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r7�"' � 1 . . ■ . • . ` . ` , . � �
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<br /> , . _ . . _ 9�.,' 1030 ' � -
<br /> � i�arh mc�nthly installmrnt fc�r ttems(a);(b),and(c1 shall equal one-twctf�h af thc annuat amaunts.as reasanably cstimatcd ` �
<br /> . � by Lrnder,p�us an�mount suf�ci0nt to mafntain an addittanuf balance of not more than ane-sixeh of che estimatcd amounts. �
<br /> T.h�futf annual amouiu far each item shall.be accumulat�N by Lender within a p�rtali ending one month before an ite�wontd` `
<br /> � �trccame delinquent.Lendcr shait hpiQ the amounts collertttl in trust to pay items(a).(b).and�c)before they become delinqucnE. �
<br /> � � ', If at any�tir�e the tatal of the paymentS hel'd byr Lender for items(a).(b),and(c?,tagether with the Euture monthly�paymerrts �
<br /> : far such icem��wyabie to Y.endtr_prior to the du=dates aF sc�eh itt�rrrs.exceeds�sy more tte�a one-six[�the estimated amount �
<br /> � cf pay�nents required io pay such.items whea due,and 'ef payments on the Nutc are current,then Lcrtder.shall eithct refund
<br /> the exc�avcr one-sixth a�the esdmated pay�nents or credit the excess over'one-sixth of the estimated payments to subsequent `
<br /> - . . p�yments by Borrower,at,the option af Bprrowcr. Ii the[otal of the paymenu ma�¢e by Borrower for item(a).(b),;or{c)- ��
<br /> �s insufficient to pay tfle item when rlue,`chla Borroyrersha[t pay to Lender any amoiuit neressary to make up the defic�ency
<br /> on or before the date the item becomes due. . � •
<br /> � �� As used in this Security instrument."Secretary'ineans the Secretary of i�iousing and Urbart Development ar his or her
<br /> � designa:Mast Security tostrumeats insured 6y the Sccretary are insured undes programs wbich reqtiire advance payment of
<br /> , . the eniire moRgage insurance premium.If this Secqrity tnstrumtnt is or was insured undrr a program which did not requite
<br /> . � ; advanae payment oFthe entire mortgage insuranca premium,then each monthty p�Ymmt shall also include either.(i)an installmeat ,
<br /> - , o€the annual mortgage insurance prernium to be paid by Lender fo the Secretary,or(u)a monthly.charge instead of a mortgage
<br /> insurance preminm if thIs Security Instrument Ls hetd by.the Secretary.Each monthly instaltment of the mortgage insurance,
<br /> pc�m�ura sbaU be in an ainount sufffcient to accumutate the fuU annual mortgage insurance premium i�vitb Leader one month `
<br /> , ps�bt,ta thc date thc fuil annuat mortgage insurance premiur�t is due to[h�Secretary,or;f this Secuaity lnstrument is hstd
<br /> " b�the Seenetary,each monthiy eharge shaill be in an a�nount cqual to oae-txelfth of one-haI€p�9..�c�of the outstanding principat
<br /> balance dne on the IYote. - , _ �
<br /> . Ii Borrower tenders ta Lender the iull payment of all se"ins'secured by this Securicac Ei;stretm�at,.Horrower'saccount shaU `.
<br /> . . • fo�credited with the ba[aace remaining for a!!instaliments for items(a),(b),and(c)ancf any�aoacgage insurance premium :`: "�:
<br /> . �, �• ��t�liment that Lettder 6�not become oL�tigat�tr��pay to the Secretary.and Lender shall prom��p refund any excess funds � ' ' � �
<br /> • ����onower. immediat���pr�or to a forectosur��ale of the Property or its acquisition by Lender,Borrower's account s�C�[[[ � �
<br /> ;�`% bc credited with any balance remair.:�for ati�ia�utaliments for items (a►. lb�, and(c). �.
<br /> :�.'. . .. ,
<br /> . 3. Appltp�ttos oi Psy�tnts. a'�.�aymenu�c;er paragraphs 1 an��.shali be applied by Le�der as follaws: �
<br /> � . �rst.to the mongage;,nsurance�:emium to be paid 6y Lender to the 5�retary or tp the monthty charge by the Secr '
<br /> instead af the monthly mortgage ins:Jrcc3nce premium, untess Barrawer pai�t�e entire rttortgage insuranee pre�¢eaum when his
<br /> ; Security lnstrument was signed; '
<br /> � Second,to any taxes.spccial assessment�,teasehotd payments or ground rents�and�re.f7ood aad other hazard insurance
<br /> � premiums, as required; �
<br /> Third, to interest duc under the Note;
<br /> Fourth. to amortization of the principal of the Note; : �
<br />; -- , - . �ifth. sQ!�i�c!t�s��:se �::[dc;tlS.:i�8t�. � - -• =_
<br /> � . 1. Firc.I'�I00/!�O(Mt�N�t�fd IIISYfisft. Borrawer chall insure alt imnrovements on the Property. whether now in *
<br /> existence or subsequently erected,against any hazards,casualtics.and cantingsncies.inctuding�re,for which l,ender reqoires
<br /> , � . insurance. This ittsuranco shall be maintaincd in the amounts artd for the periods that t.eadcr requires. Borrower shalt atso �
<br /> . insure all impravements on the Property.whether naw in existence or subscquently erec.teQ.against tass by flaodg to the cxtent
<br /> required by the Secretary.Atl insurance s1�a11 be carried w ith companies appraved by l.ender. The insurance policies and any 1�
<br /> renewals shal!.be hetd by I.ender and shall include loss payabte clauses ire favar of. and in a form acceptabte to, Lender. �
<br /> In the event of loss. Qo:�awer shall give I.ender immedia�e noticc hy mail. Lcnder may make proaf oi(oss if not made
<br /> promptty by Barrower. F.ach insurancc company concerned is hereby authoriud and directed to makc payrttent fai such tpss �
<br /> • directly to Lcnder.instead of to Borrower and ta I.ender jotntly. Aq or any part oi the insurance procceds may be applied
<br /> by l,endcr�at its option.elthtr I(A)to thc reduction of�he lndebtedness under the Note and this 5ecurity Instrument,�rst to
<br /> any delinquent amouats appl�rd in the c�ider in Paragraph 3.�nd then to prepay��nrnt �f principal.c►r (b)to the restoration
<br /> or repair of the dam�ged property.Any application of thc proceeds to the princi�sal sha11 not extered ar postpane the due date � ,:,�,
<br /> of the monthty payments which ate referred to in Paragraph 2.ar chan�ce�he am�unt of such paymems. Any ezcess insu�anee
<br /> praceeds over an amaunt rcyuired tn pay all�iutstanding indehtcdne�s under th. Note and this Sccurity Instiument shalt be '�.
<br /> p�id to the entity Irgally entided thereto. �
<br /> In the event of fotcclosurc �f this Sccurity tnst�uatem at othcr transfcr c•f title to ihc Nropeny that extinguishes the
<br /> indebtedness. all right. titte and interest oi' Botto�f�er in arnd tv insurance policies in f�rce chall pass tu the purchaser. '
<br /> � . _. 5.PreseivaUo�t�A MdMtea��tce t�t IMr Propetly.l.eastkoWs:Iiarrowrrsh311 n��f commit�wdStc:iir ilctitr�y,daniuge ot � �� � �� �
<br /> substantlally change the.Proper�y ar t�ttow the Properry to deterioratc;rcas�+nable wear aixd tcar excepted. l.cndcr may inspecR �
<br /> the propetty if'the property is vttcant or aband�nc�d�r the loan is in drtault. Lertder nwy �ake reasanable action to protect
<br /> �and prssrrve such vacnnt ur abandonrd pcopeny. li this tirrurity I�sirument i.an a leasehnld, Beur�wer shap comply with
<br /> the provisinns af thc Icasc.IP Borrowcr ucyuires ice lit(c to the l�ro�ert>.the tcaschalJ and fec titic shall not be merged unless
<br /> � lxnder agrees�o the merger iri writing.
<br /> 8.CA�rae�to Borru�re►�ed Prute�cNue ui LenQei'x Wa#t�ln tAt i'ruprrt�, tiotrc�trer shafl pa}afF gotirrnmeuta!ur municipal
<br /> �t:�sges� fines�.d im�c�sitinns that are nrn included in pnragraph 2. l�c}r«,;�er sh�!!pay the!�e Ubligauonti em lime directly sa
<br /> tP;e entity w•hic?r*s owed the payntent.If(�ilurc to pay wautd ad�c�sely af 4�cct l.cr►der's interest in thc I'►nperty,upon 1 rnder's
<br /> � r;qttESt $orr�a��r shall promplly furni5h tn l_ender receipts c;uJ'cacing.!hese payrnents. ' � � �
<br /> , lf�rrnw�€t fails tv make thesc p�ynecnts vr tt;�:�*avments requircd hy P3,r:�t;raph 2,c+r iailc ta prrti�rm dny cither covenar�:,.
<br /> �.��grcements c,antaineQ Yn:this 5ccurity Instrtrme�l,dr thcrc is a legal pru�:e�:�„�ng that tnay signiCica.:fly dffcct 1_cn�trr�5'i�ftlIt3
<br /> .. . ._ • �•��sglttsi}QsuF#�s�yc��iirr�y irr irani�rerpriey,fiar;rmt#t�fttt�at��iti cir t,*ei�E'e�rce�'��vs ar re��iatiansl.Ihen I.encler m.�y- ' � .� -- ,
<br /> . ` do and pay whatever is necessary to prc�tect tt�e r�luc�P thc Nc���;rty an�l l ender'S r;t,1;r�,�:�t�the('roperty,mrluding paymrnt "
<br /> ;: of tuxes. hatard insurance and�tF�cr items mentirnied ir+ F>ara�;rapl► 2,
<br /> � Any amounts disbzs:cd by t.cnde� �inJer�hi� t'�rag�aph s3�a1! b{cc�rr.; i(y�t[1dt1�[►tt.l) dl•��t �f I3otP(ltnCf 3Iit1 bG sc.urrJ
<br /> • � b,
<br /> by this SCCUrity Insttumenl. "Thc�e amount� shall bear interest frnnt Nic �1a,r of' E1�rbnrrement, at ehc !�it�tc rate, �nd at IF�c
<br /> nptiun cif t.ender. �hall be immcdi.itely duc and payahle. • :t�.
<br /> - = 7- t;u�d�me�llult. ihe.prc,ceed�uf an} �icar�«r clain� f��r.�la»�:egcc, �ir:,�s r:s suriset�ue;it►h€, iti i�,�;rrecir:,n �rith an} - :E•
<br /> toridenma�iutz e►r��iher takii��:c�t �my parF c�t-the Yrapirav, ��t Ie,r eor�vey:�it.� �rE��f,tcr�►t c�,nc�erunan„n,arc fic�rrf,y� :�..��:t,cd � =�
<br /> and cha�l6e pais!t��1 coder tE+tl�e e�;rnt i�!the full antcTUnt uf thc�ndchtc�n�i4 IFF�11 lCIIln�i��e�E����iJ u�t�tcr �hc ti<,te.ind th�, �+
<br /> 5ecurity Incirunirnt. Lettder shaU a���til}.tiuch �roieeilc tc�.tlte r;�ttictiun:+f tire incfci�t�:�lne�4 u�reirr tt�e tit,te;itid thr 5ccur�ty
<br /> Iqsttumcnt.fitst t�yan��teiinyttri�t antounts a�+Plie.til�ti thcorc�er�+ru�icte�ioi{'.er�tgr.�Y,h t,.mcl th�•��tc•�,r�•C.��mc�i�t�,t prui,i���!
<br /> � l��,tf 1 c�,s - �
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