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<br /> 98- ii2`73'7 -
<br /> !f the amounts held by Lender for Escrow [tems excecd the amounts permitted to be hcld by RESPA, Lendcr
<br /> shall xcount to Borrower for the eacess funds as required by RESPA. If the am�unts of funds held by L.ender at any
<br /> time are not suf�cient ta pay the Escrow items when due, Lender may notify the Borrower und reyuire Bonrower to �
<br /> make up the shortage as pecmined by R}?SPA.
<br /> The Escrow Funds are plaigr,�l as additiQUal security for all sums secured by ,this Sccurity lnctrument. !f
<br /> Borrower tenders to L.ender the full payment of all sucri sums, Borrower's accaunt shaU be cred[ted with the balance
<br /> remalning for all irutallment item.s(a), (b),and(c)and any mortgage insurance premium instaliment that[.ender has
<br /> not become abligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Boaower.
<br /> Immediately prior to a forec:losure sale of the Property or its acquisition by I.ender, Borrower's account shall be
<br /> crodited with any balc�nce remaining for all installments for items(a). (b), and(c).
<br /> 3.Appllcntlon o[P�yments.AU payments under paragraphs 1 and 2 shall be applied by Lender as follows:
<br /> �,to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the
<br /> Secretary instead of the rnonthly mortgage insurance premium;
<br /> �, to any taxea,specfal assessments,leasehold payments or ground rents,and fire, flood u�d other haTard
<br /> insurance premiums,as required;
<br /> ��,to Intei�st due undcr thc Note;
<br /> F°urth,to am�nization of the principal of the Note;and
<br /> pjj�,to late chargee due under the Note.
<br /> q,Fyrq Ftood and Other f3au►rd Invurance.Bonower shall insure all improvements on the Propeny, whether
<br /> now in eaistence or subsequently erected,against any hazards,casualties,and contingencies, including fLre,for which
<br /> Lender requirGS insurance. 'Ih1s insurance shall be maintained in the amounts and for the perlods that I.ender
<br /> requ[res. Borrewer shall afso insure all improvemencs on the Proper[y, whether now in oxistence or subscquently
<br /> erceted,against loss by floods io the eztent xequired by the Secretary.All insurance shall be carcied with campanies
<br /> approved by Lender. The insur�nce policies and any renewals shall be held by Lender and shall include loss payable
<br /> clauses in favor of,and in a form accep[able to,Lender.
<br /> In the event of loss,Borrower shall give Lender immediate notia by mail,Lender may make p�coof of loss if not
<br /> �—,,;,���y��=J�b�gcr:eWe*,Each incnrnnce company concerned is hereby au[horiud ar�d dirxted to make payment
<br /> for such luss directly to Lender, instead of to Borrower and to L.ender jointly. All or any part of the insurance
<br /> proceeds may be applied by Lender, at its option,either(a)to the reduction uf the indebtedness under the Note and
<br /> this Security Instcument,first io any delinquent amounts applied(n the order in pazagraph 3, and then to prepaymenc
<br /> of principal, or (b) to the ratoration or repur of thc damaged Property. Any application of tha proceeds to the
<br /> principal shall not extend or postpone the due date of the monthly paymants which are nfernd to in paragraph 2,or
<br /> change the amount of such payments. Any excess insurance proceeds�ver an amount required to pay all outstanding
<br /> indebtedness ander the Note and this Security Instrument shall be paud to the entity legally entiticd thereto.
<br /> In the event of foreclosuro of this Security Instrwnent or other transfer of title to the Property that extingulshes
<br /> the indebtalness, all right, tiil� and intenst of Borrower in and to insurance policies in iorce shall pass to the
<br /> purchaser.
<br /> S. Oocupancy� P'reser'v�Uon, Matntenance pnd Protection ot the Pcoperty;Borrower's Lo�n Applkatlou;
<br /> i,en,sehold�. $orrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty
<br /> days after the execution of this Security Instrument(or within sixty days of a later sale or transfer of the Property)
<br /> and shall continue to occupy the Property as Borrower's principal residence for at leut one year after the date of
<br /> occupancy,unless Lender detemiines that nquinment will cause undue hardship for Borrower,or unless extrnuating
<br /> circumstances exist wh{ch are beyond Borrower's control. Bonower shall notify i,ender of any extenuating
<br /> circumstances.Borcower shall not commit waste or destroy,danuge or sut,stantially change the Property or allow the
<br /> Propeny to deteriorate,rcasonable wear and tear eacepted.I.ender may inspect the Property if the Property is vacant
<br /> or abandonai or th� loan is in default. Lender may take reasonable action to protect and preserve such vacant or
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