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<br /> =.`;'':-��;� • BORRQWER COVBNANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to =-
<br /> _�;=�.,;�� gr�nt �nd convey�he Property and that the Propeny is unencumbered, exr:ept for encumbrances uf n�cord. Borrower =.__
<br /> ;r;;;:: ,", warrants and welldefend generally the title to the Property againsc all claims and demands, :ubj�x� to any encumbrancrs
<br />- ;".r: • of cecord.
<br /> _��.'.
<br /> THIS SECURITY INSTRUMFNT combines uneform covenants for national use and non-unifomi cove�iants with
<br /> ��.,��;:.=�.�`�� limited vaziations by jurisdiction to constitute a uniform security instcun�ent covering real property. �
<br />-��"°�°�1 UNIFORM COVENANTS. Borrower and l.ender covenant and agree as tullows: _
<br />����i 1, Paymeat of Princip�l, Ialer�at �od I..�e Charae• Borrower shall pay when due•the principal �f,and interest
<br />_____--1 on, the debt Kvidenced by the Note and late charges due under the Note.
<br /> - - Z, Mootbly Paymeat of Taxes.Imur�noe, aod l�x Char�au• BoROwer shall include in exh monthly payment,
<br /> '�_:;,��� � together with the principal and interest as set forth in the Note and a�iy late charges,a sum tor(a) tares and special
<br /> '�'L`�'+";,• usrssrrxnts levied or to be levied against the Property, (b) leasehold payme�ts or ground rents on the Propeny, and,
<br /> �:'`'#�� (c) premiums for insurance required under puagraph 4. In any year in which the I.ender must pay a mortgage -
<br />=-�•'�%.:':A�'�l ias�rance premium to the Secretary of Housing and Urban Developmen[ ("Secretary"),or in zny yeaz in which such
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<br />-��,�,��,•'!���� premium would have been requirecl if I.ender still held the S�curity Instrument. each rtanttily payment shall so
<br /> 'r-�'� include eitl��r: (i) a sum for ttie uuival mortg�ge insurance premium to be paid by I.ender to the Secrecary>or (ii) a
<br /> -`���'�r'`�:�� monthty chuge instead of a mortgage insurance premium if fl�is Security Instrwnent is held by the Secretary, in a
<br /> „=i;�",: � rrasonable atnount to be determined by the 5ecretary. Except for the mo�thly Charge by the Secretary, these icems
<br /> :�. r�;
<br />=�,-:�_,,.; are callec! "kscrow Items" and the swns paid to L,ender are called "Escrow Funds.
<br /> _;��; -
<br />'- ;;,� lxnder may,at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the
<br /> maximum amount tt�at may be required for Borrower's escrow xcount under the Real Estate Se[tlement Procedures
<br /> �i�'�� � Act of 1974,12 U.S.C.§2601 et se .and implementing regulations, 24 CFR Parc 3500,as they may be amended from
<br /> -"���� titrn to time ("RESPA"),except thai Ihe cushion or reserve permitted by RESPA f�r wunticipated disbursen�ents or
<br />�is�;q�
<br />___._,��� disbursements before the Borrower's palments are availaUle in the account may not be based on amounts due for the
<br /> --- mortgage insurance premium.
<br /> _-- If the amounts held by l.ender for 6scruw[[ems exceecl che amounts pernutted to be held by RESPA, l.ender shall
<br />°�;,=;,��, account to Borrower for the excess funds as requited by RESPA. If the amounts of funds held by Ixnder at any time
<br /> _�s�;` ue noc sufficient to pay the Escrow items when due, l.�nder may notify the Borrower and require Borrower to malce
<br />-:"�� up the shoctage as permitted by RESPA.
<br /> --�''"'�n-�� 'i�ip Fccrnw Funds are oled¢ecf as aciditional securiry for all su�r�s secured by chis Security Instnment. If Borrower
<br /> '"%"'"�,;'!'� tenders to i.ender the fiilI payment of all such sums,Borrower's account shall be credited with tt�e baiwce rcrc�ining
<br /> �~`g'1°��� for all wst�llment items (a),(b},and(c) and any mortgage insurance premium installmenl that I.ender has[wt become
<br /> ���'��
<br />=-i*� obligued to pay to the Secretary, anci L,ender shall promptly refund any excess funds to Borrower. Immediately pnor
<br />—„ ��,,��; to a foreclosure sale of thr Propeny or its acquisition by Lender, Borrower's xcount shall be credited with any balance
<br /> '��r�=`�� cemauiing for all instalIments for items (a). (b), and (c}.
<br /> _-�;:�:�� g, Application oi Paymeats. Alt payments under pazagraphs L and 2 shall be applied by Lender as follows:
<br />----,�:��s F(RST, to the mottgage insurance premiun ta be paid by Lender to the Secretary or to the monthly charge by the
<br /> }-Y-,;.�= Secretary instead of the mnnchly mortgage insurance premium;
<br /> -=�I�=���� SECOND, to any taxes,special assessments. leasehold paymrnts or gmund r�nts, and fice,flood and other hazard
<br /> _` - � imurux.e premiums, as required:
<br /> �^��� THIRD, to interest due under the Note;
<br />—,�___�,�,.��3 FoURTH, to u�wrtization of the principal of the Note; and
<br />_�..,-„�,�w��� FIFTH, to late charges due under the Note.
<br /> �,�„ ,� �r��� �p� };�� �noee. Borrower shall insure all improvements on the Property, whether
<br /> � �°•�'�� now uf.eaistence or subscquently erectKd, against any hazards, casualties, and contingencies, incIuding fire,for wh.ich
<br /> =.�.:...:.
<br />,_:Y�;' Lender tequires insurance. 'This insurar.ce shatl be maintained in the amounts and for the periods that Lxader
<br /> requires. Borrower shall also insure all improvements on the Property, whether now in eaistence or subsequently
<br /> '����� erected, against loss by floo�.s tu the extent required by the Secretary. All insurance shall be carried with comQanies
<br /> ti;
<br /> - -�_+ approved by[.ender. The insurance policies and any renewals shall be held by Lender and shall inciude loss pay e
<br /> -���.�--�� clauses in favor of,and in a form acceptable to,Lender.
<br /> �"?""''°- � � [n the event of loss,Borrower sh�ll give Lender immediate notice by mail. Lender may make proof of loss if not
<br />_'.�.:�, .' made promptly by Eiorrower. Eac:b.insurance company concemed is hereby authorizeci and directed to m�ke payment
<br /> • � for such loss directly to I.ender, instead of to Borrower and to Lender jointly. All or any part of the insurance
<br /> - proceeds rnay be applieci by Lender, at i[s option, either (a) to the rednction of the indebtedness under [he Note and
<br /> . this Security Instrument, first to any delinquent amounts applird in the order in pazagraph 3,and then to preQaymen[
<br /> of principal, or (b) to the restoration or repair of the da�nageci Property. Any application of the proceeds to the
<br /> ��,' principal sliall not extend or postpone the due date of the monthly payments which aze refened to in paragraph 2,or
<br /> change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding
<br /> indebtedness under the Note and this Sec:urity Instrument shall br paid to the entity legally entitled thereto. `
<br /> � In the even[ of forec:losure of diis Security Instrument or other transfer of ti[le [o the Property tha[ extinguishes _
<br /> :�# the indebtedness, all righ[, title :uid incerest of Borrower in and to insurance policies in force shall pass ro [he ��
<br /> purchaser.
<br /> ' S. p�c,�r, pt+raervation, Mainte�r and Pirotec.�tion of We 1'mperty: BorroMer's Loan Applic�don; �
<br /> ° Iebehotds_ Borrower sh�il: occupy,establish, and use Uie Propercy as Bonower's principal residence wid�in sixtydays ;
<br /> ,;- - _ , ---
<br /> + afrer the execution of this Sei:urity [nstrumenc (ar within sixty da5�s of a lacer sale or transter of cne rroperryi and snaii i
<br />- � concinue to occupy die Fruperty as Borrower's principal residence fur ac least one year after die date of occupancy.
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<br /> • � ' unless Lender derermines cha� requirement will cause undue hardship t'ur Borrower, or unl�ss extenuating ;
<br /> cin:umstanus exist whiclt ar� Ueyond Burrower's controL Bucrower sliall notify Lender of any exu:nuating I
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<br /> NE9R/ISICA-FIIA DEF..D OF TRUSf � 6/96
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