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<br />1. 1p tystint of Frluipal. lattnst Betel I.Ste Cltttatltt. Borrower shall pay when due the principal of, and interest on, the debt
<br />evi,1snced by the Note and late charge+ due under the Note.
<br />g, Mom* irttynatau of Taxis. iMM16ta and O-W C11012"• Borrower shall include in each monthly payment, together with
<br />the principal and interest as set forth in the Note and any late charges. an installment of any (a) taxes and sprcld atsessments
<br />levied or to be levied against the Property. (b) leasehold payments or ground tents on the Property, and (c) premiums for
<br />insurance requited by Paragraph 4.
<br />Bach monthly installment for items (a). (b) and (e) shall equal one - twelfth of the annual amounts. ro reasonably estimated by
<br />Lender, plus an amount sufficient to maintain an additional balance of not mote than one -sixth of the estimated amounts. The
<br />full annual amount for each item shall be accumulated by Lender within a period endins one month before an item would
<br />become delinquent, Lender shall hold the amounts collected in trust to pay items (a), (b) and (c) before they become delinquent.
<br />if at any time the total of the payments held by Lender for items (a). (b). and (e), together with the future monthly payments
<br />for such items 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 are current, then Lender shall either refund the
<br />excess over one -sixth of the estimated payments or credit the excess over one -sixth of the estimated payments to subsequent
<br />payments by Borrower. at the option of Borrower. If the total of the payments masse by Borrower for item (a), (h), or (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 />before the date the item becomes due.
<br />.. As used in this Security Instrument, "Secretary'" means the Secretary of Housing and Ur wire advance paymetrt of her
<br />designee. Most Security Instruments insured by the Secretary are insured under programts
<br />entire mortgage insurance premium. If this security Instrument is or was insured under a program which did not require andvattce
<br />payment of the entire mortgage insurance premium, then each monthly payment shall also include either: (i) an instatImmit of the
<br />annual mortgage insurance premium to be paid by Lender to the Secretary, or (iii) a monthly charge instead of a mortgage
<br />e
<br />insurance premium if this Security instrument is held by the Secretary. Each monthly installment of the mortgage
<br />gremaium shall be in an amount sutEf3dsent CO r4cuinilate the full annual mortgage insurance premium with. Loader one month
<br />price raa the date the full anmuat mcrryxWe unsour sin � premium. isd W to the sometary. or if this Security Irtettxsdg2Mt is held by the
<br />i7b==y, each monthly charge gh1W, a$t id aces bmawt t es;trad- ear o.:- ttweL0h o£ one-half peawsm of ike vie.,.ieaadina pcibei:T d
<br />btmum due on the Note.
<br />9E Borrower kw&,-m to Lender t'he full payment: of aD sums s, uted by ai�us':racwcity instcuo to a "•,. Borrower's ranee account sls 1 li
<br />credited with rJxe bxDance remaining for all i items for items (a). Qbl mot (c) and nay mortgage Insurance R 'nR
<br />M-ra ment that 1Lmioa has not become obligated: to pay to the Secretary, amt >F order shall promptly refund eimy excess funds to
<br />mawa tr. IrrnMWIEWdy prior to a foreclosure sal:. of the Property or its sr VJWidon by Lerrd:r. Borrowees account shall be
<br />rraJljrr,21,iut wa� lWance remaEnirtg for all aosr ments for items (a), (b) am(i (C).
<br />3`. %ffkWgem a GIs. A9 payments wsJitt paragraphs 1 and 2 sh2M h applied by L.mi -r as £,ai 'Ms:
<br />to aDqe 0irtgage insurance pmffiium ids be paid by Lender to the sac is wy or to the atoo t�Cy clyst >}p r 7
<br />bstea3 of the monthly mortgage insurance Pratt jm= unless Borrower paid: Jldaetttire mocEMP iasrraoo: ger ==>w>= r-trs
<br />Sammy Instrument was signed;
<br />s5c( i , to any taxes, special assessments. lt_- d ald paym mts or grounc4 rents, and fire, hood and other Iran. 4 ursn i -
<br />premiums. as required;
<br />THIRD, to interest due under the Note;
<br />MRTH, to amortization of the principal of the Note;
<br />Jam. to late charges due under the Note.
<br />4. Flre.lb" mad ptber Hisurd Insaraace, Borrower shall insure all improvements on the Property. whether now in existence
<br />or subsequently erected, against any hazards, mwaitiva, and cvoti — .n-iN. including fire, for which Leader requires insurance.
<br />This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall also insure all
<br />improvements on the Property, whether now in existence or subsequently erected, against loss by floods to the extent required by
<br />the Secretary. Ali insurance shall be carried with companies approved by Lender. The insurance policies and any renewals shall
<br />be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to, Lender.
<br />In the event of loss. Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made prompt-
<br />ly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment for such lass directly to
<br />Lender, instead of to Borrower and to Lender Jointly. All or any part of the insurance proceeds may be applied by Lender, at its
<br />option, either (a) to the reduction of the indebtedness under the Note and this Security instrument, first to any delinquent
<br />amounts applied in the order in Paragraph 3. and 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 monthly
<br />payments which are referred to in Paragraph 2, or change the amount of such Payments. Any excess insurance proceeds over an
<br />amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legal-
<br />ly entitled thereto.
<br />debtedness, all right title and interest Security Borrower� and to insurance policies forceeshall pass to the purchaser. ho �e
<br />S. Pruaenatioa Said Maia111M a of t!e Property- Leaseboift Borrower shall not commit waste or destroy, damage or
<br />substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect
<br />the property if the property is vacant or abandoned or the loan is in defauh. Lender may take reasonable action to protect and
<br />Preserve such vacant or abandoned property. If this Security Instrument is on a leasehold. Borrower shall comply with the provi-
<br />sions of the lease. if Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender
<br />agrees to the merger in writing.
<br />6. doges to Qorrower and Protection of Lender's Rigfts is the Property. Borrower shall pay all governmental or municipal
<br />charges. fines and impositions that are not included in Paragraph 2. Borrower shall pay these obligations on time 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 fails 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 significantly affect Lender's rights in
<br />the Property (such as a proceeding in bankruptcy. for condemnation or to enforce laws or regulations). then Lender may do and
<br />pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes.
<br />hazard insurance and other itans mentioned in Paragraph 2.
<br />Any amounts disbursed by Ibmier under this Paragraph shall become an additional debt of Borrower and be secured by this
<br />Security instrument. These aannunts sltail bear interest from the date of disbursement. at the Note rate, and at the option of
<br />Lender. shall be immediately. diir:-rindpayitble_
<br />7. Coa kinuation. The proceeds s 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 Note and this Security Instru-
<br />ment. Leader 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 required to pay all outstanding in-
<br />debtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto.
<br />ff. Fees. Lender may collect fees and charges authorized by the Secretary.
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