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<br />90- -106931
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<br />war sW pay when due he principal of, and iataest an, the debt
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<br />by these
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<br />L gdC111111111, ragaleatis of Taw, gswraaca aaa Other tom. Borrower shall include in each monthly payment. together with
<br />he and interest as ad forth in the Note and any two charges, ut o� ny ( mn for
<br />principal Property. (
<br />to or ground
<br />4 Property. (b) I�ehold payments
<br />hssuranoem required by p��sph
<br />Each monthly installment for items (a), (b) and (c) shall equal one- twelfth of the annual amounts. as reasonably estimated by
<br />additional balance of not more than one -sixth of the estimated amounts. The
<br />_ =• _ _ =__ , -. �_
<br />Leader, plus an amount sufficient to maintain an
<br />full annual amount for each Item shall be accumulated by Leader within a period ending one month before an item would
<br />in trust to pay items (a). (b) and (c) before they become delinquent.
<br />become delinquent. Lender shall hold the amounts collected
<br />If at any time °the
<br />he due dates of such ems, exceeds b7 moon than one-sixth the estiimatedyamou amount of
<br />payable ept o
<br />for such items pays
<br />paynxuts Lequtired to pay such items when due. and if payments on the Note era cmrse►u, then Lender shall either refund the
<br />credit the excess over otue- sixth of the estmmated payments to subsequent
<br />excess over vae.sixth of the esttauated payments or
<br />by Borrower. at the opW* of Borrower. If the total of ft pa�yingats made by Borrower for item (a). ftb1. or (c) is
<br />paymem
<br />ita9utr AWW to pay tk itttq ,wbM dine, talent Borrower shall pay to Leader any ammat necessary to smite up the deficiency on or
<br />- - --
<br />before the date the item becomes due.
<br />As used in this Security Instrument, ,Secretary' means the Secretary of Housing and Urban Developmeara oa his or her
<br />iasRrumens insured by the Secretary are insured under pmgmrms which require advance gray. neat of the
<br />astir ®...0
<br />= _.
<br />designee. most security
<br />entGe mortgage insurum preadwon. it this Security Instrument is or was insured under a program which did not require advance
<br />hourisn" then each monthly payment shall also include either: (i) an 103nn7lrttern of the
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<br />payment of he entire utorlIpp premium.
<br />annual mortgage in usaaee premium to be paid by Lender to the SecrelarY, or (i)) a monthly charge instead oY a mortgage
<br />instraace premium if this Security Instrument is held by the Secretary. Each m.)ntbiy installment of the mortgage insurance
<br />shag be in an amount Sufficient to accumulate the full annual mortgage insurance premium with Lender one mon'ih
<br />premium
<br />prior to the date the full annual mortgage insurance premium is due to the Secretary, or if this Security Instrument is held by the
<br />be in an amount equal to oat- twelfth of one -half percent of the outstanding priruiprtl
<br />Secretary, each monthly charge shall
<br />balance ,due on the Note.
<br />N r•
<br />If Borrower tenders to Lender the frail payment of all sums secured by this Security instrument, Borrower's account shall be
<br />credited with he balance remaining for all installments for items (a), (b) and (c) and any mortgage insurance premium
<br />•.--•-
<br />larolimeat that Lender has not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to
<br />foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be
<br />YT;1�'*= -
<br />Borrower. Immediately prior to a
<br />credited with any balance remaining for 1111 iutsUmens for items (a)- lots and (c).
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<br />g. Applicatles of Palatinate. AU payments under paragraphs 1 and 2 Shan be applied by Lender as follows:
<br />FIRtST, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary
<br />;
<br />�•-
<br />instead of the monthly mortgage insurance premium. under Boifowef pal + die ctim mortgage insurance premium when this
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<br />Security Instrument was signed:
<br />SWND, to any taxes. special assessmenu, leasehold payments or ground rents, and fire, flood and other hazard iasimmoa
<br />premiums, as required;
<br />to interest due under the Note;
<br />U T , to amortization of the principal of the Note;
<br />ti. °:.; y , -,•
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<br />flQ13, to late charges due under the Note.
<br />l '
<br />4. Foe. Flood and Olker Hatard Insurance. Borrower shall insure all improvements on the Property, whether now in existence
<br />hazards, and contingencies, including fire. for which Lender requires insurance.
<br />or subsequently erected, against any casualties,
<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 />be with companies approved by Lender. The insurance policies and any renewals shall
<br />,
<br />• • ••, f. :?"'
<br />the Secretary. All insurance shall carried
<br />be held by Lender and shall Include loss payable clauses in favor of, and in a form acceptable to, Lender.
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<br />In he event of loss. Borrower shall give Lender immediate notice by mail. Leader 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 />by Lender, its
<br />•, ; i
<br />Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds maybe applied at
<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 />e
<br />payments which are referred to in Paragraph 2. or change the amount of such payments. Any excess insurance proceeds over an
<br />indebtedness the Note and this Security instrument shall be paid to the entity legal-
<br />�.
<br />amount required to pay all outstanding under
<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 />' ,• -; '
<br />debtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser.
<br />S. presertnntioa and Maiatentme of the Property, Leaseholds. 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 />r
<br />the property if the property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and
<br />preserve such vacant or abandoned property. l f this Security Instrument is on a leasehold, Borrower shall comply with the provi-
<br />sions of the tease. If Borrower acquires fee title to he Property, the leasehold and fee title shall not be merged unless Lender
<br />agrees to the merger in writing.
<br />6. Chsrges to Borrower and Protection of Lender's Rights in the Property. Borrower shad pay all governmental or municipal
<br />included in Paragraph 2. Borrower shall pay these obligations on time directly to the
<br />charges, fines and imposlxions that are not
<br />entity which is owed the payment. IY failure to pay would adversely affect Lender's interest in 2C.e Property, upon Lender's re-
<br />t
<br />quest borrower shall promptly fu. nish to Lender receipts evidencing these payments.
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<br />If Borrower falls to make these payments or the payments required by Paragraph 2, or fails ^,a Trer'lornr and other covenanas ap;r
<br />agreements contained in this Security Instrument, or there is a legal proceeding that may sig niticantly aef -eth Lender's rights in
<br />the Property (such a.s a proceeding in bankruptcy, %)r condemnation or to enforce laws or regulations), than lender may do and
<br />pay whatever is nem&ury to protect the value of tt:r Property and Lender's rights in the Properly, including payment of taxes.
<br />hazard insurance and other items mentioned in Paragraph 2.
<br />;
<br />Any amounts disbursed by lender under this Paragraph shall become an additional debt or Borrower ana oe secured oy tors
<br />Security Instrument. These amounts shall bear interest from the date of disbursement, at the Note fait. and at the option of
<br />Lender, shall be immediately due and payable.
<br />7. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connecuan 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 pitovrded in Paragraph 3, and then to prepayment of principal. Any application of
<br />the proceeds to the principal shall not extemd 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 />debrcdness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto.
<br />t. Fees. Lender may collect fees and charges authorized by the Secretary.
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