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<br />�K`�� •clrcunutances. &►rrower shall nat commit weste or destroy,damage or substantialty change the Property ot allow the —
<br /> �:'�s;71
<br />--���:� F'coperty to deteriorate, reasonable wear and t�ar excepted. Lender may inspect the Propeny if the Nroperty is vacant
<br /> -�` or Rbpndoned or the loan !n in default. L,ender may cxke reasonable action to protect and preserve such vacRnt or
<br /> %��• abandoned Propeny. Bonower shall also bo ln defauit if Borrower, during the loan application process,gave macerially
<br /> s'�.
<br /> felse or tnaccurate Irtfornwtlon or statements to l.ender (or faUed to providc Lender with any materisl lnforcnation)
<br /> =-:�: ln conneccion with the loen evldenced by the Note, lncluding,but not Ibnited to,representation� conc�rning Bottower's
<br /> f'��-�� occupancy of the Property as a principal residence. lf this Security lnstrument is on a leasehold, Bor.rower shall comply
<br /> �� wlth the provieione of the leasc:. If Borrower ucqulres fce title to the Propeny, the leasehold and fee title shall not
<br /> �_�` be rr�rgod unlaa I.�nder agras to the merger in wddng.
<br /> h. Cooddmo�ion, 'The proceeds of eny award ar claim for datnages, diroct or cansequential, in corinection with
<br /> _�� any condemnation or other taking of any part of the P�operty,or for conveyance in place of condemnation, are hereby
<br /> ,°� assigned and shall be paid to L.c��der to the extent of the full amount of the indebtedness that remalns unpaid under
<br /> the Note and this Sxurity Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under
<br /> s�`�' the Note and this Security lnstrumr.nt, first to any delinquent amounts applied in the order provided in paragraph 3,
<br />;`:�;,�:� and then to prepayment of pdncipal. Any applicaUon of the proceeds to the principul shall not extend or postpone
<br /> the due date of the monthly payments, which are refenal to in paragraph 2,or change the amount of such payments,
<br />`��T`�� Any excess proceeds over an u�nwunt required to pay all outstanding indebtedness under the Note and this Security
<br />`-��� Instrument shall be paid ta th�e entity legelly endtled thereto. ganow�r shall a all ovemrnental
<br /> y 7. G'h�raes w Barowa a�d Protaction of l�kr'�RigLts in Wc Propaty. P Y B
<br /> =� or municipal charges,fines and impositions that are not included in paragraph 2. Borrower shall pay these obl(getions
<br />-:.;�;,�:� on tims direcdy to the entity which is owed[he payment. If failure to pay would Adversely affect I.ender's interest tn _
<br /> -- the Property, upon l.tnder's request Borrower shall prompAy furnish to L.ender receipts evidencing these payments.
<br />":-�i�-�� If Borrower fails to m�ce these payments or the payments required by paragraph 2,or fails to perform any uther
<br /> covenance and agreemrnts contained in this Securiry Instrument, or there is a legal proceeding that may significar,tly
<br />�a��� affoct Lender's rights in the Property (such as a proceedii�g in bankruptcy, for condemnation or to enforce laws or
<br /> --'. regul�tions), then l.ender may do and pay whatever is necessary to protect the value of the Propeny end Ixnder's rights
<br /> in the Property, including paycnent of taxes, hazard insurance and other items mentioned in puagraph 2.
<br />�.;,�� Any amounts disbursed by I.ender under this paragraph shall become an additional debt of Bonower and be
<br /> -��.� secured by this Security Instrument. These amounts shall beaz interest from the date of disbursement at the Note rate,
<br /> � and nt the option of I.ender shall be immediateiy due and payable.
<br /> _�_� Borrower shall promptly discharge any lien which has priority over this Security Instnunent unless Borrower: (a)
<br /> �—; agree� in writing to the paytnent oi tne obiigaiioa �ur°.,3 by�':e lit.^.in a man_n�r accentable to Lender; (b)contests
<br /> = in good faith the lien by,or defends against enforcement of the lion in,lega�proceedings whlch in the Le�uder's opinion
<br /> operate to prevent the enforcement of the lien; or(c) secures froni the tiolder of the lien an agrament satiefactory
<br /> -�� to Ixader subordinating the lien to this Security Instcument. If Lender determines that any parrt of the Property is
<br /> subject to a lien which may�ttain priority over this Security Instcument, Lender may give Borrower a notice idrntifying
<br />_— - the 11en, gorrower shall satisfy the lien or take one or more of the actions set forth abcrve within 10 days of the giving
<br /> 'i' of notice.
<br /> - g, gap, Lender may collxt fees and cherges authorizeci by the Secretary.
<br /> __ . 9. Crt�at� fa Aocdaatiou of Debt.
<br /> — (a) Defsult. Lender may,eac�P� as ���ted by regulations issued by the Secretary in the case of payment
<br /> defaults, require immedlate payment in full of all sums secured by this Security Instnunent if:
<br /> ({) gorrower defaults by failing to pny in full any monthly payment required by thls Security Instcumec►t
<br /> prior to or on the due date of the next monthiy payment, or
<br /> ��� (ii) Borrower defaults by failing,for a period of thirty days,to perform any other obligations contained
<br /> in this 5ecurity Instrument.
<br /> @� ��y�� ��� �pm��l. Lender shall,if permitted by applicable law(including section 341(d)of
<br /> �= the Garn-St. Germain Depository Institutions Act of 1982,12 U.S.C.1701j-3(d)) and with the prior approval
<br /> of the 5ecretary. require imir�ediate payment in full of all sums secured by this Socurity Instrument if:
<br /> v' (i) All or part of the Property, or a beneficial interest in a trust owning all or part uf the Property, is sold
<br /> � or otherwise transferred (other than by devise ur descent), and
<br /> -----.�.:�- (ii) The �roperty Is not occupied by che purchaser or grantee as his or her principal residence, or the
<br /> :�--�!'� punhaser or grantee does so oceuPY tlie ProPeny, but his or her credit has not boen approved in
<br />_�"°°"`��� eccordance with the requirements of the Secretary.
<br />�,q..��:� (c) No Waiva. If cireumstances occur that wuuld permit I.ender to require imnxdlate payment in full,but
<br />�����' �� Lender dces not require such paynnents, L.ender dces not waive its rights with respect to subsequent events.
<br /> �'�"�����,}` (d) Regul�tfons of HUD Socretuy►• �n maz►Y circumscances regulations issued by the Secretary will limit
<br />''x���'�� Lender's rights,in the case of payment defaults, to requtre immedtate payment in full and foreclose ifnot paid.
<br /> '' `� This Securiry Instmment does not authorize acceleration or foreclosure if not pemuttal by regulations of the
<br /> • • Secretary.
<br /> �� (e) Mortgage Not Inated. Borrower agrees that if this Security Instrument and thc Note ure not deternuned
<br /> � :� ' to be eligible for insurance under the National Housing Act within 6 0 DAYS from the
<br /> date hereof, Lender may.at its option require inunediate payment in full of all sums secured by this Security
<br /> -r�'� � instrument. A written statement of uiy authorized agent of the Secretary dated subsequent to
<br />��� _ ;�• 60 DAYS from the date heceof, declining to insure th{s Security [nstrument and tlie Note, shall be
<br /> - -- � _ ,. .. __�:_:ti.:r... U..�..,i�hetondinv fhP fnrevnin¢.this oDtion [n3Y not bC CXCICISed
<br /> - -d= m a Ct6CIt1C'd COIlCIUSIVC FIIOOI OI SuGU tucugav�...�. ..........._._'----o --- �- - ' -
<br /> ' ' by Lender when tl�e unavailabiliry of insurance is solcly due to i.ender's failure to remit a mortgage insuranc�
<br /> - premium to the 5ec:retary.
<br /> . w96
<br /> ���►.pHA pHED OP TRUST pagc 3 of 6
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