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<br /> _ - — 91— iueluv _
<br /> l. p�y mmt d Principol,tatce�t�d Lde C6�rQe. Borrower�11 p�y wha�due the principai of.tad inaacst oa.
<br /> ' �he debt ovfda�xd by tho Note and lete charges dua under tha Note.
<br /> - 2. 1Vioulbl9 ppyr�to rif 7bxe�i�wu'ance and Other Boaower sha!!lnelude in eech montbly peyment� �-
<br /> _;.;�.,:'�, wgether wfth the principd ead Interest aa eet fath in the Note a�a�ny late charga.on i�utallment of anY(+�)pu�es a�d --_
<br /> ;;s�= apecia!asseasn►ents kvled or lo be levied againat�he Property.(b)kaaelwld p�ymena or�round nents an the Pmperty.a�d
<br /> - (c)Premiums for insurance requited bY Par�g�ePh 4• --
<br /> - - =,� P.wch monthly inctallment fm items (�). (b) end (c)shdl cqual one-tweifth of tho annw! amounu.w ne�wn�bly .
<br /> • ertinwted by Leader. pIns an amaunt suff'lcient to maintain an additional baiance of nat more then one•sixlh of the
<br /> �~"°� estimnted wnounts. The full annual amount for each item ahall be accumulued by Lemler withfn a perlud ending one
<br /> — i.-:.a month before wn item would become dellnquen� L.ender ciwll hold the amounm collxted in wst W pay itenu(4),(b)and
<br /> _ '-� (c)befare they become de8nquent.
<br /> ��:,� If at eny tima the total of the pAymenta held by L.ender for items(a).(b) and(c).together with the futuro monihly
<br /> - -__._ payments for such items payable to Lender pdor to the due dates of auch items,excada by moro than one-sixth the
<br /> �`.,,:��I estimated amount of payments rr.quired to pay euch Items when due,and if payments on the Note are cun�enti then L.ender
<br /> '��` .c_ ehaU either reWnd the exass over one-aixth of the estimated payments or credit the eaceas uver one-siath of 1he esdmet�d
<br /> -= ���-„°�� ' paymenta to subsequent p4yments by Borrower,at the option of Borrawer. If thc total of the payments made by Horrower
<br /> ��_�;;�;• r• I for item(a).(b).or(c)is insufiicient to pay the item when due,then Borrower�hall pay co Lender any emount neces�ary w
<br /> -_ a;,,'�',��-•� ._ ; m�Jce up the deticle�y on or 6efore the dato the item becomes due.
<br /> °° As uced ln�hia Security Inspument,"Se.cretary"means the 5ecoeetary of Housing and Urban Development or his or her
<br /> `� =�';?� �i desig�e. In eny year in wbich the Lender must pay a mortgage insurance premlum w 1he Secretary.each monthly p�yment
<br /> ,,,,�:.,. .,,,,. shaU also include either (i)an inetallment of the annual mortgage insurence premium to be paid by I.ender to the
<br /> --._, _ � Secretary.or(ii)a monthly charge instead of a mortgage insurnnce premium if Ihis Secudty Inatrument ia held by tha
<br /> � Secretary. Eech monthly installment of the mortgage insurance premtum shall be in an amount suffkient to accumulate the
<br /> ==:,- ry~;; �` full annual mortgage insurance premium with Lender one month prior to the date the full onnuul mortgage insututce --
<br /> � �`—�'= �• '� ' premium is due to the Secretary;or lf this Securiry Instrument is h�ld by the Secretary.each monthly charge shaU be in an
<br /> ,i,;� ,�,���,, �-•, amount equal w one•twelNh of onc-half pereent of the outs�anding principal balance due on�he Note.
<br /> �' ,•_�� . If Borrower tenders to l.ender the full payment of all sums secured by Ihis Security Instrument,Borroworh account
<br /> �..�;,,��� ahall be crcdited with the balence remaining for all installments for items (a). (b)and (c) and any moRgage insurnnce
<br /> -;,�;:�� ���� p�cmium installment that Lender has not become obligated to pay to thc Secrctary,and Lender shall promptly refund eny
<br /> �� , �+� ��� excesa funds lo Borrower, immediately pdor to a foreclosure sale of the Property or its acquisi�ion by Lender,Borrowerl►
<br /> �� --���•� account shall be credited with any balance rcmaining for all instellmenta for items(a),(b)and(c).
<br /> ''�'`-'�..�..��-��•y'� �� 3. A Ikation of Po menta All ments under Pere hs 1 and 2 shall be a I�ed b Lender as follows:
<br /> -,,•� P Y PaY �P PP� Y
<br />'�;,;� �, „ �to the mortgage insurance premium to be paid by Lender to the Secretery or to the monthly charge by the
<br /> ���"�,,�` S�xre instead of 1he monthly mortgage inaurence pncmium;
<br /> � °j'�'�'`��`•'' � �ry�to any taxes,speciul assessments,leasehold payments or graund rents,and fire.ilood and other hazerd
<br /> .�9,�i.,::�;,. .
<br /> �,r. �• �`,; insurance premiums,asreyuired;
<br /> _ - --'-Y� �.to lnterest due under the Note:
<br /> �#�?�„�.;�,-.-
<br /> n.,��„.,�.,,,�y EQ,�,�,to amortization of the principal of the Note;
<br /> --����'�'�'- �j;[,W late charges due under the Note.
<br />:_���.� - �,:;
<br /> ..�=;- n�' 4. Fire,Flood and Other Hazard Insurance. Borrawer shall insurc all improvements on the Property,whether now
<br /> ��??E�'� .' '' �` in existence or subscquently erected,against any hazards,casualties.and contingencies.including fire,for which Lender
<br /> =}:.s��� ' requires insurance. This fnsurance shall be maintained in the amounts and for the periods that l.ender requires. Borrower
<br /> -°._�`,„• ' ' r".: shall also insure all improvements on the Properry,whether now in existence or subsequently erected,against loss by floods _
<br />_�.._.�- � •� to the extent required by ihe Secretary. All insurynce xhall be carried with campanies approved by Lender. The insurance --
<br /> ,,,r� policies and eny renewals shall be held by l.endcr und sholl include loss puyabl� clausea in favor of. and in a form
<br /> �;�'��_ .,.,s'�t, ,, acceptable to,Lender.
<br /> -�-'� �' ' � "'�� �'� � In the event of loss,Borrower shall ive Lendcr immediute notice b mnil. Lender ma make roof of loss if not
<br /> '.i�°'„�,�..;�_ •>. g' Y Y P
<br /> _==:.-�s�r�:: , rr:; made promptly by Borrower. Each insuronce compuny concemed is hereby authorized smd directed to make payment for
<br /> -�"� �,,;•;�: such loss directly to Lender,instead of to Borrower and to Lender joi�Uy. All or any part of ihe insuriuice proceeds may be
<br />=�8� .u.�.�;*;,,,�, applied by Lender,at its option.either(a)to the reductian of ihe indebtedness under the Note and this Secunty inswment,
<br /> first to any delinyuent amounts applied in the ordcr in PnrugraQh 3,and then to prepayment of principal,or (b) to the -
<br /> :,r� �,.. restoration or repa�r of the demaged property Any appliwtion ot thc proceeds to ihe pnncipal shall not extend or postpanc
<br />��•�„�;��,_,;,,... the due date of the moa�hly payments which arc refemed io in Pnragruph 2,or cht►nge the umount of such pnyments. Any
<br /> ^ :���-� .... _ excess insurance proceeds over an amount required ro pny all outstandmg indebtedne s s und e r�h e N o t e a n d t h i s S e c u r i ry _
<br /> _';�(�•;,"i,�;` . °. . ' Instrument shall be paid to the entity legally entided thereto. r_:
<br /> __.__�■ .���.'. � • o In the event of foreclosure of this Securiry Instrument or other�runsfer af tiUe to the Property that extinguishes the -
<br /> "='°�F� �• • � �,;. indebtedness,nll right,tide and interest of Borrower in und to insuronce policies in force shall pasx to the purchnser. -
<br /> -�Y�.. J�_ 7.•.
<br /> �-�.w< :��;;j S. Occupancy, Preservatlon, Maintenance and Protectton oP the Property; Borrower's Loan Applkadon;
<br /> _�� ,, ,�.:; :,.�, I,easeholds. Borrower ishall occupy,estnblish,und use the Property as eorrower�pnncipul residence within sixry days __
<br />-- `-'������ after the execution of this Security Instrument und shall continue to occupy�he Property:��Borrower�principul residence -
<br /> �`'� '" � ' for at least one year afcer the date of occupancy,unless the Secret�ry de�errnincK this requiremem will wuse undue hardship
<br />_:;;.� y:. . . .
<br /> for Bomower, or unless extenuating circurristances exist which are beyond Borrower�control. Borrower shall notify
<br /> °'` " Lenders of uny extenuating circumstances. Borrower shall not commit wu�tc or destroy,dumuge or substantially change _
<br /> ',`.t • ; the Property a'allow the Property to deteriorate,reasonabk wenr and teur excepted. l.ender muy inspect the Property if the
<br /> • � '` o " Property is vucant or ubandoned or the loan is in default. Lcnder may lake reusonublc+�ction lo protect•rnd preserve such �
<br /> ,, vucant or abandoned Property. Bormwer shall alw F►e in Jefuult if Borrower, during thc loan �pplication process,gave �
<br /> � ' • materiall� folse or inaccurnte infartnution or stutemumx to l.ender lor (aileJ to provide Lender with uny mnteriol -
<br />; . •„ � informat�on)in conneciion with the luun evidenccd by the Notc,including,Iwt not limi�ed[o,re:pmsentutions conceming L
<br /> . . ,." ' Borrower'.s occupancy of the Propeny as u principul re�idencc. If this Securily Inxtrument is�►n a Icasehold.Borrower sheill {
<br /> ' • .. comply with the provi�ion�of the Irusc. If Borrower ucyuirc+fre iitle iu�he Pru�xny,thr Icuuhold und fee title xhall not �
<br />_ be merged unlesx Lcnder ugrccx ta the mergcr in writinR.
<br /> '� 6. Chargcc to Rorrn�rcr und Prul�tiun uf Lender's Rl�;hts in the Pruperty. B�irriiwcr shall pay all govemmcntal
<br /> ' � or municipul churges, tineti and impnsiliom thut urc not includrd in ParuEruph 2. Burrower�h�ll pay thexc ohligutions on !
<br /> ° time directly to tNe entity whirh i.owed the p•rynxnt. If I'ailurc tu puy wou1J udverscly uffcct Lender's interest in thc �
<br /> Property,upon Lender z reyuc+t Borrower shall prompHy t'urnish 10 Lendcr receiptti evidetning the�e paymentx.
<br /> • If Borrower fuils lo muke thcse p�yments or thc paymcnlr rcyuireJ hy PuruEraph 2.��r f�il. tu�ertorm uny ulhcr
<br /> covenauts und u�reementx contuined in this Sccurity Instrumenl,or thcn is a le�.ul pr�xcedin�;Ihut may�ignitiranlly affcrt
<br />° t..�.la•b rioh�. �n�hP Pmrti+„v �u�rh n.,�nrcx•eedinn in lunkmrncv. ti�r rundemnulion ar lo enfixcr law.ur�reulutionsl. �_
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<br /> • then Lender muy do:�nd pvy whu�evcr i.ncecx,ury to protect�h�value oi'thc ProExn�•und Lcixlrr'�righix in thr 1'ropeny, !
<br /> "° • including puyment of t�xc�,huiarJ inxurunre unJ other item�mentic�ned in Pura�raph 2. .
<br /> Any amounts disbuncd by L�ndcr under�hiz Puragruph.hull txrume an uJdi�iunul d�b�ul' Born�wcr anJ Ix.ecured
<br /> ' •�„,, by Ihis Security Inxtrument. The�r umoun�s shull hcur imercxt fmm the dutc��f dizbunrmcnt,ut ihr Notc rutc,und ut thr ;
<br /> ��' '� option of Lcnder,shall hc immeJiutely due and puyuble.
<br /> ' 7. Condemnotlon� "IlK praccd�u(any uwurd or cluim fiir damnFr�.dircr�ar run+cqurmiul,in connrctiun with uny '
<br /> wndemnation or u�hcr tukin�;uf uny purt of thc Pn►peny,or fur ronvcy:mrr in rlarc uf randcmnutiun..ire hrreby a:si�neJ
<br /> • • w�d xhall be puid ro l.endcr�o thc rxlrnt of the full umu���i ul'�hc indebtcdncss thut nmuim unpaid unJcr Ihc Nute und thi, �
<br /> . Security Inxln►ment. LcM1cr+hull upply wrh pnxecd.�u�hr rcJuciiun ul Ihc ind�btednr.ti undcr tlx Nutr unJ thi.Srcuri��
<br /> � „- Inatrument, Grst to uny dclinc�uem amounts npplirJ in thr unler pmvideJ in HiruEr.�ph �, unJ Ihcn lu prepuymcnt ��f
<br /> �" � princip�l. Any applicrtivn uf the proceed+ w the principid .hnll n�+� ex�rml ur �►.���nr the Ju� Ju�e uf Ihc mc►nthly
<br /> .:1 �"'"' •
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