|
�wrnr ,r, ;
<br /> .is{ ��•-. .� ...,� .., �
<br /> ►• I i, -�
<br /> � _ —
<br /> -- _. �__� .�.1
<br /> 94- 10�9�3
<br /> L Pi u�eAt a�Principrl�lnterest�nd I.�te CharQe. 8orruwcr slwll puy when duc the principil af,and Intercrt on,
<br /> the deM ev�renced by ihe Ndc and Iate ch�rgcs duc undcr the Note.
<br /> 2. Monthly p+iymeeb u�'Ihzer,InsurAnce wad��her CharKa. Hormwer tihall includc in cuch nu►nthly puyment.
<br /> - to�ether with the{xlncipa�+uxi intere�t w ect furth in the Nac and uny lutc churQc.,:u�inrtullment of any(iU tnxeti arrd
<br /> Kpairt�.+nr�runenl+IeYied or to be Icvied aguinst thc Praperty,lb)lewcchold pwymcnta ar enwnd rontz on the Property,and
<br /> = (c)prcmiumc far 1nKUancc rcquircd by Par�graph 4.
<br /> :.'� �h m�xi�hly In►tullmcnt for items (u), lh) und (c) tihuU cyuul one•twelllh nf thc unnunl umounh,us rcu.�cxiably
<br /> _•�� --- -� cstim�tcd by Lcndcr, piu.r un a�uuunt ruificicnt tu mufi�t•rin un additfunat halancc af not marc than anc-+ixth of the �-
<br /> _,�. estimxtod �mcwn4�. Tt�full annual wncwnt for euch item shuQ be uccumuluted by l.ender within a period ending cxu
<br /> ma�th txfarc an itcm wcwld bccame delinqucnt. Lcndcr ahYll hold thc amoun[x coll�xtcd in tNSt to pay itemti(o).(b)and
<br /> - ��:,,;,�,,,.a;,� (c1 befarc they Ixx:wne dellnqucnt.
<br /> �,.,�,...,,,,-�:,;,,:�,.� If at Any timc the totui of the payments held by Lender f�ar itcros(u),(b)und(r),tagether with the futurc m�nthly
<br /> �R��+a puyments far such ftems payublc ta L.ender priur to thc duc dutcs of xuch items, exca�ds by mom thun onc-sixth thc
<br /> �I��;_�� cctlmated wnaunt of pAyments rcquircd ta puy such items when duc,urui if puyments on the Notc urc curcrnt,then I.ender
<br /> � -- - ° - ° shall either rcfund thc ezccss over one•sixth oP the rstimntect pnymcnts or crcdit thc excess over une-�ixth af tfie cstimuted ____
<br /> _ ---rr;:;��:`s H paymcnt�ro subreyucnt payments by Borrowcr,ut thc option af Borrowcr. [f thc totul af the payments made by BoRawer
<br /> ���� - �-� -- for item(a),(b),or(c)is�nsufficiem ta puy the item when due,then Borrower.r•hall pay to Lender any amount necessary ro
<br /> ,.� ,,,,,,,,,,� muke up thc dcficicncy on or beforc the dute thc item becomes due.
<br /> "��*-�� � As used in this Security Instrument,"Secmtury"meuns the Secmtury of Housing und Urban Development ar his o�her
<br /> �� '%`�; � designee. In any yeAr in which the Lender mu�t pay u mattsuge insurrnee premiwn ta the Secretury,each mcu�thly payment
<br /> - shall alw includo either: !il an intitullmcnt of thc annual monguge insur:uuc psemium to be paid by Lender to the
<br /> ,:�>.�;��__,�,* Secmtury.or tii)u monthly churge insteud nf n mortgage in+urance prcmium if this Security Instrumrnt�s heid by the
<br /> � a�s+ .,;:.. v:. .�'r. Secretnry. Guch monthly instu!lment of thc mortgage insunnxe premium.hu1l bc in:ui umount sufficient ta accumulate thc �__
<br /> full unnual mortgagc in�urance premium with I.r.ndcr onc month priar to thc dutr thc full unnual mortgagc insur:uicc
<br /> � ��� � promium is duc to the Secretury:or if this Security Instrument i.held by the Secretury,each monthly ch:�r�e shall be in un
<br /> '"'''" r'' '" amount equa!to one-twelfth of one-huif percent af the outst3nding prinetpal balance due on the Note.
<br /> �r r,y,;,.� If Borrower tenden to[.ender the full puyment of ull sums tiecured by this Security Instrument.�orcowerl account E-'K
<br /> ��+ •��-• shall bc credited with the bntance remuining for all instellments for items(u). (b) und(r) und ;u►y mortgage insurancc
<br /> ..�:.y.:�,;,��.�:�".,:�-,: .• __-
<br />, „ ; . � , � premium instullment that Lender ha,not become oblignted ta pay to the Secretary.:uid L.ender shull promptly refund uny �
<br /> - • ". excess funds to Borrower. Immediately prior ta u foneclosurc sale of the Piro�xny or itx acyuisition by Lender,Borrowerh
<br /> �h;�����,�. .�.:f account shall be credited with any b+�lancc remuining tor all installments for items(a),(b)and(c).
<br /> k�� { • �. , 3. Application of Patyments. All payments under Prrngraphs 1 und 2�hall be upplied by Lendcr us follows:
<br /> -•• . , �IRST,to the mortgoge inxurance prem�um to be paid by Lender to thc Secretury or to tim manthiy chnrgc by the
<br /> - . ,�.,�:;,,,.,..._,.-:s •�-�, Secretnry instead of the monthly mortguge inwrance premwm;
<br /> �.,.,,;, , ��CON D,tv any uuce,,,pecial:uscys�i�cnt�,leasehold payments or graund rcnts,und Cm,flood and other hwArd E___
<br /> __ ���4!���:r'.�a.•:�-��' insuranceprcmiums.c�srcqmred; _
<br /> �+�'`"' `�`T' ��$Q,to interetit due under the Note;
<br /> • • ' FOURTH,to umortization of the principal of thc Natc: .�-
<br /> �FI'Fi,to latc churge,due under the Note. t'�
<br /> 4. Fire,Flood And Ather Hau►rd Insurs�nce. BoROwer shall insurc•rll improvcments on thc Propeny,whcther now ,_,
<br /> � in existenee or subseyuently crected,against any huzards,c�.tiuulties, and contingenciex,including fire, for which Lender -;
<br /> requires insurance. This inrurance shull be maintuincd in the umountx und for the periods that LenJer reyuims. Burrower r'�
<br /> shall ulso insurc ull improvcmcnts on the Property.whcthcr now in exi,tcnce o�subxequenUy crerted,aguinst lo.�by tlonds i -
<br /> � to the exient rcquired by the Secretary. All insurance+hall be r.�rried with companirs cipprovrd by Lender. The in,urance
<br /> . policies and any renewuls .hail be held by Lender und shull include losz payubie cluuse. in fuvor of, und in a form �
<br /> � , acceptublc to,Lender.
<br /> = In the event of los+, Borrower shull givc Lendcr immediate notice by mxil. Lendcr may muke proof of loss if not r••`
<br />• �t � mnde promptly by Borrowec Euch insurAnce company concemed is h�reby uuthoriicd and directed to make payment for .
<br /> � � tiuch loss dircctly tu Lender,instcad af to Borrower and to Lendcr jointly. All ur uny part of the insurance procecds may Ix i
<br /> upplied by Lender.ut its option,eithcr(u)to the rcduction of the indcbtedneti.undcr the N��te and this Secur�ty Intitrument. ,
<br /> first to:u�y delinyuent amountti upplicd in the��rdcr in ParagraQh 3, nnd thrn tci prcpayment of principal, or(b)to thc i
<br /> • mstorution or rcpu�r of the damaged pmperty. Any applic�uion ot thc prcxerd,to thc princ�p:►I.hal!not extcnd�r postporx i
<br /> the due dAte of the monthly payments which are rrfeRrd to in Paragraph 2.ar changc the amoun[of such payments. Any �
<br /> • excess intiurunce pracerdti over an amount mquired to pay all outs�unding indebtednes.under the Nnte und this Securiry
<br /> � Insuvment shall be puid to thc rntity Icgully cntuled themto. �
<br /> ' • In thc evcnt of forcclosurc of this Sccurity Inztrument or other trun.tir uf title t��thr Pruprny thut extinguitiheti ihe
<br /> indebtcdncsa all right,tiQc:rnd intcrest of Borruw-cr in und to insuranrr polirir�in forcr,hall p��.ti tu thc purcha+cr. �
<br /> � ' S. Uccupancy, Preservation. Maintens�ncr and Protection uf the Property; Borrower's I.oan Application;
<br /> ' � � - Let�seholds. Borrower shull occupy,estahli,h,und utie thr Pru�xcty u� fiortowrr. prinripal re�idenre within s�xty day+
<br /> • - ufter the execution of thls Security Instrument:+nd shal!rontinuc tu�xru�y the Pro�xm•a,B��rrowcr's principal residence
<br /> y.. .. .,��, for at Icast onc year aftcr thc datc of occup•rncy,unlcsti thc Sccretury dctcrtnines Aii,rcyuircmcnt will cause unduc hardship ,
<br /> r. . Fi.�r' for Borcower, or unlesx extcnuuting cireu�.tance+eri,t whirh are Ixycmd B��rruN•e�: runtrol. I3onower shall notify
<br /> � y.; . Lenden of any extenuu[ing circumstunces. Borrower shall not commit wu.0 ur Jr>truy.<iuntx�,e or xultstaitdally Ch:tnge
<br /> thc Propetty or allow the Propecty to detrriorutc,rcawnuhle weca and trar cxrcpted. I.cnder may myExct thr 1'roperty if thr
<br /> _�• • Property ts vacnnt ar ubandoned or thr lo:u� i�in default. l.ender may t:►I.r rc;��anuhlr action tu p�utcrt and prcticrve such
<br /> ;� vncnnt��r ubandoncJ I'roperty. Bornm•cr xhaU also ix in dcfault iC B��rrciwer,<iurinp th�� luan appliration proccs+,guvc
<br /> ��� materially fal,e nr inuccurutc infi�rniution or stutement, to Lrndrr tor failed to pruvidc Lcndcr with uny matcr�al �
<br /> � . � information) in connection with thc lo.ui evidenred My thr Nc�cc, inrluding,hut nut limited to,rcpnzrntation�conceming
<br /> '" �• BorrowerE occupancy of the Property u�u principal rcsidenre. If thi.Security Imtrument is an u leusehold.Burtower shall
<br /> .,._, :" ' comply with thc provi.�onti uf thc Icuk. If Borrowcr:tryuire�f'cc titic to Qic Pmperty,thr lcaschold und fec title,hall not
<br /> , • ' �;'.���;; be merged unless Lendcr agncs ro thc merger in writing.
<br /> ;'�;._ � . , 6. Charges to Borrower and Protection of Lendcr's Ri�hts in thc propertv. Borcowcr zhall pay ull govrrnmrntal
<br /> •;:..,.-.-.' � or municipal chArges,fines and impositions that arc not included in Parugruph�. Burrowcr shall pay thesc obl�gationti on
<br /> � �'��N�r time directly to the cntity which is owed the puyment. If failum to pay woulJ advcnely ut�fect Lrndcr'. interrst in thc
<br /> _..�� ` �a. Property,upon Lender�requcst Borrower shull pmmpNy fumish to Lcndcr rec�ipts evidencing these payments. �
<br /> If Borrower fails to mukc thcse payments or thc payments reyuired by E'�arngraph 2.or fails to perfornt uny othcr
<br /> covu�ants and aareements contained in this Security Instrument,or therc in u legul proceeding that may�igniticuntly uffect
<br /> =—�"�`''="'�T-=�'� Lender's rights in the Property(wrh as a prcxeeding in b;uikruptcy,for candemnat►on ur te entorce tnws or reguiunonsj,
<br /> _�;',� -`` then L.ender may do and pay whutever is necessary to protcct the valuc of thc Propeny and Lcnder's•rights in thc Proprrty,
<br /> '"" including payment of tuxcs,hayard insurancc und other items mentioned in Puras�aph 2.
<br /> Any unounts disbursed by Lender under thi�Para�raph�hull lxromc an additionul debt of Borrower and tx:zecund
<br /> by this Sxudty Insuument. TI►ese cunounts shull bcar mterc�t from the date of disbunement,at the Note rate,and at thc ..
<br /> option of Lender.shall be immediatcly due and payablc.
<br /> 7. Condemnatlon. The proceeds of uny awjud or cluim fo�dumuge,,dirert or conseyucntiul,in connertion with�ny
<br /> condemnation or other teking of any part of tha Prciperty,or for conveyunce in place of condemnation,ac�hcreby us,i med
<br /> and shall be paid to Lender to the cxtent of the fuli umount of thc indebtcdnes.thut romains unpuid under thc Note an�thi� ,��;
<br /> Security Instrument. Lender sh�►11 apply such proceeds to the reducti�m of the indebtedne+s under the Note und this Security „ '
<br /> (nstntment, fi[st to�ny cklinque�u umounts upplied in the order providcd in Parug�►ph 3, and then to prcpaymcnt of .
<br /> pdncipal. My appllcetion af the proceeds to the principal shall not extend ur postpone the due datc of thc monthly _._
<br /> �"
<br /> _, — �,:
<br /> �� (pigt 2 af I pagtal �-
<br /> —=:-...� �
<br />
|