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A, IVI t . .. rt 90_...107284 1. f irtiottat of ft'tlaelptd, lalssent aatl Late Chase. Borrower shall pay when due the ptlactpai of. sad buercas un, the debt evldmd.'ed by the Note and late charges dun under the Now 2. Metstflly Faysiasats of Texas. laaaraace aM Oda Charts. Borrower shall Include in each monthly payment, together with the principal and interest a set forth in the Note and any late charges, an installment of any (a) tuxes and special anetsments trAW or to be levied against the Property. (b) laaashold payments or ground rents on the Property. and (c) Premiums for insurance required by Paragraph 4. Each monthly Installment for items (a), (b) and (c) shag equal al one - twelfth of the annual amounts. as reasonably estimated by Lender. plus sirs amount sufficient to maintain an additional balance of not more than one -sixth of the estimated amounts. The full nasal amount for each item shall be accumulated by Leader within a period ending one month before an item would becesne delinquent. Lender shall hold the amounts collected in trust to pay items (a). (b) and (c) before they become deinquat. If at any time the total of the payments held by Lander 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 -sibob the estimated amount of ovverroone- shttho of thsuch stiimated payments and credit the excess over one -sixt current, tetestimated payments to refund the excesis payments by Borrower. at the option of Borrower. If the tots! of the payments made by Borrower for item (a). (b), or (c) is insufficient to pay the item when due, then Borrower shag pay to Lender any amount necessary to take up the deficiency on or before the date the item becomes due. As used in this Security Instrument. "Secretary" toeana the Secretary of Housing and Urban Development or his or her deslgat e. Most Security Instruments insured by the Secreury are insured under programs which require advance Payment of the cadre mortgage 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 arum w mortgage Insurance premium to be paid by Lender to the Secretary, or III) a monthly charge instead of a mortgage fnastww* premium if this Security Instrument is held by the Secretary. Each monthly instalhnnau of the mortgage insurance pm Wee m shall be in an amount sufficient to accumulate the fall annual mortgage insurance premium with Lender one month Se yhe date i� ccharrgge shall be in amount equsal to one-twelfth of oone this of the Outstanding the balance due on the Note. If Borrower tenders to Leader 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 inualkwitsm that Leader Las snot become obligated to pay to the Secretary. and Lender shall promptly refund any excess funds to Borrower. Im racd tt* prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all installments for items (a), (b) and (c). 3, Appllcalba of lPayaseass. All payments under paragraphs 1 and 2 shall be applied by Lender as follows: , to the mortgage issauxance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead of the monthly mortgage insurance premium, unless Borrower paid the entire mortgage insurance premium when this Security Instrument was signed; SL(M , to any axes, special assessments, leasehold payments or ground rents. and fire. flood and other hatatrd Laurance premiums, as requiced. TIF1D , to interest due under the Note; t 1134 , to amortization of the principal of the Note; may, to laic charges due under the Note. 4. Fin, Flood null kkkr Hazard la omwe. 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 sV. I @e 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. AB insurance shall be carried with companies approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include tars payable clauses in favor of, and in a form acceptable to. Lender. In the event of loss, Borrower s'hafl give Lender immediate notice by mail. Lender may make proof of loss if not made prompt- ly by Borrower. Each insurance company corcemd is hereby authorized and directed to make payment for such loss directly to Lender, instead of to Borrower and to Lender jointly. X., o. any pan 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 4am. aged 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 shag 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 s3a14 pus to the purchaser. S. Preaervadoa sad Malolestance of site Property, Leaseholds. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepue4. Lender may inspect the property if the property is vacant or abandoned or the loan is 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 agnaes to the merger in writing. 6. Charges to Borrower and Protection of Lender's Rights in the Properly. Borrower shall pay all governmental or municipal charges, fees ardtl impositions that are not included in Paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. It failure to pay would adversely affect Lend'er's interest in the Property, upon Lender's re. gpxst Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make these ra!: ments er the payments required by Paragraph 2, or fails to perform any other covenanus and agreements contained in this Securi :y Instr.dment, er there is a legal proceeding that man sagniticantly affect Lender's rights in the Property (such as a proceeding in bank7uptcy,14t condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the vatue of the Property and Lender's rights in the Property, isclurd!a# payment of taxes, hazard insurance and other items mentioned in Paragraph 2. a..., ■,nnunrs disbursed by lender under this Paragraph shall become an additional debt of Borrower and be secured by this Security Instrument. These amounts shall bear interest from the date of disbursement, at the Note rate, and at the option of Lender, shall be immediately due and payable. 7. Conde•daadess. The proceeds of any a ward or claim for damages, direct or consequential. to connection with any condem- nation or other taking of any pan of the Property, or for conveyance in place of condemnation, are hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the :Mote 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 the order provided in Paragraph 3, and then to prepayramt of principal. 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 proceeds over an amount required to pay all outstanding in- debteduess under the Note and this Security instrument shall be paid to the entity legally entitled ttdereto. IL Fat. Lender may coiled fees and charges atcthorued by the Secretary. Ave 1 of 4 tn,..0 •. • ? r ;yen;; -• : :- ,7 /rl. ..rc..i.- tC' - a -.