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<br /> BORRUW�'R COVBNANTS thot Borrower is lawfully seisecl of the estate hereby�conveyed f iecord, Borrower
<br /> grant and convey the PropeRy and thot tht Property Is unencumbered, except for encumbrances
<br /> wuruits nnd will dafend generafly the title to the Property against all claims and demands,subject to any encumbrances
<br /> of record.
<br /> THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-unifornt covenant9 w
<br /> limited vartations by jurisdiction to constitute a uniform seGUrity instrument covering real property.
<br /> UNIFORM COV�NANTS, Bonower end Lender �e n�rrower shal�a�lwhen due'the principal of,and interWt
<br /> 1. P�ymeat af Piinci(►d. Iotec�t �od L�t�c(�uB . P Y
<br /> on,ihe debt evidenced by the Note and late chazges due under the Note.
<br /> Z Mo�ly PaY�pf T����� � � �atgp. Honower shall include in ea�h monthly payment,
<br /> together with the principal and inte�est as aee forth in the Note and any late charges, a sum for(a) taues end special
<br /> assessments lcvled or to be levied against the Propeny, (b) leasehold payments or ground rents on the Property, end
<br /> (c) premiums for insurance requircd under paragraph 4. In any year in which the Lender must pay a mortgage
<br />- insurance premium to tho Secretary of Housing and Urban Development ("Secretary"),or in any year in which such
<br />- premium would have becn required if Lender atill held the Security Instrument, cach monthly payment shdl also
<br />- include either: (i) a sum for the aMUal mortgage insurance premium to be paid by Lender to the Secretary, or (li) a
<br />' monthly charge instead of a martgage lnsurance premium iF this Security Instrument is held by[he Secretary, In a
<br /> reasonable amouixt to be detemuned by the Secretary. Except for the manthly charge by the Secretary, these :tems
<br />; are callal "Escrow Items"aud the sums paid to Lender are enlleci "Escrow Funds."
<br /> I.ender may,at any dme, collect and hold amounts For Escrow Items in an aggregate amount not to exceed che
<br />_� maxfmum amount that may lx required for Borrower's escrow account under the Real Estate Settlement Pracedures
<br /> - Act of 1974,12 U.S,G.�2601�t seu.and implementing regulations, 24 CFR Part 3500,as they may Ue amended from
<br />- di b rsements(�befo eAthe Bonower's payments are available a thet accob nR may n t�be hastedl on amoun s rdueefor the
<br /> = mortgage insurance premlum.
<br /> If the amounts held by L.ender for Escrow Items excced the amounts permitted to lx held by RESPA, L.ender shall
<br /> account to Bc�rrower for the exr.ess funds a�reqaired by RESPA. If the amounts of funds held by Lender at any time
<br /> are not sufficient to pay the Escrow Items when due,L.ender may notify the Bonower and require Borrower to malce
<br /> up the shortage as permfued by RESPA.
<br /> Tha Bsc;row cliPiuS �.� plcdSe..''°»••°``-�1�lnn�l ,�ecuricy for all sums secured by this Security Instrument. If Borrower
<br /> teuders to Lender che full payment of all such sums,Borrower's account shall be eredited with►he balance ranxinul$
<br /> for all installment items(a).(b),and (c)and a�►Y mortgage insurancx premium insuJlment that Lender ha�not become
<br /> obligated to pay ta the Secretary, and I.endcr shall ptomptly refund any excess fwids to Borrower. Imnxdiately prior
<br /> to a foreclosure sale of the Property or its ecquisltion by Lender, Borrower's account shall be credited with any bnlmce
<br /> rema�ning for all installments far items (a), (b), and (c), 1i� b L,ender es follows;
<br /> 3, Applic�tion of Prymeats• All payments under paragraphs 1 and 2 shall be app Y
<br /> FIR , to the mortg�ge Insurance premium to be paid by Lender to die Secretary or to the monthly chsrge by the
<br /> Socretary instead of che monthly mortgage insurance premium;
<br /> S,��OND, to any texes,special assessments, leasehold payments or ground i�ents. and fire,flood and other haizard
<br /> insucance pnmium�, as required;
<br /> H� IRD, [o interest duc under the Note;
<br /> �OURTH, to arnortization of the principal of the Note; and
<br /> �IFTH, to late charges due under the Note.
<br /> 4. F.ue�Flo�d �d p�� g� Imur�ooe, Bonower shall insure all improvements on tl:e Property,whether
<br /> now ia axistence ot subsequeutly erected, against any hazards, casualties, and contingencies, including fire,tor which
<br /> Lender requires insurance. This insurance shall be maintained in the amoun(s and for the periods that Lender _
<br /> requires. Bonower shall also insure all improvements on the Pcoperty, whether now in existence or subsequently
<br /> erxced, against loss by floods to�he extent required by the Secretary, All insurance shall be carried with wmpanies
<br /> approved by Lender. The insurance policles and any ren�wals shall be held by I.ender and shall include loss payable
<br /> clauses in favor of,and in a form acceptable to, I.ender.
<br /> In the event of loss,Borrowcr shall give I.ender immedi�te notice by mail. Lender may mske proof of loss ff not
<br />— made promptly by Sonowec. Each insurance company concerned is hereby autkiorized and direct��of�°�nsurar.cc
<br />_; for such loss dirxtly to Lender, instead of to Borrower and to Lender jointly, All ot any p
<br /> � proceeds may be applied by Lender, at its option,either (a) to the reduction of the indebtedness under the Note and
<br /> � this Sxurity Instrument, first to uiy delinquent amounts applied in the order in paragraph 3,and then to prepayment
<br /> =j of principal, or (b) to the restoration ot repair of the damaged Property. Any applicatio�► of the pra:ads to the
<br /> _.� principal shall not extend or postpone the due date of the monthly payments whicli ue referrcd to in paragraph 2,or
<br />:� change the amount of such payments. Any excess insurance prceeeds over an amount required to pay ali outstanding
<br />';� indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitleci thereto.
<br /> In the event of foreclosure of this Security Instrument or other transfer oi title to the Property that extinguishes
<br /> the indebtedness, all right, title and interest of Aonower in and to insurance policies in force shall pass to the
<br /> purchaser. go�W��e I,wn Applic�tion;
<br /> � Pcraervation, Mainter�aooe and Pro�ection of the PropatY:
<br /> S' �y_....e,.�„ ..,.�„�., P�rahtt�h. a.nd use the Proqerty as Borrower's principal residence within sixty days
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<br />`�� after the execution of this Secutity instrument (or within sixtydays of a latcr sale or transfer of tne rropenyj ami �ua��
<br /> continue to occupy the Property as IIorrower's principal residence for at least one yeu•atter tl�e date of occupancy,
<br /> unless I.endcr dctermincs that requirement will cause undue hardship tor Borrower, or unless extenuating
<br /> circumstances exist whicli are beyond Borrower's control. Borrower shall notify Lender of any extenuat[ng
<br /> . W96
<br /> N�{��(/►•P11A D[3I3D ON TRUSI pas�2 of G
<br /> Docarcn Sys�rnu.Irc.l8001 619•U62
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