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<br /> I. t4 mat ot Prt.dpd►I.tere+c,u�d t.M�CY�e. sonower W+.0 p►y wt�eo�ue the pnncip.i ar..00 ini....i uw -
<br /> t6e dcbt ev�nced by the Nae u�d l�te chu�es due under the Note.
<br /> �. �wr a�r�b d'l�xa,Iawrtats s�d Ottier Bort�ower�hall include!n each mantldY PRY��
<br /> toaett�r with the princfpl�nd intercst u set fath in the Nooe�aay l�le chvga.�n instaUmait o�any(�)t�xer md
<br /> specid�ts Ievbd or to be kvied a�aitut the Properiy.(b)kauiwid payn�e+�ts a��eund rcaw ae the H+Opmty.md
<br /> (c)pnemiunu fa inwr�nce required by Pf�r+►�nph 4-
<br /> - -- -� Ii�cfi rnontl�ly installment for ltcros(a). (b) and (c) sball equel one-twelflh of the�nnwl wnountr.a�rea+wubly -
<br /> — atim�tai by Lender. p!us �n amount su�cient to mdntain u� sddit�on�l Miutice of nat mooe then oae-��Cih of tha
<br /> _ e�n�ted unounts, 71rc{u11�nnual amount for each item sh�l1 be�ecumulatod by I.ender within a perlad endjn�an
<br /> — ma�nth before�n itan would becom�delinqueat. Lender�hall hoW the�mounu oollected m wat to pay itanr(�).(b)and
<br /> ___ (c)beforc they become delinquent.
<br /> If at�ny t�me the total of the payments lxld by Lender for itema(a).(b)au�d(c).together with the futune monthly
<br /> paymenta for such itcros pnyable to L.endar prior to the duc daus of auch items, excada by more th�n one-�lath tl�e
<br /> --- estimated emount of paymentx requirod to psy such items when due.u�d if psyments an the Note arc current.then Lender
<br /> shaU either rcfund the excess ovcr one•sixth of the estLnated p�yments or crcdit the excess ovcr one-siath of the estimated
<br /> payments w subsequant paymentx by Horrowcr.At the opcion of Borrower. If iho total of thc payments rtu�de by Bamwor
<br /> for item(a).(b),or(c)is insu!'ficjent to pay the item whcn duc,thcn Bamwer:iwll pay to Lender any�mount neceuary to
<br /> make up tho deficiency on or befcxe thc date the item becomes due.
<br /> _ As used in thia Securit�r Insuument."Secrctary"means the Secretary of Housing and Uiban Developrrknt or hi�or her
<br /> -- -- designx, ln any year in wh�ch tha Lendcr must p�y a mortgage insurance premium to the Secrctary,each manthly payment
<br /> -� -- �-- shall also include cithcr. (i1 an installme�t of the annual mongage insurance pnemium to be paid by Lender to the
<br /> - �,� I Secc+etnry,or(iij a monihly charge instead of a mortgage Insurance premium if thi��'ecurity Instrusnrnt is held by the
<br /> ,,,.,. Secretary. Each monthly t�stAllment of the mortgage insurance premium sh�li be in an amount sufficiene to accumulste the
<br />- "''S fi�ll annual mongage insurance premium with I.ender ane month prior to the date the full annual mortgage insurance
<br /> • �1�` premium is due to ihe Secrctary:or if this Secudty Insttument is held b�r the Secretary,each mondily charQe shall be tn ar�
<br /> „r qt;i
<br /> amount eyual to one-twelfth of one-half percent of the outstanding princapal balnnce due on the Note.
<br /> If Borrower tendem to L.ender the full payment of all sums securcd by this Security Insuument,Borrowerk account
<br /> sha11 be cadited with the balance remaining for all installments for Items(a), (b)and (c) and any mottgage insurance
<br /> prcmium installment that Lcnder has not bccome obligated to pay to the Secretnry.and Lender shall promptly refund an
<br /> eacess funds to Borrower. Immediately pdor to a foc�eclosure sale af the Property or its acquisition by L.ender,Bamwer�
<br />. �ccount shall be credited with eny b�lance remaining for all installments for items(a),(b)and(c).
<br /> 3. A plication ot Paymenta All puyme�ts under Paragraphs 1 and 2 shall be applied by Lender as follows:
<br /> �� r �,to the mo�tgage insurance prcmium to be p�id by Lender to thc Secrctary or to the montt►ly ch�rgc by the
<br /> , � j ` Secrctary instead of the monthly mortgage insurAnce pnmium;
<br /> _ $�Qj�j]],2,to eny texes,speciel acscssments,leasehold paym�nts or ground rents,and 6re.flood and other hazard
<br /> '�A!s� : .; ,, ., insurance premiums.as rcqwced; °
<br /> "�.��:* '�r •� •-'• THIRD.to intetest due under the Note;
<br /> �«f?�:'�'� "'�' '" FQ�g�j{,to amortization of tha principal of the Note;
<br /> ,�,.-..��• �' .
<br /> .•. ����:��'�:s_:�•'•''• �� ,to late char ea due under thc Note.
<br /> ` • r"."':n� ,r_ -.�K.�` � $
<br /> �� ;;.��;;.��,.;,-.,., , 4. Fire,Flood And Other Hazard Insurance. Borrower shull insure all improvements on the Praperty.whethcr now
<br /> '��'"" "'•'�'`"'''�� �' in existance or subsequently erected.uguins[uny hazards.casualties,and contingencies, including fire. for which Lender
<br /> '°;' • i . requircs insurance. 'I7iis insurance shall be muintAmed in the amounts and fur the pedods thut Lender requims. Borrower
<br /> r�`'���,�^�� ' shull olso insure ull improvements on tha Property,whether now in existencc or subsequently erected,against toss by floods
<br /> ,•`�'":"" '' , to the extent required by the Secretury. All insurunce shnll be carried with compunies approved by Lxnder. The insurance
<br /> �f�.Y�ry�:� °�°.' ;. policics and any renewals shall be held by Lender and shall include lass p•ryable cluuses in favor of,and in a fam
<br /> . . �J, ; acceptablc to,Lendcr.
<br /> :;�.,,�. :�, .,,�, In the event of loss, Borrowcr shall give Lender immediutc notice by mail. l.ender may muke proof of loss if not
<br />'.;;,, ,..• ,.,� . made pr�mptly by Bo�rowr�. Each insur.ince comp�ny concemed i�hereby authorized and directed to make payment for
<br /> ::�M��',i•;• such loss directly to Lender,instead of to Borrower:uid to Lcnder jointly. All or any part of the insurunce proceeds may be
<br /> � applied by Lender,at its option.eithcr(a)to the reduction of the indebtedness under the Notc and this Security Insuument.
<br /> ' '�"" "`=�"' fic�t to any delinquent amounts upplied in the ordcr in Parugr,►�h 3,and then to prepayment of principal, or(b)to the
<br />- " " ' restor�tion or repair of the dumuged property. Any application ot the proceeds to the pnncipal shnll not extend or postpone
<br /> � ' the due dnte af the monthly payments wh�ch ure mferred tu in Puragruph 2,or change the amount af�uch payments. Any
<br /> . y� � . excess insurance praceeds over un umount required to pay uil outtitanding mdebtedness under the Note and this Securiry
<br /> �� � ' Inatrument shall be paid to the entity Icgully cntitled thcrcto.
<br /> �� �• �� In the event of forcclosure of this Security Intitrument or�thcr transfcr of title to thc Property that extinguishes the
<br /> indebtedne+s,ull right,title and intereyt of'Borcower in und to in�urunce�licic.in farce�hall puxs to the purchaser.
<br /> , ' '• ' � _ S. Occupancy, Preservation. Maintennnce wnd Protection of the Property; Borrower's Loan Applicption;
<br /> �` ••� ' � l.es�seholds. Borrowcr shall occupy.r.wblish,;�nd uw the Propeny us Horrower's pnncipal rcsidence within sixty days
<br /> ,., t.
<br /> • �:.``'. � ? after the execution of this Security Inxtrument and shull continue to occupy thc Pra{xny•rs Borruwer:v princip►1 msidence
<br /> � .�'''i ' for at least one year uftcr the dute of occupu»cy,unle.x the Secretury determinex thix rcyuirement will cause unduc hardship
<br /> -;',;:� .��`` ��"' for Bocrower, or unless extenuating circumstances exist which ure t+eyond Borrowerti control. Borrower shall notify
<br /> ;,,; � Lenders of uny extenuating circumstunres. Borrowcr shall not rommit wu�tc�ir dc.voy,damugr ar xubstuntially change
<br /> - ,� `'� � the Property or allow the Property to detcric�rutc,nusonable wcur and tc:�r cxrrptcd. Lcndcr may m�pcct the Property if the
<br />�;z�;,; �. �, : "'•"'����:, .. Property is vucant or ubandoned or the loan i,in default. Lender m:►y take rc•rsonabl�uction to pmtect and prcxerve such
<br /> ' vucant or abundoned Properiy. Borcower �h•rl� altio tx in dcfault if Borrowrr,durin�;thc loan application process,gavc
<br /> � ' ' � ., matcrialty false or inuccurate inforn►uti�m or ,tatements to Lendcr (or failcd to pruvidc Lendcr with uny mutcrial
<br /> ' ,�,;,=ri.•.. �.n;...,:" inforn�ution) in connection with the loan evidenced by the Notc,including,but not limited to,repRxxntutions cunceming
<br /> �.�.::: • - Horrower�occupancy of the Propecty uti a principul retiidence. If this Secunty In�trument is on u Irasehold,Bixmwer shull
<br /> �x��+=�---=-w• � comply with the prov�sions of the Icutie. If Borrower acyuins fcr title tu thc Prc��xrty,thc Irusehold�nd fcc tide shall not
<br /> ^ "" %�<�,l�• be merged unless Lendcr agrcex to the merger in writing.
<br /> _ �.Y.�;,.�t�, .�•
<br /> " > 6. Charges to 13orrower and Protectton of Lender's RiRhts in the Property. Boaowcr,hull puy all govemmentul
<br /> -- Y'�� or municipal charges,fines and impositions thnt am not inctuded in Parasraph 2. Horrower shuU pay thcse obl�gations on
<br /> ' �R •, time direcdy to thc entity whirh is owed the puyment. If'fui�um to puy would •rdvcncly affect Lcnder's interest in the
<br /> -:��..:;::d��sa� :,.
<br /> _-- — Property,upon Lender'a r�equest Borrower shult prompdy fumish to Lendcr mccipts evidcncin�these payments.
<br /> -"—' If Borrower fails to mnke these pnyments or thc paymcnts required by Purrgrrph 2, or fails to pr.Horm su►y other
<br /> _ _ - n__...:._.
<br /> �--'---'--• •i��••:n u:w••••l...�.w�di....�6w.wno ri n:Cr�ntlu n�ir�t
<br /> �.+_�_ . . - �V�$tlj.4 BIIQ BgT�:CIIICDTS COII[HIItCO Itl Ut17s JRYttti wau unw.na•vT•w��. aw•r...r�......a...»...... p..-"�—'-y -
<br /> ------= Lender�s rights in the Property(such ac a proceedtng in bankruptcy,for condemnation or to enforce�aws or regulationsj,
<br /> -- then Le�xter may do and pay whatever is ncces�ury to protect the vuluc of thc Property smd Lendcrl•rights in the 1'roperty,
<br /> including payment of taxcs,hxzs�rd insuru�ce and other items mentioncd in Purogrs►ph 2.
<br /> Any amounta disbursed by Lender under this Parapraph shull lx�comc an additional debt nf Borrower and be securcd
<br /> by this Security Inswmcnt. 'Ihese:unounts shall bcar mtcrest fmm the date of disbursement,+u the Note rate,w�d at the
<br /> — option of Lender.shall be immediately due r+nd payuble.
<br /> 7. Condemnation. 71�e proceeds of any aww�d or cluim far damuges,direct or conscyuential,in cunacction with any
<br /> condemn�tion or other taking of eny p�ttt of the Property.or fa ronveyance in placc of c�ndemnatiun,are hercby assigncd
<br /> •nd shall be paid to Lcndcr to the extent of thc full emount of the indcbtednexs that remains unpaid undcr thc Note wu!thix
<br /> Security L�swment. Lendcr�hall apply such proceed�to the rcduction of thc indrbtcdne�i under the Note�nd this Security
<br /> Inscnunent, fust to any delinquent amount4 �pplicd in the order provided in Purngraph 3, and then to prcpaymcnt of
<br /> princiQd. Any applioation of the praceeds to the principal shell not extenJ or postpone thc Jue date nf the monthly
<br /> IPaxe 1��t prRe.r1
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