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<br />90- 1OC2991
<br />1, lfyyatwat of rdaclpd. listerm Asti Late Charge. Borrower shall pay when duc the p1hn iy l ot, riul irrurtst on, d.-W d_L•t
<br />cv1denced by the Note and late charges due under the Note.
<br />3. MWAWY hytataO Of T111161111, Ittaataave aM Otlet Claa11110, Borrower shall include in each monthly payment. together with
<br />the prindpal and interest as act forth in the Note and any late charges. an installment of any (a) taxes and special assessments
<br />levied of to Ile levied against the Property. (b) leasehold payments or ground rents on the Ptopeny. and (c) premiums for
<br />insurance required by Paragraph d.
<br />Each tnoatltly installment for item (a), (b) arced (c) shalt equal one-twelfth of the annual amounts, as teasonably estimated by
<br />Lender, phut as amount sufficient to maintain an additional balance of not more than one -sixth of the estimated amounts. The
<br />full annual auriount for each item dWI be accumulated by Lender within a period endln one month before an item would
<br />become delinquent. Leafier shall hold the amounts collected in trust to pay items (a), (b) =(c) before they kwme delinquent.
<br />If at any time the total of the payinenu held by Lender for items (a). (b). and (c). together %ill, the future monthly payments
<br />for such item payable to Lender 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 arc current. then Lender shalt either refund the
<br />excess over ate -sixth of the estimated payments or credit the excess over one -sixth of the estimated payments to subsequent
<br />innssuf�ttelent to pay the item when option
<br />ue. theno8or ower shall total
<br />pay to 1 cndcrr anyny amountneo &M to make up the deficiency on or
<br />before rho date the Item becomes due.
<br />As umd in this Security Instrument. "S rMary" means the Secretary of MauaLng and Urban Development or his or her
<br />dcsigpee. Most Security Instruments insured by the Secretary are insured under programs which require_ advance payment of the
<br />entire mortgage insurance premium. If this security Instrument is or was Insured under a program which did not require advance
<br />payment of the entire mortgage insurance premium, then each monthly payment sball also include either: (i) an installment of the
<br />annual mortgage insurance premium to be paid by Lender to the Secretary. or (ti) 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 sufficieat to accumulate the full annual mortgage ins+uaattce premium with Lender one momb
<br />prior to the due the full annual mortgage insurance premium is due to the Secretsay. 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 balance remaining for all installments for item (a). (b) and (c) and any mortgage insurance premium
<br />installment that Lender has not become obligated to pay to the Secretary. and Lander shall promptly refund any excess funds to
<br />Borrower. Immediately prior to a foreclosure sate of the Property or its acquisition by Lender. Borrower's account shill be
<br />credited with any balance remaining for all installments for items (a), (b) and (c).
<br />3. All- Ilaa of laywists. All payments under paragraphs 1 and 2 shall be applied by Lendef as follows:
<br />ELM, to the mortgage Insurance premiums 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. spec
<br />$E Or , to any taxes. speed Assents. leasehold payments or ground ram and fire. flood and other hazard insurance
<br />C 1�
<br />PremiuuL% as required -.
<br />'{) RDf , to interest due under the Note:
<br />FOURTH, to amotnir.�liurt of the principal of Ox Ne-e:
<br />EW-M to late chwSz due under the Note.
<br />4. tbjM Flow ace! 0tdl w Hazard lastaraosee. Borman shall insmta all lmprovemems on the Property, whether now in existence
<br />or subsequently erect4 against any hazards, casualties. and contingencies. including fire, for which Lender requires insurance.
<br />This insurance shall'te Maintained in the amounts and for the penoas that Lender ratuitci. -001-10-Wes- sh:ll o,s:.:rsttrc all
<br />Improvements on the Property, whether now in existence or subsequently accred; against loss by floods to the extent required by
<br />the Secretary. All insurance shalt be rrnied with companies approved by Lender. The insurance policies and any renewals shall
<br />be held by Leader and shall include law payable clauses in favor of. and in a form acceptable to, Lender.
<br />In the event of loss. Borrower shall 1-Me Lender iramtediate notice by mail. Lender may make proof of loss if not made prompt-
<br />ly by Borrower. Each insurance com i wacermi is hereby authorized and directed to make payment for such loss diratly to
<br />Lender. instead of to Mwmwer and to L•rriiir j'bihtfy _ All or ;42y ta-, of the Insurance proceeds may be applied by Lender, at its
<br />option, either (a) to Ufa reduction of. thin indtlrfrai�xr�s.Iu=i der t%--- Note and this Security Instrument, first to any delinquem
<br />amounts applied in the tatter in Birtrigraph 3. and %hen to prega }anent of principal, or (b) to the restoration dr repair of the
<br />damaged property - Any aggiicalion. of Mr. proceeds to the principd, shall not extend or postpone the due date of the monthly
<br />payments which are referred: to Lis MwiLyVh 2. or change the amount of such payments. Any excess insurance proceeds over an
<br />amount required to paynll outsta> ens indebtedness under the Note and this Security Instrument shall be paid to the entity legal-
<br />ly entitled thereto. ..
<br />In the event of forczliwaire of this Security Instrument or other transfer of title to the Property that =Dguishes the in-
<br />debtedness. all right. title and interest of Borrower in and to insurance policies in force shall pass to the puu:.haser.
<br />S. pmffvatlon and Mainteaaace of tee Property. Leaseholds. Borrower shall not comsair war-: or dsroy. damage or
<br />substantially change the Property or allow the Property to deteriorate, reasonable wear and zt= cizepud. L..nder may inspect
<br />the property if the property is vacant or abandoned ear the loan is in default. Lender may .0 k:'cea3.anable awn recce to protect and
<br />preserve such vacant or mbandoned property. l f this Security instrument is on a teast4nY�. 31��c vreer shall comp'iir with the provi-
<br />sions of the tease. If l arrower acquires fee title to the Property. the leasehold ind fee zi'L'; sk-121• tot be merged unless Lender
<br />agrees to the merger in writing. .
<br />f. Chug" to Bormwev and Protection of Leaders RISI tt in tie Property. Borrower shall pay of government" or municipal
<br />charges, fines and impositions that are not included in Paragraph 2. Borrower shall pay these obligations on dine directly to the
<br />entity which is owed. the payment. if failure to pay would adversely affect Lender's interest in the Property. upon Lender's re-
<br />quest Borrower shall promptly furnish to Lender receipts evidencing these payments.
<br />If Borrower fags to make these payments or the payments required by Paragraph 2, or fails to perform any other covenants and
<br />agreements contained in this Security instrument, or there is a legal proceeding that may siaai'fi,tandy affect Lender's rights in
<br />the Property (such as a proceeding in bankruptcy. fou condemnation or to enforce lawn or then Lehdee may do and
<br />pay whatever is ne msary to protect the value of the Property and Lender's rights in the Property, including payment of taxes.
<br />hazard insurance and other items mentioned is Paragraph 2.
<br />Any amounts disbursed by lender under this Paragraph shall become an additional debt of Borrower and be secured by this
<br />Security Instrument. These amounts shall bear interest from the date of disbursement, at the Note rate, atsd a: the option of
<br />Lander. shall be immediately due and payable.
<br />9. Coaieataadon. The proceeds of any award or claim for damages, direct or consequential, in connection with any condem-
<br />nation or other taking of any part of the Property. or for conveyance in place of condemnation. are hereby assigned and shall be
<br />paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Noze and this Secutity Instru-
<br />ment. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, first to
<br />any delinquent amounts applied in the order provided in Paragraph 3. and then to prepayment of principal. Any application of
<br />the proceeds to the principal shall not extend or postpone the due date of the monthly payments. which are referred to in
<br />Paragraph 2. or change the amount of such payments. Any excess proceeds over an amount requited to pay all outstanding in-
<br />debtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto.
<br />a. Fees. Leader may collect fees and charges authorized by the Secretary.
<br />Page 2 ,If e
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