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<br /> - 1. P�yaaent of Princip�l,Interest and l.�te Cbu�e. Borrower�tWl p�y when due the prirwip�i af.�d iniccrxt�'�.
<br /> the debt evidenced by the Note and lacc chuges due under the Note.
<br /> 2. Monthly psymenta ot 7hxa++�nwna�ce�od Other CharQa. Bocrower shall incluck in c�ch monthly p�yment.
<br /> tagether with the princiPal and inurest sc set Conh in the Note and any lute charges,An inswllnxnt of+u�y(�)taxes tnd
<br /> speci�l RsseYSments Icvied or ta be levted ugaGut the Propecty.(b)lea�ehold pryments or�round rcnts on the PrcipeRy.�nd
<br /> (c)pr�emiums for insurance required by Parxgrxph 4.
<br /> - �-�- � Ewch �tiia�thlY inswllment far items (a),(b) and(c)shatl equat one-twelfth of the annu�l amounts,w re�a+�ibly _
<br /> � estimatod by Lender, plus an amount sufticient to maintain an addition�l bai�+ncc af not morc than one-sixth of the
<br /> month before an item would become delinquent r Lender shall hold�tho anounts colectod�in�tru�t to�paypitam(a�i(b)md
<br /> �!� (c)befa+e they become delinquent.
<br /> If at any t�me thc total of the paymenu heid by Lender for items(a),(b)ar�d lc).togethcr with tha future monthly
<br /> payments for such items payable to Lender prior to the due dutes of such items,exceeds by marc than one-sixth the
<br />-- —��---� estimated nmount af payments requircd topay xuch items when d�K.w�d if puyments on the Note are currcnt,then l.ender
<br /> sh�ll either refund the excess ove�one-sixth of the estimated payments or credit the excess over one-sixth of the estimateci
<br /> '— payments to subsequent payments by Botrowcr,at the option of aorrower. If the total of thc payments madc by Bomowcr
<br /> for item(a).(b),or(c)is insufficient to pay the item when due,then Borrower shall pny to L.ender nny�nount neressory to
<br /> make up the deficiency on or befare the date the item becomes due.
<br />• As used i�tfiis SecuritY Instrument,"Secretary"means the Secretary of Nousing and Urban Development or his or her
<br /> -� -�- destgnee. [n any year in whrch the Lender must pYy a mo�igage insurancc prcmium to the Secretary.each monthly payment __
<br /> - shall also include either: (l) an inxtallment of the annual moagage insurunce premium to be paid by Lender ta the
<br /> Sccnetary,or(ii)a monthly charge ingtead of a mongaFe iosurance premium if this Security Instntment�s held by th�
<br /> ' .. Secretary. Each monthly installmem of the mortgage inaurance premium shall be in an amount sufficient to accumuiate tfie __
<br /> � full annual mortgage insurance prcmium with Lender onc month pdor to the date the full annual mortgage insurance
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<br /> �'�:..:. remtum is due to the Secretsuy;or�f this Securiry Instrument is held by the Secretary.euch monthly churge shall be in an
<br />,. � �;a,::s,"`;'�' ` amount equal to ane-twelfth of one-half percent of the outstanding princ�pal balance due on the NotE.
<br /> ,?�,,...��„ .�r If Borrower tenders to l.ender the full payment of all sums secured by this Security Instrument,Borrower e account
<br /> � "� ' 't��� � shall be credited with the balance remaining for ull installments for items(n), (b)und(c) and any martgage Insurance
<br /> � ���}�°���'�`�"' �� remium instnllmem that Lender hmti not become obligated to pay to the Secmtary,and Lender shnll promptly mfund tu►y
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<br /> '���^'•`Y;m.h,�„�y K,,f,, excess fu n d a t o B o r ro w e r. I m m e d i a t e l y p ri o r t o a f o r e c l o s u r e s u le of the Pro p cn y or its ac quisitton by Lender,Borrower's
<br />- �• Y�''. � � a c count shall be credited with any balance remaining for all instaUmen45 for items(a),(b)and(c).
<br /> .�'�y�1 �` � 3. Ap Ikatian ot Payments. All payments under Paragmp hs I on d 2 s h a l l be app lie d b y L e n d e r a s f a l l o w s:
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<br /> �'�, F Fj$$�to the mortgage Insurance prernfum to be paid by l.ender to the Secretary or to the monthly churge by the
<br /> .-:; ���'j. �,�Y�(;�i 4�M-oi.? Secretary insteud of the manthly mortgage insurance prem�um;
<br /> :�,,_ •��la�;.r:�'_�Cy $�Q�,to any tsuces,special assessments,leasehold payments or ground rents,and Cre,flaod and ather hazard
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<br /> ''{�E.,'f -�'��� insurance ptemiums,ns required;
<br /> �::��: r: , �p,to interest due under thc Note; _
<br /> :� EoUar�,to amortization of thc principal af the Note;
<br /> '': �'. �,to late churgcs duc under the Note.
<br /> '� � ,� 4. Flre.Flood And Other H�za�d Insurance. Borrowcr,hall insure•rll improvements on the Praperty,whethcr now
<br /> •-��r` .-•�'"• � ' in existence ar subsequently erected, ugaintit uny huzardx,casuulties,und contingencies,induding fire,far wfiich Lender
<br /> �•'��"�'°`'•`-�,'�'?-:�':;:'• '`:•"", r+cquires insutanee. This inc��r»nr�shail be muintaincd in the amountx und for the periods that Lender reyuires. Borrowe�
<br /> • sl�all also insure ult improvementti on thc Property.whcther now in cxistencc or,ubtiequcntly crected,aga�nst fosti by floods
<br /> � � , to the extent requi�+ed by ihe Serretary. All insurance shull bc rarcied with cnmpanics upproved by Lender. The insurnnce
<br /> ,�,..��,,,,,, ,_ , .,,, policics and any renewuls �hall be held by l.ende�and shall include loss puynblr clauses in favor af,and in a farm -
<br />- . • acceptabic to,Lendcr.
<br /> ��;;:�^ ,, In the cvent of loss,Horrower xhull give Lendcr immediatc notice by mail. Lcndcr may►nuke proof of loss if not
<br /> -,�•�. ' � •�'-�� made prompdy by Borrower. Each inwrunce comp:u►y concemed i.hrreby authorized and dirceted to muke paymcnt for _
<br /> /�' � :,� y_ :. \ such lotis directly to Lender,instead of to Borrower and tu Lender jointly. All or any p•rK of the in�urunce proceeds may be
<br /> - applied by Lender,at its option,either(a)to thc reduction of the indebtedne��under the Note and this Secunty Instrument. _
<br /> first to any delinyuent umounts applied in the order in Parugruph 3, und then to prcpaymrnt of principal,ur tb) to the 4
<br /> ���•l�.• 's�. resroration or repa►r of the damaged property. Any application of the prcx:ced+to the pnnr►pul shali not extcnd or postponc �
<br /> � , ..'.,;,;:� . the due date of thc munthly payments wh►ch arc rctemmd to in Paragruph 3,or chnngc the:imount of xuch payments. Any �.
<br /> - � excess imurance procecdx over nn amount reyuimd to pay idl outstunJ�ng indrhtednesx undcr thc Note und this Security
<br />" - � Instrument shall be puid to the entiry Icgaily enutled thereto. v
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<br /> - In thc eveni of foreclosure of this Security Instrument or other tran�fer c�f title to thr Pro}xrty thut extinguishes the
<br /> .,;� indebtedness,all right,titlr and intcrest of$orcowcr in and to imur:►ncc potirie.in ti�rcr�hall pa.ti ro thc purchuser. __
<br /> ' S. Occupancy, Preservwtion. Maintenance end Protectton of the Property; Borruwer's Lostn Application: _
<br /> • j�'��',.� � e�. I,eASehdds. Borruwer shnll occupy,establish, •rnd u,r thr P�o�xrty ux Borrawer.princip•rl rc�idence within sixty duys =
<br /> ufter the execution of this Securiry Instrument und shall continue to�xrupy the Pruperty u:Borrower's principal re»dence
<br /> • for at Ieast one yeur after the date of occupancy,unie,r•x the Secretury determine.lhis rcyuirement wiU cause undue hardship _
<br /> for Borrower, or unless extenuuting circu►rirtunccs exist which are heyond Borrower. rontrol. Barrower shall notify
<br /> �`�, '• -.+�: ~...e Lenden of any extenuuting circumstunces. Bortower shull nut ce�mmit wa.te ur Jr�truy,dumage or subsr,u�tiully ch:u�ge =
<br /> the property or allow the Property to dctcrioratc,nusonahle wear and te.►r excepteJ. Lender muy mspcct the Piroperty if th� -
<br />_�'., '�.x:��.;: •, . Pcoperty is vacunt or abandoned or the loan is in default. l.endcr muy take reationablr urti�m to protect and prcserve such _
<br /> �f' ''' '� • vacunt or ubundoned Propeny. Borrowcr.hull ulso be in default if Borrower, during th� loan applicutiun process,g.tve ~
<br /> -^ , k'^�•�r • � • matc:rially fetse or inaccurate information or statements to I.ender (or failed to pruvide Lender with ;u�y material q
<br /> " � ,�� � informaticx�) in conncction with thc loan evidenced by thc Nutc, including,Nut nut limucd to,rcprescntations conceming ;
<br /> -� ;s Borrower's occupancy of the Property as a pcincip;�l rexidenrc. lf this Serurity In.trumrnt iti on a leasehuld.Borrower shall
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<br /> �,.,,.•.r.__.... „ comply with the provtsinm of the lease. If Barrowcr acyuire.fec title to thc Pro}xrty.the feasehold and fee title sh•rll not F
<br /> '?�.7:ri:': ',.�.�¢�' be merged unless Lender agn:ex ro ihe merger in writing. -
<br /> 6. Ch�►rges to Borrower 9nd ProtecNon of Lender's Rights in the Property. Borruwcr shall pay all govemmcntal �-
<br /> or municipal chargcs,fines and impositions thut•rn:not indudcd in F�.u�agraph 2. Barcower shall pay thcse obligutions on -
<br /> =J� time direcdy to the entity which is owed the payment. If fuilum to pay would udvcr,ely affect Lender's intcrest in the
<br /> � _ property,upon l.ender's request Borrower shall promptly fumish to Lender receipts evidencing these payments. __
<br /> If Borrower fails to make these payments or thc payments rcquimd by P.►ragraph 2,or fails to pcdorm u�y other
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<br /> covenants and agrcements contamea in cnis�ecuriry insirumen�,o�incrc i�u�c�,u�N7vCccun�g u�oa..�r 6.......«....� «...�. -
<br /> -- I.ender�rights in the Propeny(such•rs a proceeding in bankruptcy,for condemnation or to enforce�aws or rtigulations). _
<br /> -` then l.ender may do and pay whatever is necessury to protec:t the value of the Propecty and Lender's rights in the Fropeny, _
<br /> including payment of taxes,hatarYl insuruncc and othcr�tcros mentioned in Paragra Z.
<br /> _ Any amounts disbursed by Lender under this Para$rrph shall become an ad itional debt of Borrower and be secured
<br /> by this Securiry Insuument. Thex:amounts shall bear mterest from the date nf disbursement,ut the Nnte rate,and at the
<br /> optia►of Lender.shall be immediately due and payabte.
<br /> �, CqNieowatbq, Ttie proceeds of any award or cluim for darnages,direct or consequc�ntial.in connection with any _
<br /> condemnadon a oUxr taking of any part of thC Property,a'for conveyance in place of condemnation.:ve hercby:usigned _
<br /> and shall be p�id to l.enckr to thc extent of thc full anwunt of the indebtedness that remains unpuid under the Note und this
<br /> ���y Lu�yme�t. Lxnder shall rpply such procads to the neductiai of the indebtedness under the Note and this Security
<br /> Lwtnunen� fust to�ny delinquent a�now►ts applied in the order provided in P•rragraph 3. :uid then to prepayment of
<br /> p�iucipal• MY applicadcxt of tlx proceeds to the principal shall not extend or{wstpono thc due date of the monthly
<br /> fpuxe 2��f t pa�.s► _
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