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<br /> 183- 1o�i
<br /> 1. p�y ment o�Prlecipal,lnfe�t uid L�te Cba�e. Botrowe�sh�ll pay when due the principa!of.and intcrcst on.
<br /> tha deb evf�eneed by tho Note u�d Ute chwrges due under the Nou.
<br /> �. Monthly p�yme�h ot 7yucea,lawraace aad Otbe�C.'har�ew Bormwcr shrll include in cach monthly pryment.
<br /> together with Ihe principl and interest w Fet forth in the Nate wid any loto charges,an inctallmcnt of any(U tues�nd
<br /> apeci�l assessmcnta levfed or to be levied agAinet�he PropeAy,(b)leacehold p�ymcmts or�nound ants an�he Property,�nd
<br /> (c)p�miums for insurAn�x roquircd by Pivagraph 4.
<br /> Fach monthly inaullment for itema (A), (b) �nd(e) shall equal one-twelfth oP the anmiel Am�+unta. x� rcawnably
<br /> j�� entimeted by Lender, plus an unount sufficient to mdntain an �Idi�iawl bulance aP not morc than one•9ixth of thc
<br /> esdmatod wnounts. The full annual amount for each i�em RFwll be accumuluted by Ixnde�within u pericd ending one
<br /> month bePore�n item would become dolinquent. l.ender shall hold�he amoums collected in trunt to pay Item�(a�.(b)pnd
<br /> (c)bofore Ihcy becane delinquent.
<br /> !f at eny tima d�e laal af the pAymenta held by I.eiuier for itema(u1.(b)ond(c),together with�he futur+c manihly
<br /> pxyments for sucd itemc ps+yable ta l.ender pdor to tha due dutes of such items. excceds by more �han a�e-siath tho
<br /> asNmated emount of payments requircd to pay such itemc when due.and if puyments an Ute Note are cwrcnt,then Lender
<br /> � ��I eh�ll¢ither�fund the eacess over one-sixth of the estimated payments ar credl�the eaceas over one-yix�h of ihe estimated
<br /> "' -, payments to subsoquent p�yments by Bormwer.at�he optlon of Bornower. If Ihe�otal af the payments made by Bormwer
<br /> ior item(a).(b).or(c)is lnsufficient to pay the item when duo.lhen Bornower shull pay w Lender any wnoum nuessary to
<br /> make up the derckncy on or before�he date the ilam becomes due.
<br /> As uced in Ihis Security Inshument,"Secretary"means 1he Secretary of Hausing und Udwn Development o�his or her
<br /> ' designec. In any year in which ihe l.ender must pay a mottgoge insurnnce premium to�he Secretery,e�h monlhly payment
<br /> ,� � '� �_ . sh�ll also incbde either: (i) an insWlment of the annual moAgage insumnce pnemium �o be paid by Lender to the
<br /> • ,f+ Secrctary.or(ii)a manthly charge instead of a mortgoge insurance premium if this Secudty Insuvment i.r held by the
<br /> •`'�•.�';�� " � ' . Secretary. Each monthly instalfinent of the moAgage insurance premium xholl be in an omount suf6cient to�uxumulate ihe
<br /> , ;,,�;r::���=��'� .� full annual mortgage insurance premium with Lender one munth prior to thc dutc the full onnuul mortgage insuran��s
<br /> • ,.�.;-_••�_ ,.aw�..��.s premium is due tothe Secretary:or if this Security Ins�mmeN is held b�r the Secre�ary,euch mantbly charge shs►11 be in an
<br /> ;. Amount equal to one-twelfth of one-half percent of the outstanding prina�pal balance due on the Note. s
<br /> � � � ' ~�� If Borrower tenders to Lender the full payment oi ali surns secured by thi�Securily Insirument, Bon-aWer's account
<br /> L;.,,;;,;„,� ;,.�. � t shall be credit�.d with the balonce mmaining for �II installments for itemb (a). (b) and (c)and any monguge insuronce
<br /> �'��i ,. ' premium instellment that l.ender has not become obligated ta pay to ihe Secretruy,and Lender shali promptly refund�ny
<br /> ''"°` '� ; ��^�ss�. excess funds to Borrowec Imtnediately prior to a fonecbsure sale of tha Property or its ncquisition by I.ender,Borrowe��s
<br /> , �:^,��':'._ . account shall be crediced with any balance remuining for all instnllmems for items(a).(b)And(c).
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<br /> 3. Ap�lictition d PYyments. All payments under Paragraphs 1 and 2 shall be applicd by Lender as fol laws:
<br /> ..,,`J'. Fjg�T to the rnorlgage insurance premium to be pad by Lender to the Secretary or to the monthly charge by�tie
<br /> '"°'`' � Secre �nstead of Ihe momhly mortgage insurance premium; a
<br /> �" • , ' ��.to any uuces,apecial assessments,leasehold payments or ground r�ents.and tire,flaod smd other haza�d
<br /> � �t''� : � insurance pamiums,asteq uired;
<br /> �.} . , j�.ta int�er,t due ander the Noie;
<br /> • � FOURTH, to amoAization of the principul of the Note;
<br /> � ' FIFTH.to late churges due under�he Note.
<br /> 4. Fire,Flood And Other Hazard Insurance. Barrowcr shall insure all impravemenu on the Property.whether now
<br /> �•:���'. . ' • ` � in existence or subsequenUy erected,aRainst uny hazsudn, cu�ualties,and condngencies,including fi�,tor which Lender
<br /> '�✓;�::� , requiws insurance. This insumnce shall be maintained in the umaunts and fa�the periads that Lender requires. Bomower
<br /> : ' shall also inswe all improvements on the Property.whether now in existence ar subseyuently erected,against los�by tlaods
<br /> ' to the extent required by�he Secretary. All insurnnce shall be camrd with companie�approvad by Lender. 'llie insurunce ''`
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<br /> ���: .,;;:�:,. , policies and any renewals sholl be held by Lender suid tihull include lass payable clnusex in iavor oi, wid in a form
<br /> � ' accepteble to,Lender.
<br /> ;t+• ��''� In the event of loss.Bomower shnll give Lender immediatc naicc by mail. Lendcr may mnke proof of loss if not
<br /> '�'• � �. ' '''�'.'' mude pmmpdy by Borrower. Each insurnnce compuny concerned ix hercby authorized und direcled to make payment for
<br /> , �`, ` '' ` ` �• such loss directly io Lender.insteud of to Borrower and io Lendrr jointly. All or uny part of�he insur�nce proceeds muy be
<br /> - � •,�`�- := • applied by Lender,at i�s option,eilher(u)to the reduction of�he indebtednetis under Ihc�Note und this Security lnsuument.
<br /> �.'" s•��� firs� to any delinquent amounts upplied in the order in Pc�rag�ph z,and �hen to prepayment of principal,or (b)to the
<br /> � . . ���sRr.• � ,.� � restoration or repa�r of Ihe damuged property. Any applicat ion of ihe proceed+to the principal+hull not extend or postpone
<br /> ���a � • ° the due date of the rnonthly payments which ure referr�d�o in I'urugruph 2,or chunge the amount of such payments. Any
<br /> ';;� •�' � .,..;'. �xcess insurance pr�:eeds over:ui amoun�reyuired tu p•ry ull outstunding indebtednexx undcr the Note and this Security -
<br /> :'�:%�` . �,�,_ . ,_•". Instrument shall be puid lo the entity legally enlitled lhcrctu.
<br /> - ,t`��;� -„� - In the event of farcclosure ut Ihis Security Instrument or other Irunsfer af title tn thr Pmprny th�t ex�inguishex Ihe
<br /> ,� ::��';,;;t ' R. indebtedness,al l right,tiUe:u�J interesl af Borrower in und to in�urunce policies in farce.hull pa+x�o the purcha.ier.
<br /> . ',.'f.��•. 5. Occupancy. Prescrvation. Maintenonce and ProtecNon of the Property; Borrower s Loare AppNcation;
<br /> � " R'�' " I.easeholds. Bottower shAll occupy,estublizh,nnd uxc thr Pmprny us Borrower: prinripal Rsidenc�within sixly duys
<br /> d ` efter the execution of this Securiry In�trument and shull con�inue�o acupy the Pmpc:rty u.Bonrower:prinrip;►I rcsidence
<br /> '' for at least one year after Ihe dute of c►ccupancy,unlesti�he Secretury detcrmineti thi.reyuirement will raux undue hardship
<br /> t`j`• �^.:�y •� � for Borrower,or unless extenuutin€ rircurtistance.exi�� which urc heyond Hurrowrr's c�mtrol. Borrower shall notify
<br /> ��� ° Lenders of any extenuuting cinumstunces. Borrawer shall not commit wa.tr��r dc,�roy.JumaFe or.ubstamially chnnge `���
<br /> ,��: ` , the Property or allow the Propeny to deteriorate.reason•rble we:u und teur excrpted. LenJer may insprct the PirnpeAy if thc .�^
<br /> p: ;,.a , � Property is vucant or nbandoned or the lu:m i.in deFuul�. Lendcr m�y takr rcutic►nuhlc uctiun tu prxrtect an@ preserve wch ;,.,
<br /> � ; vacant or ubandoned Properly. Borrower tihall ulw 1x in def'uult if B��rmw�er.Juring ihr I�r,m application pnxess, gave ti°.
<br /> materially fulse or inuccu�te infomiution or swtemems ui LenJer lor failrJ 1�� provide l.ender with uny mutrnal
<br /> s�'` � information) in cannedbn with the loan evidenrcd By ihr Notr, inrluding.hut no1 limited�o,represenutiom ronceming ;'��:.,
<br /> !¢?` ��'s� , Bo�rower§occupancy of�he Propcny as a principul resiJenre. If thi.Scruri�}•fminim�nt i.on u Ic•r,ehold, Hormwer shull ',��
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<br /> ,k..,,; comply wilh the provisions of Ihe Ic�u. If Born�wer ucyuire. fre tiUe to the Pn�erty,ihe Ica�ehuld und fce title+hull not ����,
<br /> ;..; �•�R�„�� , . be merged unles+I.ender ugrec.to the mrrgcr in writing,
<br /> ;"i . •. . ;;�:��;• � 6. Clwrges to Borrower and Protection of Lender's Rights in the Propenv Bi�m.w•er�hal) p�y ul(govemmcntal
<br /> Ii�� + . or municipal charges, fines und impnsitians thut ure nol inrludrd in Para�!ruph 3. Born�wrr.hull pay thek ��bliFutiom on
<br /> '''';''"7�� time direcd to the entil wl�ich i.owed the u ment. If fuilure to � woulJ advenel n(fect Lrnder's interex� in�he �
<br /> t � Y Y P Y P'S' >' t
<br /> ,' ., Property,upon Lende�'s reyuest Borrower�hull prumptly t'umish to Lendcr reccipt.cvidrncin�these paymcnty, p
<br /> � If Borrower fails to muke these payment+or the p•ryment,r�yuired hy N.uugrupb 2,ar f'ails to pertorm :uiy o�her �
<br /> covenants and wgreements conuuned in this Scruri�y In�trurnent,or th�rr i.v I�EaI pnxceding thut mu �ignific:mdy vff�wt 4
<br /> �•- • �-----.. �-- �-----•°--- °___ �..._ .�_.:....... �
<br /> � LCfK�Cf�flgOl� �O UK f1UFiCl�y I.lYtll d�11�ilu�CTYIU� 111 INi11�1 uFr1�y.w1 i�nnRUma���n��n i�r�ivan�� �ana ui.��u.....n.or. � .
<br /> •• then Lender may do and pay whatevcr i�nerexsary to ptutrcl thc vuluc ot'thr!'wpert}•:md Lendrr's�ght�in�he Pn�perty.
<br /> ' including payment of uues,huiurd insur.u�ce vnJ other item.mcnti��ned in P�rogra�h 2.
<br /> f� ` " , Any amounts dis6uru.�d by Lendcr under this Puru�r�ph.hnll txYUmc un udJition•rl dcht of Borniexr anJ tx x�umJ •
<br /> by this Securily Instrument. These umaunla tihall be:u�men�.t trom thr Jute oi'di.l+ur.ement.•rt thc Nmc rn�c, and ut thr ;
<br /> i t � option of l.ender,shall be immediately due s�nd payAble. i
<br /> 7. Catdemo�tion.The proccK.�ls uf uny uw;uJ or cluim ior Jum•r�;r�,Jinct ur c�mkyucntial,in c��nnrr�iun with any �
<br /> � , " condemnation or wher laking of�ny pari of Ihe Pniperty,or ti�r comey;mcr in placr uf randcmn�tion,un hrnby a+.igneJ ,
<br /> i iud shall be p�id to Lender to the eatent of thc full amount oi'the inJcbt�Kinc..that mm�in�unpaid unJer thr Nutc;u�d�hi. ,
<br /> Ar :' • � , Security Inwtromeot. Lender xhall apply such proceeds to thr nxlur�i�m ol'�hr in�kbtrJnc..unJer the Nute unJ thi.k�urity
<br /> „ Instrumenl. Pust lo uny delinyuent umoums upplicri in �he unler pnwid.�J in Pa�gruph 3. anJ�hen�a prcpa�•num ot'
<br /> �" principal. Any opplication of the proceeds to the principal xh�ll not rxtend or postp�mr thr dur dv�e al�hc monlhly �
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