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<br /> BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby coaveyed and has the r�ght to
<br /> ` ( grant and cQnvey the Frop�sy and that the Propeny is unencumbered. except for encumbrances of recurd. 6orrower
<br /> ' � � i warrant�ttnd�vlll��fcad generally the titie to the Pro�serty against all ctuims and d�mands, subjest to any encumbrances •
<br /> � 'i of record.
<br /> . • ; THIS SECURITY 1NSTRUMEN'f combines uniform covenanu for natianal use and nan•uniform c:ovenants with •
<br /> limited variatlons by jurisdicttou to constitute u�ani£orm secwity insteumcnt cx�vering re:il praperty. -
<br /> � UNIFORM. COVBIVANTS. BUrrower and Lender covenant and agree as follows: `�
<br /> � .- ,; 1. Fayu�tt of?r3acip�l. InteresE t�1 L�2e C�a. Barrower shall pay when due the principal of,and interes[ �
<br /> . � -° `. � on, We debt evidenced by the Note and late charges dae under the Noce.
<br /> • 2. Manthiy Psiy�t of Ta�,In.,�umnne, �Oilira G`�a�es• 8orrower shall include in each rrronthly payment.
<br /> . together with the principal and interest as set forth in the 1Vote and any late chazges,a sum for(a) taxes and spscial •�
<br /> ' � assessments leviesl or to Ise levied against the Property, (b) leasehold payments or gound rents on the Progerty, and _•=�<
<br /> _... . (c) premiums for insuranc.z required under puragraph 4. In any year in which the Lender must pay a mongage � '';
<br /> . insuranos premium to the S�cretary of giousing and Urban Development ("Secretary"},or in any year in which snch � •`J r:
<br /> ' ; premium would have been r�uired if I.ender still heid the Securirf In.,�trument, �h montbly payment shall also =
<br /> � include either: (i) a sum for th� a�nuul uwrtgage insuranc� premium to tse pa'sd by LEa3gr to the Se�retary, or(ii)a •�j�j
<br /> , � � ` . , montWy charge instead of a mortgage in.�uraace premium :f rhis S�curity [nruumrst �s held by the Secretary. in a '
<br /> uuma
<br /> -`��`; reasonable amoun2 to be determined by ta� Srcretary. E.ecept for th� �3thly c��e hy the Secre2ary, these items I��'%?��:
<br /> ��.
<br /> ' . , . . are called "Escrow Items" and [he sums pa:d to Lender ate called "Escrow Funds." �4y..,-
<br /> Leuder may,ai any tiiae, cel[ect and haid amounts far.rascrow Items in an ag��e ame•.::. -�� to exc�d the "�'_:=
<br /> � S maximum amount thai way be required for Tarrower's es�w account under the Rea� �stat� 5:�nt Pre�clu�es ,E
<br /> . . Act of 1974.12 U.S.C.$2601 et sen.and im,�'.z�aenting regnlations, 24 CFR Part 3500,as they�.;• �e amended from � �,•°_"
<br /> ' ' rim�w time ("I3���:�"},except that the cu��.:�n or reserve permitte� �o:CrESPA for unaaticig=...�a� r.:shursemeats or '-�=
<br /> �. disbursemenu ��'_.�she �orrower's paym:.s.� are availahle in the a��.: may not 6e based c�:m*a��ts dus for the f'.`.''`:`
<br /> E- ''s.
<br /> ` ' Tppi[$d� �IISUI3IIC: PICIIIIWA. ii�>=
<br /> , � ` If the amounts held by Lea�•W for Escrow Ite�ns exce�d the amounts permitted :^+�a held by ItESPA, I.ender shall �
<br /> �_�.
<br /> •� ;, account to Borro�..� for the ex��funds a�required by RFSPA. If the amounu of��ds held by Lender at any time �;;;�;�
<br /> ' 1 are not sagFicient�_�^ay t$a Eszra�r I•�?. w'_'��due,Lender may noiify ihe Borrowzr and require Borrower co malce �==
<br /> � ,, ;'�.%' up the shortage ��ermitted ��•RrSPA. �
<br /> '. ' � '�„•c��,:, y'. The Fscrow F-�ds are�1z3��..:2i ai."•..�.:�: seturity':�r 311 sums SeCUIed by i��asrity I���nent. If Borrawer =_--
<br /> . ��.�s�,;„ � _�-_
<br /> ,;'.,;.lr.�`� tenders to l.ender t'�e full ga�� af�s:.:,�s.L-ns,Fs:,�r�z>w's account shall b��:::�.+.3 cuiW c§e balanoe remaining
<br /> • �� ��;;`i:??:•;�'. for aU installment :�z�s(a),C�P,�a�(c):a��-�nrtgage iasurauce premium in..��c�!Trr�ac: chat i�.'._�s has not become
<br /> �'
<br /> . �., �' obligated to pay ca��z Secretary, and Ix�;�e- �11 promptly refund a:c e:�s funds to Borrouti•er i.�un�diately ptior
<br /> ' '` � to a foreclosure sa`.s di the Property or its ac��:.sition by Lender,Borrov�er s account shall bs credite� wish any b�l�nce �„�.,
<br /> remaining for all installmgnts for item3 (a),(b), and (c). _
<br /> �� � � . 3, AppfIsation of Paymffits. All payments uader paragraphs 1 and Z shall be applied by I.ender as follows: -
<br /> �� *� FIRST,to ihe mongage insuraace pmmium co be paid by Lender to t6e Secretary or co the raonthly charge by ttte
<br /> . , . • �� SQCretary instead of ths monttily mortgage insurance premium: -
<br /> �; SECOND. to any taxes,spacial assessments, leasehold payments or ground rents,and fue,flood and other dazard
<br /> • insurance premiums, as required; -
<br /> THiRD, to intere��t due under the Note;
<br /> � . � FOIIRTH, to amortization of the priacipal of the Note; and
<br /> ' ' "• • FIFI'�i. to 1�$chargea due uader the Note.
<br /> _ ' 4. Fine.PItr.xd rmfl� Har�d In�. Borrower shall insure all impmvemeats on the Property, whether _
<br /> � � • now ifl existence �x yvbsequenUy erected, against any hazards. casuaitie3. and contingencies. inz:Ldlag fue,for which _
<br /> • Leader reqnires ia,,aran�e, This insurance shall be ma�nrain� � �e amounts and for the periuds that Lender _
<br /> • • requlres. Borrower ahall al� :^sure alI improvemeau on the Property. whether :��>>v in existence or subsequendy -
<br /> `. er�l, against io�s byflon��:s tihe ear_est ::quired bythe Secretary. .�11 Insura:,:�: ::�all be�rri� witU companles -
<br /> ��:*, ,.� ' •L approved by Lens:�A:. 'Ihe ins;:rance goti�r=: :�d azry renewals shail i�e Lzld by i�az��' and shzil.i��.clude loss payable �:?-
<br /> : ��1 ' � claases in favor oi.and in a form w�.. �3�, L.ender. �j
<br /> �.�;�r $�� � �`, .
<br /> ••°;��`'• ' In the event of lass,Borrower shall give Lender imm�iate notiee by mail. Lur�lcr maY m�=Proof of loss if not
<br /> . ..T�,l, � ' � :
<br /> - } m^_de promptly by�orro�er. �ach insurance company concemed is hereby authon..r.�i azcd dir�z� to make payatent
<br /> • � � • for such loss dir�dy to Lender, instead a r to Bonower an� to Ler.��z joinUy. Hil or any p;s' of the insuraace __
<br /> • procceds may C��:�plied by Lender, at it�c;:�u�n, either (a) to the re�ya:ion of the indebtedn�; u:der the Note and __
<br /> • � _ ' th;s Security In..,�.ment, first to any delin5°.�:.t ammmts applied in the order in paragraph 3,�;:�Y�sen to prepayiaeat _
<br /> �if`��•.. � of princip�l. or (b) to the r�r.�ration or repair of the drm��ed Property. AnS.s�;�lication of the proceeds to the -
<br /> �tti'- � "--
<br /> . principtil shull not extead or F�stpan� the due dzte of the mnnthly payments wluc�:a:e referted to in parogr2�l�. ::,ar :-v_
<br /> change the amount of su�puymenu. Anp excess iasurance pmceeds oc�r an amaunt reqnired �a�ay all outst�:�in� ';�•:�:
<br /> in3ebiedaess under ihe Note and�his Secarix� Ins[rument shall be p:,i�1 tr, the entity legaily er.wAed thereto.
<br /> In the event of foce�losurts of thjs Sscuriry lnsuum:nt or other uw.f..'�er of title to We Ptoperry that extiaguishes •
<br /> ' th� indebtedaess, all ri�ht, title aa9 intemst of Borto�ver in and to ias�rance policies In force shall pass to the �
<br /> , . pn�haser. . �,
<br /> • 5. Ooaip�cY, �n►�n. Maiatar�oe mod Pt�n of the Pcope�ty: Boimvr�'a W�a Appli�ian;
<br /> LeiseboicLs. Bon�ower shall occupy,estabfitl�,a�c9 nse the Property as 13orraver's principal rz�ideace within sixtydays , °�
<br /> � after the e�ecution of this SeLVrity Insnument (ot withia sixty days of u 1��7 sale or transfer of the Property) und sh�11 ,
<br /> coutinue to occupy the Property as Boaower's prutcipal residence for at leasc oaa year after the d�te of occup�ttty.
<br /> . • unless Lender determirces that requirem�nt �vill cause undue flardship for Bor��ver, or untess eatenustiag
<br /> � ' ' cinumst2nce3 e�sist w}uch are be}rond Bono��ier's wntrol. Borrower shall not�fy Lender oi any extenustlnr
<br /> NF�RIISKA M71A D�OF 7RUST �
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