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<br /> . Lender may, et any tlme, coilect end hold amounts tor Escrow Itoms In an eggregate amount not to exceed the maximum .
<br /> � amount that may be reqWred for Borrower's escrow acGOUnt under the Real Estate Settlement Procedures Act of 1974. 12 U.S.C. .�n;-.";�.=.-
<br /> �2601 et aeg and Implementing reguiatlons. 24 CFR Part 3500, as thoy may be amended from time to time ('RESPA"), except I
<br /> � thet the cuahlun or reserve permltted by RESPA far unanticipated dl�bursements or disbursemenis before the Borrower's _
<br /> payments ere avellabla In the account may not be based on amounts due for Ihe mortgago insurance premlum. .
<br /> H the emounts held by Lender for Escrow Items oxceed the amounta pormitted to be held by RESPA. Lender shall accaunt .".•��°_
<br /> to Borrower tor the excess funds as requlred by RESPA. 11 the emounts of funds held by Lender et eny timo ere not suTiicient to ' '`
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<br /> � pay the Escrow Items when due, Lender may notlly the Borrower and requlre Borrower ta mako up the shortuge as permlttod by � ,;;'ra-
<br /> RESPA. �1 I
<br /> The Esaraw Funds are pledged as additlonal security for all suma secured by this Secudty Instrument. If 8orrower tenders I ��a^:_
<br /> -+*�"r"� � to Lender the full payment ot eli such sums. Borrower's account shail be credlted with the balance remaining for all instellment ���'�'�+�"
<br /> � � Items (a), (b), and (c) and any mortgage (nsurance premium installment that Lender hns not became obligated to pey to ihe � J��m�.ji'
<br /> Secretary,and Lendor shali promptly refund any excess funds to Bortower. Immedletely pr(or to a foreclosure sale of the Property � � •• '
<br /> or its acqulsition by Lender, Borrower's account shall be credf�ed with any balance remalning for ell installments for items (a), (b), � � .�
<br /> and (c). � `'�-
<br /> �
<br /> _ � � 3. Ahpliaation of Paymenta.All payments under Paiegraphs 1 and 2 shall be applled by Lender as follows: � ��:_,
<br /> �3 I FI�St,to the mortgage Insurence premlum to be pald by I.ender to ihe Secretary or to the monthly charge by the Secretar� �--
<br /> ; � Instead oi the monthly mortgage insurence premlum; —
<br /> , }� i Second, to eny taxes, speclai assessments, leasehold payments or ground rents, end tire, flood and other haznrd —
<br /> .�I insurance premlums,es requlred: `
<br /> Third, to Interesl due undar the Note:
<br /> �� Fourth, to emortizatlon of the princlpal oi the Note; and
<br /> , Fifth,to late chatges due under the Note.
<br /> � 4. Flr�. Flood �nd Other H�z�rd Insurance. Borrowor shull Innurv eu improvemenls on �ne Property, whother
<br /> now In exlatence or aubsequentty erected, agalnst any hazards. ceausltles. and contingencles, Including ilre, for which Lender
<br /> '� requlres Insurance. Thls Insurence shall be melntalned In ihe emounta end for the perlods that Lender requlres. Borrower ahall
<br /> nlso Ineure ell Improvements on the PropeRy,whether now in existence or subsequently erected, agamst loss by iloods to the
<br /> . extent requlred by the Secretery. All Insurance shell be carried with companles approved by Lender. The Insurance policles and
<br /> - � eny renewels shell be held by Lender and shall Include loss payabie clauses In tavor ot, and in a form acceptable to, Lender. —
<br /> In the event ol Ioss. Borrower shall glve Lender immedlate notice by mell. Lender mey make prooi ot loss If not made
<br /> ' � promptiy by Borrower. Each Insurance compeny concemed Is hereby authorized and dlrocted to make payment for such loss
<br /> _ _ �L•9�1l� !^ !C!ldei, !.^.efeed o1 !n Rnnny�or qnr� t� 1 pn�iwr Inintl� All nr any part nf tha Innuranr.r+ �rnr.eptla may ha an�liwd hy
<br /> � Lender, et its optlon, elther (a) to the reductlon ot the Indebtedness under the Note and thic Security Instrument, first to any
<br /> t delinqusnt amounts epplled In the order In Paregreph 3, and then to prepayn�ent of principal, or (b) to the restoration or repalr of
<br /> y the damaged Property. Any appllcatlon oi the proceeds to ihe pdnclpal shall not extend or postpone ihe due dete of the
<br /> � ' monthly peymonts whlch are referred to In Paragraph 2, or change the amount oi such payments. Any excess Insurance -
<br /> � proceeds over an amaunt requlred to pay all outstanding indebtedness under the Note and this Secur(ty Insirument shall be peid
<br /> to the entity legally entitled thereto.
<br /> � �� In the event of foreclosure oi thls Securlry Instrument or other transfer of tille to the Property that extingulshes the �
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<br /> Indebtedness, all rlght, tftle and Interest of Dorrower In and to insurance policles In force shell pass to the purchaser. �
<br /> �" 5. Occupancy. Preservation, Maintenance and Protection of the Property; Borrower's L.oan
<br /> Application; Leaseholda. Bonower shaA occupy, establish, and use the Property as Borrower's princlpal resldence withln _
<br /> slxty days after the executlan of this Security Instrument (or withln slxty days of a later salo or transfer of the Property) and shali
<br /> �� �,.
<br /> contin�e to occupy the Property as Borrower's princlpal resldence tor at least one year after the date of occupancy, unless
<br /> �' �_;.
<br /> Lender determinns thet requlrement will cause undue hardahip(or Borrower, or unless extenuating circumstances exist whlch are ,
<br /> .�� beyond Bortower's cantrol. Borrower shell notiy Lender ot any extenuating circumstances. Borcower shall not commlt waste or ��K�==
<br /> �F� destroy, damage or substantlally change the Property or ellow the Property to detedorate, reasonable wear and toar oxcopted. �:
<br /> �� Lender may Inspect the Property if the Property la vecant or nbandoned or the loan Is In delault. Lender may take reasonable �
<br /> • actlon to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan _,�
<br /> • ti epplicatlon process,gave materially lalse or Ineccurate infarmatlon or stetements to Lender (or tailed to provlde Lender with any —
<br /> � material Informatlon) In connection with the loan evidenced by the Note, Including, but not Ilmited to, representatlons conceming �`--
<br /> Borrower's occupancy of the Property as a principal residence. If thls Security Instrument is on a leasehold, Borcower shall -.
<br /> comply with the provlsions of the Iease. If Borrower acqulres fee title to the Property, the leasehold end fee title shall not be __
<br /> merged unless Lender agrees to the merger In wriUng. t";'c?``���-
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<br /> 6. Condemnation. The proceeds oi any oward or clalm for damages, dlrect or consequential. In connectlon with any '��r,�,:;'_--
<br /> condemnapon or other takin of an I.�'-`�r.=�,° ^
<br /> g y part of the Property, or for conveyance In place of condemnatlon,ere hereby asslyned and ..
<br /> shall be pald to �.ender to the extent of the full amount of the Indebtedness that remains unpald under tha Note and thls -�i
<br /> Securily Instrument. Lender shall apply such proceeds to the reduction ot ihe Indebtedness under ihe Note and thls Sacurity
<br /> Instrument, first to any delinquent amounts eppiled In the order provfded in Paragraph 3, end then lo prepayment ot principai.
<br /> ' Any appllcatlon of the proceeds to the principal shell not exiend or poslpone the due date oi the monthly peyments, which are
<br /> � referred to In Pqragraph 2, or chenge the amuunt of such payments. Any excess proceeds over on amount requlrod to pay al�
<br /> ' outstanding indebtodness under the Note and thls Security Insirument shell be pald to the entity legally entitled thereto.
<br /> 7. Churges to Borrower and Protection of Lender's Rights (n the Property. Borrower shall pay all
<br /> j govemmentel or municlpal chnrges, fines and Impositions that ere not included in Peragraph 2. Borrower shall pay these
<br /> � obllgatlon,on tlme dlroctly to the entity whlch Is owed the paymenL It tallure to pay would adversely eftect Lender's Interest In r
<br /> the Property, upon Lender's request Borrcwer shall promptly fumish lo Lender receipts evldencing these payments. t '
<br /> � Ii Borrower(alls to make these payments or lhe payments requfred by Paragraph 2, or fails to perform eny other covenants
<br /> ' and ngreements coninined in this Sacurity Instrument, ur there is a legal procoading that muy significantty aHect Lender'� righis in
<br /> � the PropaHy (such as a proceeding in bankrupicy.for condemnation or to en(orce laws or regulatlons).�hen Lender may do r�nd
<br /> ' pay whatever is necessary to protect the value of the Property and Lender's righis m tha Prope+ty, including payment of texes.
<br /> hazard Insurance and other items mentioned in Paragraph 2.
<br /> 1''d�1 11 M!����i9G1 �'�. r .� a � .
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