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<br /> � 1. 1'��t of 1'ri�cilat�trkresl�� i.ete CRse*e. Ho�tow�r sha!!psy whcn due thc prin�ip�l uf., ani,t intcrecz nn, ihc drht
<br /> e�idencrd by the Nnte anti l�te char�es dut under thr Note.
<br /> � 2•�Na1t�17 lf�Mel�b ot Taq.lu��s�re Na�p1Aer C\u�n.Borrowcr�h�ll include in each monthty ppy�sen�, ta�ether wi�li
<br /> tde pdnc{Fv!�nd inte�at a�se1 fanh in the Nate and any Iate chaqes,�n inst�ilmcnt of any(�1 t�xes ar,d spctiiol�ssessmentv
<br /> Ieti'ied ot to be levied�ainst the Property. (b)kasehold payments or Rraund tenta on IAe Property,and(c) Qremiums for
<br /> � Insur�tECe teyulrsd by Par�raph�.
<br /> Each momRl�►in�r�llment for item�(�).(b)and(c!shall equa!o�e-eweltth of tfir Annu�l am�sunts.as reuonabty atim9teQ dy
<br /> Lencler�ptw�n amouat aufficient to mainttin Ra�ddlUoaat b�lance of not more th�tn one-siaeh of the estim�ted amounts.The
<br /> h+0 annwit+imount for each item�half be accumulated by Lender within a peflod endin�one montA before�n icene w�u1d
<br /> � Decotne dclinquent.�.encks il��li hoW the�nrount�coitectM in tnasC to pay icem�(a).(b)and(c)before tAey becomt delinquent.
<br /> If at�ny tlme tAe tot�l of the p�yments held by L,enrler fa�ite�rty(�)�(b)�and(c).together with the fut�rz ntoathiy payments
<br /> for:uch item�payabk to Ler�der prtor to the due dates of such ltems,e:ceed�by more than oae-siaeh sAe estimated amount af
<br /> payments requfred to p�y such itcros Mhen due,�nd if payments oo the Note ar=cunent.then l,endrr�halt either refund the
<br /> � , acoa�over one-siath of tht atim�ttd paycnents or credit the exeess ovrr one-siacth of the esum�ced A�Yments to subsequent
<br /> paYment�by Borrower.at the opdon of Borrower, If the tot�l of the�wyments made by Borruwer for item(A). tb),or(c)ls
<br /> iaiufficieut to p�y the item Mhen due,then Ho�rower shall pay to Lender any amount neces.aary to make up the de�cie�cy ort or
<br /> . befo�e the date the itaa becoma due.
<br /> � � As uud in this Se....urlty Inurummt. .�Secrctary,,• means ihe Secretary of Hausin�and Urban Development or his or her
<br /> desi�nee.Moat Security Instrumenu insured by the Secretary are insured undcr prop�ams wh9ch requice�dvance payment of the
<br /> � entirc mort��e insur�nce premlum.If Ihi�Security Instrument is or was insured under a proaram which did not requite advance
<br /> ' psyment of the entire mort�e insurance prcmium,then each monthly payment shall also include cither:(i)an instaliment of�he
<br /> annua!mori�a�e insurance premium to be pald by Leeder to the Secretary,or (ii)A rnonthly char�e iastt�d of a mort�age
<br /> insurance premium if this Security Instrument is held by the Sacretary. Each monthly installment of the mart�s�e insurance
<br /> prcmium ahaq be in an amount sutflcient to accumutate the fu11 annual mong��e insurance premium vrith Lender one month
<br /> prtor to the date the full annual mona�e insunnce premium is due to the Secrctary.or if this Security Instrument is held by the
<br /> , Soeretary.each inonthly chu�e shal!be in an amaunt e�ual to one-twelfth cP orte-half percent of the outstanding principal
<br /> balance due on the Note.
<br /> It Bonower tenders to Len�er the full payment of all sums secur�rd by this Security Insuument,Rorrow�rr's account shail br
<br /> credited with the b�lance remaining far dl insuitenents fat items (a), (b2 and (c)and any mortgage insurance premium
<br /> lestWment that Lrnder has not become obli�ated to pay to the Secretary,and Lender shall promptly refund any excess funds to
<br /> Botrower, fmmediatefy prior to a forcclosure sale af the Prop�ny or iu acqaisition by 4ender. 8orroxer•s account shall be
<br /> • ��da�ed�etQ�RnY balance remainin�for all instdlmrnu for items(a),(b)and(c).
<br /> i 3.A�eadw ot Tsy�p.AU payments under paragraphs 1 and 2 shall be applied by Lender as follows: �
<br /> F]$�r,to the mortsa=e insurance ptemium to be paid by C.ender to the Secret�ty ar to the monthfy eAarge by the Secretary
<br /> � instwd of the rnonthly mortgage insurance premium, unless Bottuwer paid the entire mortg�ge insurance premium when this ! •'
<br /> � Savrity Instrument wa�s��: " �
<br /> 'S�.CONQ.to any taxes,spuial assessments,leasehold p�ymems or ground rents,and�re�ilcx�d and other hazard insurance �� �"
<br /> ' premiums�as requirM;
<br /> � ; ��o iotereit due under the 1�ote; �,� �-
<br /> � .to amortizadon of the pNncipal of ihe Note; ;,;,-
<br /> ��to late ch;rses due uader the Nate. _
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<br /> , �•Ftt�e.FIo�1�MOt�Has�M I��ra�ce,Horrower shall insurc all improvements an the Propeny,whecher now in e�zstence � `
<br /> , or aubseQuently erected.yainst any hautds,casu�lties.And corttingencip,includin=fire. for whieh Lender requires ias¢ru�ce, •
<br /> Thi�insw�nce sh�l! be m�intainM in the xmaunts and for ths periods that Lender requites. Borrovr-er s:�all also insure all ;�;�
<br /> improvements on the Property.whether now in exiatence or subsequently erected,a�ainst loss by lloods to the eatent«quire�d by �
<br /> the Secretary.All incurance shall be carrie�witb ccxtspanies appro�•ed by Lender.The insurance policies a�d any renewals shall
<br /> be held by Lrnder and shaU include los�payabte cf.an►srs in favor of,and in a form acceptable to, Lender.
<br /> In the event of toss.Borrowet ahall give Lendor immediate notice by mail.Lender may make proof of toss if not made promDt-
<br /> ty by 8ottower.Each insurance company concernrd'es heroby authorized an4 directed to make payment for such loss di.rectly to
<br /> Lender,ia�tpd of to Borrower�nd to Lender jointiy_A!1 or any part of the iasurance proceeds may be applied by Ler,der,�t its ;
<br /> ' option. either(a) to the reduction of the indebtedraess under the Note and this Security Instrument, fitst so any Cc��,w:ient
<br /> amounU applied in the atdtr in Pua�raph 3. ana them to prepayment af principal, or(b)to the restoration or re,a:r tt°rhe I''>'?
<br /> dama�ed property. An�aaplisation of the proceeds to the principal shsUl not extend or postpone the due date of tCz.e c�anthty '`�o:
<br /> MymMts•r��eich ue rcferred to in PuaQr�ph 2,or change the amount of such payments.Any eacas insuranee procecSs eti•er an
<br /> amotuit rcqteEred ta paf*all ouuuwwding indebtedness under the Note and this Security Instrument shall be paid to the entity legal- �^
<br /> ly entltled thsroto. '
<br /> In tbe event of foreclosure of this Secutity Instrument or othe� transfer of ntle to the Property that extinguishes the in-
<br /> ; debtMness�at)rijht,title and intere,at of Borrowtr in and to insurance�wlicia in force shall pass to the purchaser.
<br /> � s. rre�en�W� u� MW��� pj� proP�Y. �ue�oid�. gorrower shall not co^ecr�it waste or destroy, damage or
<br /> substentially chaa�e the Ptoperty or allow the Proprrty to deteriora:e,reasonable weu and cear excepted.Lrnder may inspec[
<br /> tho ptoperty if the propetly is vacant or abandontd o�the loan is in default. Lender may take reasonabfe a�.Kion to protect and
<br /> pr�serve such vacani a:ab�ndoned property.If this.�cutity lnsuument is on a ktschald,Bonower sh�fl cYae*;,ly with Ihe provi- '
<br /> siona of the lease. If Ba,ro�er acquires fee�iitc c���e Property,the leaseltold�nd fce titie shal! not be merged uniess Lender
<br /> yters to the merter in writins.
<br /> 6•Chtit�es ta�ofra�tr ut!'�oteciio�oi Le�iay'i�i�t+�tn t6t ProperiY. Bor:o�e:shzs:�y s!�govesnmental or muriicipai
<br /> cMrjec,fines ru�d impositions th�t ue not included ln Paragraph 2. Borrower shall pay these obtigatioas a�n time directly co the
<br /> entity wlfich is owed tAe payment.If failure to pa?•would adverscly affect Lender's interest in the Yrope*:y,vpon Lender's re-
<br /> � quest Borrower shall promptly furnish to Lender recripts evidencing ihese payments.
<br /> lf 8orrower Gtils io maice these p�yments or the payments reqaired by Patagraph 2,or fails to perform any other co��enants and
<br /> a�{reemesus contained in Ihis Security inst�ument,or there is a legal proceeding�har may significan[ty affecl Lender's rights in � �
<br /> ihe Ptoperty(such as a ptoceediTl!jn.h�n r�..:�;c;.f�s ca�,�;.;.:.=:i�,-�ur iv�nforce iaws or reguiat�ons),tnen I.endet mSy do and
<br /> p�y whatevtr is nocessary to protect the valut of the Propeny and I.ertder's nghts in the Property,including payment of tanes.
<br /> h�rard insurance and other items mentionrd in Paragraph Z.
<br /> Any amounts disbut�cd by lender under this par�graph shall become sn additional Qebt c+!Eorrower and be sccured by thi+
<br /> Security lrutrument.These amounts shall bear interest from the dale of disbursement, at tht!Vote ra�c, and at the optian ot�
<br /> � Lender. shall be immedia�ely due and payable.
<br /> � 7•CoMewuUo�.The prneeeds of any aNard vr elvm for damages.dircct aT conseyuent±al,m cunnectton�s ith�ny cunilem�
<br /> nafion or other taking oF any part of t�e Properry,or far conecyance in�lace of condemnaunn,are hereby .3sci�ned an:1 tihall b:
<br /> pud to Lender to Iht ettent of the fu�l atnaunt of tbt indrbrrdnt�s that remains unpn�d�roder ttu 1`ote ar.d th�a Sc.ur.r y t�i�lru t``
<br /> ment.Lcnder sha�)ayply such proceeds to the rcdu�tion af the indebte�fnest under ihe Kote�,nd�h��tic�ur�ty Intitrumens.flr,t tn ��
<br /> any delinquent ar.iounts applieti�n thr ordcr pra�ided in Paragrayh 3,and then t��prcp�yment uf pnnapal Ars.,�pi,l�",u„r,,,;
<br /> tAe ptocecdc to Ihe pnncipa) shall not ertCnd or posepone thr due da�e ot ttze nzon�hly r��yment+, wh�.fi:�rc r�;crrc�l <<� in
<br /> Paragrnph�,or ehangt the amo�i�t of such�yments. Any erreis�,mceedc�ncr an amrunt rcyu�red�o(7:14 AI� nu��i,�ndinv u� '
<br /> deb.edne�s undtr the t�i�ce ane! Ih�s S:�unts Instrurn^nt Sha11 bc pa��) ����hc cii���� IcFa1« c.,n�IrJ thcrer,. �
<br /> S. iee9. I endcr rna� .allect fre�and.har�;e�au�hon�crJ h� �tie tie,rersr�
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