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c TME ��!� ,ti` ", �,'F 1. 1 lit ..;.l.`'l.rt.;� { !) ..:. / _:_3= �l � yl (1 J. lRlt - _L -- .`. :.'�,. '.; •'.,. t'.J.:1 -- - rr _ 77 t i 900-0. 100409 �4,, 1. laytaat of Ptisclpttl, latetetl lard Wte cb W. Borrower shall pay when due the principal of, and interest on, the debt evkknctd by the Note and late charges due under the Note. L Moatbb ftI10 erb of Tax ", laaaMIM and ()/bet Charges' Borrower shall include in each monthly payment, together with the principal and interest as set forth in the Note and any late charges. an installment of any (a) taxes and special assessments levied or to toe levied against the Property. (b) leasehold payitteats of ground rents on the Property, and (c) premiums for insurance required by Paragraph 4. each monthly installment for items (a). (Wand (c) shall must one - twelfth of the annual amounts, as reasonably estimated by Lender. plus an amount sufficient to maintain an additional balance of not more than one -sixth of the estimated amounts. The full annual amount for each item shall be accumulated by Leader within a period ending one month before an item would become delinquent. Lender shall hold the amounts collected in trust to pay items (a), (b) and (c) before they become delinquent. If at any time the total of the payments held by Leader for items (a), (b), and (c), together with the future monthly payments tot such items payable to Lender prior to the due dates of such items, exceeds by more than one -sixth the estimated amount of payments required to pay such items when due. and if payments on the Note ore current, then lender shall either refund the exMI over one -sixth of the estimated payments or credit the excess over one -sixth of the estimated payments to subsequent payments by Borrower, at the option of Borrower. If the total of the paymcuts made by Borrower for item (o), (b), or (c) is insufficlent to pay the item when due, then Harrower shall pay to Lender any amount necessary to make up the deficiency on or before the date the item becomes due. As used in this Security instrument, ,Secretary„ neaps the Secretary of Housing and Urban. Development or his or her de ,igrtee. Most Security lastritments insured by the Secretary arc insured under programs which require advance payment of the entire mortgage insurance premium. If this Security lnstrumeat is or was Insured under a progia n wbich did not require advance payment of the entire mortgage insurance premium, then each monthly payment shall also incle a? either: (E) an installment of the annual mortgage insurance premium to be paid by Lender to the Secretary. or (ii) a mon'MY ciM.arge instead of a mortgage Insurance premium if this Security htstrurnent is held by the Secretary. Each monthly installment off 4he.- Mortgage insurance premium shall be in an amauot sufficient to accumulate the full annual mortgage fnsumace premium with Lender one month prior , cub the fu amugg ll shall cm insuram an amount is due to the one - twelfth of one half' ppmvat othe soutstanding principal balance due on the Note. If Borrower tenders to lender the fall payment of all sums secured by this Security Instrument, Borrower's account shall be credited with the balance remaining for all iustatime:nts for items (a). (b) and (c) and any mortgage insurance premium iatstaBment that Leader has not become obligated to pay to the Secretary. and Lender shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's accoutre shall be credited with any balance remaining for all installments Cot items W. Qbh and (c)- 3. Applieatiom of Payaeats. AD payments under paragraphs I and 2; *0 be applied by Lender as follows: EM. to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead of the monthly mortgage insurance premium. unless Borrower paid the entire mortgage insurance premium when this Security instrument was signed; ICON . to any taxes, special assessments, leasehold pq=nts or ground rents, and Lim-, flood and other hazard insurance premiums. as required; THIR , to interest due under the Note; FOURTH. to amortization of the prindg al of the Note; EEEtL to late charges due under the Note. 4, Fire, Flood aN Odor Hazard laserance. Borrower shall insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualties, aft'' CorifingC1r.�..e s, in-- ding fire, for which 1 Lender requires ert�ranee This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall also ins-= all improvements on the Property. whether now in existence or subsequently erected, against loss by floods to the extent re gphvd by the Secretary. All insurance shall be carried with companies approved by Lender. The insurance policies and any rertwals shat be held by Leader and shall include loss payable clauses in favor of, and in a form acceptable to, Lender. in the event of loss. Borrower shall give Leader immediate notice by mail. lender may make proof of loss if not made p %-mpt- by by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be applied by Lender, at its option. either (a) to the reduction of the indebtedness under the Note and this Security instrument, first to any delinquent amounts applied in the order in Paragraph 3, and then to prepayment of principal. or (b) to the restoration or repair of the damaged property. Any application of the proceeds to the principal shall afar extend or postpone the due date of the monthly payments which are referred to in Paragraph 2. or change the amount of svzb payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legal- ly entitled thereto. In the event of foreclosure of this Security Instrument or other tra cl= of title to the Property that extinguishes the in- debtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. S. Preservation and Msiateaaaee of the Property, daasebolds. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property zo deteriorate, reasonable wear and tear excepted. Lender may inspect the property if the property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned property. If this Security Instrument is on a leasehold, Borrower shall comply with the provi -. sions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Charges to Borrower *vA Protection of Leader's If4ft-ta in the Property. Borrower shall pay all governmental or eaatnicipal charges, fines and impositions; that are not included in Paig :Dh 2. Borrower shall pag'lase obligations on time directly to the entity which is owed the payment. if failure to pay wovJ/i Uj!recsely affect Lender's i—m r: estin the Property, upon Lender's re- quest Borrower shall proatpdy furnish to Lender receipts ec- irfeacbi rhm payrneats Lf Borrower falls to make these payments. ardie payments required hyv pwasamph 2, or fiziWn per%rm any other covenants and agreements contained in this Security Eastmnent. Or 'hem i s. a Legal prc!aeeding that =w, %gnifia3catiy ,t:ffect Lender's rights in tine Property (such as a prommeding in bankruptcy, for condomiation or to enforce laws i.r aaulatio110; then Lender may do and pay whatever is necessary to protect the value of the Prope.y:and Lender's rights in rte Lsropeny. including payment of taxes. hazard insurance and other items mentioned in Paragraph . . Any amounts disbursed by lender under this Paragraph shall becarne an additional debt of Borrower and be secured by this Security Instrument. These amounts shall bear interest from the date al disbursement, at the Note rate, and at the option of Lender. shah be immediately due and payable. 7. Condemnation. The proceeds of any award or claim for damages. direct or consequential. in connection with any condem- nation or other taking of any part of the Property, or for conveyance in place of condemnation. are hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instru- ment. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument. first to any delinquent amounts applied in the order provided in Paragraph 3. and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone die due date of the monthly payments, which are referred to in Paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay all outstanding in- debtedness under the Note and this Security instrument shall be paid to the entity legally entitled thereto. S. Fees. Lender may collect fees and charges authorized by the Secretary. page 2 014 i t +- Syitl��.al= i j f rr i