|
. ��.. _ _ �
<br />, , ��.,..._��,,_ __
<br /> .---
<br /> ,.- -
<br />._z _ _
<br />=3
<br />__�
<br />_�
<br /> . � ��
<br /> 90---10�298
<br /> � t. ��yme�t o!P�ia�clpal,Iatere�t�ed I.wte Ckar�e. Borrawer�haq pay�hen due the prinripal of, and interest an.the drht
<br /> svidenced by the Not��nd late charges due under the Note. •
<br /> � 2.MoMhly Par�e�W ot Tua. Iarn�ce�ad Ot�er Cl�u�.Bonowct shall lnclude in each monthty payment,togtther with
<br /> thG pdncipal a�nd ineerest as set furtA in the Noto�nd any tate char�es.an tnstallment af any(a)taxes and specie!assessm�nts
<br /> levied or to 6e tevied�ainst the Aropeny, (b)leuehald payments or ground rents on the Property, and (c)premiams for
<br /> insur�nnee rMulred bY Pa►ra�r�ph I.
<br /> Each monthly lastallment for�tem�(a),(D)�nd(c)shW equ�l one-twelfth of the annud amounts,as reasonabiy estimatcd by
<br /> Lender.plus an amount s�itfisient te maintain an additlaru�)balance of not more than one-siath oi the estimated amounts.Thc
<br /> full annual�unount for each item shill 6e accumulnted by Lender wlthIn a period ending one month before an item woutd
<br /> become delinquent.I.ender shUl hold the�mouna collected in trust to ps►y items(�).(b)xnd(c)lxfore they become dellnquent.
<br /> if�t any time the total of the payments held by Lender for items(A).(b).and(c),together with the futura monthly payments
<br /> for such itema psyable to Lender pdor to the due dates of such items.exseeds by more thsn one-si�th the estimated am�unt of
<br /> paymrnts requlred to pay such itema when due,and if p�yments on the Note yre current,then Lender shall either refund the
<br /> exca��ver one-siath of the estimsted paYments or credit the eucess over one-si�th of the estim�ted psyments to subsequent
<br /> p�ymrnts by Horrower,at the optioa of Borrower. If the total of the payments wadc by Borrower for item(a).(b),or(c)is
<br /> in�ufQciant to psy the item when due,then Barrower shall pay to Leader any amount necessaryr to m�ke up the deiiciency on or
<br /> before the dste the item becomes due.
<br /> As nsed in th3�Securlty Insuuraent, "Secretuy" mans the Secretary of Housin�and Urban Deve\apment or his or her
<br /> designee.Most Securlty Instruments insured by the Secrehuy are inswed under programs which require Advance payment of the
<br /> eatire mort�e insurmce premium.If thls Security Insuument is or was insured under a progrun which did not require advance
<br /> payimc►t of ttw enlire monp�e insurmce premium.then eatch monthly paymeat shall also include elther:(i)An installment of the
<br /> annwl mort�e insurance premium to be paid by Lender to the Secretary, ur(i�a monthly charge instead of a mortgage
<br /> inswurce premium if this Securiri Instrument is held by the Secretary.Each manthfy installmeat of the mongage insurance
<br /> prrmium shall be ln u►amount snfflcIent to accumulate the fuU annual morigAge�nsnrance premiwn with Lender one month
<br /> prior to the date the fuU annu�l morttage lnsurAnce premium is due to the Secretary,ar if this SecwIty lnstrument is held by the
<br /> Secret�ry,each monWy cdu`e shall be in an amount equal to one-twelfth af one-half percent of the outstanding psincipal
<br /> balance due on the Note.
<br /> If Bonower tendera to l.ender the fuU payment of all sums secured by this Security Insuument,Bosower's account shall be
<br /> credited wlth the baiuea remaining for aU instaltments for items (a), (b) and (c) and any mortgage lnsurance premium
<br /> � tastallmenl th�t Leader has not become obligated to pay to the Secretary,and Lender shall prompdy refund any eacess funds to
<br /> Bonower.lmmediately prior to a for�closure sale of the Property or lts acquisivan by Lender,Bonower's account shaU be
<br /> credlted wlt6 anY baimce remaining for all installments for items(a),(b)and(c).
<br /> 3.AppYeatba of Pqen�.All p�g�ne�ts under paragraphs I a_�d 2 shaU be applied b�Lendet as follows: � '
<br /> FIAST,to the mortg�ge insuranca premium to be Fud by Lencfer to the Secretary or to Etee aaonthly charge by the Secretary �
<br /> iastad of the moAthly mortgage insurance premium.unless Borrow�er paid the entire mongage insurance premium��en this
<br /> Secudty Iastrument was dgned;
<br /> SECOND.to any tues.special assessments.lease�o€d payments or ground ronts,and�re,flood and o�E:er hazard insuras�ce �
<br /> _ L_- '
<br /> piC�UIQ9.8.1 PCQq1lC�: � , _•
<br /> �]g�,to interest due under the Note; __- =
<br /> - - FOVR Ej,to unortization ot'the principai oi thd Note;
<br /> �,to late charges due wnder the Note.
<br /> �.piee,blood ud Ot�er Huard I�a�ritece.Borrower shall lnsure all improvements on the Proporty,whether now in existence
<br /> or subsequendy erected,agaimst any hazards.casuaC��:s,ansl contingencies.including fire,for whlch Lender requires uuurana. :
<br /> This inswana shall be maintained in the amounu aad for the geriods that Lender requires. Borrower shaU also insure all •
<br /> improvem�u on the Propetty,whether aow in eustence or subse$uently erected,against loss try floods to the extent required by �
<br /> the Secretuy.All in�urana ahall be carried with companies appro��ed by Lender.7'he inswaace poticies ai►d any renewaIs shaq
<br /> �ee held by Lender aad sh�ll include lass payable clauses in favor of,aad ia a form acetptable to, Lender.
<br /> . In the event of loss,Borrower shall give Lender immediate notia by mail.Lender may make proof of loss if not made prompt-
<br /> ly by Borrower.Esch insurance company concerned is hereby suthorized and directed to make payment for such toss directly to '
<br /> Lender,instad of to Borrower and to Lendtr 9ointly.All or any pan of the inswance Droceeds may be applied by Lendet.at its �
<br /> option, either (t)to the reduction of the indebtedness under the Note and this Security irsstsument. first to any delinquent T
<br /> amouats applied in the order in Paragraph 3.and then to prepayment of principal,or(b)to the restoration or repair of the •
<br /> dam�ed properiy. My application of the procads to the principal shell not t.�tend or postpone the due date of tho monthly
<br /> psym�nU which are refened to in Paragraph 2.or change the amount of such payments.Any excess insurance proceeds over an �.3�i,1":`
<br /> amount required to pay all outstanding indebtedness under the Note and this Serurity Instrument shall be paid to the entity legal- �:,��
<br /> ly endtled ttsereto. ,
<br /> ln the event of foreclosure of this Security lnstrument or other transfer of title to che Property that extinguishes the in-
<br /> debtedness. all r18ht,title and interest of Bonower in and to inswance policies in force shall puss to the purehaser.
<br /> � S.P�eurratlo� a�d Mdateaa�ce o!tie Propert', Lea+erold�. Borrower shall not commit waste or destroy, damaga or
<br /> substtnti�lly chmge th�Proptrty or a�ow the Property to deteriorate,ressonable wear and tear exapted.Lendtr may inspect
<br /> the property if the property is vacant ar abandoned or the toan is in default.Lender may take reazonable acuon to protect and
<br /> sio�n of he lease. If Borrower acquPire�f a tl ls to the Propenyr the leasehold and fee tit$e hall n t be merged unless Lender
<br /> a�ras to ttse mergtr in writing.
<br /> 6.C�ar�es to Borrower s�d Protectba of Leader'a Ri�hts la tbe Property. Bonower sha11 pay all governmental or municipal ,
<br /> char{es�fines and impositions that ue not included in ParagraFts 2.B�rrower shall pay these obligations on time directly to the
<br /> entity wluch is owed the payment.If failure to pay would adversely affect Lendtr's interest in the Property,upon Lender•s re-
<br /> quat Bottower shall promptly furnish to Lender raeipts evidencing these payments.
<br /> If Borrower fails to make these paymenis or the payments required by Paragraph 2,or fails to perform any other covenants and
<br /> agraments contained in this Securiry instrument,or there is a legal proceeding that may significantly affect Lender's rights in ;-___�---
<br /> tht P�operty(such as a proceeding in bankruptcy.fot condemnation or to enforce laws or regulations),then Lender may do and
<br /> pay whatever is necessary to protect the value of the Pruperty and Lender's rights in the Propeny,inclilding payment of taxes.
<br /> hazetd insurance and other items mentioned in Pazagraph 2.
<br /> My amounts disbursed by lender under this Paragraph shall ba.ome an additional debt of Borrower and bc secured by this
<br /> Security tastrumer►t.These amounts shall bear intetest from the date of disbursement. at thc Note rate,and at tht opiion of
<br /> Lender.shall be immediately due and pa}�able.
<br /> �
<br /> � 7.CoaOetnaitlon.The ptoceeds of any award or claim for damages.direct or consequential,in connection with any condem- �
<br /> nation or other laking oPeny pan of the Property,or for conveyance in place of coodemnation,arc heeeby assignzd and shail be
<br /> paid to Lender to the extent of the full amount oF the indebtedness that remains unpaid under the Note and thiY Security Ins�ru- -.�
<br /> ment. Lender shaii apply such ptuaeds to.re::duc.iaa o::r�indeb:ttlness�!n�1er the Nnte and this 5ecuritv Insitumeht,first to ��
<br /> anydelinquent amounts applied inihe order ptovided in Paragraph 3,and then to prepayment oF principal. Any application of ��i
<br /> the proceeds to the principal �hall not extend or postpone the due date of the monthly paymencs, which .ue rrferred to in q
<br />. pareg*aph 2, o�change theamount of such payments.Any exce�ti proceeds��er an amount required t��p�e� ail out��andm�m-
<br /> deblednas under the Note and Ihis Security Ins!rument sfrall be paid to the cnl�ly legaily ent�tled ihcrcto
<br /> 8.Fte�. Lender may cc�ilect :ee�and charges authorired by the Secretary
<br /> r� w t � • f'ur.. .•.,l e ,. � �
<br /> .�.__J
<br /> , .. ...,_,.... ._,..,._..,. _._._ � _._.. .._., •- _. -•-----� ----- -•-- -
<br /> . � . ' . n . '� ,"—. ,--r7^ - —' � ' .. '-----���'�^---.-..—,_. __.. �..�____,.�, ��._,..�_. __,-�--_./:
<br /> � �. .
<br /> -- .. o < , ' ;.•?�`1,];.
<br /> .. :�Y(�.,- . . .._ . '- _'-.-. " . -.. -- ...,� ' .. � . � - � � _ . � � - - . . .
<br />
|