|
90- 105517
<br />1. Payment of Principal. lateral and Late Charge. Borrower shall pay when due the principal of, and interest on, the debt
<br />evidenced by the Note and late charges due under the Note.
<br />2. Monthly payments of Taxes, Insaranre and Other Charges. Borrower shall include in each monthly payment, together with
<br />the principal and interest a set forth in the Note and any late charges, an installment of any (a) taxes and special assessment%
<br />levied or to be levied against the Property, (b) leasehold payments or ground rents on the Property, and (c) premiums for
<br />insurance required by Paragraph 4.
<br />P.ach monthly installment for items (a), (b) and (c) shall equal one - twelfth of the annual amounts, as reasonably estimated by
<br />Lender, plus an amount sufficient to maintain an additional balance of not more than one -sixth of the estimated amounts, The
<br />full annual amount for each item shall be accumulated by Lender within a period ending one month before an item would
<br />become delinquent. Lender shall hold the amounts collected in trust to pay items la). (b) and (c) before they become delinquent.
<br />If as any time the total of the payments held by Lender for items (a), (b). and (c). together with the future monthly payments
<br />for such items payable to Leader prior to the due dates of such items, exceeds by more than one -sixth the estimated amount of
<br />payments required to pay such items when due, and if payments on the Note are current, then Lender faaR either refund the
<br />excess over one -sixth of the estimated payments or credit the excess over one -sixth of the estimated payments to sahequent
<br />payments by Borrower, at the option of Borrower. If the total of the payments made by Borrower for Item in). ((s), ,iv. (c) is
<br />insufficient to pay the item when due, then Borrower shall pay to Lender any amount necessary to make up the deficiency on or
<br />befo -e the da'e the item becomes due.
<br />As used in this secunty instrument. "Secretary" means the Secretary of Housing and Urban Development or his or her
<br />designee. Most Security I Rmruments insured by the Secretary are insured under programs which require advance paywoew of the
<br />entire mortgage insursnee premium. if Whis Security Instrument is or was insured under a program which did not require uJsance
<br />payment of rite entire mortgage insuvan(cr premium, then each monthly payment shall also include either: (i) an insta8men: of the
<br />annual mortgage insurance premium t,�, be paid by Lender to the Secretary, or (ii) a monthly charge instead of a mortgage
<br />insurance premium if this Security Instrument is held by the Secretary. Each monthly installment of the mortgage insurance
<br />premium shall be in an amount sufficient to accumulate the full annual mortgage insurance premium with Lender one month
<br />- — prior to the date the full annual mortgage insurance premium is due to the Secretary, or if this Security Instrument is held by the
<br />Secretary, each monthly charge shall be in an amount equal to one- twelfth of one -half percent of the outstanding principal
<br />balance due on the Note.
<br />If Borrower tenders to Lender the full payment of all sums secured by this Security Instrument, Borrower's account shall be
<br />Credited with the baltmcr remaining for all inacAments for items (a). (h) and (c) and any mortgage Insurance premium
<br />Installment that Lender his not become obligated to pay to the Secretary, and 0 ender shall promptly refund any excess funds to
<br />Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by lender. Borrower's account shall be
<br />credited with any balance remaining for all installments for items (a). (b) and (c).
<br />3. Application of Paytaeafa. All payments under paragraphs I and 2 shall be applied by Lender as follows:
<br />EiS&T. to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary
<br />instead of the monthly mortgage insurance premium, unless Borrower paid the entire mortgage insurance premium when this
<br />Security Instrument was signed;
<br />SECOND, to any taxes, special asstsiments, leasehold payments or ground rents, and fire, flood and other hazard insurance
<br />premiums, as required;
<br />THI , to interest due under the Note;
<br />FOUNT H. to amortiration of the principal of the Note;
<br />FfFrH. to late charges due under the Note.
<br />4. Fla. Floc/ u0 Other Hassid lium aace. Borrower shall insury all improvements on the Pfreperty, whether now in ex.mence
<br />or subsequently erected, against any Wards, casualties, and costa Rmcies, including fire.'ior which Lender requires in-;e rance.
<br />This insurance shall be maintained in the amount+ and for the periods that lender requires. Borrower shall also insure all
<br />improvements on the Property. whether how in exhtence or subsequently erected, against loss by floods to the extent required by
<br />the Secretary. All insurance shall be carried with companies approved by Lender. The insurance policies aad any renewals shall
<br />be held by Lender and OWI include loss payable clauses in favor of, and in a form acceptable to, Lender.
<br />In the evens of loss. Borrower shall give Lender immediate notuae by mail. Lender may make proof of loss if not made prompt-
<br />ly by Borrower. Each insurance company concerned is hereby autborized and directed to make payment for such loss directly to
<br />Lender, instead of to Boemwer and to Lender jointly. All or any put of the insurance proceeds may be applied by Lender, at its
<br />option, either (a) to the %,eduction of ft indebtedness under the Note and this Security Instrument, fins to any delinquent
<br />amounts applied in the order in Paragraph 3, ant: then to prepayment of principal, or (b) to the restoration or repair of the
<br />damaged property. Any application of the ,proceeds to the principal shall not extend or postpone the due date of the mwahly
<br />payments which are referred 10 in Pa,agrapth 2. or change the amount of such payments. Anv excess insurance pr%xeeem rater an
<br />amount required to pay all outstanding indebtedoem under the Note and this Security Instrument shall be paid to the entity legal.
<br />ly entitled thereto.
<br />In the event of forecitmure of this Security In-str+,writ or other transfer arts title to the Property that extinguishes the in•
<br />debtedness. all right. Inge and interest of Borrower to and to instatance polka m an force shag pass to the purchaser.
<br />S. Prmundow atad Maiswome uti the Property. LewhoW. Borrower shall nor afmmit waste or destroy, djwajt or
<br />substantially change the Property or i6iow the Property to deteriorate, reasonable wear and tear excepted Lender may- +n smi
<br />the property if the prupetry is vacant or abandoned or the loan is to default. I ender may take reasonable anion to protect and
<br />preserve such vacant or abandoned property. If this Security Instrument is sin a Ieuehold. Borrower shall ;amply with the provi-
<br />sions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merger! unks• Lander
<br />agrees to the merger in writing.
<br />6. Claugss to Narrower and Proleco" of Leader's Rights is the Property• borfown shall pay all governmental or munrt:tpal
<br />charges, fines and impositions that are not included in Paragraph 2. Borrower .hdf pay these obhgauonc tin time directly to the
<br />entity which is owed the payment. If failure to pay would adversely of fact I ender'% interest in the Property, upon Lender'% re
<br />quest Barrower shall promptly furnish to Lender receipts evidtacing these payments.
<br />If Borrower fails to make these payments or the pwynienr% required by Paragraph 2. or fails to perform any other cotenatrtts and
<br />agreements contained in this Security Instrument, or there t> a legal proceeding that ma) significantly atfect Lender's rights in
<br />the Property (such as a proceeding in bankruptcy, for condemnation or to enfor.x laws (ir regulations), then I ender may do and
<br />pay whatever is necessary to protect the value of the Property and Lender'% rights in the Property, including payment of taxes,
<br />haazud insurance and other items mentioned in Paragraph 2.
<br />Any amounts ditbursed by lender under this Paragraph %hall become an sddtuonal debt of Borrower and he .•cured by tho
<br />Security Instrument. These amounts shall hear interest from the date of disbursement, at the Note rate, and at the option of
<br />Lender. shall be immediately due and payable.
<br />L 7. Coadrrtsaatioa. The proceeds of an% award or claim for damages, dual sir wnwolueunal, tit .minckiton *alto am tandem
<br />na tion or other taking of any pan of the Property. or for con%eyance an plate of .ondemnatron, are hereto% a %%apnea and %hall he
<br />paid to Lender to the extent of the full amount of the tndebtednca% that tematn% unpaid under the Nate and that ~counts In.tru
<br />ment. Lender shallopply such proceed% to the teducoon art the tttdebiedne%+ under the Note and the% Sco urut Instrument, lum t"
<br />any delinquent amounts applied in the order provided in Paragraph 1, and then to yrepayntent 41 principal 4n% at +ph. ataoa "t
<br />the proceeds to the principal shall not extend or ptntp%ate the due date of rttc month!% payntcto %. %lush arc rclrned to. m
<br />Paragraph 2, or t hang• the amount of ouch payment% Ant cuts% lonketd% otct art amount rryuoed tar pact all ma,wnd+up n,
<br />debiedrkm under the Note and the% Se.uwd Irntrument %hall he paid h, the rnm% legalts rr,t,rlyd chart.,
<br />g. Foes. t ender Ina) %appal fee% and %harfto authunted by the %cortar..
<br />Ibir . •� 1
<br />-: __.�.. ,.,..r,.- a- .:.7F.T.. :i:' . ............_.....: '�•;x'.:.�'.;`d'»Id`3LsJ7{iP?I. ...�
<br />�.t•
<br />T
<br />
|