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<br /> � ��� • - • RE-RECOROED
<br /> _ ... �na�nrJ 1�1._. 1U611� _
<br /> - .:��i. - y l�. ........ . �,. -
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<br /> =.���F. — 1. P�ymeot ot Princllwl,lntereat and Late Charga Borrowcr rhall puy when due the pdncipd oP,wsd intemct on+
<br /> . _� the deM evi�encrd by the Note ond late chargea due under tho Note.
<br /> —
<br /> _ —: _ z. Mootdl9 M9mepp�o�'i'axes.iasurnace aad�ti�'Cb�r es. Sarrawer sha!!facladr fn ecth m�+nth Y S►*Y� -
<br /> � '� W g e t h e r w i�t h c pdnci pal and interest as sct forth in the Note an�any lwte cliarges,an inataliment of ony U)taxes and
<br /> �� � � f .t ,-• ''"' spocfal nssessments Ievied or tu be levied against the Property.(b)lease hold paymenu or g r o u n d nents on t h e P r o p e r t y��n d
<br /> �y• �• (c)premiuma for in�urance rcquioed by Paragraph 4.
<br /> . ;r � F.�c h mon l h ly ins t a l lme n t f o r i t e m a (o). (b) a n d (c) e b a l l e q u a l o n e-t w e l f t h o f t h o n n n u e l e mountx, ae rcasotwbl y
<br /> eatimated by Lender, plus an nmount sufflcient ta mainteln en additional balonce of not mare than one-aizth of the � - _ y _
<br /> esdmate� amounts. The full annua! amount for eech item shull be accumulated by Lender within a period ending one —
<br /> -� �a�`-�i�.� month befon an item would bxome deNnquent. Lendrr shall hold the amounta colkcted in tnist[o pay item�(s),(b)and
<br /> F'�,_
<br /> - R• (c)before they become delinquent. _
<br /> �:�. If et any time the tdal of the ps�yments hcld by Lender for items(a),(b)and(c),together with the fuwre monthly _
<br /> -.,. -�°:-�"-° payments for such items payable to l.ender prior to the due dates af such items,excads by more than one-sixth the �
<br /> _���5�,�� .� est�meted amount of payments required to pay such itema whepnA due,and if payments on the Note are currcnt.then L.ender �.
<br /> shall either rofund the exceas over one-sixth of the estimated yments ar credit the excess over one•sixth of the eatimsted � __
<br /> �-'':�r 1,,,;, :;,,�"��:.: paytnents to subsequent payments by Borrower,at the option of Borrower. If the tatal of 1he payments made by Barrower �w�y;.�;�;�
<br /> `— "`'' . for item(a),(b).or(c)is mauificient to puy the item when due,then Borrower shal!pay to Lender any nmount necessary to �._. Y.=
<br /> -� '�� make up the deficiency on or lxforc the date the item becomes due.
<br />�,�.'�,�;��u.�"_. _� �
<br />--- ,,� �, ,,. As ased in this Security Instrumen6"Secretary"means the 5ecretary of Housing and Urban Development or his or her —
<br />--,•s;. ' designa. In any year in which the Lender must pay a mortguge insurwrce premium to the Sr.cretary,each monthly payment -�
<br /> ., ... �•."•'.s'.
<br /> --�"�....�,.� • shull also i�clude either: (i)an installmcnt af the annual mongage insurance premium to be pnid by Lender to the
<br /> - "�"'. � " 3ecretary� or(ii) a monthly charge instead of a maAgAge insurance premium if this Secu�ity Insuument is held by the —=---- "�-`
<br /> � -�u��� • ,
<br /> - ��°�" Secretary. Each mou�hly installment of the mortgage insurence premium shall he in en amaunt suf�cient to accumulate the _
<br /> `�� "'�'� � ,r'° full annual mortgage insurance premium with Lender one month prior to the date the futl ennual mortgage insurance _ _ -_--.
<br /> w...:- .:.�',` •
<br /> �.:�_ �� premium is du6 to the Secretary:or if this Security lnstrument is held by the Secretary,each manthly charge shull be in en
<br /> `, , ��i : " vnouot equal to one-twelfth of one-half percent of the outstanding principal balance due on the Note. _
<br /> �r. If Borrower tenders to L.ender the full payment of all sums secured by this Security Instrument. Horrower r account
<br /> ,,��`. ,• shall be credited with the balence remaining for all installments for items (A), (b)und (c) and s�ny mortgage insu�ance �:;�:._
<br /> � premium installment that l.ender ha:; not become obligated to pay to the Secretary,and Lender shull promptly refund nny �._��:,-=:
<br /> , - • ° excess fu�ds to Borrower. Immediately prior to a foreclosure sale of the Piroperty or its acquisition by Lender,Borrower's _
<br /> � �' Account shall be credited with any balance remaining for all installments for items(a),(b)and(c). �—_..
<br />- . j��;�� � . 3. Application of Payments. All payments under Perugraphs 1 anc;2 shall be applied by Lender us fallows:
<br /> . ' � +f�,$T,to the martgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the :•�'�:_
<br />,. �'"' ' Secre mstesd of the monthly mortgage insurance prem�um; —°••�-�:---
<br /> , . ' $�,to any taxes,special assessments.leagchold payments or graund rente,and fire.flood and aher hazsrd �:.�s,io=,,_:�
<br /> a•• inaurance premiums,ag reqwred; --
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<br /> - . -� ;jtjj$jz,to interest due under ihe Nuie; ��°' -
<br /> � ° FQ�1$�,to amortization of the principal of the Nate; ���=---
<br /> �,to late charges due under the Note. �""'"Y'"T`
<br /> .t " 4. Fire,Flood and Uther Npzard Insurancc. Borrower shull insurc ull improvements on the Propeny.whether now
<br /> ' in exiatence or subsequently erected.agsinst uny hw.nrds,cusuulties.and contingencies, including G►�e,for which Lender ��+•-
<br /> `� � requires insurance. Thix insurance shnll be maintuined in Ihe umounts and for the periads that Lender requires, Bortawer �,_.__.�
<br /> shall also insure aU improve�nents on the Propeny.whether now in existence or subseyuently erccted,aguinst loss by floads rs�x<r,�-_�
<br /> � . to�he extent required by the Secretnry. All insurance shall be carried with mmpanies upproved by Lender. 'llie insurance ��h�,_.,^
<br /> polkies and any renewals shull be held by Lender imd shall include los+ puyUble clnuxez in iavor of, und in a form ���r
<br /> � accepwble to,Lendcr.
<br /> i � ' In the event of loss, Borrower shul) give Lender immediutc notice by muil. Lender muy muke praof of loss if not ��"''
<br />� ' mside promptly by Borcower. Each insurunce compuny concemed is hereby auth��rized und directed to muke payment for r '
<br /> � such loss direcdy to Lende�,instead of ro Borrower und to Lcndcr jointly. All or uny purt of the insurunce praeeds may be �.-+�...�-`°
<br />• _ ° applied by Lender,at its option,eithcr(u)lo thc reduction of Ihe indebtednexx under the N�ne and this Seeunty Instrumenb ��=�
<br /> • first to i+ny delinquent amounts upplied in the order in Purugruph 3,und �hen to prepuyment of principal,ar (b)to thc '`"`r°"��:•:_
<br /> ' ,:...., >::.�.
<br /> restoration or repuir of the damaged p�operty. Any appliculion of the pracecds to the principul shall nut exlend or postpone y
<br /> °'�"' � ' the due date of the mon�hly payments which ure refened ro in Paragruph 2,or chungr�he umount of zuch payments. Any
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<br />' � •• excess insurance proceeds over on umount reyuired to puy all outstundmg indebtednesti undcr the Note and this Security wc•�:�.�,�;.
<br /> " � Instrument shall be paid to Ihc entit� legally eniitled then�to. ° " T'°`� --
<br />- •" ' "�" In the event ot fon:closure ot this 5ccurity Inw�rument ar other trunyfer uf tide ro thc Property that extinguishes the �;,��Q��-
<br /> � •. < ,.�
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<br /> � • � .. indeMedness,sill right,tide und interest of'Borrower in:u�d to insurunce policirs in tiirce tihall puss to the purchuser. �,;;,,___
<br /> • ° " 5. Occupancy, Preservatlon. Me{ntenance and ProtecNon of the Property; Burruwer's Losn Application; �'• ' "
<br /> � 1 ' Leaseholds. Bortower shall excupy,estnhlish, and use lhe Pmperty us Borrowcr� principul msidence within s�xry days "Y�`��'�"`�`,+�;
<br /> ` .. J. .'.,�.�.•
<br /> � „ after the execution of this Security Instrument und shull cantinue to orcupy the Pr���ny us Brnrower ti principal residence °•-����
<br /> for at leust one yeur after the Jn�c nf�xcupuncy,unlrss the Srcretary detcrminex thi.rryu�rcment will cvuse undue hsvdship ,
<br /> a °� for Borrower, ar unlexs extenuuling circuni.r�unces exist which urc heyond B��rrowcr's amuol. BoROwer ahall notify . �.... •
<br /> Lenders of nny cxtenuating circum�tancex. Borrowcr shull no� c��mmit wastc or dc�truy,dumuge or substwuinlly chunge �
<br /> � die Property or allow the Propeny tu deteriorute,reasonuhle wcar and Irur excepted. Lender muy �n.pect the Propeny if the
<br /> �� . Property is vucant or ubandoned or tlx Icmn i.in del'uult. Lrndrr may take �tasonuMc action a�pmtect and preserve such
<br /> vucant or ubundoned Pruperty. Borrowcr.hall :�I+o hc in dct'aul� if Bortowcr. durin�:thc luan upplication pracess,guve !
<br /> � � muleriully fulse ar inaccurule informution �x st•rtemenis u� LcnJer (��r ti�iled lo pruvide l.cnder with any matenal t
<br /> ' informationl in eonnection with ihc luun eviJenccd My the Nutc.incluJinE, hut not limitrd tu,rcpresentulions conceming E•
<br /> Borrower's occupuncy of the Property u.ti u principal rc�iden�r. H'ihi,Srcurily In.wmcnt is on u Iea+ehc�IJ. Bomower shall �
<br /> comply with the provisions of the Ieu+e. If Borcuwer ucyuire�fec tidr Ii�thr Property.Ihc Irusehold:�nd fee lille shull not },
<br /> ' be mergrd unlesti Lender ugrce�ta the mrrgrr in writin�. �
<br /> 6. Cha�ges to Borrower and Prntection oP Lender's Nf�hls fn the Pruprrl�. Rurrowcr,hall pay al l governmcntal
<br /> or municipal chargcs.finc.und impo�itiix�.thal urc nul includcd in ParaEraph'_. I�urru��cr tihall pay thrsc i�+ligatiom un
<br /> " time direclly to thc rnliry which iti uwcd thc puymcn�. It' t'ailur� t�� pay wauld �1vrr�rly afl'r�t Lrndcrti intcrcst in Ihc
<br /> Property,u�xm Lendcr's rcyuc+t Horrowcr.hul)promptly furni.h 1��I.cnJer rrrcipt+�viJrnrmg ih�sr pa)•mcnt,.
<br /> � If Borrowcr fuils to makc�hcsc puymrnl. ur thc paymrnt+ rcyuircJ hy F'ura�raph �. �tt f.iil+to Fxrfi�mi any uthcr
<br /> cov�nnnts and agrecment�runwineJ in this Securi�y In�tnimrnl.nr Uxrr i.u I�EaI pr�xerdin�thaU mav�igniliruntly at7rct
<br /> • � --- . . . . . .. .� .,___._.. . ...�_.. ___..........:.... :.. w....��.�..�,•., r.,�.•„„d�•�nn:uinn�ir�n cnti�rcc I•rw•.r ur r�LUluliom). :
<br /> '—"-' "--. .. . ._ LCIIUCf 1 fl IIl1�n IuC n�i �� ��a�u u. a �
<br /> g " 7 P�.n.....�.�r ... ...........�.._�. .... -'---'...
<br /> � then Lender may do und pay whatcver is n�ce..un�lu prutcrt thr valur uf�hc Pro�rty unJ l.endcr'+righu in�hr F'rMxhy.
<br /> . including payment of tux�s,hnianl intiuruncc:md uihrr itcm�inrntiuned in Pura�r.��li 2.
<br /> • Any xmouni,JishurseJ by Lendcr undrr thi.Nuragruph yh•rll Ixrume:m c�ddili�mal dchl of Bi�rruwrr unJ ix +crurcd
<br /> � •� by this Security In+Irumenl. Tlxxr umounts,h.�ll Ikar intrrc+t fmm thc dutc uf Ji�huncmern.:�t �he Ni�tc ra�c, and:u thr ,
<br /> , option ot Lcnder,shull be�irnmeJiately duc unJ puyuhle.
<br /> 7. Condemnation. TI�procced+ol'any uward ur claim ti�r dumugex.Jircct or run�cyuential.m connec�ion wilh�ny
<br /> condemnutian or ath�r taking cif uny p.in��f�hr I�n�xrty.ar ti�r convevunce in pluce o(c�►ndemnati�m,are herchy a..iFned
<br /> � cmd tihull t►e paiJ Io Lendcr�o thc cxtent uf thc full:imounl uf Ihr indc�teJn�+y thal rcmiiins unpuid undrr Ihc Nulc und thi� •
<br /> Security Instrument. Lender shall upply �.uch pnxeeJti t��thc rcdurtiun��f the indehtcdnc�.uuikr the Note unJ Ihi.Cerurity
<br /> Instrumcnt, tirst to any dclinyucnt amaunts applicd in thc order proviJed in Paraigr:iph ;, :�nd thrn to prcpuYmcnl u�
<br /> . •principal. A(ly' J�7(fI1CJI{Ott U� Illl' ptu�r�ds t�• IIK� prinrirnl �hnll rnH ixtrnd �ir�nl(wmc �hr du� Jalc uf th� monthlv
<br /> ' • �p��x���q4 r�xru
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