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<br /> 9�--104 34.5
<br /> • 1.'lsywe�t of PN�cip�l,I�tera!�t�d I.ate C�u�e. Uorrower shaU DaY when due the princinal c.i, and int�rrst en.th:d:bt
<br /> rvidenceci bp the Note and tate ch�rges due under the Note.
<br /> 2.MoNYI�hy�b o!1'ua.I�rfu�ee�pt�C�ar�.Borrower shall include in each mnntt►!y psymenl,to�ethar with
<br /> � tl�e princip�l and interpt�u set forth�the Nate and any late chu�a.�n insteliment af any(a)t�es 4nd speci�l Assessmeats
<br /> ��� �b�k��d+i�+E �pi�r;Y. �b3 kasehold W��nents nr p�ound renu an the Propeny, Qnd (c)premiumx tor
<br /> insurance reQuirod by Parajraph 4.
<br /> Eaeh montlily in,rt�!la�eat for items(a)�(bl and(c)sh�11 equaZ one•twelfth of the annual amonnts.as rqson�bly estin�ated by
<br /> Leader.piw_an aaiouat sufficieat to maintain an addltlonal balance of not more th�n one-aixth of ehe atimated unounts.The
<br /> (ull annwl�unount toe each ite�n shal! be icczunulated by Lender withia a period endin=o�e month before an item would
<br /> bocome�ellnquent.Lrnde��1!hold the unouna collected in trust to pay item�(a),(b)and(c)before they become delinquent.
<br /> If at�ny tiau the tot�l ot the paymmta held by Lender for items(q.(b),and(c)�together with che future monthly p�yments
<br /> for sueh items p�►yahk to II.ender pdor to the due data of such item�,e�ceeds by more than one-siuh the esttmated amount of
<br /> , payments required to pay such item�when due.u�d if payments on the Nate ue current,then Lender shall either refund the
<br /> a�aas over one•siath of the atim�ted p�yments or credit the eacea�over onasixth of the atimated paymenta to subsequem
<br /> payma►ta by Borrow�a��at the optlan of Borrower. lf the total of the p�ymenta m�da by Borrower for item(��,(b).or(c)is
<br /> ' lasuitkiau to pay the item when due,then Bonower sh�ll pay to Lcnder any aunount necessxry to make up the deficiency on or
<br /> before the date thc Item M�comes due.
<br /> A� used in this Security Instrumeat, "Secretary" means the Secrotary of Hausit�g and Urban Devalopmont ar his or her
<br /> desi�ne4.Moat Savrity Iastrummt�lnsured by the�ecretary ara insured uader proguns which require�dvdnce payment of the
<br /> entlrc morqa�e insnrar�ce premium.lf thls Security lnstrument is or was insured under a prognm which dld not require advance
<br /> payment of the eatire mortpte insuranee premium,then each monthly payment shall also include either:(i)an lnstallment of the
<br /> • �nnual nart�e insurance prcmium to be paid by Lender to the Secretuy, or(U)s aeonthly chu�e�nstad of a raortgage
<br /> - : , Insu[i�Ce Qrem�um if this 5ecuritv In.ctrument is hel�t hy th�Crts.t.r�, R.�la S!lL3th�;e.�ss�ll.T:n!�f!h:mast;sz:ia;u:,�:rr
<br /> P�niutn sh�11 be in�n emount snfHcient to accumulate the full annual mortgage insuranse premium with�.ender one month
<br /> prior to the date We full annwtl mortgage insurutce pretnium is due to the Secretary,or if this Security lnstrument is held by the
<br /> Sectetary. each moathty ch�use shall be in an amaunt equal to one-twelfth of one-half percent of the outstanding pdncipal
<br /> balance due oa the Note.
<br /> lf Barrower tender�to Leader the full payment of all sums secured by this Security Instrument,Borrower's account shall be
<br /> credlted with the balince remaining for all iastallments for items (a), (b) and (c) and any mortgage 9nsurance premlum
<br /> 1nstWmrnt that Lender has n�t become obligatod to psy to the Secretary,and Lender shall promptly refund any excess funds to
<br /> . Borrower. Iaunediatsly prior to a foreclosure sale of the Property or its acqulsition by Lender,Borrower's azcaunt shall be
<br /> credlted with any balance reniain9ng for aU insts�Umencs for items (a), (b)and(c).
<br /> 3.A/'licadw o!Parme�b. A!t payments under paragraphs t and 2 shall be applied isg Lender as follows: '
<br /> , FIRST,to the mort�e insuraace premium to be paid by Lender to the Secretary or co the monthly chuge by the Secretary �
<br /> )nstead of the monthly mortgage insurana premium,unless Borrower paid the entire mortg�ge insurana pretnium when this
<br /> Security Instrument w�s signed; :A
<br /> '�,to any tua,special assessments.leasehold payments or ground rents,and fire,flood and other hazard insurance � ~�
<br /> premiwas, os tequired� _ ��.- -
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<br /> - ._-.: _-_
<br /> --'i'H,_,�I ,p;to intercsf due uader tht Note; F:
<br /> FOURTti,to amortiution of the principal of the Note;
<br /> �, to late charaes due under the Note. `
<br /> �•t1r+�7ooi s�d Otrer H��rd Iwra�ce.Horrower shall insure all improvements on ths Property,whether now in e�ustence •-
<br /> or subsequenqy encted,against any hazuds.cuualtles�and ceatingencies,including Cre,for which Lender requires insurance,
<br /> 'Ihas insw�nce shall be maintained in the amaunu and for tho perioda that Lender requira. Borrower shall also insure ap '
<br /> improvemeats on the Property,whether now in eaistence or subsequently erected,against loss by floods to the extent required by
<br /> the Sectetary.All insuranoe shW be carried with�mpanies approved by Lender.The insurance policies and any renewals shall
<br /> be held by I.euder and shall include loss payable clauses in favor of,and in a form acaptuble to, I.ender.
<br /> In the event of loss,Borrower shall give Lender immediate notice by mail.Lender may make proof of loss if not made prompt-
<br /> ly by Borrower.Each insurance company concemed is hereby a�thoriud and directed to make payment for such loss directiy to
<br /> Lender.instead of to Borrower and to Lender jointly.All or arty part of the insurance proceeds may be applied by Lender,at its
<br /> option,either(a)to the reduction of the indebtedaas under the Note and this 5ecurity In�trument. fust to any delinqvent
<br /> amounts appliod in the order in Paragraph 3, and then to prepayment of principal,or(b)to the restoration or repair of the
<br /> ; d�m�ged property.Any application of the proceeds to the principal shall not extead or postpone the due date of the monthly
<br /> paymrnts whi�h are referred to in Paregraph 2.or change the amount of such payments.Any excess inswance proceeds over an �'�'"-
<br /> �mount requ3rod to pay all outstanding indebtedness under the Note and this Security lr.strument shall be paid to the entity legal- :`'�'`
<br /> b entitlai thereto.
<br /> In the event of foreclosure of this Security Instrument or other transfer of title to the Ptoperty that extinguishes the in- , �
<br /> debtedness.aU right,title and interest of Borrower in and to insurance policies in force shall pass to tho purchaser.
<br /> S• l�Ser�atb� aad Mal�tewce oi tLe Propecty, Late�oids. Borrower shall not commit waste or demoy, damago or
<br /> substantiaUy 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 and
<br /> preserve such vacant or abandoned properiy.lf this Secwity Instrument is on a leasehold.Borrower shall comply with the provi-
<br /> �ians of the leue. if Borrower acquirrs fee tiile to the Property,ttse lr�sehatd asid fee titte sheti not Ge�nerged unIess Leudcr
<br /> �grees to the merger in writing.
<br /> 6.CY�rses to Barrower and Protectloe of Le�der's Rl�ts in the Property.Bonower shall pay all governmental or municipal
<br /> chuges,fines and impositions that are not included in Patagraph 2. Borrower shall pay these obligadons on time directly to the
<br /> earity which is owed the payment.If ftWure to pay would adversely affect Lender's intGrest in the Propeny, upon Lender's re-
<br /> quest Borrower shall prompdy furnish to i.ender receipts evidencing these payments.
<br /> If Borcower fails to malce these payments or the payments tequired by Paragraph 2,or fails to perform any other covenants and
<br /> agreements contained in this Securlty Instrument,or there is a legai proceeding that may significantly affect Lender's rights in --- - -
<br /> the Property(such as a proceeding in bankruptcy,6or condemnation or to enforce laws or regulations),then Lender may do and •
<br /> pay whatever is necessaryr to proteet the va]ue of the Property and Lender's rights in the Property,including payment af taxes,
<br /> hazard insurance and other items mentioned in Paragtaph 2.
<br /> Any amounts disbursed by lender under this Paragraph shall become an additional debt af Borrower and be secured by this
<br /> Secwity Insirument. These amounts shali bear interest from the date of disbursement, at the N�te rate,and at the option of �
<br /> Lender, shall be immediatety due and payable. •
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<br /> L 7.Cu�dtmnitlon.7'he ptoceeds of any award or claim for damages,direct or consequential,in connection wish anp condem- �
<br /> nation or other taking of any part of the Property.or for conveyance in place of condemnation,are hereby assigned and shaU be
<br /> paid to I.ender to the extent uf the full amount of ti�e indebtedness that remains unp�id under the Ivote and this Security Instru- v
<br /> ment.Lender shall appty surh proceeds to the reduction of the indebtedness under the Note and this Se�uri�y Instrument, first to ��'`
<br /> any delinquent amounts aDplied in the order providcd in Paragraph i,and Ihen to prepayment of Drincipal.Any application�f �
<br /> the prncceds to the principal sh�ll not extei►d ar ost one the due date of the montht ,��'
<br /> P P y paqments, which are referred to in A
<br /> Paragraph 2.or change the amount of such payments. Any excess procteds over an amount required to pay all outa�anding in-
<br /> debtedness under the Note and this Security instrument shall be paid to the entity lebally enuded ihereto. �" '
<br /> 8. F'eev. Lender may coltect (ees and chargee authorited by the Se�retary.
<br /> 1'aer 2„!1
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