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<br /> l. Payment of Prl�clp�l,Interat�nd Late Cl�r�e. Borrower�IWI py when due the prLicipal of,and interau on.
<br /> the debt evjdenced by the Noto�ncf 1�1e chu�ec due under the Note.
<br /> 2. Monthly p�ymenb o�'[tixea�lnwrance+�nd OtiK�Gb�r�a. Borrower ehxil include in ewch monthly pnyment,
<br /> together wlth tF�e pnncipal and intercct a�cet forth in the Not�and eny latc ch�e:,�n in�ullment of iu►y(a) taxw and
<br /> •woc}�I��nezsments levled or to be levied against the Property,(b)lea�ehotd payments a Yround ront�on the Praperty.and
<br /> (c)prcmiams far insurance roquir�d by Parngraph 4.
<br /> F.�ch monthly iru�tallment for items(a), lb) and (c)shall oqual one-twelfth of the �nnual amounts. �u reasonably
<br /> �-"�-- _-----� estimated by l.eoder, plus an unount sufficient to maintain an additlonal balance of na marc than onasixih of the _
<br /> estimatod ttmounts. The full w�nual amount fa tech item sshall be accumutated by l.endcr within u periad ending one
<br /> - _ month before an item would became delinquent. L.ender shall hold the amounts collected in trust to p�y Items(a),(b)and
<br /> (c)6eforc thoy become delinquent.
<br /> If pt any timc the total of thc payments held by Lender for items(a), (b)and(c), togcthcr wfth the future manthly
<br /> payments for such items payable to l.ender pdor to the due dntes of such items, excecds by mor�e than onc-sixth the
<br /> -- __ - estimAted amount of paymenta rcquircd co pay such items when due,und if pA ments on the Note ure current,then Lw:nder
<br /> � shall either refund thc cxcess over ane•sixth of the estimated payments or c�t the excess ovcr one-sixth of thc cstimated
<br /> __ ��-' payments to subsequent paymcnts by Borrower,at the aption of Borrower. If the total of thc paymenu mneic by Borrower —
<br /> - far item(a).(b).or(c)is insufficient to pay the item when due,then Borrower shali pay to Lender any amount nuessary to
<br /> make up the deflcieney on or before the date the item becomes due.
<br /> ��'�``'• '�''� As used in this Security instniment."Secretary"means the Secretary of Housin�und Urban Development or his or her
<br /> -_--_��-ti-_�=-�ss�„u� designee. ln any year in which the Lender must pay a mortgage insurance premium to the Secretary.each monthly payment
<br /> -�- --- �--Q = shall also include either: (i) un instellment of the anr.ual mortgage insurnr►ce premium to be paid by Len�er to the
<br /> -. � � Secrctary,or(ti)a monthly churse instaad of a mnrtgage insurance premium if this Security Instrument is held by the
<br /> ,,,, . . -;., Secrctary. Each monthly i�stallment of the mortgage insurance premium shail be in an amount sufficient to s►ccumulate the
<br />• ati°> '�">�',, -��'%� fuli annuat moRgage insurance premium with Lender onc mund►prlor to the dete the full pnnual mortgage Insurence �_
<br /> • �:•�:S . . �;� premium is due to the Secretary;or if this Security Inswment is held by the Seccetary,each monthly chorge shall be in su►
<br /> _ ^•�-^ amount equal to one-twelfth of one-half percenc o f the outstanding princ ipal balance duc on the Note.
<br /> o a sums securc y �s ecunty nstrument, orrower•a n[
<br /> " " shall be credited with the balance remaining for atl iustallments for items (�t), (b) and (c) and any moRgage Insurance
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<br /> , , prcmium installment that Lendcr has not become obligated ta pay to the Secretary,and Lender shall prampdy refund an�
<br /> excess funds ta Borrower. Immediately prior to a foreclosure sale of the Property or its ucquisition by Lender,Horrowers
<br /> '�''`�"� � ' account shall be credited with nny balance remaining for all instal(ments for items(a),(b)and tc). __
<br /> � `. 3. Appdcs►tion ot Payments. All payments undcr Puragrnphs I und 2 shall be applied by Lender as follows:
<br /> � FIRST,to the mortgugc rosurance prcmium to be paid by Lcndcr to the Secretury or to the monthly chargc by the
<br /> „ .. Secretary instead of the monthly mongage insurnnce prcmwm;
<br /> � SECONp.to any taxes,speciul assexsments,lcasehold payments or ground rents,and fire,flaod:snd other hazurd w.
<br /> insurunce prcmiums.as rcquired; —
<br /> --.;',,:._.___.-.,.__ ,-_ �jilliD,to imcscst duc uader the Note:
<br /> FOURTH,to amortization of the principul of the Note;
<br /> � �,to late charses due under the Note.
<br /> 4. Fire,Fload und Other Hazard losurance. Borcowcr shaU insure all improvements on thc Property,whethcr now
<br /> �. in existence ar subsequently erected,ugainst any h�iards,casualtics,und contingencics. including�re,for which Lender ___.
<br /> rcquircs insurunce. This insurance shup be maintuined in the amounts and for the periods that Lender requires. Borrower __
<br /> , si�all also in�ure all improvements on thc Property,whcther now in existencc or subscqucnt►y crected, aguintit lots by tloais �
<br /> to the extent required by the Secretury. All insurancr shali Ue carricd with compunies upproved by Lendcr. The insurance �--'"
<br /> �' policies and uny renewals shail be hcld by Lender und shull include lotis puyable cluuses in fuvor of, and in a fortn r�:-
<br /> � ucceptable to,Lender.
<br /> �•';• [n the event of loss, 8orrower shull givc Lendcr immedi:�tc noticc by mail. Lender ma�• makc proof of loss if not _-=
<br /> r mude prompdy by Borrower. Each insurunce rompany conccrncd iti hereby authorimd und directed to muke payment far
<br /> � ,i ' such loss directly to Lende�,instead of to Borrower and to Lendcr jointly. All or any part of the insurance prceeedti may be �-__
<br /> „ applied by Lender,at its option,either(a1 to the rcduction of the indebtedncxs undcr the Note and thi ti Secunry Instrument, `'�
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<br /> . first to any delinyuent amounn upplied in thc ordcr in Par•rgruph 3, and then co prcpayment of principal,or (b> to the =
<br /> resroration or repair of the damuged property. Any uppliration��f the procccdti tu thc princ�pul�hull not cxtend or pnstponr
<br /> ' the due date of the monthly pu�ment.r which um rrfemJ to in Paragraph 2,or change th�umount of such payments. Any
<br /> excess insuruncc pnxecds ovcr an amount rcyuired to pay ull out�tanding indrbtcdnc�s under the Notc nnd thi+Security
<br /> Instrument shall be paid to the cntity Icgally entided thrreto.
<br /> ln the event of forcrlosutt of thix Seruriry Instrument or othcr trantifrr of titic tu thr Pro}xrty that extinguizhes the _
<br /> • indebtedness,all right,titlr und intrre+t uf Borrower in and tu in+urunce polirira in furrc�hall pa,�to the purchaxcr.
<br /> S. Occupancy, Preservation. Maintenance und Protertion of the Pruperty: Borrower•s Loan Application;
<br /> . Leaseholds. Borrower�hull xcupy,rstabli�h,anJ u+c thc Pro�xrty a�Borrowcr� principxl rc+idenre within ti�xry days
<br /> ufter the execution of this Security [nstrumrnt and�hall continur to uccupy thr Propeny :i.Burcowrr:principal residence
<br /> • for at least one ycur aficr the datc of arupancy,unlrs,thc Sccretary dctrmiine�this rcyuirement will cautie unduc hurdship
<br /> ' for Borrower, or unlesti cxtenuuting rircum.tance� rxi,t which urc tx}ond Hiirn�wer� runtrol. Borrowcr sha11 nulify
<br /> ' • Lenden of any extenuating rircumstnnrr+. Borrowcr tiliall nat ccimmit w,►titr or drtitroy,dumugr or.ubstantially change �
<br /> ',� thc ProFxrty or ullow the Pri��xrty to dctcrioratc,rca,unahlc wrar and trar rxccptrd. LenJrr ma�y myExct the F'rop�rty if thc �
<br /> F'rope�ty is vacant or uNandoned or the loan iti in Jrfault. Lendcr may takr rr:i.unahle action to protect and prrxerve tiuch 4
<br /> � . ' vacunt or ahandonrd Ffiupcny. Borrowcr tihall ul�o tx in default il'Bi�rruwrr.Juring thr loan applica�ion prcxc��,guvc
<br /> � materially fuls� or inarrurate infomiation or �tutcmrnh to Lendrr lor tuilyd to pruvidr Lrnder with any m.itcrial ,
<br /> �, inform3tion)in conncrtic�n with thc Ic�an rvidcnrrJ by thc Nutr, inrluding,but nut limited tu.rrpr��cntation�canreming
<br /> Borrower's occupuncy of Ihe ProExny as a prinripul rc�idrncr. If thiti S�runty Intitrument i�un a Ieasehold, Borrower�hull
<br /> comply with thc provisionz of thc Irati�. ll Horrowcr ucyuircr fr�tidr tu thc I'ru�xrty,thr Irusehnld und fcr titlr sh:dl ni�t � ,
<br /> , bc mcrged unlc�s Lcndcr�grcrs to thc m�rgrr in writing.
<br /> . • 6. Charges to Borrower and Protection of Lender's Iti�;ht�In the Prupert�•. [;��rcuwer shal l pay all Euvcmmrntal
<br /> or municipal charges,fines:md impcnitiom that arc not included in Paragr❑ph 2. tiurru�►•cr.hall pay the.r obligatiun.on
<br /> ' � time dirccdy to the entity which is owrJ lhc payment. N�failurr tu pay uuuld:►Jv�r.rly aff'rct Lend�r'� intcrctit in the
<br /> � Property,upon Lenderz reyucst Bnrrowcr�hull promptly furni+h to Lrnder rrrript+rvidencing the,e paymrnts.
<br /> � If Borrowcr Fuils tv makc thcu paymcnt+ c�r thr payment� Ryuircd hy I'aragr.iph ?. ��r t;iilx t���xrtiimi :in�• othrr
<br /> �,+ covenants�nd agrcementti containrd in thiti Srrurity In�trument,ur thrrr i�a Ir�al pr�x:rrding thxt may+��nitiruntly uffect
<br /> L_ • _..a..�c._:,.a... :...w., n.�......w..�.....6.. .�n..�•.�..,�in�� in h:�n{�n�ntrv. tirr rund�•mnation uf to CttfoR:�t�IIN�z or rcaulution�l.
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<br /> then Lendrr may do and pay whatrvcr i,nrccti�ary to protcrt thc�:Quc ul'thc F'ruprny und Lrndrt� ri�ht� in thc Pro�xrty,
<br /> including paymcnt of taxr�,haiard in,ur.mrr and nthcr itcm�nuntioncd in Puti:►�raph 2.
<br /> , Any umounts dishur,ed by LrnJcr undcr thi.Rirc+�r�ph tihall tkrumr an additiunal drht uf B��rmNCr and Ix srrurrd
<br /> by this Security Instrument. Thr.e umuunt��hall tx�ar imcrc+t frum the date of di.hur�r►nrnt.:�t the Nute rutr,and at thr
<br /> � �� option of I.cndcr.+hull tx immediatrly duc and pu��ahlc.
<br /> 7. Condemnatfon. Thc prcxeed�uF any award ur rluim tiir d;unatic,,dircrt c►r run.rqurnti:�l.in cunnrction with any
<br /> l � � condemnution or other takin�of:�ny purt of thr PruEx ny.ur fur conveyancr in plarr uf rundemnati��n,are herrby ati.ignrd
<br /> and xhall bc:paid to Lendrr to thc c:xtcnt of thc full atnowit u(thr indrNtcdnc,.that rtmain�unpaiJ undrr thr Nutr anJ thi.
<br /> • Securiry Inxtrument. Lendcr.hull apply wch pnke�J�tu thc rcducti�m u(thr indrhtrdnr»under the Nnte unJ thi.Srrurity
<br /> ' lnstrumcnt, tirxt to any dclinqucnt amount� upplicd in thr urdrr pr����tdrd in 1':iraEr:�ph 3. and thrn tv prrpa�•mrm ul'
<br /> ! principal. Any •rpplicaticm af'thr pr�xccJ� to thc primipul �hull nut cxtend ur pu.tpuno tlu Juv datr ut th� tnunthly
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