny. Any application of the proceeds t� the
<br /> ; principal shall not extcnd or postpone the duo dxtc of the inonthly payments which are referred to in paragcaph 2,�r
<br />_� change the wnount of such paymcnts. Any excess insurance procecds over an unount required to pay all outstanding
<br /> _.� indebtedness under the Note and this 5ecuriry Insuwne�t shall be paid to the entity legally entitled thereto.
<br /> – In che event of foreclosure of this Security Instmment or other transfer uf title to the Property that extinguishes
<br />� the tudebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the
<br />'� purchaser.
<br />•� Pneeervation� Mtinteaauce and Pc+c�taxion of the P�q�etitY; Bore+�wer'e Lo�u Appliution;
<br /> _:__ _ 5: ��y�.__ ......,� ....,.,,„., ,��ohu�h and use che Pronertv as Bonower's principal residence within sixtydays
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<br /> .� after the execudon of this Securiry Instrument (or�vithiu sixty days of a tater sale or transfer of the Property) azid snai�
<br /> t continue to a:cupy the Property as Borrower's principal residence for at least one year after tlie date of occupancy,
<br /> �nless Lender deternunes that requtrement will causc undue hardship for Borrower, or uuless extenuating
<br /> circumstances exist which are bcyond Borrower's control. Borrower shall notify Lender of any extenuating
<br /> . 6l96
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