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<br /> !. R�y�!M�R VrINC1�l,l�t�rat aad I.�te Crarpte. Bortowcr�hW p�Y wbn due Ihe 0��1�ifo��t�t�.
<br /> ° the deb avldenctd hY Ute Note and loto chuges due unde�the Noto. Y PaY��� _
<br /> -�� - t MontblY Myment�ot'f1�:er,Inwrsace w�Olber Cbwr�. Horrower xiu�li l��ctude in eoch monthl
<br /> _ together wUh the pdncipwl and intcrcit as set forth in tho Noto and anY lue charQer.an imtallment of Any(a)taxes and
<br /> -�- epxf�l Awe,�r�enu kviea or w bo levied pQairwc ihe Fropeny.(b>te.wefwW�►yneo�r ar�saund rrnc�on dx Prcperty.and
<br /> •��' _ _ (¢)promiums for inauratice requircd by PorAgraph 4. �
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<br /> __ - - - - '�- gnch monthly install.ment for items tA), lb) and (c) ehwll equal one-twciflh of the annnual nmounts. ns rcasona y
<br /> eadmated by Lender, plus an runount sufficient to m�intain nn odd�tional brlance of not mor� thon ane•sixth of Iha
<br /> eatinuted otnounts. The full annuol amaunt for aech item shull be accumulated by Lender wilhin a period endin�one
<br /> � :ts,� month beforo an item would becon►e delinquent. Lender.iwll hold�he amountr collxtcd in wst to pey itemo(a),(b)ru�d
<br /> -mma��� (c)before they becane delinquenl.
<br /> -- - I f a t a n y dme tha total of the payments held by Lende�for items(a).(b)and(c),tage�her with the futw�e monthly
<br /> ___ _ ��.;.� paymonts for such items payable to L ender prior to the due dutes of such items.excee d a by more t han one-s ia t h t h e
<br /> ,� espmated amount of paymenu��+equirod to pay such items when due,and if pa menta on tho Note nre curnn�then i.ender
<br /> _�.�-..- -� eheU either refund the eacess over one-sixth of the estimatml payments or c�t the excess over one-sixth of tha esUmated
<br /> — "" . payments w aubcequmt payments by Borrower.at the opUon of Borrower. If the totel of the paymente made by Borrower =
<br /> '�n'�;;�. for item(a),(b).or(c)is insufficknt to pay the i[em when due,�hen Borrower shall pey to L.ender any unount neces�ary tu
<br /> m a k e u p the deGaienc y on or before the date the item becomes due.
<br /> ' -• As used in this Secur�ty Tnswment,"Secretery"means t he Secretery o f Hous i n g a n d U r b a n D e v e l a p m e n t o r h i s o r h e r
<br /> �,�r:� , designee. In any year b which the L.ender must pay a mortgage insurance premium to the Secretery,each monthly payment
<br /> -._,rrr:=��;M._:.= shel l also include aUher. (i) en installment of the annual mortgage insurence prcmium to be paid by Lender to the
<br /> �'�"- Secretary,or(ii)a monthiy charge instead of a mortgage insurnnce pe+emlum if Ihis Secu�ity tostrument is held by!he �
<br /> -�'�:,� . : Secreta�y. Each monthly installment of the mortgage insurance premium shall be in an amount sufticient to accumulate thc
<br /> w '•��'_�'• • fu�� annw►1 mortgage insurance premium with i.endar one month prior to the date the full annual mortgege insurance
<br /> '�aa��:r�:-:�_:��;'� premium ia due to the Secretary;or if this Security Inatrument is held by the Secretary,each monthly charge shall be in an
<br /> ��;�,: • atnaunt equal w one-twelfth of one-helf percent of the outatanding principal balance due on the Note. -
<br /> ° �'�'` If Borrower tendera to Len�kr the full payment of all sums secured by this Secudty Insuument,Borrower a account '
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<br /> _�- -=�?�r-.'� shall be credited with the balance remaining for all instaliments for itemK(a), (b)end (c) and any morigage lnsurance
<br /> - •��:_'.-- •a� premium instaliment that L.ender has not became obligated ta pay to the Secretary,end Lender shall promptiy nefund an -
<br /> =h��-�ri. •� excess funds to Borrower. lmmediately prior to e faeclosure sale of the Pruperty or ita acquisition by Lender,Bonnwer� _
<br /> �ta�.�„�.
<br /> �_:�.�:--�•�'�'• sccount shall be credited with any halance remaining for all installmenGs for items(a).(b)and(c). _
<br /> � �3�''• ���� �� 3. Ap Iication of Paymente. All payments undcr Paragraphs 1 and 2 shall be applied by Lender as follaws:
<br /> -= :-,�aa�'� ��� ' �to the mortgage insurance premium to be paid by l.ender to the Secretary or to the monthly charge by the =
<br /> --- --��� y� Secre instead of tha monthly mortgage insurance premium; -
<br /> '�'•= -- --. �,to any taxes,4�P�'IAI ARCCVAtl1CIlI8,lcesehold paymenls or gmund rents.and tire.flood and other hezerd
<br /> � � ' inxurencc premiums.acreq uired;
<br /> —°�.�.. . .. �j$Q.to mterest due under the Note:
<br /> �-'}�� ..,�, �,to amortizatfon of the principal uf the Note;
<br /> � .�,i�, �(i,to late charges due under the Notc.
<br /> �' ��' � � 4. Fire,Flood and Other Hazard Insurance. Borrower shnll insure all improvements on the Property,whether now
<br /> -�-_�``�,.� '• , ' _
<br /> --�:;,,� �;a_ in existence or subsequently erected,against any hAZardti,cusualties, and wntingencie�, including fire, for which Lender
<br /> _t �, requires insurance. This insurance shall be maintamed in the amounts and for the periods that Lender requires. Borrower _
<br /> �- � ' shall also insure all improvements on the Property,whether now in existence or subsequently erected,against losq by floods
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<br /> ��� •� :•.� • to Ihe eatent requlr+ed by the Secret�vy. All insurance shall be curried with companies npproved by Lender. The insurnnce Y
<br /> � yy: pulicies and eny renewals shall be held by Lender und shall include loss payable clauses in favor of, and in a form -
<br /> _- •-:�, acceptuble to.I.ender. -
<br /> �`` � , '� ''' .: � • In the event of loss, Borrow•er shall give Lcnder immediete notice by mail. Lender may make proof of loss if not
<br /> �,:r. " . ;; ;, • .,,�.. .. ° made promptly by Borrower. Ench insurance compuny concemed is hereby uuthorized nnd directed to muke payment for -.
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<br /> =ie�.� such loss direcdy to Lender,instead of to Bonower and to Lender joinQy. All or nny part of the insurance proceeds may be _
<br /> - ';.:�y,,;, •.u epplied by Lender.at its option,either(a)to the reduction of the indebtednesx under the Note and this Secunry Instrument, _
<br /> ,.d.,•-�-. .._ first ta any delinquent amounts opplied in thc order in Pnrc�grnph 3, und then to prepuyment of principal,or(b) to the �
<br /> � � restoration or repair of the damuged property. Any upplicution of the prorecds to the pnncipal shall not extend ar postpone
<br /> •� ' • the due dnte of the monthly payments which ure rcferred to in Purngraph 2,or change the nmount of xuch payments. Any
<br /> �° � "`�' � excess insurance proceeds over an amount reyuired to puy ull outstunding mdebtednesx under the Note and this Security -.
<br /> �• �"`�'� " � lnstrument shall be puid to Ihe entity legally entiUed thereto.
<br /> � � � •• In the event of foreclosure of lhis Security Inslrument or other tranxfer of title to the Property that extinguishes the
<br /> ' .;. .��'..� ' �' indebtedness,all riBht,tide and interest of Borrower in und to insurunce policies in force shall pnss�o�the purchuser. -
<br /> :.����=`• �•- 5. Occupancy, PreservaUon. Maintenance and Protertion of Ihe Prope�ty; Borrower s Loan Appllcation:
<br /> _ I.eASeholds. Borrower shall occupy,establish,and use thc Pro�xny us Bortower;principnl residence within sixty dnys
<br /> `�; after the execution of this Security Instrument und shull continue to�x:cupy the Property us Borrower�s principal res�denee
<br /> K' �+ �- for at least one year after the dule of occupancy,unless the Secretary determines this reywrement will cnuse undue hurdship _
<br /> , for Borrower,or unless eatenuatins circumstunceti exist which urc lxyond Bormwerti conaol. Borrower shnll notify
<br /> ' • Lendcrs of s�ny extenuuting circumxtances. Borrower shall nrn commit wuste or dcstroy,damuge or substantially chunge
<br /> the Property or nllow the Propeny to dctcriorutc,rensonublc wcur und tear exccpteJ. Lendcr muy inspect the Property if the _
<br /> . " property is vacant or nbandoned or the losm is in defuult. Lcnder muy tuke rcu.tionable artion to protect and prcserve such _
<br /> � vacant or ubundoned Property. Borrowcr shull nlsu lx in dcfuult if Borrower.Juring the loan application pracess, guve
<br /> muterially fulse or inuccurute inf'ormution or stvtemen�+ tn Lcnder lor 1'ailed to provide Lender with nny mutenal `
<br /> • " � informution) in connection with the loun rvidenceJ by the Notr, inrludinF.but not limited to,rcpresemutionx conceming
<br /> • Borrower's occupancy of the Property as u principul re.idcncr. If thi.Serurity Instru►mnt is on u leusehold.Barrower xhall
<br /> comply with the provixiom of thc leu�e. If Bormwrr ucquires fcc�iti�ta thc F'ro�xrty,the Irosrhold nnJ fee title shall not _
<br /> be merged unless Lender ugrces to thc mrr�er in writing.
<br /> 6. Charges to Borrower nnd Protection of Lender's Rl�htx in the Prupertv. Burn�wer tihall puy all govcrnmental
<br /> .. ., or municipul charges,finrs and imporitiom that urc not included in Puragraph�. k3urrowrr shall p.ry thesc ohligutions on
<br /> � - time direcUy ro the entity which is owed Ihc payment. If failure t��p.iy would udvcncly �ff'crt Lendcr. imeretit in thc -
<br /> ' Property,upon Lender's rcyuest Borcower shull prompdy fumi+h tu L�ndcr reccipts evidencinti thex:paymcros,
<br /> �O Rn'/nWP! fAil� ��,mulc��th.cc navmenis or the nuvmcnt+nuuired hy Paru�ruph 2, or fail+a� perform uny uther .
<br /> � . covenunts nnd ugreements contuincd in thix Sccurity In�irument,or there i�a Icgal pnxceding thut may sigmnrumiy uifec�
<br /> � •� Lender's rights in thc Propeny(xuch us a pmceeding in bunkniptcy. for rondcmnation or to cntimc I:�wti or regulaticx�sl. �
<br /> .. � then Lender may du and puy whutevcr i.necc,xury to pr��tcct�he valur uf thc Property anJ Lcnder'+righlti in the I'roFxny.
<br /> ' including puymem ol'�uxcs,ht�zurd intiurunce unJ othcr itcmx mrntiuncJ in Pur�graph 2.
<br /> ' Any amounts di�burxed by Lender under thi�Porag�aph.hidl Ix�romc un a�dditinnul dcbt of Bomiwrr anJ br securrd
<br /> � �~ by this Security InstrumenL Thex umountx+hall bcur mteresi tY�im thc du�c of disburscment,ut the Nore r�tr,und u1 Ihe
<br /> � option of Lender,shull be immeJiutely duc und puyuhle.
<br /> , � 7. Condemnotion. Thc procceJx of nny uwurd ur cluim 1'iir dumu�cs,direct ur c�macyucntiul, in cimncction with any
<br /> condemnation or other tuking of uny pan ot'the F'mpeny,ur fur ronvryancr in plarr i�t'candcmm�tiun, ure hrrehy ussitineJ
<br /> • and shull be puiJ to Lender to�hc ratent ui thc full umuunt ut'�he inJ�btednexs thul nmuin.unpaid unJcr thr Notc anJ thi�
<br /> � . � Securiry In�miment. L�ncler.hn�l apr►ly.uch prcxeeJ.to the rcJuctiun of the inJehtcdnr.�unJcr�hr Nute and this 5cruriry
<br /> � .ti, Instrument, fint to uny delinyuent umount� upplicJ in th� unler providrJ m Purugruph ;, unJ Ihcn lu prepuynicnt a(
<br /> ��{�, "' principal. Any upplicution uf thc pr�x:ceJs to thc principul shull not extrnd ar pu�tpone thr Jue dutc uf tlx monthly
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