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<br /> �� , �aahmonth[y inStaUment foe items(a}�(b),and(c)sltaii•equal onc-tweift6 of thc annual ainounts,as reasonably estimated , �
<br /> " � � . by[�eKdtr�ptus ar.xmount suffirtent ta maintain an xdditional balancr�f a4t more.fha�c•ne-sixth of the estimated unounts. • ,
<br /> � ` The.full annua!antount for each item sh�l!bc aceumulated by Lsnder�vithin a period snding one month bffore an item would .
<br /> , ' •. �:be�onie ikli�cyi�etit.l.�nder.stiatl hali!the amounts col�ecttd in fxust co.pay item�(a),(by,a�d(c}-6efare they become dtlinquent. ` �°
<br /> . !f st�ny tirt�e[he total of the payments held by Lender for item�(a),(tt),�rd(cl,cogeeher wi�h ch�fu�ure monchty paymentis �
<br /> = �°'; fbr saci�items p�Yai.ble ta i.ert�tr priar ta the ti�e dues af suct�items.eitceeds�by more than�ane-sixth tl�e cstimated amouat � �
<br /> - - - �T of paymmt�.r�ai�at�to p�iy s�ucA itemx when due,arid if par�rments on the Notr arr c�rrent,thc�n�endtr shatl either refuad : - `
<br /> � the c�cce�S ovrr Ottt-sixth o�the estimated pay�itcnts or crCdit thC excas over�ne-sixth uf the eftimatEd paymenrs to svbseq�tent . � ,
<br /> " paymcpts by Borrower,at the option of H�rrovrer. If the totat of:the payments made by Borrower €oF item{a),(b);or(cy . ' �
<br /> � Is insufficknt ta pay the itein when dur,then Barrowcr sh�tl pay to Lender any amount neeessary do make up thad�cieacy �
<br /> � � ; , � an�r trefort the datt tfie item bocodda.dqe. ` - . �
<br /> � , As nsed in�this Security lnstrumetft,"Secretary"means the Secretary of Housing and Urban i)evelopmentor his or her . � �.
<br /> ; ,. dt�i�tee.�4IdS�SCCUl��Y IR�ti2�tltSilCC$�)j� c�iC�E�IIf��`p ii�i'i�iif'�2t jfii3$fdi71S ViIIIC�ic.L�iiI1'2�t�'diiC@ jfaj�Ili2At Oi
<br /> __ ; ` the entire mort�age insurance premium.If this Saurity Instrument is or was insured urider a program whi�h did not require .
<br /> . �. ad�canc�Payment of the entire triort�a�e it�suraitce pretnium,ths�t each monthty PaYment shail atso inctude tittxc:(�an installment . � ..
<br /> . of the BAitua#mot[ga$�f*+�+�*��''premium to be paid by Lendrr to the S�crdary,or(ii)a mQnthly charge instead of a martgage '� �
<br /> . � ' insurance premium if this Sacnrity Instrument is held by the Secrctary.Each monthJy installment of the mortgage insurance �.
<br /> , � , Dismiu;n shall ba in aa a�o�t sufficcent to acsumulate the fiill annuai mortgage insivaace premivsa'with Lendes ans mQnth � � .
<br /> � � .priar ta the date the fuli annual mortgase ensuranee premlum u dne Ra the Secretary,or if this Security Instrument is ttetd
<br /> -� ' by t�Sxrftuq,each monttdy charge sha}I be in an atnouat equai to one-twetfth of one-half perctnt o'f the au4standiag principal ' `
<br /> . � Ei�iance due on't&e Note.� . : � � ,
<br /> � . , tf Borruwer tes�d�rs to i,onder the futl payment of all sums secureQ by this Security Instrumeat,Bonower's account shall
<br /> � be crtdited with the balance remaining for a1!installmenu for iterns(a),(b). and(c)and any mortgage insuranc�prcmium
<br /> � � installment that Lender has not become obligated to pay to the Secretary,and Lender shall promptly refund any eacess fuads
<br /> . � .� to Banower. Immatiately prior to a foreclosure sale of the Property or its acquisition by Lende�, Horrower's account sha11. '
<br /> � be credited with any balance eemaining for alF installments for items.(a).(b).and(c).
<br /> � , .
<br /> ' � ' 3. Appiicatb�.oi Psy�neet�. AIl p�yments urtder par�graphs 1 and 2 shaU be applied by Lcndor as Collows:
<br /> : , First,to the mortgage insurance premium to be paid by[.ender to the Secretary or to the monthly charge by the�ecretary
<br /> ' � inste�d of the montbly mort�e insurance premium, �»less Borrower paid the cntire mortgage insurancr premium when this =
<br /> ' Security Instrument was sign�� . �
<br /> Second,io any taxes,speci�F a$sessnients�teasehold payme�ts or ground r�nts,a�id�re,ftood and other hazard insurance � � `-�-.
<br /> premiums.as «qairut; �
<br /> Third. ta interest due under the Note; i�: .�
<br /> Founh. to amortization of the principat of the Note; .;.�_.�'�
<br /> `• Fifth,to late charges due under the Note. �-
<br /> ,�;,_.
<br /> � � 4.Fire. i�lood�sd Ulre�Huud las�n�ce.Bonower shall insurc al! improvements an the Property, whether now in .
<br /> cxistence or subsequently ererted,agaiast any,hazards,casualties,and contingencies,incts:�ing fire,for which Lendes requires ,
<br /> insurAnce.This insuran¢e shall be mais�tained in the amounts and Par the periods that Lcnder requires. Borrower shall alsm �
<br /> . insure all improvements on the Property.whether now ia existcnce or subsequently erected.against tass by floods to thetxterst
<br /> . rsquired by theSccrttary.All iosurance sfia11 be carrecd with campanies approved.by Ler:der. The insurance policies and any ��
<br /> � renew�ls shall be heid by Lender and sh�il include loss payable clauses in favar of. an8 in a form acceptable ca. i.ender.
<br /> � . , In the event ot toss, �orrower shadl givr Lender immediate notice by mail. l.ender may make proof af lass if not made
<br /> . . pramptly by Bor�ower.F.ach insurance company concerned is t�ereby authorized and directed to make payment for such foss
<br /> directiy t�Lender. instead of to Borrowor and to Lender juintly. All ar any part of the insurance proceeds may be apptitd ` �
<br />��_ by Lender,at its bption,either(a)to thc reduction of che irtdebt�dness under ihe Note and this Sceurity Instrument.�rst to
<br /> any delinquent amou:�ts applied in the er�der in Paragragh 3,and then to prepayment of principal, or(6)to the restoration
<br /> �. . vr repair of the damaged pmyeny:Any application r�f thc proceeds to the principal shall not extend v.r postpane the dua date �
<br /> ' . af the monthty Payments whicfi are referred to in Paragraph 2,ar change the ainount of serch paymeuts.Arty excess insuraece �
<br /> proceeds over an amount «quired to pa�+all ontstar.ding indebtedness,.undrr the Notc and this Security Instrument shall be ;•�
<br /> � paid to the entity legalty entltled ehereto. �
<br /> . . ln the event oP t'oreclasure of this Security Instrument or othcr transfer oi titic tn the Property that extirguishes the
<br /> ' indebtednass, all right. title and interest oi' Borrower in ,and to insurance policies in Potce shaU pass to the pur�haser.
<br /> � t 5.Pnxrv�tiu�a�d Mai�tc�aACe at the P�npeny.l.eastbolds. Fiorrower sha11 not c4mmit waste ar destrop.damage or
<br /> . � substantially changr the Property or allow the Property to dcterioratc�reasonabic wear and tear excepted. I.tnder may inspect - �
<br /> � the property if the property is vacant or abandoned or ehc lo�n is in defauit. l.ender may take reasonable acti�n ta protect
<br /> � and preserve such vacant at abandon�d praperty.if this Security tn5trument is��n a Ieasehutd. 8orrower yhaTi comply wilh
<br /> the provisions oi'tht lease.lf Bnrrower ucquires fec ti�le to the Property.the leasehold and fee title sha)1 r�ot be merged unless
<br /> � Lender agrees to the merger in writing.
<br /> � 6.C6�r�es to Barrower aed Prmtectlon n1 Leeder's�Ri�hts in tht Prapttty.��r�cfHer sh:tll pay ali bovcrnmentat ar municipai�
<br /> �. charges,iines and i.mpositions th�tt are not included in f'aragraph 2. Hurrower sl►ati�ay tliese nbiigations�n timc direi-t1y t�
<br /> � the entily which is�wed the y�aymrnt. If faiture to pay would ad�•crsely affect Lender's interest in Ihe I'roprrty.�pon[,cnder's
<br /> request &trrower shafl promptly fumish to I.endcr reeeipts evidencing these.payments. ' '��
<br /> IF f3orrower fails tc1 make thrse paymenis ot thr p�y�nents reyuire�!6y Paragra�h 2.c�r faits to y�rform any�ther cvvet�auts �
<br /> , nnA agreements contained in this Security lnstrutnent,or ther�is a Icgal proceeding that may si�nificantiy a�fcct l.ender's ri�ht� ' �
<br /> in the Ptonerty(such as a proceeding in bankruptcy, far condemnalion or to enforce laws or regulatiUns�.then Lender ma�•
<br /> � , iIu aud pay what�ver i3 ns-c-es5ary tt�{�tuteci ii�e��,elue ui`i�e i�ruprriy anu Lender`ti rfgi�ts i�i tiie i�rvprrty-,incluuitrg paymt:nl ` -
<br /> af taxes, hazard insurance�nd other items mentione�f in Naragra�b 2. , . •�
<br /> � Any amounts disbursed by Lender under this}'aregraph shall becamr an additinnal debt of K�rroucr �ind hc Se�uted
<br /> by this Security Insttum�nt. 'i'hesr amounls shall bear intccest irom the date �if disburscnTCnt. 81 [It[Ni►IC fiflC. aitJ at thc
<br />, , aption oi Lender. shall E+e immedi�eety due anci payable. r�
<br /> ' tv
<br /> _ 'f. CanQemnatlua. �'he prncecds of any :��4:ud c,r rFaiii� tut eiam:�r�. direct �,r �vttseyur���iat, in cem«ert�u�►_�-i�fe :�ny . �
<br /> condemnbtion at other f��ing of�tfy�art�t'if�c E'ifs��{ti:ttt'�ti����ii4C}'d11Lt ili j',tldt'l:U� l't�fit�Cifitt�fiftif: arc f�crebv �t��i,k:i�cf ''� �
<br /> .. �.
<br /> and shalt be p�id t�Lrntter tn the cxtent of'thc full ainuuot c�i thc iudc�tcd��c5s tiiat rrruaiu> einpaicf �indrr Itrc Nate �uut�loi:
<br /> Sec��rily I�islrum€n!. L.ender 51�a11 uppl��suclrrrt•ceed5 tc*�h�rcductruu u1�tl�;: ineiel�trd�r�:r t�nder tF�r tii•te:fnd ztu� ticr+u�t4 .
<br /> tnstrunzcnt.first tt��an}•del►nqucut amountsappliedin�hc ordcr �ro�icfc�i�n!'at�cr,���h�..��id fhc�►titi��tr�sayniint��t{�rintr�■,ri
<br /> . . 1L:r<' n1 3 �
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