|
������� �� _ . .
<br /> .r.._.._..�..
<br /> __ - - - � �` ������r��� - .. ��� :��.
<br /> - � r..-""'` W.._. - -
<br /> -� `� i �. . — -
<br /> --_�.�:�.� --�-..;:� y1-- ii�bi��j �--
<br /> .�,_
<br /> �:
<br /> -_�,.
<br /> !!! l. t'� n►eat ot PrinClpAl�Inferest And L�te ChA�e. Borcower riwll pay when duc ttie principal of,w�d intere�t on.
<br /> — ��. --:�y:.�
<br /> �--- -- - --°-�— ttio deM ev�ence,d by the Note and lete chargcs duc under�hs Note. -
<br /> =- — — 2, fWonIW9 Poymrsnlr ot'I�xca,Insttcaoce aed(?tkee Ckas���. Bonvwer ahpll include in each monthlv PaYmont. -
<br /> ��''�� together with the pnncipa!nnd intercst es set forth in�he Note andany lete cherge�,an instollmem of pny(o)taxen and
<br /> -
<br /> �:• spocial assessments lavied or to be lovied egeinAt the Ptoperty.(b)leacehold paymenw or�ound rcnlr on the I'roperty.
<br /> (c)promiuma�fur it�sur+uice rcquircd by Pump�aph 4. ------
<br /> � .
<br /> F.�ch mon�hly irutallment far Items (a). (b) and(c)shall equal onc-twelfth of tho annual wnounls, as rcesonebly
<br /> � estimated by Lencler,plus an amount euf8cient to maintnin on additional baluncc of not raora than one•a ix t h o f 1 h e
<br /> ��, esdmatnd amouMs. The full annual amount for each item shall be accumulated by L.ender within u periad ending one r
<br /> month befon an item would become delinquem. Lender ahall hold the amounts collected in uuet to pay itemo(a),(b)and
<br /> . . �`..,:,� (c)befot�e thay become delinquent.
<br /> "`"'�''°'- �• If at eny time the totel of Ihe payments held by Lender for itemx(a),(b)and(c),togcther wlth the future monthly --
<br /> ��:.,�,;:��?'�: '' payments for auch items payable to L,ender prior ta Ihe due dntes of such items.exceeds by moro than one-sixth the
<br /> �,,.��� estinwted emount of payments required�o puy auch items when due,and if puyments on the Nate we cument,then Lender
<br /> `-?��?'`,�:•!, a.: shall either refund the excess over one-sixth of the estimated payments or credit Ihe excess aver one-sixth of the estimeted
<br /> ��� -�'��� payments W su b s e queM payments by Borrower,at the option of Borrower. If the total of the poyments mude by Bomower � --
<br /> '��`��-°^� for item(a),(b),or(c)is i�sufficient to pay�he item when due,then Borrower shall pay to Lender any umaunt nuessary to
<br /> ,?:�i '-.. ' ., n ;
<br /> .�� melce up the deficiency on or before the dato 1he iiem becomes due.
<br /> ��'��=�'��; j As u�ed in this Secudty Insuumenb"Secretary"means the Secretery of Housing and Urban Development or his or her
<br /> �'�'$'"'i��� designce. ln any year in which the Lender must pay a mortgage inaurance premium W�he Secretury.esch monthly payment
<br /> -_ -�;;��,�!;n , shell also include eiUier: (i)an installment of the annual mortgage insurance prcmium to be paid by Lender to the -. -
<br /> -:�.n�•. • Secretary.or(ii)a monthly chargo instead of a moRgage insurance premium if this Secudty lasuument is held by Ihe -
<br /> '��_-_. Secretary. Each monthly installment of�he mortgagc inaurance premium shnll bc in an amount sufficient to accumulate the
<br /> �����••�'• :� � fuU annual morigage insurance pnmium with l.ender une month prior to the date the full nnnual mortgnge insurence -
<br /> -_. ='''�: • �,�' premium is due to the Secretary;or if this Security Instn�ment is held b�the Secretary,each monthly charge shall be in nn �
<br /> _ :�ta�:;a �`'' amount equal to one-twelfth af one-half pereent of the outstending princ�pal balance due on the Note.
<br /> • If Borrower tenders w l.ender 1he full payment of all sums secured by this Security Inslrument, Horrowerk account _ _
<br /> :;m`:;~ ,. �� 1. . shall be credited with the balance remaining for all installments for items (a).(b)and (c)and any mortgage insuranc.; _•
<br /> •,..�" . premium installment ihat Lender hes not become obligated to pay to�he Secretnry.and Lender shall promptly refund nn� �
<br /> :.: .•'�.. .Y?'.'.`'� xcess funda to Dorrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender,Borrower s
<br /> :'.,�•�..
<br /> ;.�;•e �•��• ••�': -r� occount shall be credited with any balance remaining for all inatallments for items(a),(b)and(c). _
<br /> '���T 3._Ap�licallon of Pwyments. All pnyments under Paragrnphs I and 2 shnll be upplied by Lender as follows: _—
<br /> : ;c � �ggT to thc mortgage insurence premtum ta be paid by Lender m the Secretnry or to the monthly charge by the -
<br /> - ''� " Secretary inatead of the monthly mortgage insurance premium;
<br /> �.. �: . ' �Q,to any taxes,special assessments,leasehold payments ar ground renta,and�m.fload and ather hazerd
<br /> � � t. � insurance premiums,u.srcqwred;
<br /> -- - - ,�, -• Tjjj$j�,io inicrest duc undcr the Note; --
<br /> - r�s�• j � ' ' FOURTH,to amortizetion of�he principal of the Note;
<br /> -� � �• Fj�j,to late charges due under the Nate.
<br /> .� ., r� 4. Flre,Flood and Other Hazard Insurance. Borrower shull insurc all improvements on the Property,whether now
<br /> in exiatence or subsequently erected, ugoinst any huzcuds,cusuulties,and contingencies, including fire, Por which Lender
<br /> ':= ° requires insurance. This insurance shall be maintaii�ed in the nmoums and for the periods that Lender requires. Borrower _
<br /> •• h` . � shall also insure all improvements on the Property,whether now in exixtence or subsequently erected,against loss by floods _
<br /> '`� to the extent required by ihe 5ecretury. All insurance 4hnll be carricd with companies approved by Lender. The insurance
<br /> ` '" policiea wid suiy renewnls shall bc hcld by Lender And shall include lo�s pnyuble cluuses in favor of, and in a form �
<br /> ' ' ��"' ' acceptable to,Lender.
<br /> >� In the event of loss,Borrower shall give Lender immediute notice by muil. Lender muy make proof of loss if not ���
<br /> . made promptly by Borrower. Each insurnnce comp+�ny cancemed is hen:by authorized und directed to mnke payment Por
<br /> .� i � such loss directly to Lendcr,instead of 10 Bonnwer und to L.endrr juimly. All or uny part of the insumnce proceeds may be
<br /> .. • �� " applied by Lender.ut its aption,cither(a>to thc reduction of the indebtedness undcr thc Note und this Secunry Instrument, .,��:.
<br /> �»! ' first to any delinquent iunounts upplied in the order in Puragruph 3,und then to prcpayment of principal,or(b) ro the �;.._
<br /> � .� • „ �� restoration or repair oi the dumuged property. Any upplicutiun uf'the proceeds to�he pnncipal shull not extend or postpone
<br /> •�� the due date of the monthly puyment�which ure rcferred to in Purugruph 2,or chunge thc umount of such payments. Any ��'.
<br /> �._
<br /> ,,,� " excess insurance praceeds rner un+unount required to puy ull oulstunding indebtednexs under the Nnte and this Security [i4�n
<br /> . � � Instrument shall be paid to the entity legully emiUcd tl�ereto. p'�""
<br /> • � In the event of foreclosure of this Securiry Inx�rument or other trunsfer of�itle to the Propeny thut ex�inguishes the f�.-=
<br /> ' �t�• indebtedness,ull right,tiile und interest of Bortower in unJ to insurance policies in tixcr�hall pass to�he purchuser. �'_m
<br /> .� , 5. Occupancy, Preservation, Maintenance and Protection nf the Property; Burrower s Loan Applicadon;
<br /> . - l,easeholds. Borrower xhall occupy.ectablish,und use thc Propcny a. Bonower:principal residence within wxty days :',""
<br /> after the exewtion of this Security Instrument unJ shnll continue to cx:cupy the Propeny us Burrower i principul residence - �__.
<br /> " o ' for at least one year ufter Ihe dute of occupuncy,unless the 3ecretury determines Ihiz requirrment will ruuse undue hardship ;�_;:
<br /> ` " for Burrower, or unless extenuating circurtistunces exi.t which urc heycxid Borrowers rontml. Borrower xhall notify -
<br /> ' Lenders of any extenuuting circumxtnnces. Bormwer xhall not cammit wa�te or destroy. Jamu�e or�ubstuntiully rhange
<br /> the Propeny or ullow thc Property to detcriarulc,rcuzonable weur and trur excrpted. Lrndrr muy mspecl the Property if the
<br /> " ' Property is vucunt or nbundoned or the loun is in defuult. Lrnder miry mke nusonablr action to prolect nnJ preserve such
<br /> • vacAnt or ubundoned Proprny. Borrowcr shull �Isn Ix in dct'uuU if Hortowcr.Jurin�: Ihr loun uppliculion prcxcs.,guvc
<br /> , • ' materiully fulse or inuccurate inf��miutiun or statemcniti ta Lender (or I'ailrJ tn pruvide l.ender with uny muterial
<br /> � � informut�on) in connection with the loan cvidenccJ by the Note, incluJing,hut nut limitcd�o.representa�ionz concerning i
<br /> . Borrower s occupuncy of�hc I'raperty as u prinripul re.idencc. If thi.Scrurny In+trumcnt i.on a Icatirhold.Borrower shull
<br /> comply wilh Ihe provi+wns of the Icau. 11'Borruwer acyuire,1'rc title tu dir 1'raprny.the kasch��IJ unJ t'�e tiNe shull not 4
<br /> . • be merged unlex+LcnJcr uKrces to the mcr�cr in writin�,. l
<br /> . 6. Char�es lo Borrower and Protection uf Lender's Ri�;hts in thc Propert�t [3un�uwrr�h;ill puy nl)grncmmcntal ;
<br /> � or municipul churges,Fncz und imposition�thul arc nut includcd in Paragruph Z. Hurrow�r.hall pay Ihc+r ubliguliom�m
<br /> time directly ro the entiry which ix owed the puyment. If I'ailure tu puy wuuld :�dvrnrh•alf�rl Lrndcrti intcrcst in thr �
<br /> • Property.upon Lendcr's rcyucxt Barcow�r�hull pn�mpUy I'urnish to Lcndrr rccript�cvidrnrinE thr.c p:rymcnls. .
<br /> � :. If Bormwer fuils lo makc Ihetic paymcnt+ ur Ihe paymcnt� r�yuired hy F'uraEraph "��r fail+to �xrtorm any othrr
<br /> + � covennnts onJ uFreement.conaiined in thi�Seruriry In.trumcm,or thcrc i.a IcEal prixecdinF th:�t may xignificunlly atTe�l
<br /> _.�--�. _-�._:_.e_n...........�.-....ti .. .,...16,�. 6, h�.nl•n�nrrv G�r rnndrmna�ti�in�ir hi rntiirce la����u�fCCUI�IUUtlsI.
<br /> '"' " "' LGIIUGI.l 11 ��a�I������ • �• •� n���• '
<br /> .1 �` �v�r�.��� a..w�.. ...;.. �...'���.....r ... ._..."_�"�• �
<br /> �hen Lender may du nnd pay whu�evcr i+necc+sury a�pr�nrct thr v:ilur ut ihr I'ri�prny und l.cndcr',ri�htx in thr Pm�xrty, �
<br /> including puyment of tuxe.,hur.urJ in,urance+md ulhrr item�mentiemrJ in 1'ur.��ruph 3. �
<br /> Any umounts disburscd by Lendcr unJcr this I'uru�raph shull herame an udJinonul drM uf Burrowcr and Ik+rcurrd
<br /> „ by this Security Intitrumenl. Thc.e amaunlr shull lxur intcnrst Inim thc Jutr al'Jisburscment,at the Nalc rutc,und ut thc
<br /> . � option of Lender,shull he immedi•rtcly duc und puyublc.
<br /> 7. Condemnallon. Thc praced.cif uny award or claim ti�r Jamu�c.,dirrct ur cun�cyucntiul,in connccti��n with anv
<br /> condemnution or othcr taking of uny pan uf thr Proprny.ur ti�r rimvcyunrr in plucr of cundrmnutian,urc hcrcby:i�.i�ncJ
<br /> ,, und xhall be puid to Lendcr to the cxtent of thc full�m�wnt uf Ihc indchtcdncs,�hu�nmuin.wipaid undrr the Nutr unJ ih�ti
<br /> .• • , Security Inxtrumcnt. Lcndcr shull upply such prcxccJ.lu thr reduciiun of thc indrBtcJnc..under tix Nutc unJ th�.tiecurity
<br /> Instrumenl, t'irst to ;my Jelinquent umount. upplicJ in the i�rder proviJed in Pura�raph �, ;uid Ihen tu prepaynnm ut �
<br /> . prii�cipal. Any up�lication ul"Q�e proceeJti to thc principal shall not cxtcnd ur �x»tponc Ihc duc datc of the m„mhly
<br /> � _ �/��I::.y t�,.�a�:�;
<br /> ., �� �
<br /> 1 . �
<br />
|