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<br /> Latti monthiy�instutlmcnt fo� items(a1,tb?. an:{ac}st►�II cc�u�+l�utc•-tu�:lf�l�c,1'�hr imnual amo�int�.as rcasunably c5timutecl
<br /> h�� I cndcr. plu�:�n nmc�unt suf'ficicnt ta mainti�iri�n a�ldititmaf bali�nrc of m�t morc tltan��ne-si�ih ot'chc cstimatcd an�oums.
<br /> Tl�e full A�inuaE Amciunt for earh itcn�sh�ll be a�:cumulated by �.cndcr���ithin a periad cnding one month bei'are nn itcm N�ould
<br /> beconae delinquent. �.encier shall hold the amounts collectcd in trust ro�ay items(a),(b).and(c)6ePare they become delinquent.
<br /> rIf at any time the tota)af the payments held by Lender for;tems(u),(h1,and(cl,t�gethcr���ith�he iuture monthly payments
<br /> for such items payablc co Lrnder prior co the due dAtes o`sueh items.cxceeds by morc than one•sixth the�stimated amaunt
<br /> � of payments tequired t� pay such items when due,and if pnyments on the Note are current, then Lender shail cither refund
<br /> the excess over one-sixth of the eslimatod payments or credit the excess over one-sixth of the estimated payments to subsequent
<br /> payments by Barrower. at the option of Horrower. if the tntnt of thc paymenes made by Borrower for i[em (a), �b), or (c)
<br /> is insuf�cient co pay the item when due.then Borrower shaU p�y ta Lender any amount necessary to make up the de�ciencv
<br /> on or before thr date the item becomes due.
<br /> � As ustd In this Securlty Instrument* "Sec�etary" means the 5ecratary of Housin�and Urban Devetopmens or his ar her
<br /> desi�ee, Most Security Instruments insured by the Secretary are insured under programs which require advance payment oi
<br /> � the entire mortgAge insurance premium. If this Security Instrument is or was insured under a program which did not �equire
<br /> sidv�noe paymrnt of the entire mortgage insurance premium,then each monthiy paymtnt shali also include either:(i)an installmtnl
<br /> of the annual mvrtgagc insurance premium to be paid by Lender to the Secrctary,or(ii)a monthly charge instead of u mortgaga
<br /> lnsurance premium if this Security lnstrument is held by the Se�retary.Each monthly installment of the mortgage insurance
<br /> prcmtum shall iae in an amount sufficiejjt t�accun��tate t;�� fu{�sct,ia �mortgage insurance pFen�iun�with Lendcr one n�ontU.
<br /> prior to the date the full annual martgage insurance premium �s dae to the Secretary, ar if this Security ]nstrument is held
<br /> . by�Ehe Secretary,each monthly charge shall be in an ae�;s�unt equal to onatw elfth of one•half percent af the outstanding principsi.
<br /> ba�:�ace due on the Note. ' '
<br /> � If Bonower tenders to Lender the full payment of all sums secured b}nEiis Securit� Cnstrument, Borrower's aceount shall
<br /> � be credited with the balance remainic� far aq installments for items (a), (b),and (c)aQ�any mortgage insura�ce premium
<br /> � ,`• instaQment that Lender has not become obligated to pay to the Secretarv„�a3 Lender sEnalt promptly refund any excess funds �
<br /> . tQ Horrower.lmmediately prior to a foreclosure �of the Property or itc acquisition by Lender. Bt�nower's account shall
<br /> bo�crcdited with any balanc� remaining for a11 instattments for items (a�, tfs), and tc�.
<br /> � 3. Appliation ot P�yments. Alt ga}ments +��der paragraphs 1 and 2 shall be appZied by Lender as fofiows:
<br /> First, to the morigage insuraace premium to be paid by Lender ta the Secretary or co the montht}•charge by the Secretary
<br /> instead of tbe monthly mortgage insurance premiu�n. unless Borrower paid the entire mortgage insurance premium when this �
<br /> Security Insttument was slgned; ;
<br /> Second,to any taxes.special assessments,leasehold payments or ground rents.and fire.ilood and other hazard insurunce
<br /> premiums, as required; �
<br /> Third, to interec��I..��l.��.f �h�hp2C; _
<br /> , Founh, to amortization of the principal of thc Nate: ' -�
<br /> Flfth, to late charges due under the Note. : --
<br /> �. Fire. !'lood a�d Ot6er Hazsrd l�suraece. Borrower shall insurc all improvements on the Property. wi�ether naw in -
<br /> existenet or subsequently erected,against any hazards,casualties.and conti�gencies.including fire, for which Lender requires
<br /> insurance. This insurance sha11 ba maintained in the amounts and for the periods that Lender requires.Borrower shall also
<br /> insure uli improvements on the Property.whether now in existence or subsequently erected,against loss by floods to the exte�t
<br /> �equired by the Secretary. All insurance shall be carried with campanies approved by Lender. The insurance policies and any -
<br /> renewals shall be hetd by Lender and shall include loss payable clauses in favor of. and in a form acceptabte to, Lender.
<br /> ln the event of lou. 8orrower shall give Lender immediate notice by mail. Lender may make proof of toss if not made
<br /> - promptly by Borrower. Each insuranee company concerned is hereby authorized and directed to make payment for such loss �
<br /> directly to Lender. instead of to Borrower and to Lender iointly. All or any pan of the insurance proceeds may be applied �
<br /> 1, by Lender, at its option, either(a)to the reduction of the indebtedness under the Note and this Security Instrumrnt, �rst to �
<br /> ! any delinquent amounts applied in the order in Paragraph 3. and then to prepayment of principal, or (b) to[he restoration �•.-•
<br /> + or repair of the damaged property.Any application of ehe proceeds to the�rincipal shall not extend vr postpone the due date �_
<br /> of the monthly payments which are referred to in Paragraph 2,or change the amount of such payments. Any excess insurance �
<br /> , proceeds ovrr an amount required to pay all outstanding indebtedness under the Note and [his Security Instrument shall be . �.
<br /> � paid to the entity legally entitled thereto.
<br /> In the event of foreclosure of this Security Instrument o!r other transfcr of title to the Property that extinguishes the
<br /> indebtedness.a[I right, title and interat of Borrow•er in and to insurAnce policies in force shall pass to the purchaser.
<br /> 3. Preserv�t�o�a�d M�I�teesnce oi the Propeny, Lease6olds. Borrower shall not commit waste or destroy,damage or
<br /> � substantially change the Property or allow the Property to deteriorate.reasonable wear and tear excepted.Lender may inspect
<br /> the property if the property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect
<br /> and preserve such varant or abandaned pro�erty. If thi�Security lnstcument is on a leasehold, Borrower shall comply tivith
<br /> � she pra�isia�s of ihc lease. 1€Borrower a��quii�e� t'ee titir[�thc Pru�eny.ihe[easehold and fee titie shaii not be merged untess
<br /> ' Lender agrees to the merger in writing.
<br /> 6.Cltar6e�to 8orrower�d ProtecNo��f Lender's Rights in Ibe PropeMy.Borrower chall pay all governmental or municipal
<br /> charges, iines and impositions that are no1 includcti in Paragraph 2. Borrawer shall pay these obligations on time directly to
<br /> the entity which ic nwPn►t,����;ne:�:. !f f�ils�re to�:y�asl�:�dvcrs,ly a!'fr:: L:r.3:r's ia�:;cst in�:�e �'ro�e�¢y,�avu Le�idrr'� .-�_ -� - -
<br /> �cquest Horrower shall pramptly fnrnish to Lcrsdcr receipts c��idencing these pa�•mertts. •
<br /> If Borrawer fails to make these payments or the payments required by Paragraph 2,c•z f'ails to perform art}other co�•enants �
<br /> and agreementscontained in this Security Instrume�t,or there is a legal procecding that r,:ay signi�car,tly affect[.ender's rights
<br /> in che Property(such as a proceeding in bankruFEC�. t'or candemnation or t4z enforce iaus or regutat;ons), then Lendcr may '
<br /> de�3nd pay whatever is necessar}�to protect the�ajue of�he Praperty and f.�nder's r�ghts in the Property,incl�.ding payment .••t�
<br /> c�f taxes, hazard insurance and other items mentioned in Paragrarh ?. ir
<br /> � Any amounts disbursed by l.ender under tt��5 Para�raph shall be�rr.-�_ an additioi2a! deht c�f E3t,rr�n�er ,�nd hc �crured
<br /> �y this Security lnstrument. These amounts �hal4 t�ear interest from the date ui ditihur,ement, ��t thc Nate ratc, and at the �
<br /> aption of I_ende�, shall be immediately due and payable. �
<br /> 7. fottdtmnstion. l hc procce�fti of any a«ard or cl,�mi t��r d,tmagc�, cfuc�t i�r c�•neryucntial. �n �on�icct�rn �4ith an� r' +�
<br /> �nndcmna�ion or othcr taking aF an> pt�rt uf thc E'rnperi5. or fur con�c<<in�c�n �I��r ut �im�irmna�u,n, ;uc hc�ch� a����cncJ �. .'
<br /> :and �hail be ►��id to 1 endcr ta thc cticrtl t�f tl5c iull am�unt �+1 thc m�lchtr�fr�r«ih.it rcm:sinti <<r,ra�a un�icr thr tintc,tncJ thi.
<br /> !�erurn} In�trutnent. t er.der tihc�ll a���,lc�uch pr<�cerd� tn the reductu,n ot the in�fehlednr�• �s���rr �lie ti��ie .in�1 thi, �,:•.iint�
<br /> �mtrumcnt. i'irtir ti�a�n dcluiUucnl antuunt�aprli.�t inthc��r�lrr �,rmidc�i in Y�iraci.�E�l� i. .ii�ii thcn tr��vc•r.n�eicnr ��t ��nn:i��;�i
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