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<br /> ` �o:��� 1. Wymenl ot PrincipAl�lnterest and Late�harqe. Hurrower eh�ll pny when duo the principnl nf,und intcrest on,
<br /> the dabt ovfdenceA by tho Noto and Intc chnrgce due under the Noto.
<br /> � 2. Monthly p�ymentA ot 7hxes�InaurAnce and Other Chnrges. Borrowcr shutl include in cach monthly puyment,
<br />- together wlth the principai nnd interest ea set forth in thu Nou:a1d uny late chneges,an 1n�usliment af any (s)taxes end
<br /> special assessmente tovied or w he Ievied againat the Property.(b)lcuschold paymcnte or ground ncntx on the Propeny,and
<br /> � (c)prcmiuma for lnsurnnce requind by Pora�raph 4.
<br /> - ' �sch m4nthly Ingtnllment for items (�+),(b)ond (c)Rhall equ�l ane-tweltth af ttte annuN anounta, c+s rcasonably
<br />� � eatimated by I.ender,_�plua nn emount �ufficient to mainutia un uclditlonal batance of n�t moro than one•slxth of tho
<br /> esumated amoun�g. 'I?te full annuus+ll umonnt for each Item ehall be accumulated by I.endar with(n a pedod ending one
<br /> month before an item would become delinquent. Lender ehall hold the amaunts coflected ln tn�st ta puy itema(a).(b)and
<br /> (c)befare they become deliaquent.
<br /> !� If ut eny time the total of tha puyments held by I.ender for items(a),(b)nnd(c).together wIth the futurc monthly
<br /> :. �+�•• paymenta for suoh Items payable to Lender prIor to tha due datea of such itemA. exceeds by more than one•sixth the
<br /> estimatcd amount of paymenta required to pay such items when due.and if paymenta on the Note ar�e current.then Lertder
<br /> , ' shall either refund the exccss over one•sixth of the estimateii payments or c�dit the excess over one-sixth of tho cstlmoted
<br /> :,�_`y payments to subsequcnY payments by Bosower.at the option of Borrower. If the total of the payrnents made by Borrower
<br /> ,._ :�'���.�; ;�, for item(a),(b),or(c)is insufticient to pay the item when due.then B�rrower shall pay to Lender any amount necessary to
<br /> ' '' �th�+":.<.'• � ..-%� make up the deficiency on or 6efore ths date thc item becomes due.
<br /> '��' " '`��"' � As used in this Secudty Instniment,"Secretary"meanx the Secretary of Housing and Urban Development or his or her
<br /> •'F>S; .+�. ,,;�i;'• designee. In any year in whtch the Lender muat pay a mortgage insurunce premium to the Sccretary,each monthly payment
<br /> ' shall also include either. (i) an instaUment of the annual mortgage insurance premium to be paid by Lender to the
<br /> �.� ' �� �':^_•'��t Secretary,or(ii) a monthly charge instesd of a mortgage ineurance premium if this Security Instrument is hetd by the
<br /> -- - __.�-__. Secretary. Each monttsly insta!lsnen!of the mortgsge lnssrastce pre�nfum shs!!be In en emount 4ufficiPnr r�eccum�date�he _-
<br /> , Poll annu�l mortgage Inaurancc premium with Lender one month pdor to the date the fult anr�ual mortgagc lnsurance
<br /> ' • premium is due to the Secretary:or if this Secudty Inahument is held by the Secretary,ench monthly chatge shaU be in an
<br />- amount equal to one-twelfth af one•lialf percent of the outstandin�principal balence due on the Note. _ .
<br /> � ' .,, � If Borrower tenders to L.ender the full payment of all sums secured by this Secudty Instrument. Som�wer�account �--
<br /> • �' shaU be c�dited with the balance remainin�for aq installmenGc for items (u), (b) and (c) and any mortga�e lnsurance �
<br /> premium instellment that Lender has not become obligated to pay ro the Secr�etary.and Lender shall promptly refund any
<br /> � � excess funds to Borrower. Immedjately prIor to a foreclosure sale of the Property or its acquisitian by l.ender,tiomower�s �„_,;
<br /> account shall be credited with any balance remaintng for all lnstallments for itams(a).(b)and(c). ��="-
<br /> ,S� 3. A lication of Peymente. Ali payments under Paragraphs 1 and 2 shall be applted by Lender s�s follows: ���;:
<br /> , " " �to the mortgage lnsurancc premium to be patd by I.ender to the Secretary or to the monthly cher�e by the �
<br /> Secrc instead of the monthly mortgagc lnsurance premium; �-
<br /> • CO ,to any taxes,speciai assessmenGs,leasehold payments or ground rents,an d f ire,fl o o d an d o t her h a z a r d
<br /> � in�urwicc p�wiwu+.es i�uired; _---
<br /> • • THIRD,to interest due under the Note; v.--
<br /> � FOURT'H,to amortization of the principal of the Note; <<=a:_
<br /> �.to late charges due under the Note. `'"•"
<br /> 4. Fire,Fiood and Other Hazard Insurance. Borrower shall insure alt improvement�on the Property,whether now `��,,'
<br /> � In existence or subsequently erected.asaInst any hazards,casunities,and contin�encies,including fire,for which Lender
<br /> requires insurance. This insurencc shall be maintained in the amounts and for the periods that Lender requfr+es. Borrower
<br /> sha�l also insure all improvements on the Property,whether now in existence or subsequently erected.against loss by floods
<br /> to the extent requimd by the Secmtary. Alt lnsurance shail be carried with companies approved by Lender. The insurance
<br /> policies nnd any renewals shall be held by I.ender nnd shall include loss payable clauses in favor of,and in a form
<br /> acceptablc to,Lender.
<br /> " In the event of loss, Borrower shull give Lendcr immedinte notice by muil. Lender may mat:e proof of loss if not .
<br /> � ' made promptly by Borrower. Euch insurance company concemed is hereby authoriied and directed to make pnyment for
<br /> such loss directly to Lender,inslead of to Bonower und to Lender jointly. All or uny pnrt of the Insurence procceds may be
<br /> applied by Lender,at its option,either(a)to the reduction of the indebtedness under the Note and this Secunty Insuument,
<br /> first to any deltnc�ucnt amounts upplied in thc order in Puntgraph 3, und then to pmpuyment of principal. or tb) to the
<br /> restotntion or repu�r of the damaged property. Any npplicution of thc procceds to thc principul shall not cxtcnd or postpone
<br /> the due date of the monthly payment�which ure refetted to in Pura�raph 2,or chunFe the amount of such puyments. Any •
<br /> I excess insurance proceeds over an amount required to pay ull outstunding indebtrdness under the Note and this Securiry
<br /> jInstrument xhull bc paid to thc cntity lcgally cntiticd thcmto.
<br /> � In the event of fomctosurc uf this Security ]nstrumcnt or other transfer of titic to thc Propeny that axtinguishes the
<br /> indebtedness,ull right,title und intcrest of Borrowcr in und to intiurancc policicx in ti�rcc shall pass�o the purchaser.
<br /> , I S. Occupancy, Preservation� Malntenance and Protection of the Property: Borrower's Loan Application;
<br /> Leaseholds. Borrower.hull occ:upy,e�tublitih, und usc thc Property ax Borrower: prirrcipul msidence within sixty days
<br /> ' ufter the execution of thix Security Instrument und yhnll rontinuc to cxcupy the Property us Barrower's principul m.sidence
<br /> for at least one year after thr date of occupunry,unless the Secrctury detcrrninrs thi.reyuircment will cuuse undue hardship
<br /> for Borrower, or unlexs extenuuting circurri�tanre. rxizt whirh are txyond Borrower:control. Bonower shall notify
<br /> Lenders of uny extenuuting circum�tances. Borcowcr shull not commit wa,tc or dr.troy.damage or xubstnntially chnnge
<br /> the Property or ullow thc Property to detcrior•rtc,rcu+onublc wcar and trar exrrpted. Lendcr m:ry mxpcct the Property if the
<br /> Property is vncant or abundoncd or thc loan i.in drfuult. Lender may tukr rcu+unub�c action to protect und prctietve such
<br /> vacant or abundoned F'roperty. Born�wer shull a�.o txx in defuult if BuRC>wcr,during the toan upplication process,guve
<br /> mureria(ly fulsc or inaccurate informution or xtatemcntti +o Lendrr (��r t'uilcd to providc Lcnder with any mutcrial
<br /> ,, information) in conncction with thc loun evidenced by ttx Nutr.including,hut not limited ai,rrpresrntutions conceming
<br /> Borrower's occupuncy of thr Prc�pert�•u+.�principal re.idenrr. If thi.Serurity Imtrwnent i.�m u le:tsehe�ld.Bormwer shuli
<br /> comply with the provitiionti of thc lra.c. If Borcow•cr uryuirc.(cc tiQr to thc PruExrt�,dtc Ira.chold and fce titic xh•rll not .
<br /> be merged tmles.Lendcr agrcc+to the mcrger in writin�.
<br /> 6. Char�es to Rorrower and PruteclMn of l.ender's Ri�hts in the Yruperty. Bc�rruw rr�hall pay all govcrnmentu�
<br /> or municipul charge+, fine,and impo.itionr th;it are ne�t included in I'aragraph?. F3urn�wer �hall pa� theu ohl�gations on
<br /> ' time dirccQy to thc entity whirh i, ��w�cd thc payrnent. If failurc tu px�• �t•c�uld ad��r,cl�• uffcrt Lenderti intcrc�t in the j
<br /> . Property,upon Lendcr i requr+t$orr��wrr shall pmmpUy turni�h ta[.endrr rcrript�rvidrncing thc+c payments. ;
<br /> � If BOfiOWCf FBII� t��make thr,r paq•mcnt. or thr paymrntti rryuircd h� Y.tr:►graph 2, ur fail, to pert'ann uny��ther �
<br /> __ � . ._... _ . . . ... ... .... .'_'.�__. .___...:_..i:_ .u. c......_:...t........»...... ...�M.....:. .. I..�...I............16...ih.,����n�,unni}i.•anNv nffi+rt
<br /> . _. .. wvcuuiu�ai�u agiccu�cu�.,wu.w�n.0 m au., .,«u.... .�.,..��.......... ........... ..�...�......_.....�...._...._� ..�....._-'-� ---"- .
<br /> Lenderti right�in tlx� C'ropeny (�urh a�a pr�xrcdiiig in hanl�ruprc�, ti�r rondemnatiun or ti� rnforrr lawti ur rcgulation�), �
<br /> � then Lr.nder may do and puy whatever i�nccr.tiary t��pnHCCt Ihr�•aluc ut'thr Pn�prm•:md 1.rndrr:right�in the Pre�Exrty,
<br /> inrluding paymcnt of taxcti,h;uard inwr�ncr and uthrr u.m.m�ntiunrd in ParaEraph i.
<br /> Any umounts disbuned by Lendrr under thi. Pur:►�;raph.h,�ll txc�nnr an add�tiunal ikht ut' B��m�wcr:md hr .ccurrd
<br /> by this Sccurity Instrumcnt. Thc,r umuunt..hall lx:�r intcrc�t frum thc Jutc��(di�hur.cmcnt,at ihr Nutc r.ue,and�t thr
<br /> ;' . optiun of Lender,,hall be immediutrly dur and payuhlr.
<br /> 7. Condemnatton. Thr prcxc�J.uf un�uward or claim tiit dumagc..d�rcct ur runuyurntial,in cunnertiun witN am•
<br /> ' condemnation or other taking uf uny purt uf t�e Pre��xrty.or for cunrr•anr�in pl:tirr u(cond�mnaiiun,un hrrchy u�+ignrd
<br /> � , und shull be paid to Lender tu thc rxtent of the f'ull amuunt ut'thc indc�tedne.+th:�t mmaim unp�iJ undcr thr Nutr and thi.
<br /> Securiry Inscrument. Lender+hull upply,uch pnxecd.t���hr rcdurtiun uf thr indchtednr�+undcr thr�.ut�;utd tlti�Serurity
<br /> r instrument, fint w any delinqucnt ;imuunt� applicd in thr urd�r pro�•�ded m F'uragraph ;, and thrn tu prcpa}•mem uF
<br /> • prinripal. Any applirution of thc pr�redti tu thc princip:tl +h.�ll nut r�trnd ur FxntFxxir thr Ju� datc uf the rnunthly
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