|
�_ . T�.. � .r, r�Y •�` ._��..__
<br /> 5'.f _ '_'"'" �
<br /> ' �... ,._.1..�..�.a.�.�
<br /> 193- i�s
<br /> ------------ I• NMy�Il�II01'1'���wh 1R[!fl�l i�0 4M�C CIqI�C• Surtuwrr siwii tiwy wr«.a�Suc tl�,�ig:�uf.r.et��ntetra�, _
<br /> the debt evidenced by ihe Natc utd lue charaer due under tho Note.
<br /> 2. Monlhly paymenu ut'IYxe�,lnwra�ce�ad(lther Ci�a. Bwmwer ehatl includc in each mcxnhlY WY���
<br /> togetfier with thc prirrcip�l�nd intarcst u cet fpnh in the Nnte u��ny lyte char�es.an in:irllment ot any U)�aues and
<br /> - �pecial x►r,exunents levied or to be Icviod ag�inst the Propeny.(b)lauehold�u►ymeats or yround renu on 1he Pn�peRy.�nd
<br /> (c)pcemiurtu for insurus�e royuircd by Pwa�rnph 4.
<br /> —_ — Eac:h monthly installment for items(a),(b)and(c) shall eyu�l one-tweltth of the annu�l wn�wntr, w� re�wn�bly
<br /> ° _�� -°— er�tLnAtal by L.ender, plac an amamu sufGciem to mnintain �n wWiti�Nwl bxlan�c of nW nwr� th;m one-sixth of thc -
<br /> _- — estimaud �nwunt�. 'R�e full annuai umount for each item shall be accumuls�ted by l.,ender within�period ending one
<br /> maith beforc s�n item would become delinquent. Lender siull twld ehe unounts colloctod in trust to p�y itenu to).(b)and
<br /> --- _- (c)before they becornc delinyuent.
<br /> !f At eny time the taal nf the�ayments held by Lende. for items ta),(b)and(c),toge�hcr with the futurc monthly
<br /> ��,�,� paymcnta fa such itemx payable to l.ender pricx lo the due daus of such items, ezceeds by marc than anc-�ixth the -
<br /> � ertimated amount af pAyments rcquircd to Pxy such items wi►en due,a�xi if paymcnts on the Notc arc currcnt,then Lender
<br /> `- — shall clther nfund the ezcess uver o►�e-sixth of the es[imatcd p�yments or credit the rxccss ovcr cx�e-sixtb of tha estimAtcd
<br /> - �-� payments to subsequcnt payments by Barrnwer,ut the option of Bomnwer. If the totul of the payments made by Borrower
<br /> — ---- for�tem(a),(b).or(c)is insufficient to p�y the isem wtun due,then Borrower shall pay to Lender any amount nocessary to
<br /> make up tho deficiency nn or befor+e the dcite the item becomes due.
<br /> As uaed in this 5ecurity Instrument,"Secretary"means the Secretary'of Hausing und Urban Development or his or her
<br /> � designee. In any year in which the Lcnder must pay a maRgoge insurance prcmium ro the Secretary,each monthly payment
<br /> -��:;. shall also include either. (i) an installment of the annuol mortgage insurnnce premium to be paid by Lender to the
<br />' �� �''� Secrctary. a(ii)a monthly chuge instead of a rtwrtgage insurancc prcmium if this Security Instnrment �s hcld by th�
<br /> - Secrctary. Eaeh monthiy instaliment af the mortgage insurancc premium�hall be in an amount sufficient to accumulate the
<br /> a
<br /> � . full annual mortgage insurance pmmium with Lender one month prior to the date the full unnuat mortg�ge insutance
<br />_ �.•��� "�t�;�'��,� premtum is due to the Secretary:or if this Security Insuument is held bv the Secretary.cach monthly churge shall be in an
<br />'�,' • • amaunt cqual to one-twclfth of one-half pereent of the outstanding princ�pal bais►nce dur on the Note.
<br /> �� �,y;�;;,,"� '�`". if Bortower tenders ro Lender the full paytnent of all sums secured by this Security Instroment.Barn�werk account
<br /> �:�?�v �
<br /> �"�"'� ..��
<br /> . . �- • :�. ,, '� shall be ciedited with the balance c+emaining for all installments for itemy (a), lbl and(c)and any mortgage insurrnce
<br /> '=�`,'�. ;Y �:',•":�);ti;k' premium instaliment thut Lender hati not become obligated tv pay to the Secretary,und Lender shall promptly rcfund any
<br /> �,�Y �,�� . ;�::��,;;_•
<br /> �"t�..'�#�'r�.,,.�. excess funda to Barrower. Immediately prior to a fot�eclosure snle of the F'roperty or its acquisition by Lender.Borrnwerk
<br /> � f���_.,, ,,,� ;', �,� sccount sh�ll be credited with any balence remaining for all installments for items(u),tb)und(c).
<br /> j I�'•.''~ '�'���''�'= 3. Appl(catfon of I'nymmts. All payments under Paragraphs I and 2 shall be applied by Lender as follows:
<br /> J' `'"`�:i;;�i:�f:
<br /> , ,, a!��.. Q$$T,to the mortgage insuc�ance premium to be pud by Lcnder to thc Secretary or to the monthly charga by the
<br /> � �'t• ` Secretary instead of the monthly mortgage insurance pmmium;
<br /> +oys,; y< '
<br /> - �{� �w 4 -.,�,` SECOND,to any tuxes,speciul asxessments,leasehold puyments or ground rents.and firu,flood and otticr hazard
<br /> - , -- �C��tifL'�e.�,�:� inssssance pier_�ioms,ns r�. ��imd;
<br /> ``�`"F'"�°"'�' ' ' `;,;� �j►$p,to intei�est due under the Note;
<br />' , . . . •�'" FOURTH,to amortization of the principal of the Note:
<br /> . F��,to late charges duc under the Note.
<br /> .. 4. Fire,Flood and Other HAxard Insurance. Borrox•er.hull insure ull improvements on the Property,whether naw
<br /> in ezistence or subsequently erected,against nny hazards,casualties,And contingencics,including Gns, for which Lendcr
<br />- • requices inaurance. This insurance shall be mnintumed in the amaunts:uid for the periods that Lender requires. Borrower
<br /> , shall also iasure all impravcment�on the Property,whether nuw in existencc or subscqucnNy emcted,ugainu loss by floods
<br /> � to the extent requinnd by the Secreu►ry. All iasurunce shal�be rarried with compunies upproved by Lender. The insurance
<br /> - � policies and uny renewalx shall be held by Lendcr and shall include loxs payable clauses in favor of, and in n form
<br /> - . � acceptablc to,Lcnder.
<br /> ,,i.:,.. -.,_ In the evcm of loss.Bonower shall givc Lcndcr immc�liate notice by muil. Lcnder muy make proof of loss if not
<br /> -' made promptly 6y Borrower. Each insurunrc company concemed i�hereby uuthorir.ed und directed to make payment for
<br /> _ �. such lo�s dircctly to Lender,instend of to Bortower and to Lender jointly. AU or uny part of the insurunce prc�ceeds may be
<br /> ,.� ' . applied by Lender,at itx option,either(u)to the reduc:tion of thc indebtcdnetis under the Note and this Secunty Instrument,
<br /> Crst to any delinyuent amounGc applicd in the urdcr in Parugraph 3, :md thcn to prepaymcnt of principal, or(b) to the
<br /> � • •:',; restorution or repair of the damaged pro}xrty. Any application af thc Qrorc�d.to the pnnc�pal shall not extcnd or postpone
<br /> � � . ,� the due date of the monthly paymems which are rcfernd tn in Purugruph 2,ur change the amount of such payments. Any
<br /> , ��•" � excess insurance praceedx over an umount reyuired to pay all outstunding indebtedne�s under the Note und this S�curiry
<br /> � ''''''�� Instrument shall be paid to thc entity Ieg:►Ily emiUcd thereto.
<br /> :�,.,..
<br /> • , � In the event nf fareclosure of this Security Instrument or other tran�ter ui'title ta the Pr<�perty that extinguishe+the
<br /> �. � indcbtcdncss,all right,titic anJ intcrcst of Barruwcr in and W inwruncc policic.in f'orre+hall pa�s to thc putchaser.
<br /> - �u � � 5. Occup�ncy� PreservAtiun, Maintenance and Protectton of the Property; Borrower's Loan Application;
<br /> - �'`��� � Leaseholds. Borrower shutl cxcupy, estublish, rnd u�c thc Prapc:rty ax Borrowrr+ pnnripal re,idcnce within s�xty duys
<br /> �?+�• �;, � '� after the execution of this Security Instrument and shull continue to cxcupy thc Proparty as Borr�u�er's principal residence
<br />�'9t� ','�;':� , for at Ieust one year at'ter the date of uccupancy,unlesx thr Secretary detcm�ines this reywrement will eause undue hardship
<br />_, i; ;� ��'� for Borrower, or unless extenuating circutristunces exist which ure heyond Sorrower's rontrol. Borrower shall notify
<br />- �,i , Lenden of any extenuating circumstunce.. BoiTOwer shall nc�t commit waste or destroy,duma�e or substantially change
<br /> -- � the Property or allow the Property to deteriorate,reasonable wcar und iear excepted. Lcndcr muy impect ihe Property if the
<br />—�,, ,.� . . .` � Ptoperty ia vacant or ubandoned or thr loan i�in defnult. Lender may take reasonablr urtion to protect und preserve such
<br /> , ��1� ' vacant or obandoned Property. Borrower shall ulso be in default if Borrower,�iuring thc loan application prncess,gave
<br />= �� materially false or inaccurate infom�ation or statement� to Lender (or faileJ tci pruvide Lender with any material
<br /> - � � �' �� information)in connection with the loan c�•idenced by the Note, including:hut not limited to,repmsentations conceming
<br /> - ���4;; • Borrowerxoccupancy of the Property as a principal residrnce. If thic Securiry Instrument ix on a Ieasehold,Born�wer shall
<br /> yl,-, , ,;:�,.,;� � comply with the prov�sinns of thc Ica�c. If Borrowcr�yuires fec titic tu thc Property,the IcascholJ cind fce title shall not
<br /> �-���• �• •• be merged unless Leuder agrecs to thc mergcr in writing.
<br /> ;w�.r..;,�;�;:�.r-.:'.
<br /> „u:;:. ,,, •� . 6. Chwrges ta Borrower and Protection ot Lender's Rights in the Property. Borrou�cr shull pay all govemmental
<br /> = ��►:'�;a;:•;f,1�..; or municiFnl charges,fines and impoxitions thut ure not included in P�arugraph 2. Horrower shull pay these obligations on
<br /> - - titne direcAy to the entity which is owcd the paymcnt. lf failure ro pay would advenel�affect Lcnder s interest in the
<br /> +-�°`��'� Pi�operiy.upon Lender's•requcst Borrower shall promptly fumish ro Lendcr receiptx evidencmg thesc payments.
<br /> lf Barower fnils to makc thesc payment�or the payments mquircd by Paragraph 2,or fails to perform uny other
<br /> ...e.....�,.��oewmrntc rmtaitt�d in th'tc Securitv lnstrument.or thcre is u IcRal proceeding that may s�gnifiau►t1y affect
<br /> .. . . .�. . .__��,��.— �_..�__._ro.__..._...- ---.. . .
<br /> -- =_�.;��1 i.enders rights in the Property(such us a praceeding in bankruptcy.for condcmnation or to enforce luws or regulations).
<br /> ---- then Lender may do and pay whatever is necessary to prot��ct the vnlue of the Property and Lender�s rights in the F'roperty,
<br /> including payment of tuxes,hawrd insurance und other items mentioned in Puragraph 2.
<br /> = Any unounts disbursed by Lender under this Paragraph shall become sui additional debt of Borrower and be secured
<br /> u
<br /> by this Security Instrument. Theu amounts sh�ll bear interest from the dutc of disbursement,at the Nate rate,and at the
<br /> option of Lender.shall be immediately due and poyublc.
<br /> 7. Coademmtlon. The procceds of any award or claim for dam•rges,direct or con.sequential,in connection with any
<br /> condemn�tion w other taking of any part of the Pcoperty.ur for conveyance in place of condemnation,are hereby assigned
<br /> and shall be pald to Lender to the extent of the full amount of the indebtedness that mmains unpaid under the Note and this
<br /> Secucity instrument. Lender shall appty such proceeds to the reduction of the indebtedness under the Nou and this 5ecurity
<br /> Inauument,first to ony delinquent amounts applied in the order provided in Puagraph 3, nnd then tv prcpayment of
<br /> principrl. My applic�tion of the prucxds to the principal shciq not extend or postpone the due date uf the monthty
<br /> IP+dr 2 0l'�Poxu1 '
<br />
|