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<br /> •-- —°�`"° 1. p�y meat ot Principsd.latcre�t and Lwte Ch�rQe. BoROwer shull pay when due the pdncipal of.wnd intereu on,
<br /> tha deM evfdenced by tho Note and late chargeK due under the Nate.
<br /> 2. Moatldy paymentr of"ILxes,lnsurance aad Olher Chary�es. Borrower nhall incluJc in earh manlhly puyment.
<br /> — = together wi�h the priocipal and interest es eet foith in tho Note and any late charges,un insluliment af any lal tuxes and
<br /> =4��� "� special assess�nents levicd or to be levkd against the PropeAy,(b)leasehold paymentx��r gmund rems on the PronrAy�+nd
<br /> `` — ---"�'_ (c)pncmiwna for inxurance rcyuirrd by Paragraph 4.
<br /> ���, ! Each manlhly installment for items (a), Ib) nnd (c)ahall eyuol one•Iwelfth oi the annuul omcwntx,av reasa�ably
<br /> `�- -'— - estimated by l.rnder, pluh +u► Ymounl eufficiant w mvinwin un udditionnl balance of not m�rc �hnn one-six�h of the
<br /> - - ,._- '
<br /> + eslim�ted amounu�. The full annual amount for each ilem r�hnll be nccumulated by l.ender within a periad ending anc r
<br /> �l,- month befare An ilem would become delinquent. Lender shall hold�he amountc callected in trust to pay items la).lb1 and
<br /> _ '�';-,+" (c)befare they became delinquent.
<br /> rr•ti:.,,
<br /> e_.---°-- If at any time the tatal of 1he payrt�ents held by L.ender for items(�),(b)and(c),together with the fuwre mcxnhly
<br /> =��°- pttymenta for ruch items payabfe to Lender prior �o the due dates of such itemw, eaceeds by more than one-six�h Ihe
<br /> � --=--�5-�«^ " estimnted umount of payments�quired to pay such items when due,w�d if puyments on the Note ure cument,then Lender
<br /> -- - _= - ' shall cither refund the excess over one-sixth of�he estimated paymentg ar credit the excess over ane-sixth of�he es�imated _
<br /> • - • puyments to subsequent paymenta by Borrower.at[he option of Barrower. If the totul of the puyments madc by Borrower __
<br /> - --���'�� for item(a).(b).or(c)is insufficient to pay�he item when due.then Borrower shall pay to Lender any sunount neces.wuy to
<br /> �";�;;:,.:'�� make up the deficiency un ur before ihe date the item becames due. ___
<br /> ���_"""` � As used in this Securit�Inst�nt."Secretary"means the Secretar�r of Housing smd Urba�Development or hiR or her
<br /> ���"`°"�'"•"' •. desigaa. In any year in wh►ch Ihe L.ender must pay u mangage insuranc�e prcmium to the Secretary,euch monthly payme�t _ _
<br /> =- -;' shall also include either. (i) un installmem of the s�nnuul mongage insurnnce premium to be paid by Lender ta �he -•_-�
<br /> �,�4.�•.^�_ Secretary.or(ii) u mon�hly charge instead of u mortguge insumnce prcmium if�his Security Insuument is held by �he
<br /> ----�;��:'-m -r- - •� Secrctary. Fa�ch monthly inuallment of the mortgage in+surance�xemium shnll be in�n�unount sufficient to accumulate 1he _ _
<br /> � full wmual mortgage insumnce prcmium with l.ender one month prior to the darN �he full annual monguge insur•u�ce -s-
<br /> ��•-�-��"''�'°_�• ��'� premium is due to the Secretary;or if this Secudty Instrument is held b��he Secretary,euch monthly charge shall be in an �i[�;o�
<br /> "��� ,_,;,�y, amount equal to one-Iwelfth af one-half percent of the ou�.4tanding princ�pul b�lance due on the Note. ___
<br /> . .: .�°• , � . ` If Borrower tenders to l.ender�he full papment of all sums secured by tliis Security Instrument,Bortowerb account ��:
<br /> "�'°''`0'�``'"� shall be credited with the balance remaining for all installments for items (u), (bl und (c) and an mongu�te insutance =__
<br /> ..�S� — _.
<br /> -�.� premium installment that l.ender has not become obligated ta pay to the Secretury,und Lender shal promptfy Rfund an�
<br /> �^:' ' eacess funds to Borrower. Immediate{y prior to a foreclosure sule of the Property or iGc acquisition by Lender,Borrower a ���°"
<br /> - � "`�,.,:.;::u aocount shafl be credited with any balunce remaining far all instullmenu for items(a).(b)and(c). �.
<br />_,:`_;:_�-4 �•�•�� '�'�s 3. App�icAtiun of Paymeats. All payments under Puregraphs 1 and 2 shnll 6e Applied by Lender as followa:
<br /> � - "_�i,k. ' ;;� �T,to the mortgage insuranee premium ta be paid by Lender to�he Secretary or to the monthly chsvge by the �_
<br /> _=�:��n.,,, , Secre instead of the monthly mortgage insurunce premium; _-
<br /> __ � $�,to any taxes,speclal ossessments,leasehold paymen�s or graund rents,and 6re,flood and other huzard �
<br /> �,� . insurance premiums,�requ�►ed; ----
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<br />_� ,,,,�,�s.,.�t,� 7'FIIRD,to mtcast due under�he Note;
<br /> FOUR7'H,to amonization of the principul of the Nae;
<br /> -'t'��i.ti_:,�� ,`'; �,to latc chnrges due under the Note,
<br />;:��v��:: ,�5,: ' 4. Fire.Fload and Otder Haaard lnsurance. Bonowcr shull insurc ull improvements on the Propeny,whether now ..
<br /> _ � ,.,q! � T�• in existence or subsequently erected,a�ainst ony hur.ards,casualtiex,+u�d contingencies, including fire,for which Lender ��
<br /> -4u'_, .'.'T;����' ` requires insurance. This insurance shnll be mnintained in the amounts und for�he periads thu�L.ender rcyuirew. Borrower �
<br />'.;�.:,�`''�� '�<.;;•�;. • shall also insure all improvements on the Property,whether now in exixtence or subsequendy erected,ugumst loss by floods --
<br /> '=�"���.� 1,,, .���, to the extent required by the Secretary. All insurance+hull be carried wi�h companies approved by Lender. The insuronce �„�
<br />___�,'�?�` .��''•'��°'.' policies und uny renewel4 shall be held by Lender nnd shall include loxs payAble clau�es in fuvor of, and in a form
<br /> '^�= :�,;� acceptable to,Ler�der.
<br />°- `'�=�����;`4�•° � In the event af loss,Borrower shull give Lender immedinte naice by muil. L.ender may make proof of losx�f not �r:,�,
<br /> � ''��•'�'`{��' � made rom tl b Borcower. Ei►eh insurance com an eancerned iti hereb autharized:u�d dimcted to muke ps�yment for
<br /> _ �-'���':';�'���.�-. �' such lows direcU io Lendet,instead of to Borrower ancl to Lender oinU . All or on an of the insurance roceeds mn be
<br />_,� J Y Y P' P. Y �t,
<br /> - •��::. npplied by Lender.at its option,either(a)to thc reduction of the indebtedness under the Nut�And this Secunty Instrwnent.
<br /> ` `� � ,,, �•"L.i� first to any dclinqucnt emaunts �pplied in thc order in Purrgroph 3, und Ihen to prepayment of principal,or Ib)to the �_
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<br /> ``''•� restorntion or repa�r of the damaged propert Any applicu�ion of[he proceeds to the pnncipul shall not extend or postpone
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<br /> .-�::� �,�;1..,,��,':' , tF,e due date of the monlhly payments whic ure refeRed to in Parngr.�ph 2,or change�he umount of such payments. Any ��,
<br />=..:��•� ' �''!'.{,�;." ' excess insurance praceed.s aver an amount reyuired to pay ull outs�unding indebtedness under the Note and this Security � ;
<br /> `•::,r .��'���`' ��+ Inswment ahall be paid to�he entity legally enti�led thereto. �;�
<br /> 'j''�"� In tfic event of foreclosure of this Security Instrument or other trunqfrr of title tu the Roperty ihut extinguishes the
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<br /> - ,;; ' .' ' ;z:c.4 indebtedness,all right,tidc and interest of Borrower in nnd to insurunce p�lirirx in force�hull puss to the purc huser.
<br /> ''^- iC� " • 5. Occupancy. Preservation. MAintenance and Protection of Ihe Praperty; Borrower's I.oan Application; ��--.
<br /> �i;.:. '".., •*�,.;"�t�,..:�,, ,_.
<br /> -- °,_-:� ,. ��-,- , l.easeholds. Borcower shall accupy,e+tubli,h,:md u�e thc Propeny us Borrowcr's principal re�idence within siKty duys r
<br /> = after the execution of tfiis Security Instrument und shnll wntinue to acrupy the Property us Borrower's principal residence �;;".
<br /> �'�'t� '' ." for at kast o��e year after the date of occap�my,unlesc the Secmu►ry detem�ines this requmement will cuuse undue hardship �;
<br /> `:�. „ „ ��
<br /> - - -,K . ior Borrower, or unless eatenunting circmris�unces exist which am tx:yond Borrower� conlrol. Barrower shall notify
<br /> - ° '•' Lenders of any eztenunling circumstunceti. Bormwer �hull not rummit wuxtr or iksaoy.dumuge ur substuntinlly chanKe �+�•
<br />_ - , the Property or allow the FRoperty w deteriorute,reasonublc wcar und trur cxcepted. Lcndcr muy �nspect the Propeny if the '�
<br /> •� � ' �• , Property is vact►nt or u6and�ned ur the loan is in defnuh. Lender may tsike reuson�Mc action la protect and preserve such �, .
<br /> , �., ►n
<br /> vacant or abundated Propeny. Borrowc�shull also b� in defuult if Borrower, during thc loan application process, guve
<br /> � � �, mnterially false or inaccurate infumiu�ion ur statement, �o Lender lor f•rilyd to provide Lrnder wi�h any mntenal ;,�
<br />- informatioR)in wnnection with the loun rvidenc�d by�hc N��te, inrluding, hut nut limitcd to,representutions con��erning �':.
<br /> •e
<br />" Borrowert accupnncy of the Pmperty ax a principal residence. If thi.Serurity In�trument i,on a Ic•r�ehulJ.Bormwer�hull �
<br /> comply with the provisions of thc Icau. If Bcxr�wcr acyui�.fec ntlr a►thr 1'r��rty.thc k�srholJ uncl fcc tid�shull not �
<br /> be merged unlcss Lcnder a�rees w�he mrrger in wntin�. '
<br /> . 6. Charges to Borrower and Protection oP Lender's RiRhts in the Prupert��. Burrowcr�hull puy all guvemmental '�
<br /> , or municipal chnrges,finr+:u�d imp�niti�►nti�hut arc n��t inrluded in Par;�Eraph 2. Borrower�hull pay th�k�►bli�twiom an �'�
<br /> � time directly to thc entity whirh i+oweJ chc payment. U'1'ailurr tu pay w�wlJ aJvenrly at7ert l.�nJrr: intrre+l in thc ''
<br /> • � I'roperty,upon Lender's n:yuc+t Burtower.hull promptly 1'umi.h tu Lcnd�r rccript+cvidrnrin�ihc�e puyments. �
<br /> • . If Borrower Pril��o muke thr.e paymem+ur thc pa}•nunt. nquircJ by P.vugr�ph 2, ur t'ails tn�rfortn any uthrr �
<br /> covenants and arrcementK contuined in thi.Srcurity In.trumrnt.or therr i.a Irgal pnKCrJin�thut muY+ignifi�untly affcc� '
<br /> � Lender+rights in the Prop►:rty(�uch a�u pnxeeding in b:ml.ruptr�•,tur cun�mnnuun ur�a enfone iuw+or�r�umu.m.i. {� �
<br /> then Lender muy do and puy whutrvcr i+necc..•rq•ro protrci thr valuc of thr F'roprn� und Lrndrr+ri�ht,in�hc Pn�perty, �
<br /> � ��.. .. ___ - Encluding payment of wxe,,h�tard in+ur.�nce smJ u�hrr itcm.incntinneJ in Paragraph... �
<br /> � ,,�_ Any amounts disbuned by LenJrr unJer�hi.P,t�aEruph+hall(xrome an aJditwnal deht uf Bnrn�wrr:utJ b�u�cut�J
<br /> • by Ihis 5erurity Ins�rumem. Tl�r.�:unuunt.,hall bcur in�cR,t fmm thc Jate��f di.bunement.at the Note rnic.and at�he �
<br /> � option of Lendcr.`hall be imimdiutcly dur anJ payahlr. r
<br /> " 7. Condemnution. Th�pnxerJti uf':uiy.�wurJ ur claim i'or damugc�,direct o�comequenual,m runn�c�iun wi�h any �
<br /> condemn�tiun or uthcr takin�of:u�y pan ui�he Rvperly.or Ibr canvr•:u�cc in pluce of cundrmnutiun.:ur h�rchy a,.ign�d
<br /> • unJ,hull be paiJ tu Lend�r to�hr rxirnt uf thr Iull amount ot'th�indr�trJnr�+thw remain+unpaiJ unJer Ihr Nute anJ thi� �
<br /> Security It►mtrument. Lender�hall�pply+urh pnkced�tu thr rnJucli�m uf Ihe indehtedne..unJ�r thr Nutr and thi+Srrurity
<br /> Instrument, tint to ony dclinyurnt umuun�. applicJ in �hc �mfcr pro�•idrd in P�ra�ruph ;. anJ thcn tu prcpay�mrm uf
<br /> prineipvl. Any upplication i�F the pnxeedx to the pritkip•rl �hall nut rxtcnd ��r pu+tpunc th� Ju� Juti uf 1he nKmlhly �
<br /> , � ,, r�uer:�)��ee„ �
<br /> �� �
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