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<br /> _ • . " TOAETHER WITH all the lmprovements now or hereafcer erated on the property, and nil casemants. dghta, a
<br /> , :� appurtenances,ren�s.royal!ies.mineml.oil nnd gas dghts snd profita,wnter dghts and atock ar�d all fixtures now or hereafter a
<br /> ' " part of the propetty. All replacementF and additiana shall elso be cover�by this Security Instcument. All of the foregoing ia
<br /> - reforred to in this Secudry Instrument as the"Property."
<br /> � BORROW6R COVENANTS thnt Borrowcr ls lawfuliy selsed of the estate hereby conveyed and has the ri�ht to srant attd
<br /> .. •-'� '.'.�:. :° -:�� convey the Pmperty and that the Property ix unencumbered, except for encumbrances of record. Bonower warrants and wlll
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<br /> � ��;�jr��';a� _ defend generally the title to the PropeRy ngainst all cl�ims and demands, subject to any encumbrances of record. `
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<br /> �f,� " ° .,• 1.Payment of Pcinctpal,Interest and Late Chatge. Bonower shdl pay when duc the principal af,and interest on.the
<br /> „ � '�• „ • debt evidenced by the Note and late charges due under the Nate.
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<br /> ` � , ;; ` ' ' 2. Monthly Paymenta of Tazes, Insurance and Oiher Charges,Borrower shall include in each manthly payment.
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<br /> " � " " � together with the pdncipal and interat as set forth In the Note and any laa charges, an installment of any(a)taxes and speclal
<br /> , assessments levied or to be levled against the Property, (b) IPasehold p�yments or �roand rents an the Property. end (c)
<br /> % �, � premiums for insurance requtred by paragraph 4.
<br /> � Each monthly installment for itcros(n).(b),und(c)shal!equn! one-tvcl flh of the annual amounts.as reasanably es►lmated �
<br /> • by L,ender,plus an amount sufficient¢o maintain un addttional balance of not more than one-sixth af the estimated amounts. The =
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<br /> ^, fult annuai amaunt for cach item shaf t be accumulated by Lcnder wtthin�a period ending one month belore an icem�vouid �.;;�,�;_.. _ —
<br /> ' • become delinquent. J.ender shnll hold the umounts collected in trust �o pay items (a), (b). and {c> before they become �;ii;!:^�
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<br /> delinquent. -
<br /> „ If ut any timc tbe tatal of the payments held by L.ender for items(a),(b), and (c), together with thc future monthly •;=,,�1'�,_
<br /> payments for such items payable to Lender prior to the due dates of such it�ms, exceeds by more than one-sixth the estimated ' -'r,�
<br /> � � Amount of payments required ta puy such items when due, and if puymens on the Note are current, then L.ender shall either _�` `��
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<br /> refund the excess ovcr onc•sixth af thc etitimatcd puymcnts or credit the cxccsti over one-sixth of the estimated payments to ' ,�y
<br /> ' subsequcnt paymcnts by Borcower,at thc option of Borrowcr. If thc total of thc payments mude by Bonower for item (a). (b). - -_
<br /> ar (c) is insufficient to pay the item when due, then Borrower yhnll pay to Lender any umount necessury to make up the "
<br /> deficiency on ar before the dute the itcm t+ec��mr�duc. . � . �'
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<br /> As used in this Security Instrument. "Secretury" means the Secretary a(Housing and Urban Development or hisor her ;
<br /> designee. In any year in which the L.ender must puy u mort�age insuranm premium to the Secretary, each monthly payment ,
<br /> tihall ulso includc eithcr: (i)un instailmcnt of thc unnual murtgagc insur.�ixc prcmium ro be paid by Lender to the Secreury,or '
<br /> . (ii) a monthly charge instead of a monguge imuruncc prcmium if this Security Inxtrument is held by the Secretary. Each - ,�'
<br /> monthly instaltmenl of the m��rtgu�e insurunce premium,hall be in an anmunt�ufficient to accumulate the full annual mart�age �
<br /> insurance prrmium with L.ender une month pri��r t��the Jiuc the full annu�l mang:tge insurance premium is due ta the Secretary, ' ^�
<br /> ar if this Security In�trumcnt is hcld hy thc Sccrctuq�, carh monthly clwr�e tihnll bc: in an umaunt equal to one-twelfth of -1 .
<br /> y � anc-hulf perrent of thc��uts�anding prinripal halunrc dur un thc Notc. �'
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<br /> If$nrrower tcndcrs ti�LcnJa:r thr full payment af all+um�sccurccf hy this Security Instrument, Bonrnvcr's account shall " ,�r'ip�[�
<br /> 'p.+.
<br /> hc crcJitcJ u•ith thc balun�r rcmaining fur all in,tallmcot� ti�r i�cm. (.u,(hl, and (c> and uny mortgagc in�urance pmmium • � r,,��:-
<br /> in.tallment that i.cnder h•r�nin hcrome ubligatrd co pay to thr Secretary,md Lcndcr shall pr�imptly refund�ny excess funds to ���•;-r�'
<br /> ' &�rrowcr. InunrJiatcly prinr tu a fnred��+urc .alc of thr Prc��xny ��r it�a�yuitiitian by I.rndcr. Biirrowcr's account �hal l bc �"�"�-
<br /> crreiitcY!with any halcmce remuining fur all in.tallmcnb lin itrnn tai.thi.�nJ Ai. .. _ . °
<br /> 3.Application��f Pu�ments.Al) pa��nunt,undcr paragraph, t and ?.liall he applird h��Lendcr a.r follows: • .
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<br /> - Fint, to Qie nu�rtgage in�ura�xe premium tu hc paid by l.ender t�� tlx S�uctan• ur t��the munthly churge by the Secretary - ��
<br /> I in+tcud of thc mcmthly nxmgagc iriwr.inrc prrmium:
<br /> SccimJ.ta any rier...prcial a.•cti�mrnt.. Ica�chuls pa�nx�u. or�.r�wnd rrntti. and tir�. tlu�xf and�uhcr haiard inwrance
<br /> prcmium�,a+reyuircd: �
<br /> � Third,to intcrrtit.luc wulcr tlx Nute; i
<br /> > i Fi�urth.tu amurtiiatinn��f thr pri ncipal uf thc !vutr: ,
<br /> ; Filth. tu lat�rhargc.Jur un�t�r ih����t.. '
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