|
__'_'-�f�.T: `�•_�� ..r. . I i� , t`_�•. .. " � .� ' . '� - .. . /M:.r ��L-;-+ -.-._-.
<br /> . . .�::Ilt�_- ' . . "1" ` n.. �w...�.�_
<br /> -- . . . .. . !'.` � ' •_
<br /> � � � . � .. ' i� .
<br /> I M .
<br /> 1. PI� �1at d Pe�edlpv.�Nrwt�d LN�(.'MM�e. Bom�w�er ihW�y wben��prlac�l��r'�d�t a�, . '��: —
<br /> � dM debt�by�he A1oM and lae ch�a 4ue under d�e Nae. „
<br /> 2� MaWMI�pqs��ot 7rza.i�ce�nd Otbor CM�r�w Bac�wer�hall include�e�ch tnt�ly�Di1_ �ad
<br /> to�etiter with the priacip�l sod inton�t u�at farth in the No1e�nd �ny tote chv�e�.m ImWlment ot any(a)tax�
<br /> �peCCi�l�ta bvied a w ba Itvied�I�t�he Propaty.(b)ka�clwW pyma�s or�ro�d rents on die P�Ay.�nd
<br /> (o)premium�for in�urance reyuirod by Pan�r+ph 4.
<br /> B�ch monthly lnrallment for i1em�(a),(b)�nd(c1�hvl eqwl one-tv�eltih of the uu►wl Rmounu. �rcawn�bly
<br /> _�__r__ �� byr Lender. plu!� rn emau�t �+uf�Icient ro meinWn �n �ddition�l Milance of nol moro th�n onasi�th�f d�e
<br /> eaimeted anounts. The ttiU Annwl�nwwu far each item shell bo accwnuWod by l.ender wlthio �perlod endin aie
<br /> mauh befa+e�n ltem woukl Docva�c detiaq�r,�t. Lencler�!1 IaW tho arnounu collected in tRwt to p�y i�ems(t).(b��ad
<br /> (c)before they becc�mc detlnque��- .
<br /> If,wt�a�r timo�he 104�of tdc hetd Ay t.�aoder E'aa iYems fd, f�?aiad(c). wi�dda fLitixe �aMM�
<br /> �. --- - Pym�u►5x sucR ilems payable W�en�der pciar to tha due d�tes of such iirmg.c�ac�morc t�uin oor,si�n•tQ�e �
<br /> �ood aitauN of p�ymenta�equirod wpay such items wben dqe.aM if on tbc l�tv�e�cu�n�M.tiRpje�,ancla� �
<br /> �hall eithcr mfwid ttde oxa�s.aver.vnc-sixth of tho esdmated Pa nts or c�exass Qver a�c-si�qD�of.dxcstimatc6 .
<br /> e
<br /> pxymen�e[n subse�luen�P�Y�n�by�ornawer.Ar tha opU�on o Borrower. [f the totsl o�thc P�Y�P/s a�a by�arowcr ,.
<br /> -• � � for itcai(a):(b).or(c)!s ln�uffiaal�c w pay tha itom when due.then Bonnwer�hell pay w L.ender�ny�ouM ace�isary a ,
<br /> -__-=_-- - make up tha doficienay on or baforc tlye date thp Itcm becanles due.
<br /> � Ae u�od in this Socurity Insttument,"Scenetary"means U�e Saretery af Housing and Urban Devclopment or hie or her
<br /> designee. Tn any year in which tho Lender muat pay a mongage insurance pemium to the Sx�etuy�esch manthly pwymrnt
<br /> �h�il �Iso inalude either: (!) en inelallment of 1hn annual mortga�e inwr�nce prcmium to be paid by Lender w the
<br /> Socnet�uy,or(ii)�monthly chargo ine�ead oP a mortgage inaur�nce prcmium it�his Sacurity lasuument i� kld by the
<br />_ SoarctRry. F.wch manlhly in�Wlment of the mortg�ge incunncc premium�11 be in�n unount�uificiau to�ccumukde 1he
<br /> fbll �nnuRl mort�age i�uuranoe promium wilh Lender onc manth prior to tho due �he full Annuott matQ� e insunuue
<br /> u
<br /> premlum i�duo ta the Smereury;or ii thir Security Ins�rument ir held by�ho Socreury�ench manthly chs�r�a 1 6e in�n
<br /> �nnount eqwl to anc•Iw�clflh ai ane-h�U pencent�f the out�w�din�princip�l Is�l�xro due�►n tho(Vde.
<br /> -- If Bomnwer tendon to l.�nder�ho tull p�yitkmt oP�II aumx�unv!by �hiN!kcurUy Inr�nimem.Bixrowerh rccaunt
<br /> �!1 be erodlted wf�h Iho balu�vo temwinin�Fex dl inxtdlment�fix i�om� 1�). Ib►and(e!�I any mrnt���a inwra�uo
<br /> pnemium Inat�lln�ent�hu Lcnder har nat bocane oMliQatcd tu p�y a,�he 4ea:rcWry,�I I.ender�11 promp�ly rctLnd�ny
<br /> exceu�funda lu&xrower. Immodiately�for W w fa�eclorurc ewle af�ho Pn�perty�K ilr iw:yuiaftian by l.ender.Bortowert�
<br /> �cccount�h�ll bo crodited with wn bdwxc rcmdnin�for all in.rt�llmen��fix i�cma Iwl,(b)�nd(c).
<br /> c
<br /> 3. A Iw of Payaee All p�ymen��under Puagiaphs I u�l 2 rhdl be�pplied by l.endcr�r follawo;
<br /> - - .lo�ho matg�ge Inrsurauuo prcmium to ha pufd by l.ender�a tho 9a►ctwy or�o�ho monthly clur�e by the
<br /> $�;Q�inctc�d of tho manthly mongpgo inxu�ance prcmium;
<br /> .to eny uucea.speaial ac�errments.Ieasehold peymenta or�round�+enu�.and firo.flaod ond other hozerd -
<br />_- incuninco p�miumo,axreq uircd;
<br />,,,� ,to mlarcsi due under iho Nutu:
<br /> � ,to amonization of tho principel of�he Notc;
<br />.� �.to Iwta charges due under the Nae.
<br /> _ 4. Firc,I+1ood wid Other Hw�rd Insurance. Borrower shall insure all improvemcnts on the Property,w6ether now
<br /> in eai:tenca or subr�quendy erected,agalnst any hazards,cusualNes,and co�xingene�es,including fue. for which Lerde�
<br /> roquires insurance. Tliis inRUrance shall be maiMained in the amounts and for the perlads thet Lcnder requir+es. Borrower
<br /> shdl�Iso insure all improvements on thc Property,whether now in existena or eubsequently erected,aga�nst Ioss by floods
<br /> to the extent required by the Secretary. All insurnnce shall be currled with companies approved by Leader. The insurance
<br /> policies and nny �+enewals shall be held by Leader and shall include lass yayabk clauses i�fs�vc�r uf, And in a fvrm
<br /> �� acceptablo to,Lender.
<br /> r�{ In 1he event of lass,Barrower shall give Lender immediate ndice by mail. Letxler may make prouf of I�uc�iN aot
<br /> '"'`'"" � mado prompdy by Bo�rower. Euch insurance company concerned is hereb} autharized ancl d'uteted to rn�ke pa}-enent for
<br /> �`�'�'; such loss directly to Lender.instead oi to Bonower and to Lender jointly. AA1 or any purt of ahe inaurance pruceeds may be
<br /> a�►plied by L.ender.at its option.either(a)to Ihe reduction of the indebtecEr��s under�he Nate ar�d t�his Secvrity Instrumenl.
<br /> --- ...� flrst to any delinquent amounts applted in the n►Ar�in Pnrn�xrh �. aa�rl r?,en to prepayment of�rincipai.or(bl to the _.�
<br /> '�'t'� �' rcstoration or repuir of the dameged property. Any applicution ot the pr+xecds ro the principal shall riai extend or postpone —
<br /> .��. .; ...
<br /> r"Re,�:;�, � •;. the due date of the monthly payments which are rofemed to in Paragraph 2,or change the amounl of such payments. Any
<br /> ° =;'.� •t<, excess insurance proceeds over on emount required to ppy Alt ou�standing indebtedness under the Nate and this Security
<br /> '~'' " Instrument shall hN puid to the r.ntity legally entitled thereto. _
<br /> •Wti; ��..
<br /> :�i�,�.; :'',_ '. In the avent of foreclosure of this Security Instrumemt or other�rnnsfer of ti�lc to the Propeny that extinguishes the —
<br /> :�•:..��. . . . indebtedness,all right,tide smd interest of BoROwer in and to insusance polic ies in force shall psi.9s to rthe purchaser. ____
<br /> � ' " S. Oceupancy, PreservAtion, Maln¢enance and Protection d' Ihe Property; Borrowe�'9 Lom Appllcatton;
<br /> ' ''"' ' I.epse6olds. Borrower shall a:cupy,eslablish, ond uce the P�o�+eert}•a: Borrowerk principal residence within sixty days
<br /> ; • �*_.-
<br /> � ���':t"'�""��' after U�e execution of thir Security Inslrument nnd shal�eontsnue t�acrupy ehe Propeny ac Borrower's principnl resfdence
<br /> , =.,��:; - -
<br /> ,. •= for at least one year after the dute af occupancy,unless t�oe S�erretary dete�mine�tP�is r�guirement will cuuse undue luirdship �,:.;,..
<br /> •_'�•� �'Z'�''�'.'• for Borrower, or unless extenuvting cinewsm�nces exiy� w�ir'h us 'heyond BortowerS control. Borrower shnll noUfy �;,;
<br />'-�°'��. �kt�:,�-' � Lenders of any ealenuating circumstancea. �vnowev saaG�ar.��xmmr�i� wa+te or degeroy,dumege ar substantially cht�nge
<br /> ��"��' � � the Pro rt or allow the Pro rt to d�t�u:�t.reaso�a'hk wrar and teur exc ted. Lender mu ms ct the Pr if the
<br /> . ,<,
<br /> ._.�..•:.•- . .� . Pe Y Pe Y �p Y pe �nY� �:�`
<br /> • •+•� . .. . Property ia vacant or abandoned or the tou�is in deE�Cr.. d.,r.naler muy takc reaeonable nction to protect nnd preserve such --�
<br /> ." �� '�r" , vacant or abandoned Propeny. Burrower shall ulso bc �n default if Borrower, during�I�e Inun application process,gave �'�-
<br /> • ' �=-'
<br /> ' materially false or inaccurote information or stutements to Lendcr (or t'ulled to provide Lender wi�h eny matedel �=
<br /> �..:..
<br /> `'� 3` �"''`� information)in connection with the loun evidenced by the Note, inrluding, lwt not limhed to,repr�cscntn�ions conceming �"'°
<br /> Borrowerh occupancy of the Property us a principal rexidenc�e. If this Security In,�Nmrm is un u Iensehold,Borrowcr xNall ��1
<br /> '`7• ; � �• comply wi�h the provisions of the leuse. If Borrower ucyuires fec title to�he Proprny,ihe leuuehuld und fec ti�le shnll not ���
<br /> ����_"'.. , '.. bc merged unless L.cnder agrees to the merger in writin�t.
<br /> •�^::_ . . �' � --
<br /> '''�.�,:,:::::r. . •: .. 6. Char�es to Borrower and Prutectlon of Lender's Rights in the Property. Bum►wer shull pay nll Rovcrnmentol ��`
<br /> -�:� 4i���, or municipal charges,finex and impositions thut vre not includcJ in Wrugruph 2. Barniwer shull puy these ublig�lions on �,:,
<br /> s�.�f;,�, time direcUy to the entily whirh i�c owed thc paymem. If failure to pay wauld adven�ely uffect Lender's inteirsl in the _��
<br /> - `� ' Property,upon Lender�request Borrower shull promptly fumi+h tu Lcndcr receipt.evidencing theQe payments. r Y:�"
<br /> �`_ "��t"�•;'�y;'?" If Bomowcr fnils tn make these pnymenls or thc paymentz n:yuired by PArugruph 2,or tuils to pert'orm uny ather
<br />- ¢ovenanls wn d agrcements conwined fn this Security lustrument,or tlxrc i�u le gul p r o reedin g that mu significantl y uffect
<br /> . . . ,
<br /> .�. �.
<br /> .��;�.;;,,�:;i- i.enaer's rigixs m[ne rroperiy(aucn us u prvcc�uiug in La�iuupicy.i�ri iviiuciiiil6ii�iii vf io ciuuwcc �awa u� icgumiiviiai. `
<br /> � -••��• • thcn Lender may do and pay whutever is necessary to protect the vulue of ihc Propeny nnd Lender�rights in the Propeny, �-:•-��
<br /> ":� '� '��`� �`�' �� �' includfng payment of tnxes,huard insurence nnd ather items mentioned in Pc�mgraph 2. '`;
<br /> a�.�•.:;_....,:
<br /> �,, , ,, ; Any amounts dfsbursed by Lender under this i�aragreph shall Ixcome cu►additionnl debt of Borrower and be securcd
<br /> _ �...�.�,. :' by this Security Instrument. These amounts shell bear intetest from the clnte of disbursement,at the Note rate,and at the
<br /> �y=-�'` ��'�� ->�' option of Lender,shall be immediutely due w�d p�yable.
<br /> -=�r;,�:�i.,',;,����,.?r,;; 9. Condemnalion. Tho proceeds of any eward or nlalm for damages,direct or conseyuential,in connection with any
<br /> --° � , �•.,,,;,;��,;��;c°�, condemnation or other taking of any part of the Property,ur for conveyance in pl ace�f condemnation,are hereby assigned
<br /> °'` �i:��:a�,��t�'i and shall be paid to Lender to the extent of the full amount of the indebtedness thnt remains unpnid under Ihe Nde and this 'r�'
<br /> .c�•.�.�_��..•, .
<br /> ,:;;.;{�.,;,;,�.zr Security Instrument. Lender shall apply such proceeds to the reduction of ihe Indebtedness under the Note and thlc Security
<br /> �`�,'�y;,' '•,�� lnstrumem, first to eny deliiiquent emount� upplied in the order provided in Paragraph 3, und then to prepayment of
<br /> �� princfpal. My applicalion of the proceeds to the principal shall not eatend or postpone the due date of the monthly
<br /> _=!_ . ��,,� ,
<br /> `r�4.1 4 1� •� � -�i
<br /> �.ai�. .�'r. , (�q�Zt 2 af�pugtsl
<br />
|