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<br /> • 1.lfynttel ot Pne�tpd�letetcst ted Late ChuQr.�orrow•cr shall pay�vhen due the principat oP, nnd iRterest on, the debt
<br /> evidenced by thr Note and iate chtr�es due under the Note.
<br /> 2.Mo�Ub l��eab of Taxes�Ie�n�ce��d OtMsr C��r=e�.Borrower shAll inctude in each monthly payment. to�etlier with
<br /> � the princi�ul and interest Rs set forth in the Nate and�ny late ch�rges,an instaliment of any(a)ttuces and speclal pssrssm�nts
<br /> kvied or to be kvied ajainst the Propeny. (b) leuehold psyments o��raund rents on the Properly. and (c) premiums for
<br /> insurance requtreci by Para�raph 4.
<br /> � Bac�s;nonthiy i�sstallme�t for itonts(�).(b)and(s)shall eyuAl one-tw�lfth of the anauat amaunts,as rcasonabts c5timated by
<br /> Ixnder.plue an amount sufficknt to maintaln�n addidond balence of not more than one-sixth of�he estimated sunounts.Thc
<br /> tWl tenw�!amotwt for euh item shall be accumulated by Lender within a pedod ending one month betore an item would
<br /> become dNtnquent.La�der shW hold the amounts coUected in trust to p�y items(a),(b)and(c)before they become delinquent.
<br /> � !f st any tlma the total of the paymetsts held by Lender ior items(a)�(b).and(c).together with ehe Puture monthly paymsnts
<br /> , fa�such items pay�tbie ta Lender pNor to the due dates of such items,eaceeds by mare than one-siath the estimated aunount of
<br /> , p�yment�required to pay such itema when due�and if pnyments on the Note are current, then Lender shall either refund the
<br /> ' C7IClii pYC!OAC-slxth of the�ated paymenu oe credit the eaass over one-siuth af the estimated paYmenta to subsequent
<br /> � paymente by Borrower, at the optlon of Borrow=r. If the total of the payments mxde by Honowcr for item(a). (b),or(c)is •
<br /> insufficlent to pay the Item when due,then Borrower shaU psy to Lender any amount necessary t�make up the deficiency on or
<br /> � before the date the item becotae�due.
<br /> ; As used in this Securiry Instrument. "Secretuy" mans the Secretary of Housing and Ur6an Development or his or her
<br /> desi�nee.Most Security laatrumeats iasu�cd by the SecretAry are insured under programs which require advince payment of the
<br /> � entire mort�e Insurana premlum.If this Security Instrument is or was insured under a program whlch did not requIre advance
<br /> , payment of the eatlre mortgage insuraace prcmium,then atch monthly patymeat shall LLto include either:(i)an installment of the
<br /> annu�l mortgsge insurance pnmium to be paid by Lendu to tbe Secret�ry, or (ii)a monthly charge instead af a inortgage
<br /> ► insurana pretnium if this Security Insirnment is hold by the Secrttary. Each monthly installment of the mortgage insurance
<br /> ! premium ahall be in an amount sufficient to accumulate the PuU annual martgage insurance premium with Lender one moatI4 �
<br /> ! pdor to the d�te the full aanusl mortgage insurance premium is due to the Secretary.or if this Security I�strument is held by rl�.�
<br /> , Secrctary, ach monthly chuge sh�ll be in an�tmount equal to one-twelfth of one-half percent of the outstanding princi�^a�
<br /> b�l�nce due on the Note.
<br /> ' If Borrower teaders to Lsnder the full payment of all sums secured by this Security Instrament.Borrower's account shaq be
<br /> j credited with thc balance remaining for all installments for itemc (a), (b) and (c) and any mortgage insurance premium
<br /> � inst�llmeat thxt Lender has not become obligstted to pay to the Secretary.and Lender shall promptly refund any exccss funds to
<br /> � Horrower. lmmedi�tely prior to a forectosure sale af the Propeny or its acquisiti�n by L.ender, Borrower's account shall be
<br /> � credtted with any balance remaining for aU installments foz items(a),(b)and(cy. ,
<br /> a.Applkallo�of Ps�me�tr.All payments under pazagruphs 1 and 2 shall be a�Plied by Lender as follows:
<br /> , �$�, to the mort�a=e insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary '
<br /> , iiistead of the monthJy mongage insurance premium,unless Horrowec paid the entire mortgage insurance premium whem this
<br /> Security Instrument was signed;
<br /> � �,COND,to any t�xes.specisd assessments,leasehold payments or ground rents,and fire,flood and other hazard insurance f -
<br /> premiums,as required: i ; -
<br /> ��,to interest due under the Note; t��_
<br /> rOU�T'1i,tu umuiiit�Gon ui ifie pruuipaj oi ii�r iluie;
<br /> - :�pi::� iG inic�tiici�cS uii8 iiuttct i�i2 ivuic. _
<br /> " 1.Firq�7ood�d Otrer Hax�rd Ias�nace.Borrower shall insure all improvements on the Propeny,whether now in eaistence
<br /> ' or subsequently ecerted,Agaiscst any hazards,casualues,and conungencies,includictg fire,for which Lender requires insuranca � �+
<br /> ; Tlais insuranct sta�l be maintained in the aznounts and for thc periods that l.onder requ'ves. Borrower shaU also insure all
<br /> • iu�rovements oa the Property,whether now in existence or subsequently erected,against loss by floods to the extent tcqcrired by —
<br /> ' the Secretary.All insurance shall be curied with companies approved ky Lender.The insurance pollcies and any renea�c sEra".]
<br /> � �e held by Lender and shall include loss payabi:clauses in favor c�f,�.�d in a form acceptable to.Lender.
<br /> � �n the eveat of loss,Borrower shall pve Lender immafiate notice by mail.Lender may make proot'of loss if not made promFt-
<br /> i FSr by Borrower.Each insurance company concerned is hereby authoriud and directed to make payment fot such loss directly to
<br /> Lender,instad of to Borrower and to i.endcr jointly.All or any part of the insurance proceeds may be applied by Lender,at cas
<br /> � option, either(a) to the reduction of the indebiedness under the Note and this Socurity Instrument, first to any delinguent
<br /> '• amounts applied in the order 9n Paragraph 3, and then to prepayment of principal,or(b)to the restoration or repair of the
<br /> ` damsged property.My application of the proceesls to th�principal shall not extend or postpone the due date of the monthly �
<br /> ; . paymenu which are referred to in Paragaph 2,or change the amount of such pab�ents.Any excess insurance proceeds over an ��':
<br /> • amount requirod to pay all o¢tstanding indebtedness under the Note and this Seo.�ucic3lnstrument shall be paid to the entity tegal� '' '`'
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<br /> t iy entided thereto.
<br /> � In the event of foreclosure of this Security Instrument or other transfer of title to the Propeny that extinguisha the irc• �
<br /> debtedness.all right,title and interat of Borrower in and to insurar.��e policies in force shall pass to the purchaser. :
<br /> S. Prt�ervatloe ud Md�ieiaace ot t6e Praperty, Le�e6old�. Borrower shall not commit waste or destroy, damage or
<br /> ' substantisilly change the Propeny or allow the Property to deteriorate.reasonabie wear and tear excepted.Lender may inspect
<br /> . che properEy if the property is vacant or abandaned or the loan is in default. Lender may take reasonabte action to protect and
<br /> premve such vacant or abutdoned property.tf this Security lnstrument is on a leasehotd.Borrower shall comply with the provi-
<br /> ; sions o€the lease. If Borrower acquires fee titie to the Propeny,the lcasehold and fee title shall not be merged unless Lender
<br /> • agrees to the merger in writing.
<br /> f.Ci�aRes to Horrower�ed Protection of Lea�er'a W�ts in tiie Properry.Barrower shail pay ail governmental or municipat
<br /> �*�a.f.sss sad impositions that are not included in Paragaph 2.Bonowu shAl4�+ay thece o6tfgations on time directly to the
<br /> entity v��ich is owed the payment.if failure to pay would adversely affect Lender's interat in tl:e Propeny,upon Lender's re-
<br /> qaest Borrower shaU promptly fumish to Lender receipts evidencing these payments.
<br /> lf Borrower fails to make these payments or the payments required by Paragraph 2.or fails to perform any other covenants and
<br /> agreements cantaincti in this SeCUrity instrument.or there is a Itgal proceeding that rnay signiHcantly affeq Lender's rights in -- _�-
<br /> the Property(such zs a ptoceeding in bankruptcy.for condemnation or to enforce laws or regulations),then Lender may do and �
<br /> pay whatever is necrssary¢o protect the value of the Property and Lender's rights in the Propeny,includitut payment of tar.ec, ;
<br /> haurd,nsurance and other items mtntioneci in Paragraph i.
<br /> Any amounts disbursed by lender undtr this Pazagraph shall become an additional debt of Borrower and be secured by this
<br /> 5ecurity lnstrumtnt.These amounts shall bear intercst from the date of disburserrtent, at the Note rate, and at the option of '
<br /> Lender. shali be immediately due end payable.
<br /> L 7.Co�de���tb11.The proceeds of any aw•ard ar claim for damages,direct or consequential,m connection with any condem-
<br /> nation or other eaking of any part of the ProFerty,or for conveyance in place of condemnation,are hereby assigned and shal!be
<br /> pnid to Lendtr to the cxtent of the full amount of the indebtedness that remains unpaid under the!VotP and this Security Instru �i'
<br /> ment.Lender shall aUply such procecds to the reduciion vf the indcbtednest under thc Notc and this Security In�trument,�rst to ^
<br /> any delinquent amounts applied in Ihe order pravided in Paragrapb 3,and Ihen to prepdyment of pnnci�+al.Any arplication�f �
<br /> the ptacttds to the principal shall not extend or postpone the due date ��f the momhl, payments, �.h�ch are referrcd I� in h
<br /> PBragraph 2,or change the amot,nt of such payments. Any erce�5 procecdc o�er an am��unt reyuired tn�+ar ail uut��andin� in r
<br /> cfebtedroess urtder the Note nnJ this Secutny Instrumenl chaU be�+aid �o rhe ennt►� legally ent�tled theietc� `'
<br /> 8. F�ee�. 1 ender ma� :�,Ilect tecc and rharge�authorved Ny Ihc'+r�rctciry
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