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<br /> �. �y�e or pr�.�,i.�c..a t..k cwn.. Bartowu dWl p�y wiwlsn d�ue the principd of..na��,
<br /> We d�bt nvWenced by tbo Note�nd tate chv�es due under the Note.
<br /> - — 2. MuNMIy P�ya�eal�ot'A�sea,lwau�ce aNd ut�er l:�r�e�. ltormwer shall include in each rtwn�i�iY P�Y�� �
<br /> to�eU�wilh the{xincipat�nd intercu ws�et fortD�in tbe Note a�d�ny lu�e cha�es,�n in�taliment ot�ny(�)wca u�
<br /> - — �peci�l aueaunents kvied or to be kvied t��in�t the PropertY.(b)IcmelwW p�yrne�►t�a�round rcat�oa the Property.and
<br /> ' (c)prcmiums for In�tuu►�e roquired by Aiu+�Qraph 4.
<br /> ' �ch monthly inusJinKnt fa item�(a). lb) and (c?�I M� �-twelftli of the �nnwl anwunts.a4 roawnably
<br /> �� e:timued by Lcnder. plue an wmount suft�cient to m�int�in An additian�l b�lance of not mae th�n une-sixth ot tha
<br /> -- est3m�ted smounts. The full rnnu�l �unuuut Por e�ch jtem ch�ll be accumulnted by Lender within a period ending one --,
<br /> .— n�h before�n item would bxome dellnquent. Lender�ull hold the amouius coltecud in uvst to pay item�{a}.(b)and
<br /> - ----. _ — lc)beforr,theY become delenquent. �
<br /> -°""�� If�t any time the toul af the payrtxnts hcld by Lerder for iums(n). (b)and(c),together with the future manthiy
<br /> ___ _� pRyments for such iums payable to Lender prior ro ihe due elatea of such items, excxds by mo�+e than one-sixth tha
<br /> -�� W estimated amount of poyments required topay such ftem�when due,and if payments ai thc Note arc cument,then L.endG�
<br /> "'--'°"°-`�"'=��� shsdl either ttifund the excess over one•sixth of the estimated payments ar crcdit the excess over one-sixth of tlx estimwted
<br /> _=��y_�.�,��� payments to sub6equcnt paymentS by Borrower,ut the option of Bomower. If thc twal of the payments made by Bomowor ___
<br /> -� for item(a).(b).or(c)is lnsufficient to pay the item whcn due.then Banowcr shall pay to Lender any artwunt necessaty to
<br /> '� � malce up dK deficiency on or before the date the item becomes due.
<br /> "����= _ As usod in this Securit�Instrument."Secretary"means the Secrctury of Housing and Urban Dev�lopment or hfs or iwr
<br /> ___n___.e.. �signec. In any year in wluch the Lender must ps►y a mortgage insurance premium to the Secretery.eacl�monthly payment
<br /> ; — ��•;���'�:�".'i . �'�'- shall also include either: (i) un instellment of the annual rrwrtgagc insurw�ce prcrr�um to bc paid by Lender to thu =-
<br /> S«:ret�uy, w�(iiy a tnonttily charge instead af a mortgage insurance premium if this Sccutiiy Itssttument is held by tha
<br />� ' ,;�;.:_��:;�.,:�y� SecrcGuy. Each monthly installment of the mortgage insurance premium shall be in an amounc sufficient to xcumulata tha
<br /> , ,;.�,�,M�..,.:' futl annual mortgage insuru�ce prernium wtth Lender one month prior to the date the full annual mortgxge insuranca __
<br /> ; �� ,t � pr+emium is due to the Secretary;or if this Sccu�ity Insaument is held by the Secrctary,each monthly clwrge shall be in an _
<br /> �"� amaunt equ�l to one-twelflh of ono-half pereent of the oucstanding principal balance due on the Note. _
<br /> • If Borrower tenden to Lender the full payment of all sums secured by this Security Instrument.Borrower+s account --
<br /> ,... • • shall be credited with the balance remainins for all installments for items (a). (b) and (c)and any mortgage insurnnco
<br /> • � � ' � pnemium installment that Lcndcr has not become obligated ta pay to the Secretary,and Lender shnll promptly rcfund uny
<br /> .. ' ` excas funds to Borr�wer. Immediately prior to a foreclosure sale of the Property or its ncquisition by Lender.Borrowork
<br /> �ecount shall be credited with eny balance remuining for all instaliments for items(a).(b)and(c).
<br /> 3. ApplicaUon ot Payments. All payments under Puragraphs 1 and 2 shall be applied by Lender as follows:
<br /> �$,T,to the mortsAge insurance pnmwm to be paid by Lender to 1he Secretary or to the monthiy charge by tha --
<br /> ••1 • Secre insteud of the monihly mortgage insurance premium;
<br /> ` �,J � ���to any ttuces.special acsessments.leasehold payments or ground rents.nnd itre.flood and other hazard
<br /> � insurancc prcmiums,ns reqwred;
<br /> TH1RD,to intei�est due undcrthe Note;
<br /> FOURTH,to nmortizution of the principul of the Note;
<br /> �,to lute churges due under the Note.
<br /> 4. Fire,Flood and Other Hozard Insurance. Borrower shall insure all improvements on thc Property,wheth�r nuw
<br /> in existence or subsequently erected,a�ain5t any hazards,cusualties,and contingencies, including fire,for which lu:ndor
<br /> oequires insurance. This insurance shalt be maintained in the amounts and for the periodti tl�t Lender requires. Borrower
<br /> shall also intiure ull improvaments on tix:Property,whether now in existence or subsequendy erected,ugainst loss by flqads
<br /> to the extent rcquired by thc Secretu�y. Alt insur:ince shull be carried witt�comp:►nies appraved by Lender. The insurance
<br /> - " policies and any mnewalr shul! be held by Lender nnd shall inrlude losx payuble clauses in fuvor of, und in a form.,. _
<br /> acceptable to,Lendcr. _-
<br /> 'y;,, , ,,,,. ,. ,_ , In the event of loss,Borrowcr shull givc.Lcndcr immrdiate noticc by mail. Lender muy makc pmof of lot;�c if nnt �,
<br /> + , made promptly by Borrower. Each insurance a>mpany conrerned is hercby authori�ed and directed to make paym�nt.for
<br /> „ ; such loss directly to Lender,instead of to Borrower and to Lrnder jointly. All or any part of the insur:�nce proceeds mny be
<br /> applied by Lrnder,at its option,either(a)to the reduction of ehe indebtednesx under the Note and this Secunry InN.ntm�nt.
<br /> ' ' first to nny delinquent amounts opplied in the order in Prragraph 3, and then to prepayment of principal,or{b) to thw
<br /> , ,,,, cestorntion or repair af the dumuged propeny. Any appliration af the proceeds to thc prine�pal sh•rll na extend or�st}��na
<br /> f the due dute of the monthly paymcnts wh�ch arc refcrred ta in Parugraph 2,or chungc the amount uf such paymenta. Any _.
<br /> • excess insurance proceeds over an:►mount reyuired to pay all outstnnding indebtednes.under the Nae und this S�cwiry
<br /> " . Inswment shall bc pnid to thc cntity tegally enudrd thercto. �,
<br /> . • [n the event of fom�:losure of this Securiry lnstrument or other trunyfer of titie to the Pcoperty that extinguisJ�ess the
<br /> indcbtedness,all right,titic and intercst of Borrower in and to insurance policir.in force.hall pi�.ti�to thc purchasar.
<br /> � ! • �-� 5. Occupancy, Preservation, Maintenance und Protection of the Propertv; Borrower's I.oan Appliwtion;
<br /> � `' Leaseholds. Borrower shall occupy,etitablish, and uyc the Propert�• u�Borrower; prinripal tesidence within�axty days _
<br /> ;`?'��,,.;'' nfter the execution of thix Security Instrument and vhall continue to occupy [he Pro{krty us Borrawer+principp!r�sidence
<br /> ' for nt Ieast one ycur after the date of cerupancy,unless thr Srcretury detemiine+this rryuiremeni will cause unduo fiurdship
<br /> •S":""� ''�` • for BoROwer, or unless extenuating circu►ristances exitit which arc txyond Banower's wntrol. Borrower shait notify
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<br /> '`� ' Lenden of any extenuating circumstunces. Borrower shall not commit wntiu ur de+troy,dumu�tc or substantinlly chunge
<br /> � � the Property or allow the Property to deteriorate,rcasonable wcar and trnr excepted. Lender may inspect the Praperty if the
<br /> _�� ' i::' Property is vacunt or abandoned or the lo�ut is in defuult. Lender may takc rca�anublc uction to protect and preserve such _
<br /> ;",� � � , vacant or abundoned Property. Borrower�hall also be in dcfuult if Borrowrr, during the luan upplication pmcess,gave _
<br /> � � materiall� talse or inuccuratc inFormution or statcmentx tc> Lendcr (or failed to providr Lcnder with uny muterial
<br /> informat�on)in cannection with the loan evidcnced by the Note, including:but not limited to,repre�entations concerning
<br /> •�►" Bortowerk occupuncy of the Property as a prineip�+l residence. If thi.Srcunty In,trument is on u leasehold,Bornower shall
<br /> �r comply wfth thc provisions of thc Icase. If Borrowcr acyuir�s 1'er cidc co che Propeny,thc leaxehold :uid fee dtlo sh•rll not
<br /> -• • ' be merged unle�s Lender agcee�to the mergcr in writing. _
<br /> ° - 'I� 6. Char�es to Borrowcr and Protection of Lender's Rights M the Property. Borrow-cr.h�U pay all�ovemmental
<br /> .C;� -°�� '° .•• or municipul charges,fines and impositions thut am not included in Purngraph 2. Boaower shull pay these obligxtions on �',
<br /> ---�. rs�:��,,,:�,;�:;`j��•.:�: time directly to the entiry which is owed the puyment. If failum to pay would advenely affect Lender's interest in the
<br /> ``�'�t Property.upon Lender's mqucst Borrower shall promptly fumish to Lender receipts evidencing these payments.
<br /> - : If Boaower fails to make these puyments or the paymcnts reyuired by Paragraph 1,or fails to perform nny other
<br /> -- covenants und agreements contuined in this Security lnstrument,or there is A legul proceeding thut may significantly affect _
<br /> Lenderh riahts in the Proaertv (such us a proceeding in bankruptry,for rondemnut�on or to enfor+ce law,or rc�gulations), _.
<br /> _.�+�: then Lender may do and pay whatever is necessury to protect the value ot the�ropetty anu i.ender's risncs in ine rroperry.
<br /> — ��' including payment of tanes,hozard insurance und other items mentioncd in Par�graph 2.
<br /> _-;;� Any amounts disbursed by Lender under this Para�raph shall become an udditional debt uf Borrower und be secured
<br /> by this Security Instrument. These amcwnts shall bcar mterest from the date of disbursemcnt,at the Note rsite.and at the
<br /> option of I.ender,sheU be lmmediately duc und payable. _
<br /> 7. Condemtwtton. 'Che ptoceeds of any award or claim for dam•rges,direct ur consequentiul.in connection with uny -
<br /> cw�demnation or other taking of any part of the Propecty.or for conveyance in place of condemnation,are hereby atisigned
<br /> and shall be paid to Lender to the extent of the full amount of d�e indebtedness that remuins unpatd under the Note and this
<br /> - Securiry Insuument. Lender shall apply auch proceeds to the reduction of the indebtedness under the Note and this S��curity =
<br /> Inatcunkn� first to any deltnqueat �r►ounts applied in the order provided in Paragraph 3. und then to prepayment of
<br /> princjpil. My application of the proceeds W the principal shall not extend or postpone the due dat,e of the monthly
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