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<br /> .��� 1. P�9�t ot Peiacipol�latenst aad Late Chae�a aorrower�Iwll pry whrn due the principa!of.ued 1nteRSt on.
<br /> —� dta deb!avf�enctd by thc NMe and late cFuuge�due under 1he N�te. _----_
<br /> t Mostbly�y�aenb ot 7bce4 Inwraaee aad Olber Cpp�, Borrower�hall includo in each mamhly p�yment,
<br /> toQethor with tha p�incip�l and interost as set forth in the Note u�ony late chu�es.an imtailment of Yr�y (�)wnes ar►d
<br /> !��,; specitl pexssmenlx kviod ar w be levled agaL�t�ho PropeRy�(b)let�eiwld p�yme�tl�or�round�enq on tha Proper�Y.�d
<br /> -- (c)premiums for imurance roquired by Para�raph 4.
<br /> ": '� Each monthly inatallment for items(o),(b) and(c) shall equol one-twelflh of 1he annual �mamt�, a��+eaw��bly r
<br /> - estinwtod by L.ender. plus an amount sufficient w meintain an additimial brlance of not more tiwn onc-aixth of the
<br /> etdmatod amounts. TFw full annual �mount for eACh item shall bo pccumulwted by Lender within �perlod endin one
<br /> - _ month beforc an itcm would becane delinquent. l.ender shall hold d�e amountr colkctal in au9t to pay icema(a).(b�and
<br /> -_:+� (c)befao Ihey bocome delinquent.
<br /> Y__Y�� If et anY dme thc total of tho paymenta held by Lender for items(a),(b)and(c),together with the future monthly
<br /> payments for auch items payable to Lender pdor to the due detes of such items, exceeds by moro than ane-si�cih the
<br /> _�—��,-;���`. esdmotod amount af payments ncquired to pay�uch itema when due,end if pa menta on thc Note are current,then Lender
<br />—�-- ---°° -- ' shall cither rofund the excesa over one-sixth of the estimated payments or c�t the excess over one-sixth of tho eslimated
<br /> - -W�,�„:. �� paymenta ta subsequent puymenta by Borrower,at the option of Bornnwer. if the totel of the payments mede by Horrower --
<br /> "� �:�n.�. for item(a).(b),or(c)Is insufficient to pay the item when due,then Borrower sh�li pay to Lender ony amount nece�sary to
<br /> - �==s•n�•` - moke up the deticiency on or befae the date the item becames due.
<br /> —�,�.�_�.• As w�ed in this Security Instrument."Secrctary"means the Secretary af Hovsing and Urban Development m his or her
<br /> __ =-__:s, ; designce. In any ycar in which the Lender must pay a mortgage iasurance premium to the Secretary,each monthly poyment
<br /> - _--�_�,,,, .> sh a l l also include eithcr. (i) an installment of the annual mortgage insurance premium to be paid by Lender to the
<br /> _ �;��rr.:� � Secnetary.or(ii)a monthly cherge instead of a mortgage insurance pnmium if this Security Inswment is held by the
<br /> ��` �- �`"` - Sec�etary. F.ach monlhly installment of the mortgage insumnce premium shull be in on amount sufticient to accumulate the _
<br /> - ' ��R`�6 full annual mortgage inaurance premium with L.ender one month pdor to the date the full annual mortgage inawance �'
<br /> ����•��rs � promium is due to the Secretary;or if this Secudty Instrument is held by the Secretary,ench monthly cha�•ge shaU be in an
<br /> ;';�;,,,,'��� . ,�; amount equal to one-twelfth of one-half percent of the outstanding princlpal balance due on the Note. —_
<br /> "��_�,-,�<i_,,,�f. � If Borrower tenders to Lender the full payment of all sums secured by ihis Security Instrument,Borrower's account �,;:_
<br /> a,;;;s��`� ' ���' � shall be credited with the balaixx remaining for aU inslallments for items (a), (b) and (c) and any mortgage insurance —
<br /> ^n��°a� ���.� premlum installment that Lender has not become abligated to pay to the Secretary,and Lender shall promptly refund an ��-
<br /> _ .r.l�R NP.1_��1.' ' -.
<br /> ���.-- excess fuads to Borrower. Immediately prior ta a foreclosure sale of the Property or its acquisition by Lender,Bortower� _
<br /> �"•-; ;��' wxount ahall be credited with any balance remaining for all installments for items(a),(b)and(c).
<br /> �•1=��.�;^�s 3. Ap�ItcaHon ot Payments. All payments under Peregraphs I and 2 shall be applied by Lender ag follows: �
<br /> �"`'`x'�'-°-� °`"° F�T �o�he mortgage insurance premium to be peid by Lender to the Secretary or to the monthly cherge by the �-=
<br /> �.:�>. ""��- • " 5ecre instead of the monthly mortgage insurance premium; -
<br /> _ � ; '�• •� $�,to any taxes,speciel assessments,lcasehold payments or ground rents.and fite,tlood end other hazard
<br /> :�_�.�� ;•.:�:
<br /> _ �,•-'_ insutance rrPmiums,av required;
<br /> � '''��' ``' � • �1812 to mterest due under the Note;
<br /> .�:i.''• . ,` � .
<br /> ,s.:e::. ..
<br /> fi,-�.:.�: . EQ�'j{,to amortization of the principal of the Note;
<br /> �:,_: •r �,to late charges due under the Note.
<br /> '-""" 4. Fire,Flood and Other H�d Insurance. Barower shall insure ull improvements on�hc Property,whether now
<br /> =` ' ' '�'� in existence or subsequently erected,Ageinst any hazsuds, cu.cualties,and contingencies, including fire,for which Lender
<br /> �" " requires insurance. This insurancc shnll be maintained in the amounts and far the periods that L.ender reyui►es. Borrower
<br /> - �'�� shall also insure all improvements on thc Property,whether now in existencc or subsequenUy erected.against loss by floads —
<br /> � � �:``h to the eztent r+equired by the Secretary. All insurunce+hall be c�uried with campanies approved by Lender. The insurance .---
<br /> . .:,,. • . , policies and any renewuls shall be held by Lender and shall include lo.r•s puyable clauses in favor of, and in u form �
<br /> - K . ''��,,,,�,,;.:. acceptable to,Lender.
<br /> R...�.
<br /> __,-. . ' n � ln the event of lass, Borrowcr shull givc Lender immedis�te notice by muil. Lender may make proof of loss if not -�
<br /> • t • made promptly by Borrower. Each insurru�ce company concerned is hereby uuthorized und directed to make payment far `
<br /> - �•�^•- - " Ruch loss direcdy to Lender,instead of to Borrower surct io Lender jantly. All or uny pun of the insurance proceeds mny be �-
<br /> ' , ,4 , .�;,�:. ' a plied by Lender,at its option,either(u)to the reduction of the indebtedness under the Note and this Secunty Instrument. '___�
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<br /> . . •� first to uny delinquent mnounts upplied in thc order in PnragrnPh 3, and �hen to prepuyment of principal. or (b) to the ��
<br /> __,_. ,,,,,';..'. ' restoration or repa�r of the damaged property. Any applicution ol the praceedf�o the principal shall nw extend or postpone �---_
<br /> �. �. ' the duc date of the monthly paymcnts which ure referred to in Purngraph 2,or change Ihe umount of xuch pAyments. Any _
<br /> ;.• .;:'� ''��`',. � excess insurance proceeds over an amount rcquired to pay all out,�anding indebtedness under the Note and this Security _
<br />--`�;;.� �� � � Instrument shall be paid ro the entity legally entitled thereto. _-_
<br /> • In the avent of foreclosure af this Security Inxtniment or nther tn►nsfer of tide to the Property that extinguishes the _ _
<br /> .���-= • � � �'��',� ' indeMedness,all right,tiUe und interest of Borrower in und to insuruncc policics in force shull puss to�he purchuser. --
<br />`-'�� `�.` ' S. Occupancy, Preservation. Malntenance and Protection of the Property: Borrower s Loan AppNcAtion: _
<br /> -. ... '+ ..� -
<br /> I.eASeholds. Borrower shall occupy,estublish,smd use the Propr.ny us Borroweri principul residence within s�xty days
<br /> . ' • after the executian of this Security Instrument ond shnll a�ntinue to�x;cupy�ha Pmpeny us Borrower�principal residence
<br />- , for at least one year after the dnte of occupuncy,unless the Secretnry detern►inex thi�reyuirement will cuuse undue hardship �.,R,_
<br /> � for Borrower, ar unless ex�enunting circuniytances exist which ure beyonJ Borrawcr r control. 6orrower�hall notify -
<br />.�.'�,� • Lenders of any extenuating cireumstnnces. Borrower shull not commit wu.te ur dc�troy,damuge or substuntially chunge ,=•
<br /> ' � the Property or allow the Propeny to detcriorn�e,reuxonuble weur und te•rr exccpteJ. Lender may mspcct the Propeny if the '�c•��
<br /> `� Property is vecant or Abundoned or the loun iz in defuult Lender m�y tuke rcasonablr uction 10 pratect arni preserve.uch
<br /> ' � vacnnt or abundoned Propeny. Borrower,hull ulso he in dcfuult if Borrower, durin� thr loan vpplicution procex�,guve
<br /> ,;` � , muterially falsc ur inaccurate informulion or statements to LenJcr lor failed to pruviJr Lender with any m:�tcnal
<br /> informution)in conncction with thc loun cvidenccd by ihc Notr, i�xluding, hut nut limited to,reprc+enta�ionz r��nccming
<br />� Borrower's occupnncy of the Propeny us a principal rezidencr. 11'thi.Serurity In�trumrnt i.un u Icuxehold,Borrower shull i
<br /> comply with the proviyions of thc leuxe. If Borrowrr ucyuirc+ fcr�itic tu thr Pro�xrty,the Icu�ehold•rnJ fee lide shull not
<br /> ' • be merged unle,s LenJer u�rcer to the mcrgcr in writin�. �
<br /> • 6. Charges to Borrower end i'rotectMn oP I,ender's RiRhts in the 1'roperty. Bormu•cr+huU pry ull govemrnental E
<br /> ' or municipal char�es,fines and impo.itium thul are�wt inrluJed in P•rru�;r•rph�. Horr�wrr xhall pay Iheu ohligulions on �
<br /> • . • time directly to the en�iry which i.nwed the puyment. If fuilurc w puy wauld udvenrly at'fec� l.rndrr's interest in the
<br /> � Property,upun Lender's•rcyucst Borrowcr shull pri�mptly fumixh to Lcndcr rcccipi.rviJcncin�thc.c payment..
<br /> If eorrower fuils to muke thexe paymen�+ or the paymen�� rcyuireJ hy Puragraph 2, or fuils lo prrfami nny other
<br /> r�vrnan��c,�nd aercemen��cuntnined in thix Securitv Inxtrument.ur thrrr i.a Iceal nraccedin�thut muy si�;niticuntly affert �
<br /> . � Lender's• rights in the Pmpeny lsuch u+u pr�KCediiig in hunkrup[cy. t'ar rundcinnation ur ta�nfurr�Is�w�ur regulutiuns), �
<br /> then Lender may do nnd pay whatevrr i.necrssury�o protcrt tlx v.duc ot'th�•1'rupeny and Lrnder',riEhts in thr I'ro{xny.
<br /> • including puyment of wxes,hux�rd inwrunrr anJ uthcr uents menliuneJ in ParuEraph 2. '
<br /> . , Any umounts disburseJ by Lendrr undrr thi. Puru�ruph shull Ixrumc an additiunul JeM i�f Bom�wrr anJ ix scrureJ
<br /> by this Security Instrumcnt. Tlkse umuuntti xhull txur imrrest fn�ni thc Jatc ot'dishuncment,ut�hc N��tc ruie, und at�he .
<br /> optian of Lender,rhs�ll hr immediutely due und piryuhlc.
<br />' „ ' 7. Condemnation. The prcx:eed�of uny uwurJ ur cli�im ti►r duma�es,dirc�t��r rameyucntiul,in c�mnectiun K•ith uny
<br /> � condemnution or other tuking of nny purt of the F'roprny,or li�r cunveyancr in plurr uf rundemnu�i�in,nre hercby us�iEned
<br /> � ' und shull be puiJ�o Lendcr to thc extent oi'thc 1'ull amuum uf thc iixlrNtcJncrs Ihat rcmuin�unp•rid undrr thr Nutr und Ihis
<br /> Security Inxtrument. Lender�hull upply wch pnxecdx lo the reduc�ion ul�th�indehtedne++undcr ihc Notc und thi+5ecurity
<br /> •• Instrument, fint lo s�ny delinyuent umount. upplieJ in thc ��rclrr pru�•idcd in Purutiruph 3, and then tu prcpaymcnt of
<br /> � , principal. Any application ot'the prorcedx to the princip�l shull not cxtend or poxtpone �hr Juc dute ot �he mumhly
<br /> : -_.._.._..._ qwRr:r�►d��Rr��
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