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<br /> .r��"�" If thc nmounts hcld by I.cndcr for Escro�v Items cxcced thc amounts permittcd to bc hcld by RESPA, L.endcr �_
<br /> ���°"''"""'r shall account to Borrowcr for thc excess funds as rcquired by RESPA. lf thc amounts of funds hcld by Lendcr at any
<br /> time are not sufficicnt to pay the Escrow Items when due, Lender may notify the aonower and require Bor�ower to
<br /> make up�he shortage as permitted by RESPA.
<br /> The Escrow Funds are pledged as additianal security for all snms secured by this Security Instrument. If __
<br /> Bonower tenders to Lender the full payment of all such sums,Borrawer's account shall be credited with the balance �
<br /> remaining for all Installment items(a),(b),and tc)and any mortgage insurance premium instullment that Lender hns
<br /> not became obligated to pay to [he Secretary, and Lender shall promptly refund any excess funds to Borrower. _
<br /> ' •• Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Botrower's acc:ount shall be •
<br /> � M credited with any balance remaining for all installmenu for items(a), (b),and(c). �''.
<br /> � 3. Appltcetion of Payments.All payments under paragraphs 1 and 2 shall be applied by L.ender as follows:
<br /> •�. irs ,to the mongage insurance premium to be paid by Lender to�he Secretaiy or to the monthly charge by the Y --
<br /> . Secretary instead of the monthly mortgage insurazice premium;
<br /> �' i"-� Second, to any tAxes,special assessments, leasehold paymenta vr ground rents,acid fire, flood and ocher hazard _
<br /> insurance premiums,as required;
<br /> `��� T ird,to intcrest due under thc Note; �,•
<br /> ou ,to amortlzation of the principal of the Note; and =
<br /> + Fi t ,to late chazges due under the Note. __
<br /> �� 4. F'ire,F7ood and Uther Hszard Insurance. Bonower shall insure all improvements on the Propeny,whether _
<br /> � now in ex[stence or subsequently erected, against any hazards,casuaities, and contingencies, including fire,for which -
<br /> Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender
<br /> `� requires. Bonowcr shall also insure all improvements on thc Property, whether now in existence or sub�equently '
<br />-_"-_-- -'` erecced, against loss by ilood�io ihc caicui�cyui�c�i i;y iha S�;ietary. All ins�rattc�ohall bc carried�:�is.h r.�mganies
<br /> � approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include loss payable —
<br /> clauses in favor of,and in a form acceptable to, Lender.
<br /> In thc event of loss, Bonower shall give Lender immediate notice by mail.L.ender may make proof of loss if not
<br /> made promptly by Borrower. Each insurance company concemed is hereby authorized and directed[o make payment `
<br /> for such loss directly co I.ender, instead of to Bonower and to Lender jointly. All or any pan of�he insurance _
<br /> � proceeds may be applied by L.ender, at its option, either(a)to the reduction of the indebtedness under the Note and --
<br /> this Securiry Instrument, first to any delinqucnt amounts applied in the order in paragraph 3, and then to prepayment
<br />_ of principal, or (b) to the restoration or repair of the ds�mmaged Property. Any application of the proceeds to the =
<br /> • principal shall not extend or postpone the due date of the monthly payments which aze referred co In paragraph 2,or =
<br /> - change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstand{ng ='
<br /> � • indebtedness under the Note and!his Securicy Instrument shall be paid to the enticy legally entitled thereto.
<br /> In the event of foreclosure of this Securi[y Instrument or other transfer of title to the Propexty that extinguishes
<br /> [he indebtedness, all right, title and intcrest of Borrower in and to insurance policies in force shall pass to the �.;.
<br /> purchaser. �
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<br /> � ' S. Occupancy, Preservation, Mnintenance and Protection of the Property; Borrower's Loan Applicatton; --
<br />-' LeASeholds. Bonower shall occupy, establisli, and use the Property as Borrower's principal residence within sixty e-�
<br /> ' days after the execution of this Security Instrument(or within sixry days of a later sale or transfer of the Property) � ----
<br />_• , and shall continue to occupy thc Property as Borrower's principal residence for at least one year after the date of �''
<br />_ � � occupuncy, unless Lender determines that requirecnent will cause undue ha�dship for Bonower,or unless extenuating _.
<br /> circumstances exist which are beyond Bonower's control. Botrower shall notify I.ender of any extenuating __.
<br /> circumstances. Bonower shall not commit waste or destroy,damage or substantially change the Property or allow the �
<br /> Property to deterioratc, reasonable wcar and tear cxceptzd. Lcndcr may inspect the Property if the Property is vacant --_
<br /> or abandaned or the loan is in default. Lendcr may take reasonable action to protect and preserve such vacant or -_
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