|
y f ? o
<br />-r. � `' - ,� I-l'l F{l� 11 .1 {lilt t IY li - F \Iv :'`r•t -7 � 1 f 1 -� t - -_ _ .
<br />rl•1. 1 y ��� III. i .
<br />;
<br />90- 10CS19
<br />- -- -
<br />1. laytaral of ptlacipa), latareat aid Late Chute. 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 />t. Mat,lmy Pityaaeats of Taxes, Imarasce attd Ot►ef Chutes. Borrower shall include In each monthly payment. together with
<br />the and interest as set forth in the Note and any late charges, an installment of any (a) taxes and special assessments
<br />for
<br />_ •, n Y
<br />^t....
<br />principal
<br />levied or to be levied against the Property. (b) leasehold payments or gr.tund tents on the Property, and (c) premiums
<br />insnianoo required by Paragraph 4.
<br />Each monthly Installment fog items (a). (b) and (c) shall equal one - twelfth of the annual amounts, as reasonably estimated by
<br />i _
<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 (a), (h) and (c) before they become delinquent.
<br />If at any time the total of the payments held by Lender for items (a), (b), and (c), together with the future monthly payments
<br />due dates of such items, exceeds by more than one -sixth the estimated amount of
<br />for such items payable to Lender prior to the
<br />required to pay such items when due, and if payments on the Note are current, then Lender shall either refund the
<br />payments
<br />excess over one -sixth of the estimated payments or credit the excess over one -sixth of the estimated payments to subsequent
<br />If total of the payments made by Borrower for item (a). (b), or (c) Is
<br />payments by Borrower. at the option of Borrower. the
<br />iusa[£uxent to pay the item arlten dote, then Borrower shall pay to Lender any amount necessary to make up the deficiency on or
<br />befor.- site date the item becomes due.
<br />As in ibis Security Instrument- "Sa- r."tery "' means the Secretary of Housing and Urban Development or his or
<br />used the
<br />designee. *to= Security Instruments insured by the Secretary are Insured umdw peogtams which require advance paycneetc of the
<br />insurance If this Security instrument is or was insured uendm a pr¢egraae which did net require advance
<br />entire mortgage premium.
<br />paAmtent of the entire mortgage insurance pren!dum, then each monthly payment shall also include either: (i) an installment of the
<br />annual mortgage insurance premium to be paid by Lender to the Secretary. or (it) a monthly charge instead of a mortgage
<br />insurance prelffniuttn if this Security Instru . wt is held by the Secretary. Each monthly installment of the mortgage insurance
<br />full annual mlan age insurance premium with Lender one month
<br />premium shall be i1T, an amount sufficient to .emulate the
<br />pribi to the dal. C, Cry anal mortgage insurance premium is due to the &on.:ary, or if this Security Instrument is held by the
<br />of the outstanding ptvn+s:t?c!
<br />: ;.; • ,
<br />S laty, each m, ,v [ZtB a'fi: s�T be in an amount equal to one -twG tl sE cn -e -ha persent
<br />balwce due on the Note.
<br />If Borrower i -mi-as to 1"der a' a full pattr+i-ga of all sutras secured by : :air 3e:tar* (457^,atent, Borrower's account; $Iaam W
<br />for CJtst31lments for items (a?. .aa3 (c? =.E any mortgage insurance prc m. um
<br />credited with tit- ba',atme rentaimina -ilk
<br />installment that Land.-7 has not 3ecsa> t ctMbswaa? to pay to the Secretary, ai L.ytder shat romptly lmff ri mty excess funds to
<br />by Leader. $omeor.- s account shall be
<br />%,l -,•
<br />&1crtower. It ^�s a:.3g prior to a forscuaswe;0.. of the Pt�zperty or iii �aoTpNition
<br />ctodited with any balance remabirg for aM insmarnents fix -3-m r.s (a), 0 N aa•3 (d.
<br />„
<br />3. Appliadets of Payaots. APS pa }>rte-.xs eider paragraphs 1 and 2 shad be apptiat b” Lw- tzr as f-aiTUsws;
<br />FIRST, to the mortgage insurance premium to be paid by Leader to rtu; Sizzrrary ar sa I :r,,e =,aatir�h ,- awe 3y +the Secretary
<br />s:; . , . •.
<br />instead of the monthly mortgage insurance premium, unless Bore suer *4 rlxe entire trig. come insura �V VVIME1111111 when this
<br />Security Instrument was signed -
<br />92 , to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance
<br />premiums. as required;
<br />'
<br />interest due under the Note;
<br />FOUR , to amortization of the principal of the Note;
<br />=T to
<br />F*7117H , to late charges due under the Note.
<br />4. Fire. Flood and Otter Hoard lasnraate. Borrower shall insure all improvements on the Property. whether now in existence
<br />or subsequently erected, against any hazards, casualties, and contingencies. including fire. for which l cndcr requires insurance.
<br />for the that Lender requires. Borrower shall also insure all
<br />This insurance shall be maintained in the amounts and periods
<br />improvements on the Property, whether now in existence or subsequently erected, against loss by floods to the extent required by
<br />with companies approved by Lender. The insurance policies and any renewals shall
<br />the Secretary. All insurance shall be carried
<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 loss 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 />indebtedness under the Note and this Security instrument, first to any delinquent
<br />option, either (a) to the reduction of the
<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 />2, change the amount of such payments. Any excess insurance proceeds over an
<br />payments which are referred to In Paragraph or
<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 />In the event of foreclosure of this Security instrument or other transfer of title to the Property that extinguishes the in-
<br />debtedness, all right. title and interest of Borrower in and to insurance policies in force shall pass to the purchaser.
<br />5. Preservation and Maiatemutm of tie Property. Leaseholds. Borrower shall not commit waste or destroy. damage or
<br />substantially change the Property or allow the Property to deteriorate, teasonable wear and tear excepted. Lender may inspect
<br />abandoned or the loan is in default. Lender may take reasonable action to protect and
<br />:
<br />the property if the property is vacant or
<br />preserve such vacant or abandoned property. If this Security Instrument is on a leasehold, Borrower shall comply with the provi-
<br />lease. If Borrower acquires fee title to the Property. the leasehold and fee title shall not be merged unless Lender
<br />sions of the
<br />agrees to the merger in writing.
<br />6. Charges to Borrower and Protection of Under's Rights is the Property. Borrower shall pay all governmental or municipal
<br />included in Paragraph 2. Borrower shall pay these obligations on time directly tb the
<br />charges, fines and impositions that are not
<br />entity which is owed the payment. if failure to pay would ;�dverscly 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 items mentioned in Paragraph 2.
<br />Any amounts disbursed by!-ender under this Paragraph, shall become an additional debt of Borrower and be secumf by this
<br />L'+.,ar interest from the date of disbursement. at the Note rate. and at the option of
<br />-
<br />Security Instrument. These amounts sb"'
<br />Lender, shall be immediately dui and
<br />7. Condeaaation. Th: p.eomis of any award or cWn for damages, direct or consequential, in connection with any,condem-
<br />nation or other taking of eaig ;t_,-: of the Property, or fee c`: n:veyance in place of condemnation. are hereby assigned and diall be
<br />paid to Lender to the exte&_ of the full =.Cunt of the ineelwedness that remains unpaid under the Note and this Security Instru-
<br />Lender such zo tht reduction of the indebtedness under the Nate and this Security Instrument, first to
<br />ment. shall apply proceeds
<br />any delinquent amounts applied in the o: dix provided in Paragraph 3, and then to prepayment of principal. Any application of
<br />the proceeds to the principal shall not expend 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 />S. Fees. Lender may collect fees and charges authorized by the Secretary.
<br />Page 2 of 4
<br />
|