|
�'l' '�_ . 1 ��.'� Yirv� � •--- .__ ._...' �
<br /> w..ai..I . ;.��rY"Ii� - . ' . .� I
<br />_ ������� .���'�_� __���.�.._
<br /> — 1. Fayment ot Principal�Inte�est And Late Charge. Borrower shail pny when duo the principui af.and interest on,
<br /> the debt evld�nced by the Nou and lete cherg�s due under�tto Note.
<br /> 2. Monthly ppymenta ot 71�ices,Insurance and Othsr Char�ea. Borrower Ahall lnclade dn ench monthly puyment.
<br /> wgether with tho prtncipul and interest as sc2 forth in the Nate And any late chorges.cu�inatallmem af uny(a)taxes nnd
<br /> speciei assessments levfed or to be IevIed against the PropeRy�(b)lesschatd paymenta or groand nents on the Pi+upeny.end
<br /> _ „_____T (c)premiuma for insucance required by Paragraph 4.
<br /> ---� F„ach monthiy instapment for tums(a).(b) and (c) shall aqual one•twelftii of'the annuui :unount�.us reASOnably
<br /> estimated by L,endar.� plus an amount sufficient to maintain an addidonsl balAnce of not more than anasixth of the L
<br /> estimated amounts. The full annus+l umount far each item shalt be accumulated by Lender wIthin u pedod endin one
<br /> - momh before an Item woutd become delinquent. L.ender ehall hold the amount�collected in uust to puy items (a),@�tutd
<br /> (c)before they become delinquent,
<br />,+=n If at any tIme th�total of the payments held by Lender for ftema(a),(b)and(c),together wtth the future monthly
<br />,';� payments for such itema payable to l.ender pdor to the due dates of such Items,exceeds by mone than one-sixth the
<br /> : . esdmated amount of paymenta reyuired to pay sach itema when due.and if pu ments on the Nota ere current,then Lender �_ ,.- -__ _. _..____
<br />=�: ehal!either refund the excess over one-sixth of the estimated paymcnts or�t the excess ovcr one•slxth of the estimated
<br /> t payments w subseque�t paymenta by Borrower.at the opdon of Borrower. If the total of the payments mada by Bomawer.
<br /> for item(a),(b).or(c)ie insu�cient w pay thc ltem when due,then Borrower shall pAy to Lender nny amaunt neressary to
<br /> make up the deftciency on or before the datc the Item becomes due.
<br /> As used in thts Securtty Tnstrument."Secretary"means tha Secc�etary of Housing and Urban Development or his or her ��_
<br /> designee. In any year In which the I.ender must pay a moctgage Insurance premium to the Secretary,cach monthly payment __
<br /> shell also lnclude either. (i) an InstaUment of the annual mortgage insurance premium to be paid by Lender td the _.
<br /> � Secreusry.or(ii)a monthi char e instead of a mortgage inaurancc rnium if this Security Instrument ix held by the -----_—
<br /> r
<br /> - —
<br /> ° �'�'�` Secretary. �ach monthly instaiIment of che morcgage insurance pn�niu�n�iu�li be Iri as amaunt suff:cieat to accwnalate the � '"
<br /> _ •-_=
<br /> . full annual mortgage inaurance premium with Lender one month pnor to the date the full annual mortgase insurance �:,. �
<br /> '�. -.
<br /> �.�:. :;,.�'•".`^'"•'"• premium is due to the Secretary;or if this Security Insuument ls held by tLe Secrrtary.each monthly char�e shall be in an �.,�.
<br /> _ �`� amount rqual to one-twelfth of one-half percent of the outstanding prIncipal balance due on the Note. _
<br /> -�"--
<br /> If Horrower tenders ta Lender the Poll a ment of all sums secured b this Secudry Instrument.Borrower�s account •� ���� =
<br /> �'° �" ���. ��'°•��' shall be credited with the balance remaining f r a11 InstallmcnGs for iterns(a), (b)and (c) and any mortga�e insurance �°' -_"
<br /> .,����'���'w�t�'. priemium inatallment that L.ender has not become obli ated w a to the Secre and Lender shull rom tl refund nny �.. • �-=
<br /> �,+r"1�� r, „ exceas funds to Horrower. Immediatel rior to a for closure sale of thc Roper�ty or its ncquisition by LendeY Borrowers ` � r`�•�"
<br /> •;.:�'.'..:`•:.:;'�:.; ..� YP ; ,,.r•�.�._
<br /> •. account shall be credited with any balance remnining for all installments foritems(a),tb)end(c).
<br /> • �.r:•� `'•�� " a. ApplicatEon of Paymenta All payments under Paragmphs 1 and 2sha11 be applled by I.ender as follows: _-
<br /> : .,,. . .
<br /> ,�..,.�. : � ORST,to tha mortgage insurance pmmium to be paid by Lender to the Secretary or to the monthly cherge by the . . ,� �
<br /> ,. : Secre instend of the monthly mortgage insurance premium; ' `�""�-
<br /> _ "_ - - • _
<br /> $�.to$ny texes,c�rr�Bl 84Sf'ac�pep�c,Ien�:ehold gnyments or�round rents.and fire,flood and other hazard .—`_
<br /> ` �.r r
<br /> inaurance prem[ums,as required;
<br /> : ' �jIRD,to interest due under the Note: — _-
<br /> FQURTH.to amortizution of the pdncipal of the Note; ' �
<br /> � • �ji,to late charges due under thc Note. "
<br /> -_,
<br /> , '-
<br /> -• ;. 4. Fi�e,Ftood and Other Hazard Insurance. Borrower shaU insure all 3mprovements on the Property,whether now ,.
<br /> in existence or subsequently erected,ugainst nny hazards,casualties,and contingencies,including fire,for wh�ch Lender ��--
<br /> _::: ..___._.-----------__. _---.
<br /> -�-,----------__ _.,
<br /> � requires insurence. This insurance shall be mnintained m the amounts nnd for the periods chac Len er rcyw�ra. u�wwei �" =-'� �
<br /> . ' shall also insure all improvements nn the Property.whether now in existence or subseyuently erected,against loss by tloods ''�°'�_
<br /> . • .. to the extent required by the Secretary All jnsurance shall be carried with companies Approved by Lender. The insurance !��
<br /> , polictes and any renewals shall be held by Lendcr and shall include loss payable clauses in fuvor of. and in a form �,�°=_
<br /> ' " acceptable to,Lender. , � ��
<br /> ' In the event of loss, Borrower shull givc I.ender immediate naticc by muil. Lender may make praof of loss if not �"�`'�
<br /> ` � uchelosdip[ly to L.ender,rins�t�ead of t Borrower nnd to Lendcr jo nt y eAll�orh.u�y port of therenseudrance pracepedymmayfbe •��'��'�
<br /> ' ap Ited b Lender,at its o tian,either{u)to the reduction of the indebtednesx under the Note and this Secunry Inswment. ����-
<br /> ., ficst to an delin uent umounts a lied in the onier in Pura ra h 3,and then to re u ment of rinci al,or(b)to the ' . �%'���--
<br /> Y 9� PP 6 � P P Y, P P ;�.
<br /> . testoration or repu r of the damagcd property. Any applicntion o the prcx:ccds to the pnnc�pal shull not extend or postpone • •
<br /> -- �• !I►e due date of the monthi y pa yments which are referred to in Puragruph ?.or chunge the�m�unt of such pnyrnents. Any _..__
<br /> • excess insurance praceeds over nn amount requimd to pay all outstunding indebtedness un der t he Note nn d t his Secu d ty � '� � '
<br /> Instrument shnll be paid to the entity le�ally entided thercto. '
<br /> . In the event of foreclosure of this Sccurity Instrument or uthcr trnnsfer of titic to the Property thut extinguishes the - -b
<br /> indebtedness,all ri�ht,title und interest af Borrower in nnd to insurance poliries in force+hc+ll puss to�he purchaser.
<br /> • . , S. Occupancy, Preservation. Maintenance and Protection of ihe Property; Borrower s Loen Application;
<br /> � l,easeholds. Borrower xhull occupy,estublish, and uxe the Property us Borroweri prmcipul residence within sixty days •
<br /> ` a�ter the execution of this Security Inurument und shall continue to occupy thc Pro�rty as Borrower i principul residence
<br /> „ , for nt Ieust one yenr after the dnte of occupuncy,unless the Secntury determines thi+reqwrement wi�l rau+e undue huniship
<br /> � for Borrower, or unless extenunting circurristanceti exi�t which are beyond Borrower: control. Aorrower shall notify
<br /> �e Lenden of a��y extenuuting eircumstunces. Borrower shull not commit waste��r de+troy,dumage or substuntiaily chnnge
<br /> the Property or ullow the Property to deteriorstc,reasonublc wcar and tcur cxccpted. L.ender muy�mpect the Property if the .
<br /> •.. � Property is vucant or ubnndoned or the loan is in defuult. Lender muy tukc rea.onublc�ctian to protect:uid preserve �uch
<br /> ` vacant or abandoned Property. Borrower tihall also tx:in defauit it'Hurmwer, during thr loun upplicution process, guve
<br /> �� . materlally false or inaccurate infortnatinn or stutcmcnt, to Lcndcr (ur failed tn provide Lender with uny matenal
<br /> information)in connection with the loan evidenceJ by thc Note.inrludinF, but not limrted to, reprcsentationti conceming
<br /> Botrower!s occupnncy of the Property n+a principal residencc. If thi.Srcuriry ln,trument is on a leascholJ,Borrower shull .
<br /> comply with the provisionz nf the leusc. if Borrower ucyuire.fcc titic to ihc Prc�perty,thc IeuseholJ:snd fce titic xhall not � � ,
<br /> • be merged unless I.ender agrees to the merger in writing.
<br /> " , 6. Cha�es to Borrower end Protectton of Lender's Ri�hts in the Property. Aorrowcr.haq puy uil�ovcrnmentai I
<br /> , �" or municipul char�es,fines and impotiitions that are not induded in Prragruph 2. Bormwer rhull pay thc�e abli�utions on ,
<br /> ° time directly to the entity which is owed the payment. If fuilunr tu pay would advcnely uffect Lender+intere�t in the I
<br /> ` ' Property,upon Lenderk mquest Borrower shnll promptly furnish to Lc�xierrrceipts evidencmg these puymentx.
<br /> ` �--��---,---- -,-: -_ If H�,rn,u,Pr fait.en malcr thru+ n:�vmrntc �r the navments rcauircd bv Purat;ranh 2,c�r fuils to perforrn uny ather
<br /> F • covens�nts smd agreements rnntained in tliis Security Imirument.ur thcn: i+u Icgul pnxceding that may�ignifcantty attert (
<br /> ' Lender's ri�hts in the Property(such us a pn�recding in bunkruptcy.for mndrmnaticin or to cnforce laws or mgulations),
<br /> I � then Lendcr may do und p�y whutevcr i+neccxsury to protect thc vuluc uf thc Prupcny und l.rndcr z rightti in thc 4'm�ny, �
<br /> � � including puyment uf tiuces,hw.urcl insurunce und other items mentioncJ in f'uragruph 2. �
<br /> l,l - Any amounts disbuned by Len.;er under this Pnra�ruph yhull txrorne an�dditianal debt ut'linrrawer:u�d bc:�ecurcd
<br /> �� by this Security Instrument. These umountx xhall tiear mtrrc.t fmm thc dut�ut'di.bunement,at thc Notr ratc,and ut the ,
<br /> option of Lender,shull be immediutely due und payablc.
<br /> 7. Condemnation. 'it�e proceeds of uny uwurd or cluim for damu�es,dircrt ur con.eyuential,in connection with:uiy
<br /> " �. condemnutlon or other tukin�of:u�y part of the F'ropeny,or for conveyuntc in placr of rundenmunim,are herehy u,signed
<br /> und shall be paid to Lcndcr to the extent uf thr full umount of thc indcAtcclnc+.th:u remain.unp;►id undrr the N�itc and thi�+
<br /> Security Instcument. Lender shull upply wch procecdx to the redurtion of ihe indrbtrdne.+under the N��te um1 this Sorurity
<br /> '• Instrument, first to �ny delinqnent amounts npplicd in thc order pmvidcd in Wru�ruph 3, and then tc� prepuymem of �
<br /> principal. Any upplication of the prorecds to the principut ,hull not extenJ ur Exi�tExme the due dutr of the munthly
<br /> i °
<br /> ,a , . i�ikr2,�/Jry�t�ru
<br /> l — -
<br />
|