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<br />Third, to interest due under w o
<br />Fourth, to amodlitak n of Ih* pm*o of the Note
<br />Fifth, to tats charges due under the Note.
<br />4. Fire, Flood and Other Hazard Insurance. Borrower shell Insure as improvements on the Properly, whether now In
<br />existence or subsequently orecled. against any hotards, casualties, and contingencies. Including &e. for which Lander requires
<br />insurance. This borrow slid be nuirltaYud In the amounts and for the periods that Lender requires. Borrower shall also Insure all
<br />bprov*manls on the Property. whether, now In existence or subsequently emoted, spinal loss by Roods to the extant required by the
<br />Secretary. AN bomos shall be c rrled with companies approved by LaMar. The Insurance policies and any renewals shall be hold by
<br />Lender and shell Incited* loss payable douses in favor of, and In a form sccepuble to. Lender.
<br />In the event of lose. Borrower sham (rive Lender Nxnedlate notice by mail. Lander may make proof of loss H not made promptly by
<br />Borrower. Each Insurance company concerned Is hereby authorized and directed to make payment for such loss directly to LaMar.
<br />Instead of to Borrower and to Lander Jointly• All or any part of the Insurance proceeds may be applied by Lender. at Its option. either
<br />order
<br />(a) to the reduction of the indebtedness under the Note and this Security Instrument, fast to any delinquent amounts applied in the
<br />In Paragraph 3. and then to prepayment of principal, or (b) to the restoagen or repair of the damaged property. Any application of the
<br />proceeds to the pdnrlpd shag not extend or postpone the due date of tN* monthly payments which are referred to in Paragraph 2, or
<br />change the amount of such payments. Any excess insurance proceeds aver an amount required to pay M outstendirM ineWedness
<br />under the Note and this Security instrument shag be paid to the entity tegaay ft I'd tic-
<br />In the event of foreclosure of this Security instrument or other transit ct title to the Property that 44irMiluishes the Indebtedness, all
<br />right, to and Interest of Borrower In and to Insurance policies in fora siarl bass to t:W'Dwchoser.
<br />S. Preservation and Maintenance of the Property, Leaseholds. Sorrower shall not commit waste or destroy.
<br />damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may
<br />Inspect the property H 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. If this Security Instrument is on a leasehold. Borrower shall comply with the provisions
<br />of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shag not be merged unless Lender agrees to the
<br />merger In writing.
<br />6. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shell pay all
<br />governmental or municipN charges, fines and Impositions that are not included in Paragraph 2. Borrower shall pay these obligations on
<br />time directly to the entity which Is owed the payment. If failure to pay would adversely affect Lender's Interest In the Property, upon
<br />Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments.
<br />If Borrower falls 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 the
<br />Property (such as a proceeding In bankruptcy. for condemnation or to enforce laws or regulations). then Lender may
<br />taxes, and aiaed
<br />whatever Is necessary to protect the value of the Property and Lender's rights In the Property. including paymen t
<br />Insurance and other items mentioned In Paragraph 2.
<br />Any amounts disbursed by Lender under this Paragraph shag become an additional debt of Borrower and be secured by this
<br />Security Instrument. These amounts shag bear Interest from the date of dsbursement, at the Note rate. end at the option of Lender, sham
<br />be immediately due and payable.
<br />7. Condemnation. The proceeds of any award or claim for damages. direct or consequential. In connection with any
<br />condemnation or other taking of any part of the Property. or for conveyance In place of condemnation, are hereby assigned and shag
<br />be paid to Lender to the extent of the full amount of the Indebtedness that remains unpaid under the Note and this Security Instrument.
<br />Lender sham apply such proceeds to the reduction of the Indebtedness under the Note and this Security Instrument. first to any
<br />_
<br />n----ph .,..r than in erapatmlent of orindcal. Anv aWllcation of the proceeds
<br />delinquent amounts applied in the order ovr;Gs.:... o..y r••• -• _.._ . _
<br />to the principal shag not extend or postpone the due date of the monthly payments, which are referred to In Paragraph 2. or change
<br />the amount of such payments. Any excess proceeds over an amount required to pay all outstanding Indebtedness under the Note and
<br />this Security Instrument shall be paid to the entity legally entitled thereto.
<br />B. Foes. Lender may collect fees and charges authorized by the Secretary.
<br />9. Grounds for Acceleration of Debt.
<br />(a) Default. Lender may. except as limited by regulations Issued by the Secretary In the case of payment defaults, require
<br />Immediate payment in full of all sums secured by this Security Instrument it:
<br />{� Page 2 of t
<br />!YI r61/5.C71 (oel9m) 10310092
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<br />A.peed In this B.owlll+ Inetnaserht, ' mean. the Beote" of Hcuft and urban Da„aiopmont or We or her designee.
<br />—.-•
<br />FE.
<br />Most t9•aaay Naga Ensured by the Screwy am Insured undo programs which require advance payment Of the entire mortgage
<br />-
<br />•---
<br />rwrit a tins iwstlra
<br />a this security tress Tart IS or was marred under a program wtnkb did net require advw" P&WI
<br />-
<br />insu snoe Pentium.
<br />morlgsgs Nttttancis prentimm, than weft monthly payment shag also hidui is whey' p) an installment of the annual mortgage insurance
<br />Lender to the Ssolstlry, or (i) a monlhly chs W instead of a mortgage insurance premium N thM Security
<br />prennrrm to be paid by
<br />Instrument Is held by the Smw". Each monthly Instalnwru at the nMgoge insurance premium shall be In an amount sufficient to
<br />the full annual mortgage insurance promMsn with Lender one month prior to the date the U annual mortgage honor"
<br />accumulate
<br />premium Is due to this Secretary. or N this Son ehy Instrument Is hold by the Secretary. each monthly charge shall be in an urrount
<br />equal to an*dweiRh of om•faaM parent of the outsanding p bdpd balmos due on the Not*.
<br />if Borrower Lenders In Lender, the ful payment of d sumo secured by this Security Instrument, Borrower's account shall be groomed
<br />watt the bWw*m isesslning IiOr 41 k"'cnentx for Rune &1a), (b) end (c) and any mortgage Insurance premium installment trust Lender
<br />become obligated to pay to tl» Saraotaty, and LOKW shah pronnoy mkind any excess funds to Sommer. IMMOSatey prier to
<br />}p
<br />�y
<br />has red
<br />a foreclosure sale oil 1M Ptmpesty or Rs sagnttsalon by Lender. Bamotva►'a anxeunl shad be credited vall> any Isahtatos remxairerrp for aA
<br />ltrt
<br />`;(n �o, �?4 x "S
<br />�dr,rh r..:
<br />rgtalmeftia for Remo (a). (b) and (0).
<br />-
<br />3. Application of Payments. All payments under paragraphs 1 and 2 shall be applied by Lander as follows:
<br />First to the mortgage Insurance premium to be paid by Lender to the Secretary w to the monthly charge by the Secretary
<br />Borrower the entire morigap e insurance premium when this Security
<br />t,
<br />. u.,;,e•;r ::w -
<br />Instead of the monthly rrtorlgsalle insurance premium, unless paid
<br />,t
<br />Instrument was signed:
<br />Second, to any taxes, ep* del .u.amm", Nushold payntarte or ground Hots. and tin. Rood end other hullo rreutana•
<br />premiums, as required;
<br />T -�— -
<br />Third, to interest due under w o
<br />Fourth, to amodlitak n of Ih* pm*o of the Note
<br />Fifth, to tats charges due under the Note.
<br />4. Fire, Flood and Other Hazard Insurance. Borrower shell Insure as improvements on the Properly, whether now In
<br />existence or subsequently orecled. against any hotards, casualties, and contingencies. Including &e. for which Lander requires
<br />insurance. This borrow slid be nuirltaYud In the amounts and for the periods that Lender requires. Borrower shall also Insure all
<br />bprov*manls on the Property. whether, now In existence or subsequently emoted, spinal loss by Roods to the extant required by the
<br />Secretary. AN bomos shall be c rrled with companies approved by LaMar. The Insurance policies and any renewals shall be hold by
<br />Lender and shell Incited* loss payable douses in favor of, and In a form sccepuble to. Lender.
<br />In the event of lose. Borrower sham (rive Lender Nxnedlate notice by mail. Lander may make proof of loss H not made promptly by
<br />Borrower. Each Insurance company concerned Is hereby authorized and directed to make payment for such loss directly to LaMar.
<br />Instead of to Borrower and to Lander Jointly• All or any part of the Insurance proceeds may be applied by Lender. at Its option. either
<br />order
<br />(a) to the reduction of the indebtedness under the Note and this Security Instrument, fast to any delinquent amounts applied in the
<br />In Paragraph 3. and then to prepayment of principal, or (b) to the restoagen or repair of the damaged property. Any application of the
<br />proceeds to the pdnrlpd shag not extend or postpone the due date of tN* monthly payments which are referred to in Paragraph 2, or
<br />change the amount of such payments. Any excess insurance proceeds aver an amount required to pay M outstendirM ineWedness
<br />under the Note and this Security instrument shag be paid to the entity tegaay ft I'd tic-
<br />In the event of foreclosure of this Security instrument or other transit ct title to the Property that 44irMiluishes the Indebtedness, all
<br />right, to and Interest of Borrower In and to Insurance policies in fora siarl bass to t:W'Dwchoser.
<br />S. Preservation and Maintenance of the Property, Leaseholds. Sorrower shall not commit waste or destroy.
<br />damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may
<br />Inspect the property H 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. If this Security Instrument is on a leasehold. Borrower shall comply with the provisions
<br />of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shag not be merged unless Lender agrees to the
<br />merger In writing.
<br />6. Charges to Borrower and Protection of Lender's Rights in the Property. Borrower shell pay all
<br />governmental or municipN charges, fines and Impositions that are not included in Paragraph 2. Borrower shall pay these obligations on
<br />time directly to the entity which Is owed the payment. If failure to pay would adversely affect Lender's Interest In the Property, upon
<br />Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments.
<br />If Borrower falls 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 the
<br />Property (such as a proceeding In bankruptcy. for condemnation or to enforce laws or regulations). then Lender may
<br />taxes, and aiaed
<br />whatever Is necessary to protect the value of the Property and Lender's rights In the Property. including paymen t
<br />Insurance and other items mentioned In Paragraph 2.
<br />Any amounts disbursed by Lender under this Paragraph shag become an additional debt of Borrower and be secured by this
<br />Security Instrument. These amounts shag bear Interest from the date of dsbursement, at the Note rate. end at the option of Lender, sham
<br />be immediately due and payable.
<br />7. Condemnation. The proceeds of any award or claim for damages. direct or consequential. In connection with any
<br />condemnation or other taking of any part of the Property. or for conveyance In place of condemnation, are hereby assigned and shag
<br />be paid to Lender to the extent of the full amount of the Indebtedness that remains unpaid under the Note and this Security Instrument.
<br />Lender sham apply such proceeds to the reduction of the Indebtedness under the Note and this Security Instrument. first to any
<br />_
<br />n----ph .,..r than in erapatmlent of orindcal. Anv aWllcation of the proceeds
<br />delinquent amounts applied in the order ovr;Gs.:... o..y r••• -• _.._ . _
<br />to the principal shag not extend or postpone the due date of the monthly payments, which are referred to In Paragraph 2. or change
<br />the amount of such payments. Any excess proceeds over an amount required to pay all outstanding Indebtedness under the Note and
<br />this Security Instrument shall be paid to the entity legally entitled thereto.
<br />B. Foes. Lender may collect fees and charges authorized by the Secretary.
<br />9. Grounds for Acceleration of Debt.
<br />(a) Default. Lender may. except as limited by regulations Issued by the Secretary In the case of payment defaults, require
<br />Immediate payment in full of all sums secured by this Security Instrument it:
<br />{� Page 2 of t
<br />!YI r61/5.C71 (oel9m) 10310092
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