|
_ . . ..r•rr '.'S�wi��'�Er-�+,`'' ' ' ..:�..: ,,'.• �:.. - , � .=;r�r`
<br /> �] �:h, S%. . A�.. . . - ._ ..... .. .. _ „yy�.,
<br /> .,
<br /> ....',f,p,wr � 16;. , _ y ��:il'�rM�i�j.a7:�irs.::.:........_ .., � ,`r,: . .rs:�,.a+.li.•rx._ • . � . � ..
<br /> ' i:.
<br /> yJ �L4Y-. . -.J� y...�I.:
<br /> il . �{':"r t `��,' .. .
<br /> '�!Yg!a�,��`� s
<br /> ' , ' .L�S��: -s�ra�
<br /> � �. ,b����Py`...;
<br /> •�.:"�ri� . ... . .. .-..'_----
<br /> .. . . . . .. ... .. . . . —._ �.... .........� � "�:1;.'�.��,-���._��
<br /> �� 90--�0'7 3 g 6 � �:� --_=��`
<br /> �� � .,. ,� . .:_�:�
<br /> .� _ _, .. �==�,
<br /> � � ., o . .�...,��,_.:�.�,� .
<br /> ,. 1.h�nt of Pd�cyY�bt�t�M rate CM�.Borrowe►�hdl pay whm duo�he principAl ot.and inte�est on,the debt .:..�"�_-.�_�.
<br /> � • ,r' �." �• evidenced by the Noto��d late char�a due under the Note.
<br /> ., �.T .a�a&.,,
<br /> , 2�Mprt�1�f�np of TuN,lra�a�ce�d OIMer C6arp,Bartowcr sh�ll include in each monthly payment,lo�elher wfth .��?�"��;,;;�°;�,,::
<br /> ' the princlpsl�nd interat as ut farth in the No:e and any luo chRrQns,an iro�allment of wny(a)�azes aad apecial asseasmante � ,���,A:,��,��--,-"
<br /> i. '. kvled or to be le.wled �Wdnst the Properly,(b)Ia�hoW paymenu or�round rcna oo�he Property.and�c)yremiumi far
<br /> � insuratce required by Puaor�ph 4. ----
<br /> �'`-`��.:;:�',�;5�.�;�,���:�:
<br /> i Euh monthly i�itWment for ilems(a).(b)atid(c):hdl equd one•twelith of the annual amounte,m renaonwbly atimo�ed by � :: .rw._-r.,��,.�
<br /> I.ender.plu�an�unount tufflcient to mdntdn an pdditian�l bu�nce of not moro than one•si�th ot the es�imated omounu.The "�'''"�"'`'�''��'
<br /> fuU annual unount Por euh item ah�ll be accumulated by I.ender within a period ending one month before an item would -4•- ::-��•_:�.';=-:-
<br /> becoma dellnquent.Lender thWl hold the iunounts collected in�ruu to pay itema(a).(b)Aad(c)before they become deUnquent. � . . ,.;� . ,.:,.
<br /> � If at anY time the totnl of thc payments held by l.ende�for items(a),(b).and(c),togcther wfth the future monthly payments i
<br /> for such item:payable to Lender p�ior to the due dates of such items,exceedc by more then one-alxth the estimated amount of
<br /> pnyments required to p�y:uch item�when due,and ii payments on the Note are current,then Lender�hall either refund the �.
<br /> � cxcess over one•siuth of tNe estimated payments or crnlit the excess ovor one-sfxth of the estfma�ed paymcnts to sub:equent , , •
<br /> payaaents by Borrower,at the op�ion of Borrower.1P the taal o(the payments made by Bo�rower for Item(a),(b),o�lc)is ,
<br /> iasui'Qcient to pay the item wheo due,then Borrower sMll pay to Lender any amount neceuairy to make up Ihe dei"iciency on or
<br /> . befott the date the item becoma due. •'
<br /> As used in tAis Secudty Insaument. "Secretary" means ihe Sec�etary of Housing and U�ban Development ot his or her
<br /> ' desiQaee.Most Security Insttuments iasured bv the Secretary arc insured u�der p�og�ams which require advance payment of the
<br /> . entire mon4aae in+urance premium.If thls Secuflty lnstrument is or was insurcd under a prog�m which dit0 not�equire advance ;
<br /> �' •_'.!..�;';��;�.r: pa•-mmt of the rn�1re mongage lneurance premlum,then each monthly payment shall also include either:p9 an instal7rnrn��at tfie r :��,, ,�.';'`� ', : ;`�,;;
<br /> � ���i•�`, � � {r ar�nual morigage in+urnnse prtmiura to be paid by Lender �o the Secretary,or(iq a men�tify charge in�trad of a r,:ortgnge .
<br /> ti .. �:���,ti,,. .� �;Y.� ,:� insuianse premium if tbis Security Inatrvment is held by the Secretary.Each monthly instaDlment o6 th�mongage insurance "���ti� `.��� � • ` ' ,_
<br /> . . ,.,��,,,,,,.:+::::�,���.�;.�� premium aha�l br in an amouni sufficient to accumulale the full annual mongage lnsuranee pTemium with Lender one month %� �. •• ,�.,.,,.;,�t�.,?,:,,.;:
<br /> ; , : ��r, ti,�'• prior to the clale the full annual mo»gage insurance premium is due to the'S¢ueeary,or if this Seauriiy 7nstrummt ls held by Ihe � < <
<br /> Secrelary,each TnnnthJy chatge shall be in an amou�t equal io one•twel9th af onrhaJf percent oa rhe ou�standing principaf ���
<br /> •''r�;'� . ,.; : � :,.' "',11�,s�':f ba:ancr due on the N�u. 1 �,,-
<br /> , :..i;�.,'..;•:.'7��ti'.�.,�� .
<br /> . , ,'. •:?��}.;c,�;;�•�;�� „„j It gorrower t¢nders to Lender the full payment of all sums secure@ by th�s Security Instrument,Bormwer's account shall tz .
<br /> . '`''!��' �:'!{�+�� ��'"� cteditcd aith the balaace remaining for a11 installments for ittms (al, (b)and (c) ttnd any mortgagr insurance premium ,
<br /> � InstaNment that Lender haa not become obligated to pay to the Secretary,and Lender shall prompdy refur.d any excess funds to
<br /> Bonower.Immediately prior to a foreclosure sa�e of the Propeny or its acquisition by Lender.Borrower's account shaU be i .
<br /> eredited with any balonco remainln�fo�all in:tnllments Po�items(a).(b)and(c). � ,
<br /> � 3.AppNaUoo of P�ymenls.All payments under paraQraphe 1 and 2 shall be app8ed by Lender as follows: ,
<br /> �J$$T,to the mortQage iniurance premlum to be paid by Lender to the Secretary or to the monthly charge by[he Secretary
<br /> � ' instaid of the monthly mortQa�e in�urancc prcmium.unlcss Borrowcr paid the enure monQeQe insu�anco prcmium when ihi.
<br /> Secudty Inttrument was signed;
<br /> � �ECOND.to any twes,apecial ocsessments,leasehold payments or�ruund rem:,and iirc,0ood wnd other har�ud inwrwice •
<br /> i premiums,as required; '
<br /> �jgQ,to fnterest due under the Note;
<br /> FUl1RTy,to amortfr,�don of Ihe princfpnl of the Note;
<br /> �,to late chuQes due under the Note.
<br /> ' �.Pln�Flood�ad Olher Hwrd la�unace.Borrowcr shAll insure all imp�ovements on the Propert y,whether now in exiatence
<br /> a�subsoquently erected,against any her.ards,ca�ualties,and contingencfes,including flre,for which Lender tequfres insurence.
<br /> This Inaurance shall be maintained In the amounts and for the pe�iods that Lender requires. Borrower shall also inaure all �
<br /> ' fmprovement�on tho Property.whether now in exittence or subsequently erected,against loss by(loods to the extent required by .
<br /> ' the Secrctuy.All insurance shall be car�ied with companies approved by Lender.The insurance policies and any renewals shall �
<br /> be held by Lender and ah�ll fnclude loss payable cleusa in favor oi,and in a form acceptable to, Lender.
<br /> In the event of loss.Borrawer shall give Lender immediate notice by maJl.Lender may make proof of loss it not made prompt•
<br /> ly by Bortower.Each insurance company concerned is hereby authorized and dlrected to make payment for such loss ditectly to � .,,`� :
<br /> � Lender.inatead of to Borrower and to Lender jointly.All or any pare oi the insurance praceeds may be applied by l.ender,at its • '�;; • ,
<br /> option.elther(a)to the reductlon of the indebtedness under the Note and this Security Instrument,first to any ddinquent . , _
<br /> tunounts oppNed in the order in Paragrs►ph 3,and then to prepaymrnt oi principal,or(b)to the restoraUon or repair of the ' '�
<br /> dam�ged propeny.Any appHcatlon of the proceeds to the principal ahall not extend or postpone lhe due date of the monthly .
<br /> paymenta whieh are referred to in Paragraph 2,or change lhe amount of such ps�yments.Any ezcess insuranee procc+zds aver an � ';' �
<br /> amount rcquired to pay all outslandina indebtedness under the No�c and this Security Instrument shall be pald to the mdty legal•
<br /> ' ly entitled thereto.
<br /> .�,''�':�. ..� In the event at foreclosure of this Secu�ity Instrument or other transfer oi tltle to the Property that extinguishes the in-
<br /> ' � � debtednas,all right, ti11e and interest of Borrower in and to inaurance po8cies in force shall pass to the purchaser.
<br /> S.Praerv�Uon wd Mdotemdce of Ihe Property.Lt�eelaldi. Borrower shall not commit wasle or destroy, dunage or
<br /> substnntially change the Propeny or allow thc Property to deteriorate,reasonable wear and tear eacepted.Lender may inspect
<br /> the property if the propeny is vecant or abandoned or the loan is in default.4ender may take reasonabk actlon to protect end ;
<br /> preserve such vacant or abandoned property.If this 3ecurity Ins�rument is on n leasehold,8orrower shalicomply with the provi•
<br /> sion:of the lease.If 8orrower uquires fa title�o the Property,the leasehold and fee title shall not be merged unlas Lender � �
<br /> agrea tu�he mer�er in wrltinQ. �
<br /> 6.C6�to Borrower�nd Protee�lon of Lender•s R1Rht�la the PropeNy.Borrower shall pay eli governmental or municipal '
<br /> charges,lina and impositions that are not included in Perugruph 2.Borrowcr shall pay these ubligations on time directly to the
<br /> entity which is owed the payment. If faflure to pay would adversely afie�t l.ender'ti interest in the Property,upon Lender's re•
<br /> quesl Bonower shall promptly(urnish to I.ender re�:efpts cvidcncing these payments.
<br /> lf Borrower fails to make these peyments or the paymcnts requircd by Paragraph 2,or fatls to r►erform any other covenants and
<br /> agraments contained in thls Securlty Instrument,or there is a legal proceeding th�t may signfficantly affect Lender's rights in
<br /> the Propeny(such as a praeeding in bankruptcy,for condemnation or�o entorce IAws or regulations),then Lender may do and
<br /> � pay whatever is necessary lo nrole�t the value of thc Property and Lender's rlghts in the Praperty,including paymen�of�axcs,
<br /> Ihazard insurance und other i�ems mentiuned in Pnragraph 2,
<br /> � Any amounts disbursed by Icnder under this i'aragrnph shell becomc an udditional debt of Horrowcr und bc secured by this
<br /> Security Instrument. Th�se amounts shall bear interest from the dete of disbursement,at the Nae rak,and at the opUon oC
<br /> � Lender,shall be immediutely due and payable.
<br /> � • � � �'� 7.(:o�demoalbo.'Phe proceeds of any awud or claim f ot dam�ges,direct or ronsequentfal,in connecuon w�:h nny cc,ndem•
<br /> " � natior�or other taking of any p�rt of tfie Propeny,or fcr conveyance in tilace�f rnndemnaeion,are hereby assigned and sha]]be —
<br /> � ��;;., paid to l.ender to the eztent of the full amount of the indebtedness that rem�ins unpaid under the Note and this Securit}•Instru•
<br /> � ., ment. Lender shaA apply such proceeds to the reducticn of the indebtedness under ihe Note and this Security Inetrument,fitst to
<br /> � � � �;; any delinquent amovnts applietl in the c�rder provided Iti Paragtaph 3,and then to prepayment of principal.Any application of
<br /> • :he proceeds tu �he princfpal �ha�l not extend or postpone the due date of ihe monthly payment�, which are referred to in
<br /> ' Paraglaph 2,or change the amount of such paymencs.Any excess proceeds over en amoum required to pay alJ ouutanding in•
<br /> ' ��'�'`' '�' debtednas under the Note and this 5ecurity Instrument shall be paid to the entity Icgally entitled thereto.
<br /> Z:• :�.
<br /> ' � , S.Fel�.Lender may collect tees and charges authorized by the 5ecretary.
<br /> � Pugr 1 u1�
<br /> �
<br />
|