|
:�'�;yi;. . .. , '. �:;��. :. :j T y
<br /> �::;,:� . ` < < - . �.Y•�tr =__
<br /> � :__. . . . .._ �._
<br /> _ -`:�; ,,� ` .. - . . � , . �.. � < < 4_` _ � , �s� - . �[ .
<br /> . . , � - � . . . . � � . 9 _ .�oos .t .
<br /> - . �_ . � .
<br /> � - '. � l. h��at af Ai�cip�t�taterratiurd laNe C�arLa Barower shall pay when due ihe princlpal pf,and intaest on. �
<br /> � the debt evldd�ced by tbe Tiote�nd tate cbnges due under the Notc. ' - -
<br /> Z 1Mwt�p!�ts d 7i�xa►I�traacs asd Otber(lartes. Ba�rt+nwer shaU include in each mon�hiY WY��
<br /> together wifu th�pn�pa!and intetest as set farth tn the Note and�►y tate chuges.an insnUmcnt of any�ta)tues�nd
<br /> spaci�l�es—�++��tevied or tq 6e kvicd against t6e Properry:tb)leasehold payments or grow�d ants on the Ptoperty.and
<br /> ' fc)Ptemiu�ns fbr insar�nve oequued 6y Fe�graph 4. • � —
<br /> ` • Fach moathly iastnllmenc far iums(a).(b�and (c)sdatl equal one-4welfth of thc aimual amounts. as rcasonably
<br /> � - estimated by Lendtr,p►�s an amaunt suf�ieieat to ee�inr�n an additional batance of not mone than one-sixth af the
<br /> ��md amcxmts. Tbe fulE snnuai atnotuU fvr c.�ch iusu s!n!!Ix axumuL�ted by_l.�der within�a period et�ding ona ____._._..
<br /> month 6efan an item would bocame delinquent. Lender shall hold ti�amounts colIa�ted'ut tmst to pay items(aI.(b)and �
<br /> (c)befaoc ttxy beca�.delidquent. � �
<br /> I�at any'time the totat of d�e payments hetd by Lender for items(a},(b)aad(c).to ether with the future monthiy --_ —
<br /> n
<br /> WY�nts for such items payable m l.ender prior to the due dates of such items, ex by mare than one-sixth the� - -
<br /> esumarod amount of payma�ts roquFred to pay soch zdems when due.atd if paymrnu oa t6e Nate at�e curtert�.tha�l.ender
<br /> r. shall eitlKr reftud tht escess over ono-sixth of the estimated p�yments or credrt the eacess over ono-sixth of the eswnated
<br /> p�ymeots to subsequent payrnents by Borrower,at the opsion of Borrower. If the total of the paymeats made 6y Barrower _
<br /> . for item(a).(b).or{c)�s insuS�ent tn pay tha item afien due,thei�Borruwer shaU pay to Lsader any aenount neoessary to
<br /> maiee ap the daficiency on or before the date the item 6ecomes due. �_-
<br /> ,4s used in this Seciuity[nstrument,"Sa�etary.•means the Secretary of Housing and Urban Development or his or her �-=-.-----
<br /> �=;:---
<br /> � � In any year in which tbe Lender must pay a mortgage insurance premiwn to t6e Secretary.e�ach monthlY PaYmen� . �a:-�-_�---
<br /> shall also meIude either. (i)an installment of the annual mortgage insmance pcemium to be paid 6y Lender to the „��_- -
<br /> Sa�retary:a(ii)a monthly charge instead of a mortgage insurance p�emium if this Securiry In.st�ument�s held by the -�� --
<br /> r--
<br /> Secniary; g.ac1�monthty insta��+++�+t of the mortgage insurance ptert�um sha}1 be in an amount sufficient to accumulace the .'=•�-`�
<br /> fnll annual m�rtgage iasurance premiunt witH Lender one moath pnor to the date the ful!aanual moRgage insurance •;:�=
<br /> --_= preminm is du�e to the Secretary:or if dus Security Insuumeat is Eietd by the Secretary,each monthly char�e shall be in an �T. __
<br /> aa�ount oquat�to aae-tweltih of one-tratf pe�eat of the autstanding ixincipal balance dne.on the Note. . . _ �
<br /> ,� Tf Bor[ower tenders to Lender the full payment of all sums seca�ed try this Securiry Ins�riument,Ba�rower's account . -'"
<br /> shall be ccedited vvith the batance remsining fa all installments for items(a).(b)and(c)and any mortgage insurance `:��''�
<br /> ` premium installment that Lender ha9 not become obligated to pay"to the Secnetary,aad Lendor shaU promptly refimd any �:<:�--�µ_
<br /> -- . ..� excess funds to Bormwet. Immediately priar m a farec lostue s a le o f t he P t optrty or i t s acquisition b y Lender.Borrower's �;�
<br /> �e , a:eount shall be ccedited with mny balance�emaimng for all instaliments for items(aI;(b)and(c). _�-;
<br /> � .. 3.Ap lication ot Pf���ments. M payments undei Faragraphs 1 and 2 shaU be apptied by Lendec as foliows: ' t�.
<br /> a�� • . �to the martgage insurance piemium to 6e paid by Lender to the Secretary or to the monthly charge by the
<br /> -= Sec�tary instead of the monthfy most�age insuiance premiym; . ' r-�,,�
<br /> ;;i'��� ' �Q w any ta�ces.special asses.�ents,teasehold pay�nents or ground rents,and fire.ftood and other hazard � � --
<br /> -�'.�..-�;; ` insurnnc�pie►aiums,as requ�red: . .
<br /> �j($�,w int�rest dne uoder the N�te:
<br /> ��+ � , FQ�to amorti�ati2on of the princ�p�1 of the Note; . -
<br /> at'
<br /> � ' �,to late charges d�ae under the I�fote. !-'�t �`
<br /> °�,��'�'�°.=.�I . 4. Flt+e,�7ood 7ui��.fl�rd Iasurance. Horrower shall iasure all imprcD�emenu on the Propetty,a�e�her now y•
<br /> in e�ustence a�.snbs�q uently e�eted.agai:�st any hazards,casualties.aud contingertcies.including fite.for which Lender . �`�;:.��� '�,
<br />-�:: ►���rr` : . tequires instaaitoe. 71�is insurance shail be maintamed in the amouns and for the periods that Le�sder requires. BOROWCf ;.• ::li;._ r�
<br />�:.��,�" ', , shaA aiso insure ail im rovements on the wfiether now in eaistence or su6sequently ecected.against lass tey floods
<br />.i�;',r.,F- r.� ;�` P �OP�S'• '`:'�'<�'� :-:�,.:
<br /> ' . • #Q the eatent required by the Seccetary. All insurance"shall be carried with companies appt+oved by Lender. The insurance � .;;s�'�:. �• ,
<br /> �`�:`�� • p�cies and any renewals shall be held by Lender and shall inclade loss payab�e clauses in favor of, and in a form `-��';`;;•s',` -
<br /> , �,:,.
<br /> .••;,,�; ,; ,aaceptabte to.Lender. . .
<br /> -;��c,:.� In the event of loss,Boaower shal[give Lender immediate notice by mail. Lender may make proof of loss if not
<br />_ �`--r�-� made promptty by Borrower. Each insurance company wncemed is hereby authorized and directed to make payment for •
<br /> -�: 'J�"� such loss dimctly to Lender,instead of to Borrower and to Lender jointly. All or any part of the insurance pcoceeds may be � • . •
<br />-=:;e:��;; � applied by Lender,at its option,either(a)to the reductian of the indebtedness under the Note and this Security Insuumen� ,
<br />=_-.rr,<..�_ , . �rst to any delinquent amounts applied in the order in Para$raph 3.and then to prepayment of princlpal.or{b)to the • '
<br /> agr .
<br /> ' �stor.ttion or repair of the damaged propeay. Any application of the praceeds to the pnnc�pal sball not extend or postpone • ;.. �`.
<br /> .,�: .
<br />_s��;';,•�.� the dne date of the monthly paymenu which are referred to in Paragraph 2,or change the amount of such paymenu. Any ��
<br /> �=`�"' excess insurance pr�oceeds over an amo�nt reqoired to pay a11 outstanding inde6tedness under the Note and th�s Securiry � .,. ' . ;,�
<br /> � ` � insuument shall be paid to the entity legral?�entitled thereto. , ;.
<br />__ .� � . . . y.
<br /> - ;`�-;�;-�,?. , ln the event of foreclosnre of this Secur►ry Instrument or other transfer of ti[Ie co the Property that extinguishes the %�;:;.;.:; .
<br />--�� �``M: .• ' indebRedness.all right,title��interese ef Borrower in and to insurance policies in force shaU patis to the purchaser. %'�':;:�
<br /> T,"'�,.•�:. i 5. Oocu t��3!. ' pp ���.,'
<br />=,'��„ i pancy, Pr�arioe, :I+I�3ntenance and Protection ot the Pra Barrower s Laan A Ikation; �., .
<br /> ' Leate6old.s. Borrower shall occvpy.e.�lish,and use the Propetty ac Borrowerk pnncipaf residence within sixty days
<br /> '`'��� after the execution of this Secu` tas�:-w�.t and shull eontinuc to occu the Pro rt as Barrower's rinci al residence ��•:,: ��: _
<br /> --;�.�:.��� �Y PY, Pe Y. P P ,_ ,,
<br /> ��=,� for at teast one year after the date of occ��r..rzcy,unless the Secretary determ�nes this requ�rement evi'�H eause undue hardshi .�
<br /> P a;;., .�.
<br /> ;_�_��,: for Borrowcr.or unless exsenuating circumstances eaist which�are beyond Borrower's wntrol. Borrawer shall natify '�� �•�•
<br /> t4,.;;_,....
<br />-_�.:n.*;;.. I�enders of any eatenuatin�cscumstances. Borrowea ssa11 not commit wacte or des-tray.darrrage or substantial�y change � � t.'�-',�.,;;�' ,•_
<br /> �_,.<_. . ..., ,..,
<br /> •- ••L;,. : � t€ae Property or allow the Pt+�erty to deteriorate,reaso,:;�le woar and tcar excepted. Lender may inspect the Property if the ,,,,,,
<br />.'�'�.'="�:". Property is vacant or abandoned or the Ioan is in defa:�;c. Lender may take reasonable action to protect and preserve such •� '�`�- -� -��-
<br />._.�.� ,,. : •
<br /> __�-� vacaat or abandoned Property. Borrower shall aiso ix in default ii Borrower.during the loan application process,gave
<br /> materiall� fatse or inaccurate infom�ation or statements to Lender (or failed co provide L.ender with any material �. ' . , .
<br /> infomradon)�n connection with the loan evidenced by the Note.including,but not limited to.representations canceming 4 i,F:{�:�_
<br /> Bomnwer's occnpancy of tlr�.PropcAy as a principal residence. If this Security instrument is on a leaschold.Botrower shall ; �r••�:-,.
<br /> cotnply with the provisior�c�f the lease. If Borrower acquires fee title to the Property.the leasehold and fee title shall not � ''-''i�`'�;.�'
<br /> be mergal unless Lender ag:ees to the merger in writing. ` �'�����, '<
<br /> 6. CLar�es to Borrower and Protecttoa of Leader's Rights in the Property. Borrower shall pay a!1 govemmental � ` � ���`
<br /> os municipal charges,fines and impositions that are not includeA in Paragraph 2. Borrower shull pay these obligations on
<br /> time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's intec�est in the i '. •
<br /> � Pt+operiy.upon l.ender's nquest Barrower shall promplly fumish to L�nder receipts evidencing these payments. � ..�
<br /> lf Bonrower fails to make these payments rn the payments required by Paragaph 2.or fails to perfartn any othcr .
<br /> oavq�nts aid s�emeats contained in dus Security InsUUment,ot there is a legal proceeding that may significantly affect _ _ .
<br /> • . 1,eoderh riahta m the Pmpetty(such as a procading ln barilcruptcy,fot caxkmnadon or ro enfocce Iaws oc regutauons), , „ _ •
<br /> — tl�en Lender may do and pay whatever is necessary to pr»tect the vaiue of the Raperty and Leeder�s rights in the P�operty, '
<br /> including paytnent of taxes.hazard insurance and other ttems mentioned ia Paragraph Z. • •
<br /> , ' Aay amouets disbwsed by Lender under tAis Fara�ph shall hecome an additional debt of Bomnwer and be secuned '� �
<br /> by this Securiry Imttutnen� 7`f�ese amaunts shall bwir interest fcom tho date of disbursement.at the Note rate,and at the . � -;--.-:- :, -'
<br /> � optian o(Leader.sh�U be immediately due and payabk. � . �
<br /> 7. CaNe�fio�. 'ihe prooeeds of�ny award or claim for damages.dinct or consequential.in caujetdon with any � •
<br /> canda�tiasn a ather taineg oFany pnt of the Ptoperty.ar for conveyance in pl�ce of condemnation.an hereby assi$ned .
<br /> ' aad stuli 6e pid to Len�ler to the extent of the full a�r�ount of the indeMedness that nmains unpaid w�der the Note and this
<br /> SbcuritY In�uumeet. LetKk[ahd!�pply suc6 pocads to t1�e nduction of the indebtedneu under the Nate aud this 5aurity .. . •. '�
<br /> - - --- � .
<br /> - B�fidN,f�t ta�ny ' �om�ts-apptiod m'tbe o�der pr�vides Lt Fyrs�grs�h�3.end then tap�cpay�e�t a€- - -- - -
<br /> principd. 'My applicatioe of the poceeds to the principtl shall not extend or postpone the due date of the rtwnWY � E .. .
<br /> • IPodt2o��Fadtsl �.:i� .:: .
<br /> . . ��
<br />
|