|
_ �'I� "` -��'� �n �n�/ av0 ----
<br /> '' 91'" 1 `' __
<br /> :_��,_��..�...:� -- - U o�� --
<br /> -'l
<br /> _ - � 1. Payment of Prindpal►lntereet and Lpte Chw�. BoROwer siwll pwy when due Ihe principol of.w�d inten�t an.
<br /> � tha debt evldensod by Ihe Note u�d ute cherges due under the Note.
<br /> ' �. Moa W 1Y paS�men t s d 7 i�x e s.Inaoraaco wb Utfeer C 4 o r�ea. Hunuwc�shall!ncludt tst esch�nonthl y poYmen� .
<br />-- ,�:� wgether wilh the princlgal sutd interest+�s set forth in the Nou s i M eny Iste charges,an in�tallment of any(a)wce:an d __
<br /> :�. ipeci�l assossments levied or w be Icvied againat the Property.(b)leasehold paymenw or grouod r+ent�on the PropertY.�nd
<br /> __ (e)Pmmiums for insurance required by Paragraph 4.
<br /> °'" ' ` g.ach mo��hiy inctallment for items(a), (b)and (c) shall equa! one-twelfth of the enn�wl amounls. a� �so�ably
<br /> estinrtod by L.ender. plus an amount sufficient to mt►intain en additional balance of not more then one•sixth of the _
<br /> T�-���,�I� Gy�ted amuunts, T h o fu l l enn u a l amount for each item shall be accumulated by L.ender within a period endiog one
<br /> - month beforo an item would become delinquent. Lender ahull hold the amuunts collected in tnwt to pQy itema(a),(b)and
<br /> _ y.,,.,� (c)befae they be�ome delinquent.
<br /> -- ---.,. if et any time Ihe total af the paymants held by Lender for items(a).(b) and(c), togethcr wfth the future monthly
<br /> _:—_ - • payments for such itema payeble w l.ender priar to the due dates of such items, eaceeds by more than one-sixth the
<br /> ���;=-=�� e s t i m a t e d a m o u n t o f p a y m e n i s r e q u l r e d to pa y such items when due,and if pa ments on thc Note are currenti then l.ender
<br /> .�� me�ts or c�t t he excesa over on e-s i x t h o f t h e e s t i m a t e d
<br /> -°--- —_- _°_��,"^' ahall either rofund the eacess over one-sixt h of the estimated pay __
<br /> _ �.t�; ;,
<br /> � • payments to auL•sequent payrnents by Horrower,at the option of Horrower. !f the total of the payments made by orrower
<br /> ����_�� ' for item(a),(b).or(c)is insufficient to pay ttie item when due.�hen Hormwer shall pay to Lendcr any amaunt necessery to
<br /> ��rt� � make up the deticiency on or befon the date the item becomes due.
<br /> `�-' ° "mcans the Secretary of Housing and Urban Devclopment or his or her
<br /> ---h.'� As used in tl�s Security Instrument. Secretary
<br /> ��-�-` `� designee. In any year in which ths Lender must pay a mortgage insuranee premium to the Seeretary.each month�Y PaYment
<br /> � ��'����",Y. shall also i�clude either: (i)an inatallment of the annual mortgage insurance premium to be paid by Lender ro the
<br /> �?0"�;�''~ � Secretary.or(ii)a monthly charge insteed of a mortgage insurance prcmium if this Security Instrument is held by the
<br /> -- '""="���- S e c r�t a ry. E a c h m o n t h l y i n s t e l l m e n t�f the mortga ge insurance premium ahall be in an amount sufficient to accumulste thc c
<br /> '�`"'� ""�" full annual mortgage insurance premium with L ender one month prior to the date the full unnua l mortgege insur a n c e
<br /> =-t +".����- �' premium ia due to the Secretary:or if this Secudty Insuument is held b�Ihe Secretury,each monthly charge shall be in an
<br /> � °�•,.` � amount equal to one-twelfth of one•half percent of Ihe outstending principal balance due on the Note. —`
<br /> If Borrower tenders to l.ender the full payment af all sums secured by lhis Security tnstrument, Borrowerk account
<br /> _ .�z . "" shell be eoedlted with the balance remaining for all installmenGc for items(a).(b) and (c) and any mortgage insurance _
<br /> . om tl refund any
<br /> o l4 .� �,. ,� promium installment lhat l.ender has nat become obligated to pay to the Secretary,and Lender shall pr p y �_
<br /> 44 •�� �- �.-r' excess funds to Borrower. Immediately pr�or to a foreclosure sale of the Property or its acquisition by L.ender,Barrower's
<br /> ••'��•:•y'• account s6a11 be credited with ony belance remnining for all installments for items(a).(b)and(c). _
<br /> ,` � ' �� � 3. Applicatbn ot Pnyments. All payments under Paragraphs 1 and 2 shall be applied by Lender as follows: _
<br /> ."r'4'��"- �jg$�,to the maRgage insurance premwm to be paid by l.ender to the Secretary or to the monthly charge by the R
<br /> 5ecre inetead of the mont�ly mortgage insurance pr+emium:
<br /> •?-•�� • ': ��,to any taxes,specfal assessments,leasehold payments or ground rents.and fire,flood and other huxard
<br /> _ �.�i� � ___ inaurance premiums.as required;
<br /> ' �:b`!�•:'. • �.to interest due under Ihe Note;
<br /> .• �. FOURTH,ta amortiza�ion af the principal of the Note;
<br /> � f:`�; �.to late charges due under the Note.
<br /> n ,� , � 4. Fl�e,Flood nnd Other Hazprd insurAnce. Borrower shall insure all improvements on the Praperty,whcther now —
<br /> in existence or subsequently erected.against any hazards,casunities, and contingencies,including fire.for which Lender
<br /> .�u. . requires insurence. This insurance shall be maintained in�he amounts and for the periods that Lender requires. Borrower
<br /> =:,t�� �� shall also insure all improvements on the Propeny,whether now in existence or subsequently erected,agamst loas by floods _
<br /> „ ,;�., • to the extent required by the Secretury. All insurunce shull be carried with companies approved by Lender. The insurunce �-,
<br /> , ,�.:,. •' policies and any renewals shall be held by Lcnder und xhull include lo�s payable clauxes in favor of, nnd in a form _
<br /> ' �;.. �,,,,,,. acceptable to,Lender.
<br /> � � In the event of loss, Horcower shnll givc Lender immediate notice by muil. Lender may muke proof of los�if not
<br /> •�A made promptly by Borrower. Euch insurance campuny concemed is hereby autherized and directed to meke payment for
<br /> such loss directly to Lender,in.r•tcud of to Bonnwer nnd to Lender jointly. All or any part of the insurance pmeeeds may be
<br /> m
<br /> �.�'`" , a lied by Lender,al its option,either(a►co the reduction ot�the indebtedness under the Note and thig Security Instrument,
<br /> ��� " • irst to any delinquent amounts applicd in the order in Pnrc+gruph 3, und then�o prepvyment of principul,or(b)to the
<br /> �'� � �storation or repair of thc demuged property. Any npplicution of thc proceeds to the pnncipul chall nat eatend or pos�pone .a..�
<br /> ,�„�"�-�o' ' the due date of�he monthly puyments wh�ch ure rcferred to in Purugraph 2,or ch+�nge the umount of'such puyments. Any
<br /> �� . � eacess insurnnce praceeds over nn nmount reyuircd to puy all outst:uiding inde6tcdness under the Note and this Securiry __
<br /> "' • instrument shall be paid to Ihe entity Icgally enti�led thereto. �--
<br /> •� �<<�'{ ' � � � ln the event of foreclosure of this Security Ins�rument or other trnnsfer of title to the Property that extinguishes the __
<br /> �'�`; ° ' indebtedness,aU right.tiUe and intereKt of Borrower in unJ to insur+u�ce policies in force shall pass to the purchnser. o.-
<br /> , . S. Occupancy, Preservallon. Ms�intenance and Protectian aP tMe Property: Borrower's I.oan AppllcAtlon: _
<br /> ,,:, ..." ' Leaseholds. Borrower shall occupy,estnblish,und use thc Propeny aw Brxrower's pnncipal residence within sixty duys
<br /> • -•�' �` after the execution of this Security Instrument and shull continue to occupy the Property us Botmwer's principul residence
<br /> `��`" � ° for at least one yenr ufter the date of occupuncy,unless the Secretury determines this reqwrement will cause undue hardship
<br /> +.:. .• • for Borrower, or unless ex�enuuting circurtistances exist which nre beyond Borrowerti control. 8orrower shall notify _
<br /> � Lenders of nny extenuuting circumswnces. Borrawer zhnll nut commit waste or Jeytroy,dumuge or substuntiully change
<br /> the Properly or allow the Property io detcriorute,reasonublc wcur und teur excepted. Lrnder may inspect the Property if the
<br /> ' Propeny is vucnnt or abandoned or the loun i,in defuult. LcnJcr muy tuke rcuxonable i�ction to prwect and preserve such ��,
<br /> � vecant or abandoncd PropeAy. Borrower shall also bc: in dcfuult if Bnrrower,Juring Ihc lo•rn upplicution pra:ess,guve �_
<br /> • muterially false or inuccurate informalion or xtutements t�� l.enJrr (or fuiled tu provide Lender with any mulenul �
<br /> �nformation)in connection with thc loun evidenccd My the Notr, i�uluJing.but nut limited lo, rcprcsenwtians conceming
<br /> ° � Borrowers accupuncy of the Property as u principal retiiJencr. If thi�Securiry Inxtrumenl is on u leuxehold,Bnrrower shall `
<br /> - . comply with the provisiom of the Icusr. N'Borrowrr:�cyuircti fcc litic lo tlx !'ro�xny,ihe Icaschuld und fec tidc shull not E
<br /> be mcr�ed unless Lender ugrces lo the mergcr in writinE. �
<br /> • 6. CharRes to Borrower and Prot�tion of'l.ender's RiRhts in the Property. Bi�rr��wrr shull pay ull govemmentul ;
<br /> or municipul churges,fines und impositions that urc n�n incluJeJ in Paragraph�. Horcowcr shull pay Ihc�e obligaliais un
<br /> time directly to thc entiry which i. owed ihc paymcnt. If failure to puy would advcrsely z�ffect Lender's intcre.� in the 4
<br /> 1'roperty,upon Lender's reyucst Borrower�hall promptly furni+h to LenJcr rcrcipts evidcnring thcxc puymentx.
<br /> If Borrower fails to m•rkc�hese paymrms or �he paymcnt, reyuired by Paro�raph '_'.��r fails to pertorm any other
<br /> covenants und uFreements contuincd in thi.5ccurity In�trument,or ther� i+u Irgul proreeJing�hut may s�gniticuntly uffect �
<br /> __a_..,.....:. . �.....,r.,..•., i�we�v maulnlions). L
<br /> ' � Lender's-rights in the Propeny (such as a pmcceaing in ounh�upi�r. �o�:.�����..,..�..:":'. .°-•-•-•-- •-
<br /> � then Lender m�y do und pay whulcvcr is ner��sury to protect the valuc oi'Ihc {'ruperty und Lendcr'+right,in the F'ropr:ny, i
<br /> including payment of tuxes,hur.unl inxuruncc und othcr itcm�mentiuned in P,�rugraph 2. �
<br /> ° Any amounts disbursed by Lcndcr under this Ix�ra�raph tihull hecome un uddiuonal deM��t'B��rrowcr unJ tx sccurcd
<br /> by this 5ecuriry Instrument. The�c umi�unls shull Ixur mtereyt 1'rom Ihc dmc ai disbunemcnt, ut the Notc r•rtc.unJ ut the .
<br /> , .• � option o!Lender,xhull be immedi�tcly Juc und puyablc. �
<br /> 7. Condemnatinn. Thc proccedx ot'+►ny;+ward or cluim tiir Jnmugrs.dinrt or canuyucntiul,in conncction with uny
<br /> condemnation or othcr tukin�of uny purt of the Property,or for eunveyance in plucr ot'conckmnution,arc hcrehy ussi�;ned
<br /> " . end shull be paid to Lender to the cxtent oi'thc full umoum��f the indebtednc�s that remainr unpuid undcr thr Notr und this
<br /> Security Instrument. Lender�hull upply such pnkceds to thr rcduction of ihc indch�edncti.undcr thc Natr und this 5crurity i
<br /> Instrumcnt, first tu uny delinyuent amountx upplieJ in the�m1er pmvided in Pura�ruph �, anJ thrn la prePaynxnt ot' ,
<br /> ,.° ' ... principal. Any applicutiun uf Ih� pwcccJa W thc principal tihall nnt rxtcnJ or {+�,•t�umr the duc Jutc uf thc mi►nlhly
<br /> � �'', . ,
<br /> - -,_, �. (p.�ei � ;t J'�ig�:�l
<br /> 1
<br /> . ,.•
<br /> , .
<br /> ' 1 � _
<br />
|