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<br /> . 94- 10i�363
<br /> 1, ��e af!'ri�cip�i,idereri•nd L�le Glu�e. Bamwer sFudl p�y when dua�he princlpal oP.�nd inteewt an.
<br /> t6e d�bt avidat�ced by the Nt�e and Iste char�es dut under the No1e.
<br /> �. A�loatbly pqn�b d 7y�xp�Iwwrowct�ad:?tber C�sr�. 8arrower�hsll include in exh menthly pnymem.
<br /> to�tho�qdth the priecip�l Mnd lntereu+u set forth in the Note iM�ny I�tc char�er.�n in�t�llment ot�tty(ay uuce�and
<br /> �pecl�l�au�sments kvied or to be levled agdnst ihe Propeny.(b)lo�ehold p�ynxats or�otand rcna on the Praperty.�nd
<br /> (c)prmium�e for inwrance required by P�s�raph 4.
<br /> E�ch munthly insWiment for lum: U). (b) and(cl�hdl egwl one-twelflh of the u►nual �mounts,u r�+ison�bly
<br /> 3 �""°-""---""'---"� ostimattxf by I.e�xiet, pIw: wi :unowu sumclent to maintnin an additionnl balnnce of not more thnn one-sixth of the
<br /> euim�ted unounta. The fuil aru�ual Amoant fa each ium shdl be�ccumul�tod by Lender within A pedod ending ane
<br /> month befa+e m item would become delinquer►t. Lencler shall hold the art►ount�collocted in tcuu to psy items(a).(b)ad
<br /> (c)befa+e they becane deltnquent.
<br /> If at�ny time the total of thc payments held by I.ender for items(�). (b) end(c),togather with the future monthly
<br /> — p�yrtknts for auch items payable to Lender priur to the due dates of such items, excads by more than one•sixth the
<br /> esttmAtod amount of payments raquired to pay such items when due,and if pa ments on the Note are current,then Lender
<br /> shull a3ther r�efund the ezcess over one-slxth of the estimated payments or c�t the excess over one•sixth of the esdmAted
<br /> payments ro subrequent paymenu by Borrower.at the option of Borrower. If the total of the payments made by Borrower
<br /> for item(a),(b),or(c) is fnsufficient to pay the item wben due.then Borrower ahall pay w Lender�uty amow►t necesc�ry to
<br /> make up thc defictency on or before the date the Item becomes due.
<br /> --- -° As used in this Secudty Instrument,"Secretary"means the Secretary of Housing and Urban Developraent or his or her
<br /> —= designee. In any year in which the Lender must pay a mortgage insurance pnemium to the Secretary.each monthly payment
<br /> shall also include either. (i) an installment of the annual mortgage insurnnce premium lo be paid by Lend�r to the
<br /> - Secretary,oc (it)a maithly charge instead of a mortgage insurance pnmtum if this Security Insuument is h�ld by the
<br /> =i;,,'. Secretary. �ach monthly insteliment of the mortgage insucance prcmium shull be in an amount sufficient to accumulate the _
<br /> ' full annual rnoRgage insurance premium with Lcnder one month pr�or to the date thc full am�ual mortgage insurance
<br /> - premium ia due to the Secretary;ar if this Security Instrument is held b�+the Secrctary.each monthly charge shall be in an
<br /> ,.t. : ,� -•r� amount eyuat to ane-twelfth of one-hulf percent of the outstanding pdncipal balance due on the Note.
<br /> ���:''k'°"'���'`�� ` ' if Borrower tenders to Lender the full payment af all sums secured by this 5ecurity Instrument.Borrowerk account
<br /> '•`•`''� shall be credired wlth the balance remaining for all installments for items (a). (b) and (c) and any mottgage insurance -
<br /> `v;�i'.+�d�•;'.:r:���'.�:a'��, premium installment that Lender has not become obligated to pay to the Secretary,und Lender shall promptly refund an�
<br /> 1,�..;.;,- Borrowera
<br /> ° , ,.i.,�... .. excess funds to Borrower. Immediately prior to a foreclosure sale of the Propeny or its acqu isition by Lender. -
<br /> % , ' ' ' ��;�.�,:•;`'; account shall be credited with any balance remuining for all instulimenu for items(n),(b)t►nd (c).
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<br /> ��'r t�'`�'"`�Si •' 'Yi�s� 3. Application of H+yments. All payments undcr Paragrnphs 1 and 2 shall be applicd by Lender as follows:
<br /> .i�.;�,_-�`�y' �� ��•
<br /> _ ;�{r;:�t•.';�'�'r'.°�*,"�!r'f�a FIRS'!'.ro the mortguge insurance premium to be paid by l.ender to the Secretury or to the monthly charge by the
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<br /> - �y����_u,,:Y:.. . .,. :,. Secreta instead o f t he monthly mortgage insurunce pmmium;
<br /> "�b,,�i{�r;..�;. .. .�•_:. .-- �Q�j�,to any taxes,special assessments,leasehold payments or ground rents.and fire,flood and other hrzard
<br />�- �r%�s.r insurance premiums,ac required;
<br /> + " � �-JIRD.to interest due under the Notc;
<br /> •''"��-� ' FoutrrH,to amortization of the principal of the Note:
<br /> ,,�. ,.,. ,
<br /> '�` : _ , �.to latc charges duc under the Notc.
<br /> 4. F(re,Flood wnd Other Hazard InsurAnce. Borcower shall insurc ull improvements on the Property,whether now
<br /> . � �-'�� �? in existence or subsequently erected,asainst any hazurds,cusuulties,und contingencies, including fire,for which Lender
<br />- +, requires insurance. Thi.r•insurance shall be maintuined in the umounts and for the periods that Lender requircs. Borrower
<br /> • xhall also in�ure ull improvement+on the Roperty,whether nc��v in exixtence or subseyuently emeted,uguinst loss by floadti
<br /> • � ta thc extcnt rcyuimd by thc Srcrctxry. All intiuruncc�h:�ll tx carricd with comp•rnic�upproved by Lender. The insurrnce
<br /> -- policics und uny rcnewuls xhall tx heid by l.cndcr und +hall induJe Inss payablc cli�uses in favor of,und in u fortn
<br /> : �' � acceptublc tc�,Lendcr.
<br /> �� �� � In thr event of In�., Bnr���wrr,huU give Lcndrr inunrdiatr nixirc by muil. Lrndcr muy rnuke prcx�f of loxs if not
<br /> �'_'�:� made prumptly by Rortower. Exch in�urunce cnmpuny conremrd i.hrmby •ruthon�cJ und directed to mukr paymeut fur -
<br /> �,f ' such lo„directly to L.cndcr,intiuuJ of to 8orruwcr and tu Lendcr juintty. A1�or uny part af t hc insuruncc procccd�may lx
<br /> �,,,�,.. . . , applicd by Lender,•rt itc option,eithcr(u)to the reduction uf thr indebtedncs,under thc Not�and this Sccurity]nstrument,
<br /> � fint to any dclinyucnt umountti upplicd in thc ordcr in P�arugraph 3. and thcn to pnpaym�nt of principal, or(b)to the
<br /> , restoration or rep:ur of thc d•rmaged prop�:ny. Any applicati��n ot thr pr�xcrd.to thr princip:�l shull n�t extcnd or po+tpone
<br /> the due date af the monthly paymems which are nnferrrd tu in P�aragruph 2.��r changr thc amount uf such payments. Any
<br /> '. excess insur:uice proceeds over an amount rryuimd a�p.ry ull outuunJing indehtednexx under the Note ;md thix Security
<br /> Instrument shuU be puid to the�ntity legally ennded thcreto.
<br /> In thc event of farcclosurc ot thix Security Imtrumem ar othrr tran�frr of titic to thc Pro�rty that extinguishcs the
<br /> -• indebtcdness,all right,titic and intcrc�t of Borrower in und tu inwrance policic,in forcc shall patis to thc punha�er.
<br /> -a",�. 5. Occup�ncy, Pre.+ervatiun, Mnintens►nce und Protection of the Property; Borrower's Loan Application;
<br /> - Leaseholds. Bortower shall occupy,establish,und usc thc Pro�xrty a.r Burtowerti principal rcsidrnce within stxry duys
<br /> a� after the execution of thi+Security Instrument und tihall continue to nccupy the Pro{x�rty a,Barrower's principal residence
<br /> : .;.•X for at Ica�t one ycar aftcr the datc ot'ocrupancy,unlcss thc SerRtary dctcmiinc.t1�is rcyuircment will cause undue hardship
<br /> � �• for Borrower, o� untesx cxtenuuting circurtistunres exi,t whirh arc txyond BoROwer: control. Borrower shaU notify
<br /> Lenden of uny extenuating circum+tancex. Borrower shaU not ccimmit wa,te or detitray.dumuge nr substuntially ch:u�ge
<br /> ' Ihe Property or allow the Property to detcrioratc,rca,unublc wear and teur exccpted. l.cnder rn:ry impect the Property if thc
<br /> -` Property is vacant or ubandoned or the lo;u�is in default. LrnJc�may takc rcationablr uction to protrct und pmserve,uch
<br /> �•�• . �} vucAnt or nbandoncd Propeny. Borrower shall altiu he in drfault if Borrowcr, during thc loan application proces., gave
<br /> i materially fal,e ��r inaccurate infomiution or titatcment. tu Lender (or failed to providc Lender with any material
<br /> - information)in connrction with the loan evidrnrrd b� thc Notr, incluJm�, hut not limited t�,rcpm+entations conccrning
<br /> - • � Borrower's occupanry of the Property u,u prinripul rcsiJcncc. If thi.Sr�uriq•lnxtnmunt i�on a Ica�chold,Bortower shuU
<br /> ' comply with the provisiom uf thc Ica.c. If Borcowcr xcyuire�fr�tiUr to thc Prn�xrty,the Ie•rsehold und fee titic shsll not
<br /> ? bc mer�cd unlcss Lendcr agrecti to thc mrrEer in wnting.
<br /> • 6. Charges to Borroeer�nd Protection of Lender's RiQhts in the Propertv. Borniwer tihall pay ull�ovcrnmrntul
<br /> • . �, or municipul chargeti,fines anJ impc�+itiom that arr not inrludcd in Purugraph 2. Burn�wer tihall p,ry thcu obli�ations on
<br /> t • time Jirctitly to the entiry which i���wud thr paymcnt. It tuilurr to pay wuuld advenety atfrct Lrnd�r:intercst in the
<br /> y PmpeRy,upon Lender�nyue�t Borrowrr�hall prompdy lumi+h tu Lender reccipt+evidcncing the,e pa}�ment�.
<br /> If Borrower fai{s to make thc�c paymrnt.cir thc paynunt� nyuircd hy ParaEruph 2, nr fails to�rfortn uny other
<br /> �- covenants und aRreements contained in thi.Srcuriry In+trum�nt,or therc iti a Icgul pr<xeeding that may xignitic;u�tly affect
<br /> ` � � Lender's ribhts in the Propeny(tiuch ati a prcxcedmg m hankruptcy,tor cundrmnation or te�entorcc Iaw,or ngutatums),
<br /> then Lender ntuy do And pay wh•rtever is nece��ary ti�prutcct thc valuc of'thc hropert�und l.ender's ri�htx in the Pre�perty.
<br /> - �� �. including payment of taxes,havard insurunce und cither items menti�med in P�ragruph�.
<br /> Any amounts disburscd by Lender undrr thi�Rirugrnph shall hecamc an s�dditional debt of Burrowcr:►nd tx securcd ;
<br /> �-�� ,� by this Security Imtrument. The.e amounts ,hall tx.ir intcrcst From thc date of dishunement,at the Note rate,und at the
<br /> � option of Lendcr,shall be immcdiatcly duc and payuhtr.
<br /> • '� ' 7. Condemnatiun. The proceedti of any uward ur cluim for damages,dinet��r canycyuential,in rc�nncction with any
<br /> •'.��+,� condemnation or othc�taking of any part of the Praperty.ur for convcyunrr in placc uf�ondcmnation,um hcreby uxsigncd
<br /> � ��'- . ' and shall be puid to Lender to the extent of thc full amount of thc indebtcdncs�that rcmains unpaid undcr thc Note and thix
<br /> ; �� Security Instrument. Lender shall apply such procecds to the rcduction nf the indebtedneti.under the Note and thia Sccurity
<br /> " instrument, fint to any dclinquent umounts applicd in thc order provided in Paragraph �, und then to pnpuyment af
<br /> . , principal. Any applicution of the pro�ceds to thc principai tihall not extend or�w+tpix�e the duc Jate of the monthly
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