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<br /> , - 91! 102'725 -
<br /> ���� Each rnonthly installmcnt for i[ems(a),(b},and(c)shall equal une•twel4h of thc annual umaunts.as reasanably estimatcd �..—--
<br /> �� `' ''. � by Lender, plusan amount sufiicie�t to mai�tain an additional balance of no[ more thun c�ne-sixth aP�h�cs�imated amou�ts. .��;�,_--
<br /> rhe full annual amount for each item shall be accumulated by Lender within a period end{ng one manth before an item would
<br /> � ! �;. f .°`. become delinqucnt.Lendor shall hold the amounts rnllected in�rust to pay icems(a).(b),and(c)befare they become delinquent.
<br /> ��;�.:...;,
<br /> If at any[ime the total of the payments held by Lender for items(u),!b).and(rl,tagethcr with the tuture monthly payments
<br /> ' , r ';; for such items payable[o Lender prior to the due dates of such items,exceeds by more�hen one•sfxth theestimated amount
<br /> ' '�-�•"�-" • of payments required to pay cuch items when due,nnd if payments on the Note are current,then Lender shall either�efund �,
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<br /> � ,,'M the excess over onc-sixth of the estimated payments or credit the excess over ane•six�h oi the c�stin�aied paymcr��s to subsequent a_�--=-- - ---
<br /> g•�-' payments by Borrower,at the aption oi Borrower. IP the total of the payments made by Borrower for itern(a).(b).ar(c)
<br /> --:-����"`'`�.� H,n iF inauificient to pay the item when due,[hen Borrower shall pay to Lender any amount neceasary ta msake up the deficiancy
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<br /> —'-x fr s:�:r�� �- on or befoie the date the item becomes due.
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<br /> �� v ,,' ` As used in thia Sc�urity Instrument,"Secretary"means the Secretary of Housing and Urbnn Development ar his or her
<br />�=�'��� ��� ,' �`�•���' ' � designee.Most Security Instruments inaured by the Secretary are insured under pragrams which r e qulre advance payment of
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<br /> yu��: , i.:.;,.:,:�:. '' the entfre rnonga�e inaurance premium.If this Security Instrument is or was insured under u program whlch did not requ re
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<br />,�,�.„.. ..:.;.�•, � advAncc payment oi�he entire mortgage insurance premium,then e.ach monthly payment shall ulso includceither: (�l an installmcnt
<br /> g;,.:' .��, o oP the aanual mortgoge insurance premium to be paid by Lender ta the Secretary,ar lii!a mon�hly chur�c instcAd of a mortguQe
<br />���>� �-K -�� insurance pre�furn if this Security Instrument is held by the Secretnry. Each momhly instullment ui ihe mon�o�e insurance _
<br />*"�'� ,�'��" " • premlum shall be in an amount suificient to nccumulote the iull annual mortga�e insurancc premium with I.ender one month _.,,,o
<br />�,. � '°����..,, prior ro the da�e the Pull annual mottga�a inxurance premium ia due�o the Secretpry.ur if this Security Instrument ia held r
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<br /> �. :,,.: , by ahe Secretary,each monthly charee shall be in an anwunt equal to one•twelfch af one•half perceot oi�he outstandin�princlpa!
<br /> , �y" ��,��' balance due on ihe Note. =__
<br />�"' � � `�� w � If Borruwer tendars to Lender the full payment oP all sums secured by tbie Security Instrument. Borrower's account shall __.._____
<br /> � be credited wi�h tl�e bul�nce remaioing for all installments for icems(a), (b).and(c)and ony mort�age insurance premium ���
<br /> . >����� , installment that Lender has not become obliga►ed to pay to the Secretary,and Lender shall promptly refund any excess funds ___ __
<br /> � to Borrower. Immediately prior to a Poreclosure sale of the Property or its acquiaition by Lender, Borrowe�'s account shall R u �
<br /> � , • be credited with any balance remaining for all installmencs Por items(a).(b),and(c). �?'�==-
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<br /> ' � � 3. Applirrdop ot Ppymente. All payments under paragraphs 1 and 1 shall be applied by Lender as follows: . . . . _
<br /> .., ,�;� ' First,ro the rnongage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary . :L�.`�
<br /> . instead af the monthly mortgage insurance premium.unless Borrower paid the entire mortgage insurance premium when[his
<br />•. '�`•���` Security lnetrument was si8ned; '
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<br /> _. �` Second, [n As}v t8?tC9,special assessments,leasehold payments or graund rents,and fire.flood and other hazard insurance ___ _
<br /> :.,•..� .���' �c'..�.,:.:�;? � premiuma,as required: ----__=—
<br />�!';�����'�`� � ' � ?hird,to ineerest due under the Note; �.-�.�
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<br /> �'�`;� Fourth, to amortiwtion oP the principal of the Note;
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<br /> . � Fifth,to late charaes due under the Nore. �`'S''�?�i°""'__
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<br /> � {��• ,,,�� ' A. Fire. Flood And 01her Hwzprd Insurnnce. Borrawer shall insurc all improvements on the 1'roperty,whether now in •: :,��, �,�y::
<br /> • exiatence or sub�equently erected,againat any haxards.casualties.and contingencies.including fire. for which LendBr requires
<br /> � '', L �'�' insurance.This insurance shall be maintained in the amounts and for the periods tbat Lender requires.Borrower shall elso '.J.,- „v�. ._
<br /> �' • inaure all improvements on the Propeny,whether now in existence or subsequently erected.against loss by floods to cBe exte�t ; �.-jji --
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<br /> requlred by theSecretary. All insurance shall be carried with companies approved by Lender.The insurance policies and any ,;,,,,;.
<br /> � • rcnewals shall be held by Lender and shall include loss payable clauses in favor of, and in u form acceptable to, Lender. ,.•� ���;�..�
<br /> ' � ' �° • " In the event of loss, Borrowe�shall give Lendcr immediate notice by mail. Lender may make proof of loss if not made � t'�j
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<br /> • ' ., promptly by Borrower.Each insurance company concerned is hereby authorized and directed to make payment f'or such loss .
<br /> �;.�:,_•;� ;� .; > directly to Lender,instead of to Borrower and to Lender Jointly. AD or any part of the insurance procceds may be applied
<br /> ^ by Lender,at its option,either(a)to the reduction of the indebtedness under the Note and this Security Instrument,�rst to •T�;,;;,o,r,�;--._
<br /> , `� ` ' . any delinquent amounts applied in the order in Paragraph 3, and then to prepgyment of principal.or (b) to the restoration �•�<: ' �;:r�a--
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<br /> „ ' or repair oP the damaged property.Any application of the prcxeeds to the principal shall not extend or postpone the due date '� �... •. :�ti:��-
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<br /> of the monthly payments which are referred to in Paragraph 2.or change the amount of such payments. Any excess insurance �•=--�i
<br /> • � proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be .�.
<br /> , � peid to the entity legally entided there[o. � ���_�
<br /> In the event of foreclosure of this Security Instrument or other vansfer of tide to the Propercy that extinguishes the � � • ',`:.._
<br /> ° indebtedness.all right,tide nnd interest of Borrower in and to insurAnce policies in force shall pass to the purchaser. � . �-
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<br /> � 5.Preserywtion�nd MAfntenance of the Prope►ty.I.eASeholda. Borrower shall not commit waste or destroy,damage ar ,
<br /> �. �" substantially cha nge the Property or allow the Property to deteriorate,reasonnble wear and tear excepted.Lender may inspect
<br /> the property if the property is vacant or abandoned or the loan is in default. Lender muy take reasonable action to protect
<br /> and preserve such vacant or abandoned property. If this Security lnstrument is on a leusehotd, Borrower shall comply with
<br /> �� � the provisionsoF thc lense. If Borrowcr acquires fee title to the Property,the Icaschold and fec title shall noc be merged unless
<br /> Leader agrecs to the merger in writing.
<br /> ' � 6.CMarga to BoROwer and Protection oi'l.ender's Wghls in the PropeAy.Borrowcr shall pay all governmcntal or municipu)
<br /> �'� ;• charges, fines and impositions that are not includeJ in Paragraph 2. Burrower tihnll pAy thesr obligetions on time directly to
<br /> Ihe entity whkh is owed the payment.If failure to pay would adverscly AFfect l.rnJer's interes� in the Property,upon Lender's
<br /> request Borrower shall promptly Purnish to Lender receipts evidencing these poymentti.
<br /> � If Borrower fails to make these payments or thc payments requireJ by Paragraph Z,or fails to per(orm any othcr covenant�
<br /> . __J] •4...Cr.���i�o I..�rmmnnt nr rhem ic:�Ieenl nra:eedinK thut may significanQy affect Lender's rights
<br /> ' � —_— 8110 BgfCCtllClll�LVi��ai�nu�i�a..�.,..,........� ......._..._.... -- .... � . -
<br /> in the Propeny(such as a proceeding in bankruptcy, for condemnation ur to enforec laws ur regulations).then Lender may
<br /> do and pay whateve�is necessary to protect the value of the Property und l.ender'x rights in the Property, including payment
<br /> � of taxes. hazard insurancc and othcr items mentioned in Paragruph 2.
<br /> �:� .
<br /> - . Any urnounts disbursed by Lender under this Paragraph shall become an xdditional debt ot'Borrower and bc secured
<br /> by this Security Instrument. These amounts shall bea� interest irom the date of disbursement,at ihe Note rate, and at the
<br /> �- . option of Lender,shall be immediately due and payable.
<br /> 7.Condetnn9lion. The proceeds of any award or rlaim for damages,Jinct or consequential. in connection with any
<br /> � • condemnation or other taking of any pert of the Property,o�for canveyance in place of condemnation,are hereby nssigned
<br /> � � and shall be paid to l.ender to the extent of the full amount of the indebtedness that remains unps�id under the Note and this
<br /> Security Instrument. Lender shall apply such proceeds to the reduction uf the indebtedness under�he Note and this Securi�y
<br /> , Instrument.frsc to any delinquent amounts app:ied in the order pruvid�d in Paragr�ph 3,and then to prcpayment uf principal.
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