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<br /> � �_: 91— io�s62
<br /> Q;; i Gach monthly inscallment for i�ems Iu1,lb).and(c1 shall cqual ane-iwclfth uP�hc annual amount.r,us rcasonably estimated
<br /> �,, by Lendcr,plus nn amaunt sufficient ta maintein an additianul balancc ol'not marc�han cmc-sixth of�hc catfmated amounts.
<br /> The Pull unnuul amount for coch item ahall be accumulated by Lender within A period endinQ one month hefore an{tcm wuuld
<br /> � �;;�• become de8nquant.Lender riwll hold the amaunts collected in�rust to pay items(a1,!b),and(�!before ihey become delinquent. _
<br /> . �r • '' �'' If et any timc thc taal�f thc puymcnts hcld by l..ende�for icems(a1,(b),and(cl,tagethcr with thc futurc manthly payments
<br /> ' :�+�� for such itema payable �o Lendcr prior�o the due dates of such Items,cxceeds by morc than onc•sixth the cstimatcd amount
<br /> � •'�•�:�•+: of paymentK requircd ta pay such itcros when due,and if paymcnts on the Note erc current.thcn l.ende�ahall cither refund
<br /> •.�,.:: ,,. . .
<br /> -;�� � •-• ihe cxcess uvcr unc-sixt haf'the estimuted puyments or credi�the exce+S�ver��ne-�cix�h of�he ectimoted payments to subsequent �_ _ .
<br /> .�A.!i• J...;.
<br /> ' •��';.rs���.'�h� payments by Borrower,at the option af Bo��ower. IP the total af the puyments made by Borrowcr far item (a1,16), o�(c)
<br /> •'�' '������•� is insuf'ficient to puy the item when due,thcn Bo��awer shall pAy ta l.ender Any amount necessary to make up the deficiency _
<br /> _— < "�S"�''�' on or beforc the date the it¢m becomes due.
<br /> --- :�_ , : . . _
<br /> _-_�.��� ��=" � ,' As used in this Security ins��ument,"Secretnry"means the Se�:retary of Housing and Urban [kvelupment ar his or her
<br /> :. ,
<br /> �.
<br /> '="i� • `�`���' " designee. Most Securit y I�sl�uments insu�ed by the Secretary are insured under p�ograms which require advance pAyment of
<br />'�",;;��.r � '� �� � the entire mortgAge insurance premium.If this Sccurity Inat�ument is or wns insured under u program which did not require `.— T _
<br /> •"��`�� "''°' advazur payxnent af the ent iro mortgage insurance premium,�hen each monthly payment shall alsa include either:(i)an installme�t _ _
<br />�� y of'the anauaL matgage insurance premium ta be paid by Lender to the Secretary,or(ii)a manthly char�e insread of a mortgage ���
<br /> :5+,+", ,���;�:;.�''� �,�1 .'' insurartce premium if ttils Secudry Instrument is held by the Secrctary. EACh monthly installment oithe mongage insurance yM ,�,�„��
<br /> -nK,..r' k. _,:LtY..h';��.
<br />;,, .. � .,.�: � premium shatl be en an unount sufiiciant ro accumulate the full annual monRaxe insurence premium with Lender one month _ _
<br />.:�•_r�'_';',;. ��`,., . ',• prbr to tt�e date the finil annual mortgage insurance premium is due to the Secretary. or if this Secu�ity Instrucuent is helct
<br /> ' � • �� " by�he Secretuy.each rnoc�thly cha�e sbaU be in an amount equal to anatwelRh of one-hr�lf percent of the outstandinR pEinc►pat �r��.
<br /> r �,. �
<br /> '�. __. ._ ' balancY due on the Note. � �� _
<br /> . . ,.�:.;• .. . If Borrower tenden to Lender the full paymene of all swns secured by this Security Instrumena.Bo�aower's accoant shall
<br /> �; :. ;. be credited with the balance remaining for all inuaiGnents i'QQ items�a).�b),and(c)and any mort�age insurance premium �
<br /> '�"::- •°'�` inuapme�nt that Lender has not become obligated to paY to the Secretary,and Lender shall prampt�y refund any excess iLnds
<br /> " `, r�. to Bonower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender.Borrower's account shaU � .'• '�
<br /> ' •� be credited with aay balance remaining Por al! installments for items(a). (b), and (c).
<br /> • � 3.AppUcaUoa of Paymeo�s. All payments under paragraphs 1 and 2 shall be applied by Lender as Pollows: _____
<br /> �"• First,to tMe mortgage insu�ance premium to be paid by Lende�to the Secretary or ta the monthly charge by the Secretary , -
<br /> " �• instead of the monthly mortgage insurance premium,unless Borrower paid the entire mon�age insurance premium when this . �.5:,==_.
<br /> �'� Securily Instrument was signed; „�:.��• �
<br /> .4f�, :;� • Second,to aoy ts+xa, special assessments.l�asehold paymen[s or ground rents,and fire�fload aad othcr hazsud insuraaice
<br /> �.,,:��"i��. .. premiums,as r�quic��; ='�� —-
<br />'�,� , �� , Third,to Mterest due under the Nat�; �„t�;.,,�_ __
<br /> ��' %���''�� Fauarah, to amorti�ation of the�rincipal of ihe Nate; ;1,••��•:.;+y,;
<br /> ••' �! i'li'th, �o late charaes due uoder the Nate. �'�4•�"�'•��
<br />. ?�{��,.. ., •��_, .
<br /> '!�' ���'"' 4.Fi►e, Flood ond Ot6er Nazw�d Insurance.Borrower shall insure all improvements on the Propeny. whether now in �:e.f:,..-�,.
<br /> '.� ii(�,�� • , :��w.
<br />, b. ., existence or subsequendy erected.against any hazarcis.casualties,and contingencies,including fire.for which Lender requires ����•�'� �,._-...
<br /> ,�;:�
<br /> � insurance.This insurance shall be maintained in the amounts and for the periods that Lender requires.Borrower shall also ,--- �.,�;;
<br /> •• " insure all improvemems on the Property,whether now in existence or subsequeutly erected,against loss by tloods to the extent � "�""""�" _
<br /> + � required by the Secretary. All insurance shall be carried with companies approved by Lender.The insurance policies and any ..,�,� � ---
<br /> . ti.., �, r�'�~�-;;
<br /> •. •:��'r, � • renewals shall be held by Lender and shall include loss paya6le ciauses in favor of.and in a f'orm acceptable to. Lender. :_1,�,�_
<br />� . •��1?, .��. , . ' � 4�`,: '-�_
<br />' In the event oi lass, Horrower shall give Lender immediate notice by mail. Lender may make prooi of loss if not made 'r'��4.- �'•�T --
<br /> •.i:; . , ;�:.
<br /> • �y } � " promptly by Borrower.Fach insurance compAny concerned is hereby aulhorized and directed to make payment Por such loss �••;i±,�;{:',;��,�___
<br /> ' '�;'�-��,�,• ; directly ro Lender.instead c�f to kiorrower nnd to Lender joindy. All or any part of the insurance proceeds may be applied � ' , `•>' �:
<br /> � • '�r;�•:,�`r�'�� by Lender,at its option, either(a)to the reduction of the indebtedness under the Nate and this S�curity Instrument. first to •-� ��:•.�-•����-:�-��
<br /> - ,, ��+��,-., : �•, .i,:: :�:--
<br />� any delinquent Amounts applied in the ordcr in Paragraph 3. and then to prepayment of principal,or (b)to the restoration •��•�*
<br /> � . � � � or repair oF the dama�ed propeny.Any application of the proceeds to the principal shall not extend or postpone the due date ,. .
<br /> � � of the monthly payments which are raferred to in Paragraph 2.or change�he amount of such payments.Any excess insurance � ,
<br /> :•�"��` : proceeds over an amount required ta pay all outstanding indebtedness under the Note and this Secur)ty lnstrument shall be ,
<br /> paid to the entity legally entitled the�eto. ` �
<br /> . � In the event of toreclosure of tbis Securi�y Instrument or other transfer of tide to ehe Pr�peny that extinguishes the .._.._ _ .....
<br /> • indebtedness, all riu0�e,title and inrerest of Borrower in and to insurunce policies in force shali pnss to the purchaser. r • �"""'
<br /> � � .
<br /> ' S.PnservAtion�nd M�inlenAnce ot the Praperly. Les�.se6olds.Borrowcr shall not commi�w�aste or destcoy,demage or
<br /> � substantially change the Property or allow the Property to detcrioratc,reasonable wear and tear er�epted.Lender may inspect �
<br /> , the property if the property is vacant or abandoned or the loun is in default. Lendrr rnay iake rea�onable acaion co protect :
<br /> '., and preserve such vacant or abandoned propen�•. If this Securi�y Instrument iti on a les.sehold.�orrower sha11 comply with �
<br /> � the provisions of the➢e��c. 1f 9orrower acqui�v:s fee title to the Property,the leasehotd and fee�itie sha�i not be merged unless �
<br /> Lender agrees to th� merger in writing. ; '
<br /> - � ,. i.Crarges�o Borrower aod Proteclion ol LenA�►'s 1I�i�M1c i�Ihe PropeN�.Borrowe��haUl pac a8i gavcrn�otrm�ai o�municipal ' . '�1� �
<br /> { charga. Gnes and iirepositions that are not iRCUUdeu on P'aragraph 2.liorrower shall r��•e���e oF�cgacimns on time direcdy to
<br /> r the entity which is owed t he payment. If failura co pay would t�dvcrsdy aflect Lender's imerest in tLte Pcoperty,upon Lender's . .
<br /> • , request Borrower sh�ll prompdy furnish ro Lender reccipts evidencing�hese paymcnts.
<br /> * � If Borrower iails to make�hese payments or thr payments required by Paragraph 2,or fc�ils�o perform uny other covenants
<br /> and agreements contained in this 5ecurity Instrument,or there is u Iegal procc�eding[hat may significantly affect Lender's rights
<br /> —•'-•'---. .� �_..a_....
<br /> '� � in the Property(su�h as a proceeqmg in bnnicrup�ry, t0�Conacmtta�ion c�r iu raien�c iavi5 iii i�guu�:v�.�r.•���•�•-�•���• �••«i
<br /> do and pay whatetier i;necessary�o protert thr�•aluc ol'�hc Prorerty and Lrnder't rights in the�'roperty,including pa�ment
<br /> of taxes. hatard insur�nce and o�hcr items mcntioned in Naragraph 2.
<br /> � ` Any amounts disburscd by Lendcr under this Paragraph,hall he�umc an addnional dcb[��1 Ourro��cr and be secured ,
<br /> , bg this Security Instrum�nt. Tl�t,e amounts shall bcar interest from the da�c of disbursement, at the Notc rate, and at the
<br /> . uption of Lender,shpll be immediately due And payublc,
<br /> 7. Coodemmlioa. The pnxeeds uf any aN•rrJ ur �I:�im Ibr damugrs, Jirc�t ��r cunsryuential, in c�mnrrtion aith any
<br /> • condemnation or ather taking ot any part ul�the F'roperty,or for com�eyunce in placr��I'c�mdemnatian,are hereby a�signed
<br /> and shall be paid to Lendc�to the ertent ol the(ull amount ol'thc indebtcdnexs�hat r�maim unpaid undrr thc No�c and this
<br /> Security Instrument. Lender shall apply.uch proceeds ro th�reduclion of ihr inJrbtrdnr+�under the Note�nJ thi+S��uri�y
<br /> Instrument,�rst to any delinquent amounts applied in the urdrr prrn•ided in Paragr�ph 1.and thcn to prepa>ment ul'principal.
<br /> Por�•:��r �
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