|
104930
<br />As used in aft sectierity Instrument. "Secrew, momis the,-'4'mfty of Houft and Urban Dwellopmenit or his or her designee.
<br />*$M S=ft kultrumerits insured by the Soa*uy we insured undir pwgwmwNch require advarim payment at the oft mortgage
<br />"XIDn" W"M It ft Security Instrument is or was insured under a propm which W not require advance,
<br />prflnW of the en%re
<br />moftage insurance pw*m,. then each Mon" P&rmt shag also Include `~. (? an inslalinnnt of the antral mortgage "insurance
<br />premium Vlbe *ft by, - eirder to the Secretary. of (1) ;k morith1jchaw Instead of a mortgage insurance preinniurn it "'Security
<br />haburnent,b held byvw Secretary. Each mouthy instaliriwni of the morlinp Insurance premium shill be it an amount sulkUnt to
<br />410=1`1111111141 the full WWAW Mon" insunince . premium with Lander one month prior to the date the U annuid mortgage insurance
<br />prod urn is due to the Secretary, or IF this Security instrument Is held by the Sanitary, each monthly charge shell be in an amount
<br />equd- to onejiveM of WWNW percent of the oidslondlingt p**d btaimmAn on the Notes
<br />N Bottom tersdars to Lender *a *A payment of all sums secured by this Securty Instruenerill, SommWo account shell be credited,
<br />vft *A baron" ramalift for all insUkwft for Items (a). (b) aria (c) andl-any modpga kwanw
<br />pm*m
<br />fW 1W 6 wome obligated to pay to the Secretary, and Lender shall promptly Mind any excess Rands to Sommar, imnuatntply prior to
<br />.11 INVICIM" sale Of the RVP04 Of its acquisition by Lender. Bomryeetaccourit shall'be credited with my balance remaining fer'sll -.
<br />li h*nsi to Im Man (a), (b) and (c).
<br />3.P4*IcdIon -of Pftw@Fft - All payments under paragraphs I and 2 shall be applied by Lender as Noww.
<br />'First to ft mortgage 1111=111108 premium to be paid by Lander to the SawaW or to the monft ch"' by the Secretary
<br />d of to morift mottgagle insurance premium. unless Borrower paid the artire mortgage insurance prerrin when this Security
<br />instrument: Vag signed; -
<br />UCOW.to arty taxes, spww assessments, IftsehoW payments orground rents, and firs, flood and other hv=W Insurance
<br />pramiut". as required.
<br />Third. to Wered.due under the Note;
<br />Fourth. to arnoruation of the principal at the Note;
<br />Fifth, to late charges due under the Note.
<br />4. Fit*. Flood and Other Hazard Insurance. Borrower shall insure at Improvements an the Properly. whether now In
<br />existence or subseWenVy erected, against any hazards, casualties, and contingencies, Including fire, for which Lender requires
<br />Insurance. This Insurance shall be maintained In the amounts and for the periods that, Lender requires. Sommer shag also insure all
<br />kWWWMt$ on the Property. whether now in existence or subsequently erected, against loss by floods to the extent required by the
<br />Secretary. All insurance shag be carded with companies approved by Lender. The Insurance policies and any renewals shelf be hold by
<br />Lender and shall Include loss payable clauses in favor of, and in a form acceptable to. Lender.
<br />In the event of loss. Borrower shag give Lender immediate notice by mall. Lander MAY make Proof Of 1033 If not made promptly by
<br />Borrower. Each Insurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender.
<br />instead of to Borrower and to Lender jointly. All or any part of the Insurance proceeds may be applied by Lander, at No option, either
<br />(a) to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order
<br />In Paragraph 3. and then to Prepayment of principal, or (b) to the restoration or repair of the damaged property. Any appkallm of the
<br />prictieds to the principal shall not extend or postpone the due date of the monthly payments which are referred to in Paragraph 2, or
<br />change JIM amount of such payments. Any excess Insurance proceeds over an amount required to pay at outstanding indebtedness
<br />under the Note and this Security Instrument shall be paid to the entity legally entitted,thereto.
<br />In this event of foreclosure of this Security Instrument or other transfer of title to the Prop" that extinguishes the Indebtedness, all
<br />right, title and Interest of Borrower in and to Insurance policies In force shag pass to the purchaser.
<br />5-Preservation and Maintenance of the Property, 'Lea"holds. Borrower shall not commit waste or destroy,
<br />damage or substoftly change the Property or allow the Property to deteriorate. reasonable wear and tear excepted. Lender may
<br />inspect the pr6pei6 it the property is vacant or abandoned or the loan Is In default. Lender may take reasonable action to protect and
<br />• preswo such vacant or abandoned property. if this Security Instrument Is on a leasetrold. Borrower shag comply with the provisions
<br />of the Me". H Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the
<br />merger in writing.
<br />6. Charges to Borrower and Protection of Lender's Alglits In the Property. Borrower shag pay a I
<br />governmental or - municipal charges, fines and impositions that are not Included in Paragraph 2. Borrower shall pay these obligations an
<br />time dk@Ctly to the entity which Is owed the payment If failure to pay would adversely affect Lender's Interest In the Property, upon
<br />Lenders rawest Borrower 00 promptly lumish to Lender receipts evidencing these payments.
<br />If Borrower fags to make these payments or t ' he payments required by Paragraph 2, or faits to perform any other covenants and
<br />agreements contained In this Security Instrument, or there Is a legal proceeding that may significantly affect Lender's rights In the
<br />Property (such as a proceeding In bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay
<br />whatever Is ' necessary to protect the value of the Property and Lender's rights In the Property, Including payment of taxes. hazard
<br />Insurance and other Items mentioned In Paragraph 2.
<br />Any • amounts disbursed by Lender under this Paragraph shag become an additional debt of Borrower and be secured by this
<br />Security Instrument. These amounts shag Char Interest from the date of disbursement, at the Note rate, and at the option of Lender, shall
<br />be immediately due and payable.
<br />7. Condemnation. The proceeds of any award or claim for darnages, direct or consequential, In connection with any
<br />condemnation or other taking of any part of the Property. or for conveyance In place of condemnation, are hereby assigned and shall
<br />be paid to Lender to the extent of the lull amount of the Indebtedness that remains unpaid under the Note and this Security Instrument.
<br />Lender shall 8PPlY Well pfftftft to- the re-&Mfloa 49 Vie Mebte4ness under the Note and this Secwity Iftstitio"tt. first tv any
<br />delinquent amounts applied In the order provided In Paragraph 3, and then to prepayment of principal. Any application of the proceeds
<br />to the principal shall not extend or postpone the due date of the monthly payments, which are referred to in Paragraph Z at change
<br />the amount of such payments. Any excess proceeds over an amount required to pay all outstanding Indebtedness tinder the Note and
<br />this Security Instrument shall be paid to the entity legally entitled thereto.
<br />8. Fees. Lender may collect fees and charges authorised by the Secretary.
<br />9. Grounds for Acceleration of Debt.
<br />(a) Default. . Lender may. excejil as limited by regulations issued by the Secretary in the case of payment defaults, require
<br />immediate payment in full of all sums secured by this Security Instrument if:
<br />F5313CII (05MI
<br />W
<br />co
<br />to
<br />_1
<br />
|