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<br /> 90-- �01458
<br /> � l.P�ymeel o!Pttac[ptl.Inte�tst sed Late C6ute. Borroµer shall pa�when due the principal of,and interest on,the debt
<br /> e�idenced by the Note and late st�arges due under the Not�.
<br /> � 2.Atantbty Q9�ynteats of Tsx�s.[esnraace aad OtAer Charges.Borro�t er shall include i�each monthly payment.together with
<br /> the principal and intetcst as set farth in the Note and any late charges. an installmer.t of any(a)taxes and speciat assessments
<br /> levied or to be te•rie�against the Property. (b)leasehold payments or gronnd rents on the Properiy. and(c)premiums for
<br /> insurance required by Paragaph 4.
<br /> Earb monthty instaiIment for itans(a),(b)aad(c)shaII equal ane-twelhh of the annuai amoi:nts,as reasonably estimated by
<br /> , Lendes,plus an amaunt suffccirnt to maintain an additional batance of not more than one-sixth of the estimated amounu.The
<br /> full annua!amount for each item shall 6e accumulated by Lender within a period ending oae month 6efore an item would
<br /> become de2inqumt.Lender shall hold the amounu coliected in crust[o pay items(a),(b)and(c)before they become delinquent_
<br /> If az any time the totat of the payments held by Lsnder for ittms(a1.(b1,and(c),together with the future monthly payments '
<br /> for such items payabie to Lender prior to the due dates of such items,eaceeds by more than one-sucth the euimated amount of
<br /> payments requ'ued to pay such items when due,and if payrnenis on the Note are current,then Lender shall either refund the
<br /> excess over ono-sixtb of the estimated payments or ccedit the ea�csss over ono-s'vcth of the estimated paymeats to subsequent
<br /> payments by Sono«�s,at the option of Borrower.lf the total of the payments made by Borrower for item(a).(b),or(c)is
<br /> insufficient to pay the item when due.then Boaower shall pay to Lender any amount necessarq to make up[he defcciency on or
<br /> before the date the item becomes due.
<br /> As used in this Secvrity Instnm�ent, "Serretary" means the Se�^retary of Housing and Urban Qc-�-elopment or his or her
<br /> designer.Most Security Instruments insured by the Secretary are insured under programs which requim advance payment of the
<br /> entire mortgage insurance premium.If this Security Instrument is or was insured under a program a�h;ctz did nat reqo've advance
<br /> payment af the entire mortga,ge insurance premium,then each monthly Fa;�nent shall also inctude either:t7 an instaliment of the •
<br /> annual mortgage irtscuattce premium to be paid by Lender co[he Secretary, or(ii)a monthly chare instead of a mortgage
<br /> insurance premium if this Security instrument is held by the Secretary. Each monthly installment o:the mortgage insurance
<br /> premiwn shall be In sn amount sufficient to accumulate che fuli annual mortgage insurance premium with Lender one month
<br /> prior tu the date the fvll annua!mortgage insurance premium is due to the Secretary,or if this Security Instrument is held by the
<br /> Secretnri�each mantllly char�e shaU be in an amount equal to one-twelfth of one-half percent of the outstanding principal
<br /> baiaa�dne an the t�mte.
<br /> IF @onnwet te�der�tu Leuder the full paymeui of all sums secured by this Security Instrament,Horrower's account shall be �
<br /> � erecDited with the baiance re,maining �'or�Ll ititullments for items (a), (b) and (c) and any martgage insuranee premium
<br /> � in.�ttt�[meet that Lender has rtot 6ecars�obLg�tc�to pay to the Secretary,and Cender shall prompdy refnnd any excess funds eo
<br /> , Barro�ser_ Immediately prior to a fr,rec?osure sale of the Property or its acquisition by Lender,Sorrower's account shall be
<br /> cresiite3 cvith any balance remainin�;or all in_�tallments for items(a), (b)and(c).
<br /> 3.AppUqlbn oi Paqmsnis.All payments under paragraphs i and 2 sh�be applied by Lender as fullows: '
<br /> FIRS71',to the mortgage insurance premium to be paid by Lender to ttie Sesretar�or to the manthiy charge by the Secretar� �
<br /> instead af the monthly mortgage insurance premium, untess Borrower paid [he entire m�rtgage insurance premium when this
<br /> Securitg fnstrument was signed;
<br /> SECR���.to at►y taxes,special assessments,leasehold pa}:n:at�or graund rents,�u�.fi,-e,flood and other hzr.ni.[nsurance
<br /> premiums. as required; �
<br /> THIRD, to interest due under the Note; •
<br /> FOURTH,to amortizauon of the principai af the Note; :
<br /> FIFTH, to late charges due under the Note.
<br /> 4.Fsrr,Flood�ad Ot6er Hazud Iesar�nce.Borrower sha;I isssure all improvements on:b��rope*t�-, �si�ah:x n�r.in existence .
<br /> or subsequently erected,against any hazards,casualties.and contingencies,including Gre,for whic:�L�-�e:re�uires insurance. .
<br /> This insurance shall be maintained in the amounts and for the periods th=.: Lender requires. Borr,s�r.,�r shall also insure al! •
<br /> improvements on ths eT:operty,whether now in existence or subsequently erocted,against loss by floods:o the extent required by ; ;,
<br /> the Secretary.Ai1 ins:;rance shall be carried with companies appraved by Lender.Th�in�iLranct policies and aoy reaewals shall ;
<br /> be held by Lender and shall include loss payable clauses in favor of.and in a form a:sx�;;abl:to,Lender.
<br /> In tht event of loss, Barrower<_t��:3 give Lender immediate noticc by maii.Lender may;nake prnof nf lass if noe mz�e prompt- •
<br /> ly by Borrower.�.L�:nsurance company conce*aed ls hereby authorized saa directed to m2k;pay,m:�t�for such t��ss directiy tU
<br /> Lender.instead of c��3rrawer and to I,ender 3G.:�tly.All ar any part of th:iruurance pro:.eeds m�y b:applied by Lender.ac i[�. ;�
<br /> option,either(a)t� the reduction of the in�:�:edness under the Nate��� this Secvrity Instrumss�e, firse to any delinquent
<br /> amour•.;s applied in the order in Paragraph 3,and then ta prc;�ayment of princiDal, ar�(h)to th:restoration or repair of the �<,
<br /> damag..�propeny.Any applicatic�of the proceeds to the p-�,:;:gal shall not extend oi postp�ne the due date o��he monthly .
<br /> paymtnts which are referred to ia Patagraph Z,ar change the a:nount of such payments.Any excess insurance proceeds over an
<br /> amount required to pay all outstanding indebte::�:ss under ehe Note and ch:s Security lnstrument shall[3e paid to the entity legal- ,
<br /> ly entitled ihereta.
<br /> ln the event of ioreclosure of this Securitl• tnstrument or other uar.sfer of titie to the Propetty that extin$uishes the in-
<br /> debtedness,all right, title and inte:est of�orrower in and to insurance policies in forcc shali pass to thc purchascr.
<br /> 5. Pn�ervatloa sa� Maintensnce o!tAe Prc�erty. Leaseholds. Borro�e,- shall not commit waste or destroy, damage or
<br /> substaatially char�,r.t:^e Propetty or allow t1tW P:�;�erry to deteriorate,r�;c�able wear and tear excepted.Lendes may inspect
<br /> tht ptopert}r ii the�tc�ert�+is vacant or aban�ca•.J ot the lonn is in de�a::c. Lender may take reasonuble actian to protect anh
<br /> preser�e such vasant or abandontd praperty.If this Security Instrument is on a teasehald,Borrower shall camply with the pravi-
<br /> sions a�t;�e lease. If Borrower acqsires fee title ta the Prope�y,the leasehold and ite iitle shall not be mcrged unless Lender
<br /> agrees t�the merger in writing.
<br /> 6.CB�r��ss to Bar�uwer�nd Protectlon of Leeder's Rights In lhe Propert}•. Borrower sbaU pay aU gctiernmental or�unicip«t
<br /> chazges.fines and ir:,�ositions that are not included ln Paragraph 2.Hocrcaer chail pay these obligations on timc di:-ectty to tke
<br /> entity wh3ch is owed the payment. !f failure to pay would adversely ai'fcc:L.rnder's interest in thc Praperty,upon��^d:r's rc-
<br /> quest I3v�rrower shall promptly furnlsh to L,ender receipts evidencing these payments.
<br />. If Bcr.cwer fails to make these payments or the payments reyulre�by P�raqraph 2.or fails to perform any o�her ca�ersants ar.d
<br /> agree-rnts contaia:�I in this Security instrument. or there is a legal pra��jing that may significantly affect t.ender's rights ir. .--- =_=_--
<br /> the°roperty(suc:?:�:a proceeding in bankruptcy,for candcmnatinn vr�c eiforce laws or regulations),then Ixnder may do and .
<br /> pay�^�tever is n�essary to protect the vatue a_°:he Properry and I.en:�e:'s rights in the Property,includit�g payr.tent of taxes,
<br /> haau i�surance and other items mentianed ir�I��ragraph 2.
<br /> A-y amnunts disbursed by lender under this Aaragraph�::�il becc^:. an additiunal debt ut Borrower and be se-.��-ed by thi� ,
<br /> Sec�r..y Insttume^t. "ihese amounts shall bear snterest from the d2te af disbursemcnt,at the Nate rate,end nt the option of'
<br /> l.ender.shall be ir:rrediately due and payable. �i
<br /> � 7.Coed[mettioa.7he proceeds af any�ward or claim for damuges,Sa;,:t or cnnseyuentiat,in connection witb any a�nticri�- r�
<br /> nati�n or other tnking uttiny part of tha Property.or fot conveyance:r.�siace of condemnatinn,are hereby assigned and�ii;ill hc
<br /> paict tu LenJer tv the ertent uf the fult amount of the indebtedness tha:r_mains unp�itfi ut�dtt the Nute and�hi�Securi��•hi.�ru �fi
<br /> ment.1 ender ctial)aprly such pru�eeds t��the reduction of the indeb[eu��tss under the tVo�e and thi5 5ecuri►y I�i��rurnen►,f irst r�� ��
<br /> any detinyuent omounts applied in the urder p:av�deci in I'aragra�h!.r`,�•�then ta preraynTCnt uf prianp.d.,1ny a��plr�ati„n t,t , ���
<br />- �he pruceee�s to the principal shal! nat extend nj pnStpUne tht.iiir �:i•e uf the me.nrhlc p;iymcnt�, nh►�h arr referrcd r�� m
<br /> Y�ragraph 2,ar�hange the amow�t e>f such paymentk. Any exce.s prn�:eeds���er an aifinu�;t rcyuired tu��ay al���i�t�tar�dmg in •
<br /> dei�ttdatcs undet thC Nute ahd fhi;tiecurity frr�trument shali he paid tc.the �u��t� 1rh.tHy c��tulr�i�hrr�-c�, ' �
<br /> 8. i'tt�s, 1 endct may�ull:�t fee:.u�9 chatgec.wtlir�t��ett by�he�ecrct.in�.
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