|
. ' ... . ._"'�""'._._...W..._.__._. ._,. .. ��.,, ._. . � ,�._.. �. . . . ...�""' 'di:t` "q!Il\��� -- ,_.- _-___�_._..._w-.—.—� _
<br /> ` � �
<br /> �
<br /> 90°�„-�p2531 �
<br /> ' 1.PaYeeea!of�ri�cipU�latereat aMd Late C�u�e. 8ocrower shall pay whcn due thc princ(pal of.�nd intcrest on, thc debt
<br /> evidenced by the Nate and lete char�es�ue under tRc;V�te.
<br /> � 2.Ma�uq�P�.e�a ot 7'axa.I�wr��ce u�OtMRr CA�,Borrower shall include in eacA monthly payment�toeether with
<br /> the princip�l and interat as set forth in the Notr a�d+�ny late chuaes.an installment of any(a)tues and specia!usessments
<br /> tevied or to be levied yain�t the Prop�erty� (Qa k.as�hQld �syment� ar grouad rents on thc Prap�erty� and (c)petmiums Pnr
<br /> inswance required by Puyt�ph 4.
<br /> E�ch monthly instaDment for items(a).(b)itnd(c)shap equ�l one-tweltth of the annu�l amounts,as ressonably atimated by
<br /> Leader.piw m amouat sufFicknt to mainiain�additional balance of not more than one-siuth of the atimated unouata.The
<br /> ' NU annual tn�auat tor acA item shaU be Accumulated by Leader within a period ending one aronth before aa ttem would
<br /> Axome deUnQuent.Lernder shall hold the amounu colkcted in trust to pay itams(a).(D)and(c)bafore they become delinqueat.
<br /> !f at�ny time the totd of the payments held by 4ender for item�(a),(b),and(c),to�ether with the future monthly payments
<br /> , for aucA items qyabk to Lender pdor to the dua dates of such items,exceeds by more than one-sluth the estimated unount of
<br /> � Fayments required to p�y such items whrn due, and if paymtnU on the Note ue currcnt,then Lendar shall elther refund the
<br /> � accea over one-skth of tAe atimsted payments or cred9t the excess over onasi�th of the atlmatod payments to aubsequeat
<br /> � pRymeats by Bonower��t the opdon of Borrower.If the total of the payments made by Borrower for item(a),(b), or(c)is
<br /> ! iasufficieat to pay the itetn�rhen due.thon Boaower shaU pay to Lender any amount necessary to make up the defkiency on or
<br /> before the d�te the item baoma due.
<br /> ' �►s uud in th9s Sa:urity Instnuneat, "Secrotary" mans the Secretary of Housing and Urban Development or his or her
<br /> � dcsip�ee.Most Security lnstruments insured by the Secretary are inswed under programs whlch require advance ps�ymsnt of the
<br /> entire mortp�e insurana pretnium.If thls Secnrity lnstrument is or was inswed under a program which did not requirc advance
<br /> , . paYmeat of the eatire mort�e lasurana premium,thm each monthly paytuent shill also include either:(i)an instWmrnt of the
<br /> . annual mortpge Insurance prcmium to be paid by Lepder to the Secretuy, or(ii) a manthly chuge inste�d pf a mort�e
<br /> ' ��noe Pt�um if tbls SecnrIty Instrumeat is held by the Secretuy.Fach monthly ie�stallment of the mortaage insurance
<br /> -• � P�wn shaU be in an smount aufficient to accumulate the full annus�l mortgage insurance premium with ixnder one month
<br /> pdor to the ds�te the tLU annual mortgage inswrance prcmium is due to the Secretary.or if thls Security Instrument is held by the
<br /> ; Sa�et�ry, each monthly char�e ahW be in an amount equal to oAe-twelfth of one-half percent of the outstanding principal
<br /> � bdance due on the Note.
<br /> If Borrower teaders to Lender the full payment of x11 sums secured by this Securlty Iastrument,Borrower's account shall be �
<br /> ; credtted with�l�e b�lana remaining fos aU installments for items (a). (b) aad(c)and ang mortgAge �nsnrance premium
<br /> lnstaWnent th�t Lendrr h�s not become obtigated to pay to the Secretary.nnd L.ender shall promptly refund any excess funds to
<br /> , HorrPwer. Immedi�tely prior to a foreclosure sale of ttie Property or iu acquisitioa by Leader. Borrower's account shall be
<br /> credited with any balance remaining for alt installments for items(a). (b)and(c?.
<br /> ' 3.A�IkaW�at P�e�t�.All paymen�ts under paragraphs 1 and 2 shall be applied by Lender as follows: '
<br /> ' FIRST,to tlae aortgage insurance premium to be p�:d by Lender to the Secretary or to the moathly chug�by the Secretary '
<br /> : instad of the monthty mortgage insurance premium,unless Botrower paid tho endre mortgage insurance prrmium when this
<br /> SecuritY Insttument was signed: � .
<br /> p,��GOND�ta swy taxes,special assessmcnts,leasehold payments or ground rents,and�"ire,flood and other hazard insurance � ,�
<br /> tecluired. _7�.
<br /> � T.,�$t�, ia iatrr�t dur ua3�thc Natc; _ _ _
<br /> _ ___: FOURTH.to�mortlution of the nrincinal�f zhe Nnf�i
<br /> �.to kte char=a due under the Note.
<br /> � ,•�e+b7ood ud OtLer Has�rd Iwra�ce.Borrow�r shall insure all improvements on the Property,whether now in existena �� �
<br /> or subsequently erected�against any hazards.casualdts.and contingencies,including fire,for which Lender requires insurance, '
<br /> Th1s inaunpce sba11 be maintained in the amounts and for the periods that Lender requira.Borrower shall also insure all �s;
<br /> improvements on the Property,whether now in e�dstena or subsequently erected,ag�inst loss by Roods to the eatent required by —
<br /> ' the Secretary.All insurance shall be carried w�th companies approved by Lendes.7'he insurance pollcies and any renewals shall
<br /> � be held by Laider and shali include loss payable clauses in favor of,and in a form acaptable to.I,ender.
<br /> ' In the event of loss,Borrower shall give Lender unmediate notice by mail.Lender may malce proof of loss if not made prompt-
<br /> , ly by Boaower.Each insurance company conarnod is hereby authorized and directed to make paysnent for such loss directly to
<br /> � Lender,instead of to Borrower and to Len�er jointly.All or any part of the insurana proceeds may be ap�lied by Lender.at iu
<br /> � opdon.either(a)to the reduction of the indebtedness nnder the Note and this Security Insirument, fust to any delinquent �
<br /> � amount�applled in the order in Paragraph 3,and th�e to prepayment of principal,or(b)to the restoration or repair of the
<br /> � d�magod property.Any applicatIon of the proceeds to R�e princlpal shall not extend or postpone the due date of the monthly
<br /> payments which ue refened to in Paragraph 2,or change the amount of such payments.Any excess insurana proceeds over an
<br /> � amount required to pay ail outstanding indebtedness under the Note and ttvs Security Instrument shall be paid to the eatity Iegal- �,��
<br /> 1y entitlai Wereto.
<br /> � In the event of foreclosure of this Security Instrnment or other transfer of titlo to the Propeny that extinguishes the in- `
<br /> ; debtedness. all right,title and interest of Borrower in and to insurance policies in force shaU pass to the purchaser.
<br /> s. P�r�er�adu� aed M�Iate�a�ce of the Properiy, Leaahold�. Borrower shall not commit waste or destroy, damage or
<br /> ; substandally change the Property or allow the Property to deteriorate,reasonable wear and tear oxapted.Lender may inspect
<br /> ` the property if the property is vacaat or abandoaed or the loan is in default.Lender may take reasonabte acdon to protect aad
<br /> , preserve such vacant or abandoned property.If this Secvrity Instrument is on a leasehold,Borrower shall comply with the provi-
<br />� ;' �ions of the leax. If Bonower acqulres fa title to the Property,the leasehold and fee title shall not be merged nNess Lender
<br /> a�tas to the merger in writlt�g.
<br /> . f.CrsRes to lbrrower and 1'rotecUos of Le�der'a Ri�Lfa in the Piroperfy.gorrower shall pay all govemmental or municipal
<br /> - chu�a.fiues and impositions that are not inclucles!ir Paragraph 2.Bo::ower sha1,1 pay these�bligations on time directly to the
<br /> � entity wh3ch is owed the payment.If failure to pay wouId adversely affect Lender's interest in the Property,upon Lender's re-
<br /> , quest Borrowtr shail promptly furnis6 to Lcnder receipts evidencing these payments.
<br /> If Bonower fails to make these payments or the payments requ'ued by Paragraph 2.or fails to perform any other covenants and
<br /> agraments oontained in this Security Instrurnent,or there is a tegal groceeding that may signi6�andy affect Lender's rights in �---�_
<br /> the Propeny(such as a procading in bankruptcy,for condemnation or to enforce laws or regutations),then Lender may do and �
<br /> pay w;�aieve�is acccssary to protect the vatue of the Property and Lender's rights in the Property,including payment of taaes. '
<br /> hazard insurana and othtr items mentioned in Paragraph 2. ,
<br /> Any amounts disbursed by lender under this Paragraph shall became an additional debt of Borrower and be secured by this
<br /> Security Instrument.These amounts shall bear intetest from the date of disbursement, at the Note rate, and at the optian of
<br /> Lensier,shall be immediately due and pays�ble. N
<br /> L �.Condemn�8on.The procads of any award or claim for damages,direct or consequential,in connection with any condem- - �
<br /> nation or oiher taking of any part of the Propeny,or for conveyance in place df condemnation,are hereby assigned and shall be
<br /> paid to Lender to the extent of the full amount of the indelstedness that remains unpaid under the Note and this Security Instru- r�+
<br /> ment.Lender shail apply such proceeds to the reductioa of the indebtedness under the Note and this Security Instrument,first to t0
<br /> any delinquent amounts applied in the order provided in Paragraph 3,and then to prepayment of principal. Any application of �
<br /> the proqeeds to the principal shall not extend or postpone the due date of the monthly payments, which are referred to in ' �
<br /> Paragraph 2, or change the amaunt of such payments.Any excess proceeds over an amount required to pay all outstanding in-
<br /> debtedness ander ihe Note and this Security instrument shall 6e paid to the entity legally entitted thereto. V -
<br /> 8.Fees.Lender may collect fees and charges authorized by the Secretary.
<br /> Page 2 oJ 4 �
<br /> --.�_..._ _____-°- -�-- �_....__�__W_...�._.,.._.�.
<br /> -- - -- �t-,�,.�.,...a�,..e..m.R...._..»,_� .-1.,�-,.�.���_ --
<br /> -�-y�_ _-1-- __ ._._._�—_� �...�,.�.a�.�•-�--^—.�, -
<br /> — -- —� - —�--�- _ _ --- - _ -
<br />. _. � �.��.'i ^i 7r'`� • �- ryv°R'p-�'m ,.,-�.—•n - _- -- .�v,� - ��+,-T _"T �.{r'tiTgi
<br />. - ... .�pi .<:- �_.,.., : �.�r-pt-^.t��'::n ""r`._.' I"S`7Q[ .. . . _ ' c . � ' . • . n. . . ' � ' r.-•r i�� .'tT`�' - _
<br /> �.- .- -_ -._....n,..
<br /> ��-� _
<br /> r�
<br /> , . � � . �. � _ . . .... . . - , . � �_ ;1 �r �_it,
<br />.. �' .. . -, . ' , . . . - ' . ., • � " � . . . . �Cr �
<br /> , . - . . . � c. . - '. ' � r. ., .
<br /> . - - . . .. i�-.... . . �. . . . � •1 .
<br />
|