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<br /> 94-�oo�►�►
<br /> t. P� a�t ot PriactpNl.Intere�t and late Cb�rge. Barower�h�ll pay when due 1he principal of.�nd intere.�t oe,
<br /> Ih�debt ev�denced by the Note and I�te chu�ec due w�dor the Note.
<br /> 2. Mo�tbly psymeetit d'Ibxea.Iowrnnce�ed tkher Char�a. Bnrrower sh�ll include In each monthly p+�yment,
<br /> to�ethe�witU the principd�d interest�aet fath in tho Note u�d�uty l�te chuQe9,an installment of�ny(�)taxer�nd
<br /> �pecid aure�ument�levial or to be levied agdnst the A+operty.(b)Iwiehold pxyme�tu or�round rents on the Pnopecty.and
<br /> (c)prcmiumx for Inrur�nce required by Poragraph 4.
<br /> F.+�ch manthly inat�ltment for itema(w), (b)and(c)sh�ll equal one•twelfth of the annu�l �mounts,as rca�a�sbly
<br /> _ __ ___ e�tlrru�tod by l.endcr, plus an amount xuf'tlrient to mAintuin wn wdditionwl balancc of not moro thAn one-ciath of the
<br /> -� —� ekimNted amounta. 'l'be full annud amount for each item shtil be accumulatod by L.cnder within a pericxl emli�iY aic
<br /> mon�h before an item would become delinquent. Lc�nder sh�ll hold the�mounts collxtal in tnist to pay items(t).(b)�nd
<br /> - (c)befcxe they berwne delinquent.
<br /> If�t�ny Ume ihc total of thc payments held by l.ender for items(u),(b)and(c).togcther wlth the future monthly
<br /> psytnont� far�uch items payable to Lender prior to thc due dates of auch items.excads by morc than one•sixth the
<br /> eRt[mxted�maunt of paycncnt�required topay such items when due,and if psymcnts on thc Note are currcnt.then Lender
<br /> Rhwll cither cefund the cxcess over one-sixth of the eal►mutcd paymcnts or crcdit the exccss over one-sixth of the estimated
<br /> — pwyment�tu aubxecEuent payments by Borrower.at the option of Botrower. If the tatal af thc p�ymcnts made by Borrower
<br /> far item(a),(b),or(c)ix insufficient to p�y the item when due,then Borrower chaU pay to Lender eny amount necessary to
<br /> mwke up the deGcicncy on or bcforc the date thc item becomes due.
<br /> _ A�uied in this Securiry Instrument,"Secrctary"means the Secretary of Housing and Urban Development or his or her
<br /> dcsignee. In any ywr in which the I.ender must pwy a mortgu�c insurancc prcmium to the Secretary.each monthly payment
<br /> shwll gl�o include eithcr: (i) an instellment af the utnual mortguge insurance prcmium to 6e paid by Lender to the
<br /> = Secrstary,or(ii) K monthly charge insteAd of a mortgage insurance premium if this Security Instrument is hold by the
<br /> Secatary. Fach monthly installment of the mortgage lnsurmce premium shall be in an amount suffieient to accumulate the
<br /> � iull rnnuul murtgugC insurance preuiium with Lender one montt�priar to thc dotc ihc full annual mortgnge insurancc
<br /> premium is due to the Secrctury;or if this Secudty lnstrument i�held by the Secretary.each monthly charge sbali be in an
<br /> iunount equal to one-twelfth of one•half percent of the outstanding principal balance due on the Note.
<br /> - .. f�_„Q:u;,•„",� If Horrower tenden to L.ender the futl payment of all sums secured by this Security lnstrument,Borrowerls account
<br /> shall be crcdited wlth thc balance remaining for all installments for items(a). (b)and (c) and any martgagc insurance
<br /> "' � premium installment that l.endcr hax not become oblignted to pay to the Secntary,end L.ender shall promptly refund any
<br /> �,��'• excess funds to Borrower. Immediately prior to a famclosurc sate of thc Property or its acquisition by Lender.Borrower'a
<br /> "� acsount xhall be crcdited with any balance remuining for ull instapments for items(a),(b)und(c).
<br /> '�`�" 3. Ap�lkxtlon ot Payme�t�. All payments undec Paragrnphs 1 and 2 shull be applied by Lender as follows:
<br /> v,:�..:�
<br /> -,;+a�u : rIRST to the mortgage insurance premium ta be puid by I.ender to the Secretary or to the monthly charge by the
<br /> � Secreta imtead of the monthty mortsasc insurunce premmm;
<br /> �':.. w: ri�s �,to any taxes,specfal uaressmcnts,lcaschold payments or ground rents,and fire,floai:ind uther huzard
<br /> �^�� • insurancc c+cmiums,aF rcquired; -
<br /> ;, 7:•.F,�o;i:";._� ���(?�1ll�rS��SI(I�l�'UIIdPI'(I1P'NMPti
<br /> ', .'� .. FQ�'j{,to amortiration of the principul oF the Note;
<br /> � FIFi'li,to Intc churges due unde�the Notc.
<br /> 4. Fire.Flood And Other Hau�cd Insurance. Borrowcr,hall insurc all improvements an thc I�roperty,whethcr now
<br /> in existence or subscquently erectect, against any hazardr,cusualtics.und contingencies,including fire, for which Lender
<br /> _, rcquires insuruncc. This insuruncc shall bc maintnined in thc amounts and f'or the periodti thnt Lender requires. Borrowcr
<br /> . � :chail ulxo insurc ull improvcments on the Propcny,whcther now in cxixtence or tiubseyucntly erectcd,uguinst loss by floods
<br /> to the extent rcquircd by the Secretary. All insurance xhall be carried with cornpanies approved by Lender. The insurnnce
<br /> policier und uny rcnewalx shull be hetd by Lendcr und shall include loss p•ryable clauses in fuvor of,und in a forn�
<br /> , �cccptablc ta,Lcndcr.
<br />._� . In thr evcnt of lo.r•s, Borrowcr shall give Lcndcr immedi�tc notice by mail. I.cnder may mukc prcxif of loss if not
<br /> - mude promptly by Borrower. �ch insur.►nce wmpany wncemeJ i,hereby nuthori�ed nnd directed to muke payment for
<br /> ,' such loss directly to Lender,insteud of to Borrower anJ to Lender jointly. All or uny pun of the in+ur.mce proceeds muy bc
<br /> a�plied by Lender,at its option,either ta>to thc rcduction uf the indebtcdne�ti undcr the Note und this Sccunry Instrument.
<br /> f�nt w any delinquent umounts upplicd in thc ordrr in Prragruph 3,and then to prepayment of principal, or(b)to the
<br /> restoration or rcpuir of thc damagcd property. Any applicution uf th�ptncred�to the principul,hall not cxtend or paxtpone
<br /> ,� thc duc datc of the monthly payments wMch urc rcferrcJ to in Puragraph 2,or changc the amount of surh payments. Any -
<br /> � . excess intiurance proceeds over un amount rcyuircd to pxy alI ouixtanding indebtednrss under the Note and thiti Security
<br /> Inxtrumcnt+hall 6�p��id to th�cntity Icgally cntiQed thcreto,
<br /> In thc evcnt of forecloxure ot thi.Scruriry Intitrumcnt or othcr tramter of tidc tu thc F'roperty thut cxtinguishes the
<br /> inclebteJnes�,uU right,tiQc and interc�t uf I3on•ower in und tu in�urance{x�lieirx in firrrr shall pass to the purchu�er.
<br /> �� 5. (kcups�ncy. Areservatiun. Maintens�ncc und PrutectEun of the Property; I3orrower•s Loan Application;
<br /> Ixiuxhulds. Borrowcr tihall cxcupy,c+tablish,anJ utic thc Proprnp us Borroarr�prmcipal rc�iJrncc within s�xty days
<br /> - ' uftcr tlx rxecutiun of this Sccurity tnxtroment and xhall continuc to occupy the Ptoperty ux Bormwer's principal ms�dence
<br /> f _... f�►r at Icrrt unc yrur after thc Jate of occupancy,unlr.ti thr Seeretary determiaes this rcyuirement will cau,e undue hardship
<br /> �` for B�irrower, ur unless extenuuting cirrurrititancr. exi,t which an: be:yond Borrowrr'x control. 9orrower shull notify
<br /> � LrnJcr+ut uny rxtcnuuting circumstancc.. Boirowcr tihull not cummit wa,tc or de�troy,dumagr or substantially ch:u►gc
<br /> the F'n>perty u�ullow the Proprrty to drtcriarate.rcasimable we;►r and teur excrpted. Lender m•ry intipect the E'roperty if the
<br /> !'n►�xrty i�vncant ur ab;uidoncJ or thc loun iti in d�fautt. Lcndrr may takc rca.onablc artion ro pn�tect und prcservc such
<br /> � � vucunt or ubundoned ProExrty. Bcirrowrr.hall ul.a br in default it'Borrow�r.during the loan applicution process,guve
<br /> mutcri�lly fulx o� inuccurutc intiirn�utiim ��r tit:ucmentti to Lender cor t'ailyd to pnn�ide Lender with uny m•rteri•rl
<br /> � - " infumrrtiun)in cunnectiim with the lnan rvidenced by the Notc, inrluding,but 7ot limited to,reprcxentation,concerning
<br /> . purrowcr,�xrupancy of thr i'rupcny�i.a principal rc.i�enrr. If�hi.Srcurity Instrumcnt i.on a Icatichold,Borrowcr shull
<br /> rumply with tf�r pruvi+ux�s af thc Icu+c. If liorrowcr acyuirc�fr�title to ihc Propeny,thc Ic•rschold and fec tiUe xhuU not
<br /> bc nxr���f unlrti�l.cndcr ugrces tu thc mrrgcr in writing.
<br /> • . 6. Ch�rK�w to Hurruwer ynd Prut��tiun ut l.ender's Iti�hts in thc P�operty. li��rrowcr xhall pay all�,uvemmentul
<br /> =- •z.:,.,_ ' ur nwnicipul chargcs,tincti und impc�sitions th•rt an�not incluJcd in Yaragruph?. Borcowcr shall pay thcsc obligutions on
<br /> - ��*---�-� tinx dirccdy W the entity which i,uwrJ thc puymci�t. If failurc tu pa�� u•ouid advencly affect Lendcr's interest in the
<br /> �':t {'nK+erty,u{xN�l.cnJer�rcyucst Bom►wrr shutl promptty fumi�N tu Lender ntieipts evidencing these paymcnts.
<br /> , If Burruwcr ToHs tu mukr thesr paymcnts nr thc paymcnts nyuimd h� P.u�agraph 2, nr fails to perform uny other !,
<br /> "— cuvenwitc wnd ugrcements runwined in this Stcurity lmtrument,or there is a Iegal proceeding thut muy significuntly affect
<br /> 1�ry1..r4.;uh�.in�he 1�nv iweh�x a nrcx:�rdins in bankruntcv. for condemnution or to enforcc luws or mRUlations},
<br /> :� then l.cn�kc muy dii unJ pay whutever is nccc�sury to protcct thr vulur of thc Property und Lcnder's rights in thc Property,
<br /> °_' � fneluding pryn�nt uf taxcx,I�yv.urd insurwncc suid othcr items mentiuncd in Puragraph 2.
<br /> =,� I1nY auuwnt+.dislwned by [.rndcr undcr thix Prrr�raph.hull bcr��me an udditionul dcbt of Boaower and be secured
<br /> by Ihir ScCUrity Imttu�mnt. 'llxk amount�xhall t�car mtcrrst fn�m the datc of disbunement,ut the Note r�te,nnd at thc
<br /> aplbn ol'l.ender,�hrll he immc�iiutely duc and payuble.
<br /> 7, ('undemna�{un, 'llx prucecd.��f uny uwurd or cluim for dumugex,dircet or conseyuential.in connection with uny
<br /> amJemnwiun cx�Nlxr tuking of rny p•rn oF thc Propeny.or fur conveyance in pl•rce of condemnation,nre hecti:by assigned
<br /> axi Khal1 bc Mid to l.crxkr to the extcnt of'thc full:unuunt of thc indcbtednc�x that remains unpuid undcr the Note and thiv
<br /> tiau�iry Inrtrument. l.cixier.h�ll uppiy such proceeds tu the rcduction uf the indebtedness under the Nnte und this Security
<br /> InMrument. 17nt to wny drlinyucnt �nuwnts applicd in thc ordcr pivvidcd in {�rragr•rph 3, and thcn to prcp.•�ymcnt of
<br /> prin�ipal. Any rpplic�tinn ot the pn�oeedr to tIK principal shall not extend w postpnne the due dute of the monthly
<br /> �puX.2.�ft�,uXra�
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