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;I 90- 107238 90_..106981 I. Payeessnt of Pdaeyal, latntest and fate chap. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and hue charges due under the Note. 2. Monthly P"wists of Tues. Insurance and Outer Chaffee. 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 assessment, levied or to be levied against the Property, (b) leasehold payments or &Fond rents on the Property, and (c) premiums for Insurance required by Paragraph 4. Each monthly installment for items (a), (b) and (c) shall equal 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 Lender 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 Lender for items (a), (b), and (c), together with the future monthly payments for 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 paymeats on the Note are current, then Lender shall either refund the excess 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 payments made by Borrower for item (a), (b), or (c) is insufficient to pay the item when due, then Borrower shall pay to Lender any amount amessary to snake up the deficiency on or before the date the item becomes due. As used in this Security Instrument, "Secretary" means the Secretary of Housing and Urban Development or his or her designee. Most Security Instruments insured by the Secretary are insured under programs which require advance payment of the entire mortpge insurance premium. If this Security Instrument is or was insured under a program which did not require advance payment of the entire mortgage insurance premium, then each monthly payment shall also include either: (i) an installment of the annual mortgage insurance premium to be .paid by Lender to the Secretary, or (it) a monthly charge instead of a mortgage insurance premium if this Security Instrument is held by the Secretary. Each monthly installment of the mortgage insurance premium shall be in an amount sufficient to accumulate the full annual mortgage insurance premium with Lender one month to the date each m thlyacharge shall be in an amount equallto due to the one-twelfth one- halftpercent ofythe outstanding eprincipal balance due on the Note. If Borrower tenders to Lender the full payment of all sums secured by this Security Instrument, Borrower's account shall be credited with the balance remaining for all installments for items (a), (b) and (c) and any mortgage insurance premium Borrrrower.tImmediately prior t baforeclosure saleoof the to the Secretary, and Lender Property or its acquisition aby Lpender, tlBosrower'ss acco nt funds shall be f credited with any balance remaining for all installments for items (a), (b) and (c). 3. Application of Paysaeata. All payments under paragraphs I and 2 shall be applied by Lender as follows: EUMII to the mortgage insurance premium to be paid by Lender to the id Secretary entire a orrtwrt the monthly charge insurance preby the whrn this instead of the monthly no Insurance premium, unless Borrower fan Security Instrument was signed; SECOND, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance premiums, as required; TTHH11R��, to interest due under the Note; FF RTH, to amortization of the principal of the Note; FIFTH, to late charges due under the Note. 4. Fin, Flood and Other Bstsard Insurance. Borrower shall Insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies, Including fire, for which Lender requires insurance. This insurance shall be maintained In the amounts and for the periods that Lender requires. Borrower shall also insure all Improvements on the Property, whether now in existence or subsequently erected, against loss by floods to the extent required by the Secretary. All insurance shall be carried with companies approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to, Lender. In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made prompt- ly 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. AB or any fart 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 not extend or postpone the due date of the monthly payments which are referred to in Paragraph 2, or change the amount of such 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 transfer 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 Maintenance of the Property, t.sasebohb. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the property if the property is vacant or abandoned or the loan i.s 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 sad Protection of Lender's (tights In the Property. Borrower shall pay all governmental or municipal charges, lines and impositions that are not included in Paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's re- quest Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by Paragraph 2. or fails to perform any other covenants and agreements contained in this Security Instrument. or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding In bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in Paragraph 2. - �A:.:..� -, a_,....r o...............t M .w•I,rw.t by chic Any amounts disbursed by lender under this Faragrapn ]IIN„ yc� ll Vlc 1111 4YY,,,Y„u, Y., . -• -- -- Security Instrument. These amounts %hall bear interest from the date of disbursement, at the Note rate, and at the option of Lender, shall 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 a.signed 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 thz order provided in Paragraph 3, and then to ptepaymeut of principal. Any application Vi the proceeds to the principal shall not extend cc postpone the due date of the monthly payments. s, hlch are referred to in Paragraph 2, or change the amount of such payments. Any excess proceeds over art amount required to pay di. out•scanding 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 of 4 TIM? J .r..,2 ..., rIr r. t.••' ++n!�1K7�PrY1{tt'+r'.'y' +fi1!'k<+E�4 }4�,,t1,!!., .. 1... I . il:.::r _ V •`-ate ..viJ' 41`9 f .. ..: -ICI' JJ�• 1... �,I' . • �i +�- ate, � ' RE- RECORDED ;I 90- 107238 90_..106981 I. Payeessnt of Pdaeyal, latntest and fate chap. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and hue charges due under the Note. 2. Monthly P"wists of Tues. Insurance and Outer Chaffee. 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 assessment, levied or to be levied against the Property, (b) leasehold payments or &Fond rents on the Property, and (c) premiums for Insurance required by Paragraph 4. Each monthly installment for items (a), (b) and (c) shall equal 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 Lender 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 Lender for items (a), (b), and (c), together with the future monthly payments for 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 paymeats on the Note are current, then Lender shall either refund the excess 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 payments made by Borrower for item (a), (b), or (c) is insufficient to pay the item when due, then Borrower shall pay to Lender any amount amessary to snake up the deficiency on or before the date the item becomes due. As used in this Security Instrument, "Secretary" means the Secretary of Housing and Urban Development or his or her designee. Most Security Instruments insured by the Secretary are insured under programs which require advance payment of the entire mortpge insurance premium. If this Security Instrument is or was insured under a program which did not require advance payment of the entire mortgage insurance premium, then each monthly payment shall also include either: (i) an installment of the annual mortgage insurance premium to be .paid by Lender to the Secretary, or (it) a monthly charge instead of a mortgage insurance premium if this Security Instrument is held by the Secretary. Each monthly installment of the mortgage insurance premium shall be in an amount sufficient to accumulate the full annual mortgage insurance premium with Lender one month to the date each m thlyacharge shall be in an amount equallto due to the one-twelfth one- halftpercent ofythe outstanding eprincipal balance due on the Note. If Borrower tenders to Lender the full payment of all sums secured by this Security Instrument, Borrower's account shall be credited with the balance remaining for all installments for items (a), (b) and (c) and any mortgage insurance premium Borrrrower.tImmediately prior t baforeclosure saleoof the to the Secretary, and Lender Property or its acquisition aby Lpender, tlBosrower'ss acco nt funds shall be f credited with any balance remaining for all installments for items (a), (b) and (c). 3. Application of Paysaeata. All payments under paragraphs I and 2 shall be applied by Lender as follows: EUMII to the mortgage insurance premium to be paid by Lender to the id Secretary entire a orrtwrt the monthly charge insurance preby the whrn this instead of the monthly no Insurance premium, unless Borrower fan Security Instrument was signed; SECOND, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance premiums, as required; TTHH11R��, to interest due under the Note; FF RTH, to amortization of the principal of the Note; FIFTH, to late charges due under the Note. 4. Fin, Flood and Other Bstsard Insurance. Borrower shall Insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies, Including fire, for which Lender requires insurance. This insurance shall be maintained In the amounts and for the periods that Lender requires. Borrower shall also insure all Improvements on the Property, whether now in existence or subsequently erected, against loss by floods to the extent required by the Secretary. All insurance shall be carried with companies approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to, Lender. In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made prompt- ly 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. AB or any fart 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 not extend or postpone the due date of the monthly payments which are referred to in Paragraph 2, or change the amount of such 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 transfer 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 Maintenance of the Property, t.sasebohb. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the property if the property is vacant or abandoned or the loan i.s 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 sad Protection of Lender's (tights In the Property. Borrower shall pay all governmental or municipal charges, lines and impositions that are not included in Paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's re- quest Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by Paragraph 2. or fails to perform any other covenants and agreements contained in this Security Instrument. or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding In bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in Paragraph 2. - �A:.:..� -, a_,....r o...............t M .w•I,rw.t by chic Any amounts disbursed by lender under this Faragrapn ]IIN„ yc� ll Vlc 1111 4YY,,,Y„u, Y., . -• -- -- Security Instrument. These amounts %hall bear interest from the date of disbursement, at the Note rate, and at the option of Lender, shall 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 a.signed 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 thz order provided in Paragraph 3, and then to ptepaymeut of principal. Any application Vi the proceeds to the principal shall not extend cc postpone the due date of the monthly payments. s, hlch are referred to in Paragraph 2, or change the amount of such payments. Any excess proceeds over art amount required to pay di. out•scanding 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 of 4 f ' Al 'i I xi2.i�.S47tA. I . il:.::r _ f ' Al 'i I