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<br /> " 1. Payment ot Principal,Interest and Late Charge. Bartower shall pay when duo the pr�ncipal of.und interest on, �,T�:_Y A_--_
<br /> ' �•• �� ��" the debt evidenced by the Note and late charges due under the 1Vote. ----
<br /> `�_'� � •• ; 2. Manthly payments of 1laxes,Insurance and Other Char�es. Borrpwer ahull lnclude In ench monthly payment. ___.�_.__
<br /> � together with the princlpal and interest as set fonh in the Note and any lute charges, an installment of any(a)tuxes and �p�:,��-___
<br /> • �'�'�:;:.= . • • .� special assessmenus levled ar to be levIed against the Property.(b)leacehold payments ar gronnd rents on thc PcopeRy,and =�-
<br /> ' (c)pi�emiums for insurance requlred by Paragraph 4. ����.„�;;,�;,_,
<br /> ��.
<br /> •� - Each monthly installment for items (a}, (b) and (c) shall equni ane-twelfth of the nnnual amounts,as reasonably . . --.. -- „_
<br /> '`•� ' S esttmuted by Lender. ptus an amaunt su�ctent to maintain an addttlonul balunce of not more than one-sfxth af the ,_�� '�'
<br /> - �' '` estimated amounw. The full annust amount for each item shull be accumulatcd by l.ender wlthin a pedod ending one .� _� -
<br />_ �� , month befare an item would become delinquent. L.ender shall hold the umounts collected ln trust to pay Items(u),(b)and � ra�, —x_._—--
<br /> (c)before they become delinquent. _� � °—
<br /> �� If at any time the totel af the payments hetd by Lender for items (a),(b)and(c),together with the future monthly • ��`n'���;
<br /> ,. ,":.•�,
<br /> � payments for�u�ch Items psyable to Lender prIor to the dae dates of such items,exceeds by more than one sfxth the �,;�i��-::
<br /> estimated amount of puyments requlred to psy such items when due,and if payments on the Note are current,then Lender - '-.;�tit�::�
<br /> � ,,,. shall either refund the excess over one-sixth of the estimated paymenu or cred�t the excess over one-sixth of the estimated �°-y;;��:_.
<br /> . payments to subsequent payments by Borrower,at the option of Borrower. If the total of thc payments made by Borrawer .'�r�-�°
<br /> ,� . for item(a),(b),or(c)is Insufficient to pay the item when due,then Borrawer shull pay ro Lender any amount necessary to . ; , _
<br /> make up the deficiency on or before the date th�item becomes due.
<br /> ' As used in this Securit� Instrument,"Secretary"means the Secretary of Housing and Urban Development or his or her .
<br /> designee. In any yeAr in which the l.ender must pay a mortgage insurnnce premium to the Secretary,each monthly payment ,..:
<br /> shall also include either: (i) an instaliment of the annual mortgage insurunce premium to be pald by l.ender to the �•„;� �
<br /> � • Secrcuuy, or(ii)� montt�ly charse instead of a mongage insurance premtum if thts Securlty lnstrument is held by the _ _ ` -.��: :-
<br /> Secretary. Each monthly instaliment of the mortgage insurAnce premium shall be in an amount sufficient to accumulate the �-•;-��-?
<br /> full annual mortga�e i�surance premium with Lender one month priar to the date the full annusl mortgage insurance "��= �"r�
<br /> premium Is due to the Secrctary;or if thix Security lnstrument is held by the Secr+etary.each monthly charge shall be tn an • '';;`,�
<br /> amount equal to one-twelfth of one-half percent of the outstanding princtpal bulance due on the Note. . �
<br /> � If Borrower tenders to Lender the full payment of all sums secured by this Security Instrument.Sonower§account .:�.
<br /> shall be credited with the batance remuining for nll ins[allments for items (a), (b)and(c) and ony mortgage insurunce . �
<br /> • premium installment that l.ender hu�not become abliguted to pay to the Secretary,and Lender shall promptly refund nn� �� '
<br /> excess funds to Borrower. ]mmedintely prior to a foreclosure sale af the Property or its acyuisitton by Lender. Borrowers ���.,
<br /> account shall be credited with any bulance remuining for all instuUrnents for items(a),(b)und(c>. . �� �l��
<br /> 3._Ap�licaUon of Payments. All payments under Puragraphs 1 und 2 shull be upplied by Lender as follaws: . ��f'
<br /> EiRST to the mort�ege incurance pmmium to be paid by Lender ro the Secretury or to the monthly charge by the .��,
<br /> Secretary ingtead of the monthly mortgage insurance premium;
<br /> _ _ _ .. _ _ SECONA.to any taxcs, speciul assexsments,leusehold payments or ground rents,and fim,flood und othcr huzard l ;,•�:�
<br /> � Insurancc pmmiums,es requircd; --" :
<br /> • TiI1RQ,to intetest duc under Ihe Note; " '
<br /> OU ,to umortizntion of the principul of the Note;
<br /> �,to latc chnrges due under the Note.
<br /> 4. �ire,Flood and Other Hacard Insurance. Borrower shall insurc uU improvements on the Property,whcther now >� �
<br /> in existence or subsequently emeted, a�uinst uny fiazards,cusuulties,i�nd contingencies,including fire, for which Lender '; ;
<br /> requires insurance. Thfs insurrnre shull be maintained in thc umounts und for the periodx thut Lender reyuircs. Borcower . .. ;�, �.�
<br /> shall also Intiure ull improvementz un the Property,whether now in exi.tence or tiub.equently erected,ugainst loss by floods r, �� �
<br /> to the extent rcyuircd by ihe Secretury. All inwrunce shull tx enrricd with compunies upproved by Lender. The insurance t��� ,
<br /> policies und uny renewul+�hrll lx hcld hy L.ender imd shall includr to,s pryuhle clauses in fuvor of, and in a fom�
<br /> � acceptable to.�.endcr. �
<br /> � In the event of loy.,Borrowcr�hull givr LcnJcr immediatr n��tirc by mail. Lendcr muy make proof nf loss if nat ,,
<br /> mude promptly by Borcuwer. Euch in.uruncr compuny runcemed i,hrrrby uuthoriicd s+nd directed to muke puyment far ✓y�
<br /> tiuch loss dimcNy to I.ender,imteud of to Horr�iw�r und to l.ender jointly. All or uny pan of the imurunce proceeds muy be i
<br /> upplied by I.ender,ut itti��pti•m,cither ta)w thr reduction of thc indebtcdne..undcr thr Notr und this Sccunry Inrtrument, i � .
<br /> Pnt to uny drlinyucnt umaunt� s�rri��a in thr ��rdcr in Parugruph�, imd thrn t�� prepaymcnt ��f principal,or Ib) to thc i �
<br /> ' ' restorution or rrpuir of thc dumageJ proprrty. Any application��t the prcxccd�tu thc princ�pul+hall not extend or postpone I
<br /> the due dutc of tlx�manthly paynuntti which cuc mfrrmd tu in Purugruph 3.�tt chunge thc umount of,uch payments. Any ;
<br /> excetis insurunce prc�ceed.uver un umount reyuircd to pay all out.tundmg indebt�dnrs.under the Notr and this Srcurity �
<br /> Instrument shs�ll Ix paid tothrcntitY Irgully cntnlyd thereto. i �
<br /> In the evc�t of fonclosurc c�t thi.Security In.trument or��ther trun.frr��f tide t<�thr Pro�xrty that extinguitihe.the ,
<br /> indebtcdness,u)l right,titic und intcrc,t of Borcuwrr in anJ H>in�urancr policic�in furce+hull paxr io thc purchaser. �
<br /> 5. Occupancy. Preserratiun. Maintenanre �nd Prutectt�m of the Prv►perty; Borrower's Loan Applicatlon;
<br /> l.easeholds. Borrowcr �hull �cupy. cstubli.h,und u+c thr i'�r�prrty a� Burrawrr.principal rr+iJrnrc within s�xty Juy+
<br /> after the execution of thi+Security In.trument i�nd.haU runtinur to urrupy th�Pru�xrty:is Dorcowcr�prirn:ipal reudence
<br /> for ut leust one year�ftrr the datc oi�xcupsnry.unle..thr Srrnr.�n•drtrrnunr.thi.r�yuirrment ���ill caure undue hurd+hip ,
<br /> f�r Borrt�wer, or unlesx extenuating circuni.t:mrr. :xi+t which am txyund Rurru�ver+ runtrul. Borrower ,hall notify
<br /> Lenden of uny extenucuing circum.tnncr�. Burroa��r.hall nnt rc�mmit aa�tc ur dc.truy. d.image ur wb.tantially rhange
<br /> the Property or tdlow thc Property ta d�t�riurutr,rca+onable wrar.md tr.ir rxcrptcd. Lend�r muy in.Fxrt thr Property if thc
<br /> + Property is vucant ur xbandoned or thc luan i�in default. l.enJrr may mkr rra+nn:iblr urti„n to protect und pre,ern�uch
<br /> { vucant or ubundoned Prc�rty. Iiorrower.hall altio tx in drfault if Korrou•rt durin�:thc lu;�n appliratiun pr�xe.+, gave
<br /> matcrially falsc or inuccurutc infannutiun or �tatrmrnt+ t�� Lcndcr lur t'uilyd ta providr Lcndcr with uny mutenal
<br /> � inform�tion)in connection with the loan rcidrnrrd hy the Nut�. inrluding. hut not I�mitrd ti�, reprr.entutiun+ cunceming ,
<br /> . i Boaower i�rupuncy ot'thr ProFxrty a�a prinripal rr.iJrnrc. If thi�Srrurity In,uUmrnt i.on a Icx�rhuld.Bnrn�wrr�hatl
<br /> cnmply with thc provi�i��m c�f thc Icatic. !f E3ottuwrr aryuirr,f'rr iitlr tu the i'ruFxrty.thr Ica.rhold :+nd tcc titic.hall nc�t
<br /> I be merged unlrti�Lender��rce.to thc merger in�vriting.
<br /> 6. Char�es to Burrower und Protectiun uf Lender's lti�hts in the Propert�•. Hurcuw•rr�hall puy all gc�vcrnmrntnl
<br /> or muniripal rhargc�.�neti and im�x�.itium that arc nut includcd in 1':ir.�graph 2. Burrowrr.hall pay thrx ohligatiam un
<br /> ; I timc dircctly to Ihc cntity which is uNCd thc paytnrut. If fa�lun tu p:l�� ��uuld ad�rnrly a(frct Lrndrr.intrrc+t in thc
<br /> F'ropecty.upon Lender;rcyue.i Borrower�h:Ql pramptic t'umi.h tu Lender rccript�raiJenc�ng thr�e payment..
<br /> �_ If$orrowcr fails to make ttxsc puymrnts or th. paymcnt� rcyuircd b� k'araEraph 2. ur Tail� tu Exr�iinn any uthrr
<br /> � covenants und agrcement.remtained in thi�Securit� In+trument,c�r therc�+:►iegal prcx�eeiing tnai ma� ��gniiicauii� :ui«i
<br /> Lrndcr's rights in the Pr�rty lsuch a�a pnxredinE in hankruptr}•,fur runJcmnaliun�+r tu rnti�rcc I:►u.or re�:ulatium►.
<br /> ' thcn Lcnder may dn und pay ��•hutcvcr i+ncrc..an•tu pn�tcrt th� valur��f thr F'ruprrt�•and l.rnd.r:right�in thc F'roFxny.
<br /> including payment of taxc�.h;uurd in+urancr und i�thcr itrm.mcntiunrJ in F'aragruph_.
<br /> 1 Any amounts di.buned hy Lendcr undrr thi.Pura�raph shall Ixrc�tn�;►n addiuun:d drht��t�Re�ttuHrr anJ t+c�rcurtJ
<br /> � , �, by this Ser.urity Inmtrununt. Thcx umount.+hall tkar�ntcrc�t 1'rum thr dutc uf ditibuncmrnt,ut thr Nc�te ratr,and at thc
<br /> opnon of Lendcr,.rhull lx immcJiatrly Jur und payahlr.
<br /> � � 7. Condemnatlon. rn�r«K��a.<,r any aa�ard or claitn ti�r Jamagr+,dinrct ur run�rqurntial, in runncrtion N ith xny
<br /> - condemnution ur other t�kin�uf uny purt uf thr Pro�xn}•,ur fur r��m•r�anrr in plsuc��f rundrmnation,:►rr Ixrrh�a..�gn�d
<br /> und shall be paid to LenJer tci thr extrnt�if the full amuunt uf the indebtrdnr�.that remaim unpaid undrr ttx Nute and thi�
<br /> Security In�trurnent. Lender.hul!apply.uch pnxecd.tu thr rcductiun ut thr mdrhtcdne.,undrr the Nntr and thi�tirrurit}•
<br /> ' instrument,first to any Jclinyuent amountti applicd in thc urdrr pru�•idrJ in 1'ar,��ruph 3, anJ thcn tu prrpa�•mcnt uf
<br /> �� principuL Any upplicutwn of thr proccedr tu thc prinripul �hull not ��trnd ar pu�t�xmr thr dur datr ��t tlie munthl�•
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