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<br /> ' r�:•:' 1. Payment of Principel,Interest And l.ate Charqe. Sortower hhall pny whcn due thc principnl of,und intcrcxt on. �--.-�°�J ���' �`� ,
<br /> "�"` the debt evldenced by the Noto and late charges due under the Note. �'•°`""`-'� --�
<br /> Z. Monthly payments of'Ihzes�inRUrance artd Other Cha es. Boaower shull include in each monthly puyment. �
<br /> _ � together with the princlps�und Interest uw set farth in the Nate tut�uny late charges. un installment of any(a)tnxes and [��,_-�
<br /> speciN assessmenta levied ar to be levied against the Property.(b)lec�xehold payments or ground rentx an the Property,and 6�:---����
<br />_ - ��vv�r�r,,, (c)premiu��ia fut inaurance rcquircd by Paragcuph 4. �,;::� .,;_-.N_. ----
<br /> �::�i� •,: F.nch monthiy installment for items (a). (b) and(c)shatl equal one-twelfth of the unnual umaunt�,w� reasonably . . :a_ --=__
<br /> �� "' `" '� estimuted by Lender, pIux an amaunt xufficient to mulntuin an additlonal bulunce af not mare than one-sixth af the '` ���:°�� , � _-`
<br /> � esdmated amount�. The full annual nmount for euch item shnll be uccumuluted by I.ender within a period ending ona ;f ��� _
<br /> `•`�",`��"��.`��''•�' month before an Item would become delin uent. l.ender shAll hold the umounts collected in trust ta a items(a),(b)and �'`'�'.�;-�
<br /> . . . . 9 P Y . i�^-..�
<br /> ':�' ° � � . (c)before thay becamo deltnquent. • �-°'r=•
<br /> � ' � If at any time the tatal of the payments held by L.ender for itemx ta),(b)und(c),tagether with the future monthly � J`�``"�'-
<br /> '�- �� �� paymen�v far such items puyable ta l.ender pdar ta thc due dates of such items, excceds by morc thun an�-sixth the ,. •;���:�A-:�=�-
<br /> •�i'' � esttmated amount of paymente mqulred to poy such items when due.and if pa ments on the Note arc current,then L.ender , ,���.�A'
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<br /> l':'�,.�.. shall either�efund the excess over ane•s�xth af the estimated pa me�ts or c�t the excess over one•sixth of the estimuted . �•_�_-
<br /> e y . >-: -
<br /> �- • •� •• payments to subsequent payments by Borrower,at th�option of Borrower. If the tatal of the paymcntx made by Borrowcr ` " ' :�;=``___
<br /> �.., .' for item(a),(b).or(c)is lnsufficlent to pay the item when due,then Barrower shall pay to Lender any umount necessnry to •,: ,,,:..�.:=-�
<br /> � F�• �. � make up the deficiency on or befom the date the item becomes due. °.. �':�?;� °
<br /> - As used in thia Security Instrument,"Secretary"me�ns the Secretary of Housing nnd Urban Development or his ar her � �"�"___
<br /> �„ ", . designec. In any year in which the Lender muat pay a mortgage insurance premium ta the Secretury.euch monthly payment '1=;Y;�—
<br /> - shall aliso include elther: (i) an installment of the annuul mortgage insurance premium to be paId by Lender to the t��•���_-=-
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<br /> , ; . ' �" Secretary.or (ii)a monthly charge insteud of o mortgAge insurance premium if this Securlty Instniment is held by the �''�'"T'-
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<br /> • � �� °'� Secretary. Each monthfy instailment of tha mongage insurance premium shali be in an umount tiufCcient to uccumulute Uie � � �` s
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<br /> � T fuii annuai morigagc iu�wtuic� pinu,;u�u wlth L�nder onc rnonih pnor ta tt�c date the fu!! anaua! mortgsge lnse�rence -.:.. �-°� _ __--
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<br /> i , � premium is due to the Secretary;or if this Security Instrument is held by the Secretary,ench monthly charge shull be in an .,�. ..,�a..,:
<br /> _ amount equal to one-twelfth of one-half percent of the autstanding principal balance due on the Nat�. � ' -
<br /> If Borrower tenders to Lender the full payment of all sums secured by this Securlry Instrument, 8orrower R nccount ` ;.�.;r;��-,
<br /> ' ' shall be credited with the belance remainin� for all installments for items (a), (b> and (c> nnd any mortgage insurance ��°�i�i"''�;=
<br /> , ' • premlum installment that I.ender has not become abligated to puy to the Secretury,and Lcnder shul!promptly mfund nn� '�:".±��:
<br /> ', excess funds to Borrowcr. Immediately prIor to a foreclosure sule of the Property or its acqulsition by Lender, Borrower s `'f'"�:�:—
<br /> ' �� account shall be credited with any balance remaining for all instaliments for it�ms(a),(b)and(c). �, _
<br /> • 3. Ap Iication of Paymenta. All puyments under Para�ruphs 1 und 2 shalt be applied by I.cnder us follows: . �'1."c''°''�
<br /> �to the mortgage insurance premium to be paid by Lender to the Secretary or ta the monthly churge by the � ,i:�' ___
<br /> Secre instead of the monthly mortgage insurance premium; ,���; .
<br /> . CQ .to any taxes,special assessments,leasehold paymcnts ar ground mnts,und Gre,flood und ather hazurd ` • g, "'
<br /> _ — ___-- insurance premiums,a�.:rcguired: _ _ . . _
<br /> ' THIRD.to intetest due under the Note; -^� :
<br /> ' FOURTH.to amortization of the principal of thc Note; :�'��'
<br /> . . �,to late charges due under thc Note. �"-
<br /> � •� 4. Fire,Flood and Other Hazard Insurance. Borrower shull insure�p improvements on the Property,whether now
<br /> ' ; in existence or subsequently erected.against any hazards,casualties,und contingencies,including fire,for which Lender
<br /> •.:: .,:_... . : requires InFUrance. This innurunce shall be maintuined in the eunounts und for the perlods that Lender requircs. 9onower � � � �
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<br /> shell also insure all improvements on the Propeny,whether now in exi,�eucc u�,uu,cyucuiiy c,c..��.,,ub«���,��...,.,�� ,.......:, --°---.�-,. �
<br /> . " to the extent requtred by the Secretury. All insurnnce shall be curried with compunies aPproved by Lender. The insurer►ce � �
<br /> • policies and any renewalc shall be held by l.ender und shall include loss payable cluuses in fnvor of, nnd in a form • ,�,
<br /> • � acceptable to,Lender. "'"
<br /> � . in the event of laxs, Borrowcr shull�ive Lender immediatc noticc by muil. L.ender mny malce proof of loss If not • - .
<br /> mude promptly by Borrawer. Euch insurunce company concemed is hereby uuthorir.ed and dimcted to mulce payment for �;: �__
<br /> such loss directly to Lender,insteud of to Borrower nnd ta Lender jointly. All or uny part of the in�urnnce proceeds may be ' �;��
<br /> - � applied by Le►�der,at its option,either(a)to the rcduction of thc indebtedness under the Note nnd this Security Instrument, ,,.�"�.'' '
<br /> � first to any dclinquent amounts upplied in thc order in Purugraph 3,und then to prcpayment of principul,or (b) to the ;;��` �
<br /> rertorution or repnir of the domuged property. Any upplicution of the procceds to the principul shull not extend ar postpone , `
<br /> , •• • � the duc dutc of thc monthly puymcnts which urc rcfcrrcd ta in E'uragraph 2,or changc thc umount of such paymentti. Any • �
<br /> - � excess insur�nce praceeds orer an umount rcyuired to pay alt rnu.tanding indehtedners under the Notc und th�s Securiry , ,3;•�.
<br /> Inauument shall be paid to the entity legnlly entitled themto. ( �
<br /> �, , In the event of fomclosure of thix Securiry Inxtrument cir other trnn,fer of titl� to the Property thut extin�uishes the � ' . , ,y�'-
<br /> indebtedness,all right,title und interest af Borrower in und to intiurance policies in force rhull pass to the purehuser. � =-t'i
<br /> . S. Occupancy, Preservatton. Maintenance and Protection of the Properly: Borruwer's Loan Applicetion; ! " '
<br /> Leaseholds. Borrower shal!occupy,e+tablish, und uxr the Property ux Borrowers pnncipul rcxidenre within sixty days � �`
<br /> ° � after the execution of this Security lnstrument und shull wntinue to�x:cupy the F'roExny a. Burrower:principal resiJence i ��
<br /> • � for at least onc ycar atter thc dutc of��ccupuncy,unlrsx the Secrctary dcterniine.thi,rryuiremcnt wiU cuuse undue hardship
<br /> , ' for Borrower, or unlexs extenuuting cirrurristunce. exixt which urc hcyond B��rcowrr: cuntrol. Bc�rrower shall notify i � p-
<br /> . Lenden of any extenuatin�circum.tc+nccs. Borrowcr shull not commit wu+tr��r de�truy,dumugr or substantiully ch:ui�e `,
<br /> the Property or allow the Property to detcriorute,masonuble wcar and tcur excrptcd. L.rndrr muy in.pect the Property if the �
<br /> . Property is vacAnt or abandoncd or the loan is in dcfault. Lender may tukc rcu.onahle nrtion to pmtcct und pmserve surh � .
<br /> " vacunt or abandoned Property. Borrowr.r+hull ul.o Ix in defuult if Borr<»vcr,during thr loan applicution prexc.r•s,gavc :
<br /> ' t materiall�r fulsc or inaccurate in!'om�ution or statemrntr to Lcndcr (or fai�rd to provide Lendcr with nny mutcriul `
<br /> � informution) in connertion with thc loan eviJcnecd by thr Notc,inrluding.hut not limited to,repmxrntutions concerning �
<br /> ' Borrower�occupancy of thc Property as u prinripal rexidence. If thi�Security In,trument iti on a Ieusehold,8orrower shuU
<br /> ` � comply with the provisionr of thc Icusc. If Borrowcr urquirr.fcc titic to thr F'roperty,lh�ley+chold upd fec titic shaU not '
<br /> ". be merged unless Lcnder agmes ta the merger in writing. �
<br /> , � 6. Char�es to Burrower and Protection of Gender's Rights in the I'roperty. BoROwcr shull puy all govcmmcntul �',
<br /> or municipal rharges,fines and im�xitiom that am not includcd in Puragruph 2. gorn�wcr,hull pay thc�c obligations on . �•
<br /> . time directly to the cntity which is owed thc puyment. If failurc to puy wc>uld udvrr�rly xffrct I.cndcr�intrrctit in thc �r
<br /> - Property,upon Lender's reyucst Rorrower shull prompdy fumitih to LrnJcr rereipts rvidencing thexe puymems. , �,^•.
<br /> . '! If Borrower fuilx to muke thetic puyment+ ur the paymcnt+rcquimd hy P:uagrt�ph 2,or fuil+to}xrform any othrr
<br /> - ....�.......1 .. ....�.�n..n�oin...I in thi.Cn.a�ritu in•tn�mrnt nr thrm i�a lrwal nrcti•rrdinv th:�t me�v�iunifirandv ttffec•� .
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<br /> ' Lender's• rights in the Property(surh as a pnxcrding in bankruptcy,fur condcmnation or to enforcc Iawti or rrgulUtions).
<br /> �, ' . then Lendcr may do nnd pny whatcver iti ncee�xury to pmtect thc vuluc of thc 1'n�Exny and Lrndrr�rights in the 1'roperty,
<br /> • � � indudin�payment nf tuxes,huzard insurnnce und othcr itcros mentioned in Pnragri�ph 2. .
<br /> � ! Any amounts disbuned by Lender under this Purugruph shull become xn udditionul Jebt��f Honow�r und lx ucurcd �'
<br /> ��� by this Securiry Instrument. 'I'hexe umountx shull bcar inten:,t fmm thr.date nf di�bur.cmcnt,ut the N�nc rutr,and ut the •
<br /> option of Lender,shuU be immediately duc c+nd payablc.
<br /> � k 7. Condemnation. 'i'hc procecds of uny awurd or cluim fnr damugr.,dirert or ron�cyuentiul,in ranncction with uny
<br /> '.> �� condemnation or other taking of any purt of the Propeny,or tiir ronv�yunrr in plarc of condcmnutiun,urc hrn by u,signrd
<br /> j ' � ' and shull be paid to Lender ro the cxtent of thc full amount of thc indcbtednc.s thai rcmuin�unpaid under thc Nc�tc cmd this •
<br /> ' '. t Security Instrument. Lender shull npply such prc�cceds to the mductiem nf thr indehtrdnr+x undrr thr Note and this Scrurity
<br /> � lnstrument, flrst to any dPlinyuent um�unts upplirJ in thr c�rder pmvided in Parugruph �, and thrn tu prcpayment c�f
<br /> i �� • principul. Any npplicution of thc pmrceds to thc prirnipul tihall not cxtcnd ur pu.t�xmr thr duc datr af thc mcmthly
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