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<br /> 84- �
<br /> l. P� eMUt at Prieclpwt,Gtttrwt lu�d 4Mt CMarp�. Burrawir otull pay wha�Jua Ih��xinc�af.�q a�.
<br /> tir d�bt ev�by tlKS Note�nd I�te clwr�e�dae w�dK the Ndo.
<br /> 2. MoHbly W7pe�b d'ILzM,l�wrs�ct�nd tkMtr��. Bortower badl inctude in exfi manthlY P�Y��,
<br /> ta�qi�er with the principd�nd inteoeu N Kt fo�th in the Nae�nd�ny tu�a cfiu�es.�n lnsallment of any(a)uxa�nd
<br /> rpeci�l��ewn�ent�kvled or to be levkd��xi�ut th�Propo�ty.(b)ieiuehold p�ymena or�rau�d ronu oe�Pr+c�erty,�nd
<br /> (c)pt+amiunu for inuuru�ce rdquirod by P�r�y{nph 4.
<br /> _ F.�ch moRlhiy in�Wlment tor items (�). (b) �nd(c) �hdl oqual one•twelAh af the�nnwd unounta.� naacxubly
<br /> _ eulm�ted by Lender, p!w rn unount �u�cient w mainu�tn �n �ctditional balu�ce of not more thm one-:ixth of the
<br /> - �-'-- ------ � eulmated amounl�. Thc futl annua! �urwunt for each item shall be accumulatad by Lender within �periad endin onc
<br /> month bef�t�e�n item would bccome delinquent. lander s�h�ll hold the unaints collected in uust to py Itans(a).(b��nd
<br /> (c)befae th�y betome dclinquent.
<br /> If�t any tfine the toW of Ihe payments held by Lender Car iums(t).(b)u�d(c). together with the futun monthly
<br /> payments for such items puyable to Lender prior to the due d�tus of such items, exceeds by more than one•siath the
<br /> esdmatod amount of psyments requirod topay such items when due,tmd if p�yments on the Note ue cument.tha� Lendcr
<br /> sh�ll either refund the exass ovcr one-sixth of the estimated paymen[s or cred�t ihe oxces�over onc-sixth of d�e est�nutod
<br /> - v—----° i payments to subrequcnt paymcnts by Bomower,ut the option of Borruwer. If the total of the paymenu madc by Bomower
<br /> � for Item(a),(b).or(c)is insu�cient to pay the Item when due,then 9orrower s1Wl pay to Lender any onount naessuy to
<br /> m�lce up the deficiency on ar befora the date the item be.�omes duc.
<br /> ! As uced In this Security Instntment,"Secretary"means the Secretary of Housing and Urban Development or 1►is or her
<br /> ' designa. In any year in whfch the Lender must pay a mortgage insuranoe prcmium to the Se�retsry.each monthfy payment
<br /> shaU also include cither. (i)An installment of the annual moctgage insurancc premtum to be paId by Lender w the
<br /> Secretary. or(li)a manthly chuge instead of a mortgage insurence premium if this Security Instrument is held by the
<br /> Secrctazy. Each monthly installment of the mortgage Insurance premium shall be in an amount sufficient to accumulate the
<br /> fuU annual mortgage i�surance premium with l.ender one month prior tu the date ihe fud annual mortgagc insutancc
<br /> premium is due to the Secretary;or if thi�Security Insuument is held b�y the Secrctary,each monthly charge ehall bti in an
<br /> = amount equal ta one-twelfth of ona-half percent of the outstending principal bwlance due on the Note.
<br /> If Borrower tenders to Lender the full payment of ull sums secured by this Security Insttument.Borrowerk acconnt
<br /> shall be credited with the balance remaining for all installments for items(a),(b)and (c) nnd any mortgage insurance
<br /> ° ;_,,. ,:;,.!;,.. premlum installment that Lendcr has not become obligated to pay to the Secretary,and Lender shaU promptly rcfund an�r
<br /> � :- w' "`� ' ezcess funds to Borrower. Immediately prior to a forcclosure sale of the Property or fts acquisition by Lender, Borrower a
<br /> sccount shall be credited with any balence remaining for all Installments for items(a),(b)and(c).
<br /> '";�:= '+' � " 3. Application of Poymenta All payments under Pnragrnphs 1 and 2 shall be applicd by Lender as follows:
<br /> �'�%� '� °�`N� FIRST,to the mortgage insurance premtum to be pa�d by Lender to d�e SecretAry or to the monthly charge by th�
<br /> Secretary instead o�'the monthly mortgage insurance prcmium:
<br /> SECOND,to any taxes.special asseasments,leasehold payments or ground rents,and fire,flood and other hazard
<br /> -__ Insurance premiums,as r�{uired;
<br /> ''��i�,r— ,3,�„ i4!!!Is'!'GSS dUG tlR4Lf i3lt ML+tt;
<br /> �� :;�;,;. .,,�;�-:•y:.�,•.r,.�: FOURTH,to amortizntion of the principrl of the Notc;
<br /> � W,,,„. ., ;..-:. �•. •:<: �,to late charges due under the Note.
<br /> ',l "� 4. Fire.Flood And Other Hazs►rd Insurance. Borrowcr xhall intiure all improvements on the Property,whether now
<br /> f in existence or subsequently erected,against any hazurds,casualties, ar.d contingencies, including firc,for which Lender
<br />-z � reyuires insurance. This insuronce shall be maintuined in the amounts and for the periods that Lender requircs. Borrower
<br /> i shall also insure all improvements on the Property,whethcr now in existencc or subsequently erected,against loss by floods
<br /> ' � to the extent tequircd by the Secretury. AU insurunce xhuU be carried with compmieti approved by Lender. The insurance
<br /> • -��"` ' policies and any renewals shall be held by Lender and shnll include loss puyable cl�uses in favor of. and in a form
<br /> , .. ,
<br /> : ucceptuble to.Lender.
<br /> . , In the event of loss,Borrower shall givc Lender immediate notice by mail. Lender may make pmof of loss If not
<br /> %.a. • , made promptly by Borrower. Euch inxur:;nce company concemed is hereby authorized und directed to make payment for
<br /> � � � such loss directly to Lendcr,instead of to Borrowcr und to Lender jointly. All or any part of the insurance proceeds may be
<br /> applicd by Lender,at its option,either(a>to the reduction of the indebtedness under the Note and this Secunry Instrument.
<br />" .'�`` � " " first to any delinyuent amounts applied in the order in Parugraph 3. and thcn to pmpuyment of principal,or(b) to the
<br /> � mstoration or repnir of the dumugrd propeny. Any upplicution of'the proceedx to the principal shall not extend or postpone
<br /> • � -- �5• ' the duc d•rte of the monthly p•rymcntti which:u�c rcfeRed to in Pnragraph 2,ur change the amount of such payments. Any
<br /> excess insur:uue proceeds over an amount reyuimd ta pay all outstnndin� indeMedness under the Nate and this Security
<br /> " .. • ' Instrument shall be pnid to thc entity Irgully cntiticd thcrcto.
<br /> • In the event of foreclosum of this Security Inxtrument or other transfer of titlr to the Praperty thut extinguishes the
<br /> indebtednesti,nll right,tiNe and interest of Borrower in and to imurance policie,ir furcc shull pass to the purchaser.
<br />� ��;; , S. Qccupancy, Preservution, Maintenunce und Protection of the Pruperty; Borruwrr•s I.oan Applieatfon;
<br /> - • � Leaseholds. Borrower tihaU cxcupy,extublish, und u.c thc Pro}xny a, Borcower's pnncipal residence within sixty days
<br /> �;;,,�, after the execution of thi.Securiry Instrument and shull con[inuc to occupy ihr ProExny as Bormwer'x principal residence
<br /> r;� for at' nst one year ufter the date uf occ�tpancy,untr.s the Serretary deterniine�thix reyu�rement will cause undue hardship
<br /> T•- w'�,�"y;,=� for Borrower, or unless extenuating circur►i,wncrti rxi�t which xrr �:yund [iorrower; control. Borrower shall notify
<br /> t,. . Lenders of any extenuating circumxtrnccs. Borrowcr shall not commit wa+ie ur dextroy,dumugc or substantiully change
<br /> ' %}="" ' the Property or allow thc Propeny to deteriorute,reusonahle wcar and tcar exccptcd. Lendcr muy mspcct the Property if the
<br /> � ' Propeny iti vacnnt or abanJoned or thc loan is in d�fuult. Lrndcr may take masonable uction to protect;snd prexrve such
<br /> �- ` vacant or abandon�d Property. Borrowrr�hull al���h. in default if Borrower,Juring the loan upplicution prcxess,gave
<br /> ;;. � matcrially falsc or inuccuratc infomiation or �tatcmcntti to Lendcr (or faited to prc�vidc l.cndcr with nny matcrial
<br /> � inforniution}in connection with thc loan cvidenced by thr No[c,including,but not limued tu,repnrcsentations conceming
<br /> . .. Borcower's occupancy of the Property a�a principal rctiidence. tf thi�Srcuriiy Immiment is cm a Ieaxehold.Borrower shall
<br /> = comply with the provi+ion.af the Ieutie. If'Bomiwrr acyuire.fec tidc to thc 1'nqxrty,the Ieusehold and fee tiNe shall not
<br /> , .• be merged unlcs�Lender aFc+ce�to thr mrrgcr in writing.
<br /> 6. Charg�s to Borrower und Prutectinn oi'I.ender'S Ri�hts in the Pcoperty. Burruwer shall pay ull govemmental
<br /> - ' =.t• �•. • or municipal chargex,fines and impoxition�thut arc nnt incluJed in Parugruph 2. Burrower sh•rll pay thesc oUligations un
<br /> - time directly to thc entiry whirh ix owed thc pxyment. If failurc to pay wou1J advcrxcly affcct Lendcr's intcrest in thc
<br /> _ ' ' _��;T:. Ropeny.upon Lender�myuest Borrower+hall pmmpdy fumi�h to Lender recripts rvidencing these payments.
<br /> �� " � ''�"' If Borrower f:iils to muke thesc �► ments ur the .► mcnts re uind b Para rr h 2, ur fails to rform an other
<br /> -���g`-:: • R'Y P'Y 4 Y R'P P� Y
<br /> �`='- covenants and agrcements contained in this Security lnstrument,or then ic a Icgal prcxecding thut mu���g��r�:�e�y�rre<<
<br /> � 1�nr�r¢rio6fc in tiv�Pnur+dv(u�rh ac u nrrr��rdinu in 6anlrn�ntrv. fnr rniul�•mwtinn nr to enforce llWR OI'f�QU�:tlI011ti�.
<br /> _ '' e•"'"'�" '"r"'� •__"' __ _r'_"'_"'�,-..
<br /> - .�';!���Y, � thcn I.ender may do and pay whs�tcvcr is necc+.ary to pmtect the va�uc of the Ruprn and Lenderti rights in the 1'roperty.
<br /> �.`'v,�� ��;n�°•f��► including payment of t�uccs,h;uard insurancc and othcr ucm.mentioned in Paragraph'�
<br /> �� Any amounts disbursed by Lender under this Prr��;r�ph shull bccomc an aJditional dcbt of Borrowcr smd be�xurcd
<br /> by this Security Inswment. 7'hese umounts�hull bcur�nten:st fmm the dute of di.bursement,ut the Notr rute.and at the
<br /> option of Lender,shall be immediatcly due and payublc.
<br /> 7. Condemnation. The proceeds�f uny nward or r.laim for dumuses,direct or conxeyuential,in connection with uny
<br /> condemnation or other tsiking of uny part of the Propeny.or for conveyance in plarc of condrmnution,;u�e hereby assigned '
<br /> and shall be pa(d to Lendcr to thc extcnt of the full umount of the indebtedness thut remains unpaid undcr the IVote and this
<br /> Securiry Instruroent. Lender shall apply such pmceeds to the rcduction of the indebtedness under the Note und this Security
<br /> Inswment, first to xny delinquent wnounts applicd in the order provided in P.►rugraph 3, und thcn to prepayment of
<br /> principal. My applicauon of the proceeds to the principal shall not �xtend or postpone the due date of thc monthly
<br /> =----:.�.s�arstay
<br /> fpu�e 2��I pages)
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