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<br /> n���="'�"°�'�'- 1. Anyment o!Prtnctpul,Interest aAd Lute Char�o. Rorrower ehall puy hen due the p nc�pul of,and intcrest on. - __
<br /> ,.. .... d.._"_L.. — - _
<br /> , '. �°•:• lhe debt evidenced by the Note end Inte chargea duc undc�tf�n i�ate. «�--�� -
<br /> ,.;, .
<br /> '� • � .�.'� . 2. Manthly pnyanent�ot lhxes,InAUrancu und Other�Cfinrges. Borrower shAll includa in each monthly payment, '�'�""'
<br /> - �"`- -----°� � togethet tyitlt the principnl end intem�ct ne r,et forth in the Flote and any Inte charQes.nn instnitment of uny(s)taxes and �±`��
<br /> :Q.; �+J,,,:.;;'. ..:,:� special assessments levied or to be levled againat thc Property.(b)tenaehald puyments or sround rents on the Property.and �������-� ��
<br /> (c)premiuma for fnsurance rnquired by Puragrnph 4. r'��� �_'�'
<br /> ',�:• � F.ach month3y tnst�liment for items (u),(b)sind(c) shail equnl one-twelfth of the annual amounts, aq reasonnbly �� �'�
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<br /> � estlmated by L.ender, Ius sin smount safficient to maintein an addldonaf balance of not more than one-sixth of the "��. '"'�
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<br /> � • estlmated amounts. The full unnual amount for each item ahali be accumulAted by Lender wlthln a pertod ending one , °: ���::__—
<br /> � monih befare an item would become delinquent. Gender shall hold the umaunts collected in tn�st to pay ttems(A),(h)and ''�'=���-����-
<br /> ' (c)before they become delinquent. � �7����.
<br /> �� If at uny time the tota! af thc paymcnts hcid by l..ender for items ta),(b3 and tc),together wIih the future monthty ���" ==
<br /> ..,-,.,�i'r:,;.;
<br /> • � paymen�s for such items payable to L.ender priar to the due dates of such items, exceeds by mone than one•cixth the . �- ��.
<br /> e �
<br /> ... _...,���:
<br /> catlmated amount of payments required topay such itemR when due,and if payments on the Note are current,then l..ender •,�?�t:::_
<br /> ' shall either refund the excess over one•sixth of the estimated payments or cred�t the excess over one-sixth of the estimated . .�..•�-�.^
<br /> paymenta to subsequent payments by Borrower,at the option of Borrower. If thc total of the paymen�5 made by Borrower ' �`'��z�--�
<br /> for item(a),(b),or(c)is insufficfent to pay the item when due,th�n Borrower shnll pay to Il.eceder any amount necessary to s `"n•''� � '�
<br /> make up the deficiency on or before the date the item becomes due. ;..r,�.. "�-��•�^•''-' � 'Y
<br /> ,. •_
<br /> As used in this Securi Instiument."Secretary"means the Secretary of Housing and L1rhAn O�evclopment or his or her •:�:�:•='f°x'�'•°•''` �
<br /> t�r °•:L�:;•r..;�.:;:.'���ti'.:��.
<br /> designee. In any yetu in which the Lender must pay a mortga�e insurance premium tu the Secretary,each monthly payment ... ?�''-•"��;;�F �•
<br /> :.::;,�4;c:�t"4�# t'�"�,
<br /> shall also include either: (i) un installment of the annual mortgage insurance premiam to br paid by L.ender to the ��;,,• �::;��._�
<br /> :` � •-- Secretary,ar(ii) u monthly charge instead of a mongage insurance �remium if this Securitti l�i�uument is hetd by th� - �"'° -
<br /> - '` ;.-.- _;�_-_�_
<br /> Secretary. �ach monthly installment of the mortgnge insur.+nre premi��m shall be in an amount�ufticient to accumulatc the N t �•�`•�;--
<br /> �;��M�-_
<br /> �; EwCI a�e�►uai rn�np,age insuramce premnum� x�ith Lendr��ne month prior to the date the full an►aual mortgage insurance , ��,�,;_;�
<br /> premium is du�to the Secre.4ary:or if 8his Secuvity Dmstoament is held by the Secrettuy,each t�onthly charge shael be in ttn �� '�..;�Yv:.�°�
<br /> . umount equal ta�one-tw•elfth of one-i�a0ff ptnent of the uu;s�anding principal balance due on the Note. •� ..�;.;''�'�°�_
<br /> If Barrower tenden tu l.ender the full payment of all sums secured by this Sec:�rity Instrument.Borrower's account �'��
<br /> shall be credited with the balance remai»ing for all instaliments for items(a), (b) t►r.� (c) nnc! any mortgage insurance "��tt�'� �� '".,�,�.'�,.�����-^�<
<br /> .:�.�,�. ,,..;.,_,4 .
<br /> premium instal)ment that L.ender has not become obligated to pay to the Secr+etary,and�_xnr��r sh.,ll promptly refund an� .s.�� .. :�a��'��;..F_t„_
<br /> � excess funds to Rarrower. Immediately prior to a fomclosure sale of the Property or its a.:c�u�siuon by Lender,Borrowers '',, � .'';!h�;iE;:.�
<br /> . '�' �+�`' -
<br /> � ' account shall be credited with any balance remaining for all installman�ti for items(n),ib)and(c). +�.;�`,�,.� , ___
<br /> i:.�:`.,:�:���., �
<br /> , ' 3. Appli•�tion of Payments. All payments under Paragraphs I and 2 shall be applied by L.endar as follows: ,,.;....
<br /> ' �[@�T,to the mortgage insurance premium to be paid by Lender to the Secretury or to the monthly charge by the �i1.S'��Y
<br /> Secretary instead of the monthly mortgage insurance premium; �'
<br /> SECOND,to any taxes,special assessments,leaschold payments or ground rents,and fire.flood and other hazard �� =d
<br /> -- -` " insurance premiums,asrequired; . - '
<br /> ' _. THIRD,to interest due under the Note; '
<br /> • OF UR1'H,to amortization of the principal vf the Note; `� ',
<br /> , �,to late charges due under the Notc. ;' ,�
<br /> 4. Fire,Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property.whethe�now ���'
<br /> � r•���'�u in existence or subsequently erecteci, ags+anst any hazards,caeunities, and contingencies, includin€fire, for which Lender
<br /> `• � • requires insurance. This insurance shall be maintained in the an�ounts and for tlie periods thut Lender requires. Borrower
<br /> . '�� shall also insum all improvements on the F'roperty,whether now in existence or subsequently erected,against loss by floods •� ''
<br /> '� to the extent required by the Secrctury. All insurance,hall be carried with compunics approved by Lender. The insurance ���',-:'� , ,
<br /> '�'�� ::"' policies and any renewals shall bc held hy Lender and shall includc loss puynble clauxeti in favor of, and in a form �-'_
<br /> �- acceptable to,[.ender. �� ,
<br /> ':�. ��� in the event of lotis,Borrower shall give Lender immediatc notice by mail. Lender may make proof of loss if not "�`
<br /> 1_. ;.
<br /> "' made promptly by Borrower. Euch insurance compuny concemed i+herehy authori•r.ed and direeted to make payment for .�L�
<br /> ' such loss directly to Lender,insteud of ta Borro�ver and to Lender jointly. All or uny part of the insurance proceedx may be • �f ��--
<br /> `��y�'>� apQiied by Lender,at its aption,either(u) to the mduction of the indebtedness under thc Note and this Security Instrument. '�'����
<br /> �.��. .�
<br /> ' '. ' first to any delinquent amounts applicd in the order in Parugraph �, and then to pmpayment of principal, or (b) to the ' �.• �w«' �
<br /> •'"` • . p � P p� Y Y'PP P P P P°• P°
<br /> �, „ , �, restoration or re air of the dama ed ro rt . An a lication of the roreeds to the nnci al shall not extend or st ne �' ,
<br /> . �.,�''�� the due date o€the monthly paymentx which are rcferred to in Parugraph 2,or chunge thr amount of such payments. Any •
<br /> • ';j";.'`: excess ins,arance proceed.over an am.�uni reyuired ro pay ull uut.tanding indr.btedncs+ under the N�ne und this Security ' ,,:.;'�s,�
<br /> �. • Mstrument sh.�l!�e paid to the entit� Ir.�il l�rnntlyd thereto. ;±�i�} .
<br /> In the evtnt of fore:ls�.ure of thi>Stcurity Intitniment or�nhrr tran�frr��f titic co thc f'roperty�hat extinguishes thc v��'".:
<br /> ,,�.,.�'• �.,� indebtedness,all right,tiile and incrrest uf Borruwcr in and tu in+uranrr puliric.in forcc�hall pa..to the purchaser. .t•.,, ' '
<br /> � , 5. Occupancy. Preservation, Maintenance and Protection of the Yroperh•; Borrower's Loan Application: �� �`
<br /> • Leaseholds. Bonower shall accup�•, e+tublixh, and u�e thr Proprrh• a. B��rr��aer� prinripul rc.idenre within s�xty duy� f ,
<br /> after the execution uf thi+Security Instrornent and�hall continur ti�n�:upy thc PruFxn�•a.Borrower�principal rexidence ., �
<br /> for at least one year after the datr of ixru�ancy,unle,.the Secrrtary de�rnnine.�hi.reyuiremrnt wiU rauu undue hard.hi,r � -
<br /> , + for Borrower, or unle�� eetenuati��g circurri,t3nceti exitit whirh :ue ix}�onJ Barn����r� r�sntrol. Bormwer �hall notif}�
<br /> � Lenders of any extenuatin�: rircum�tance�. Borrower.hall n�n commit wutitc or Je.troy, damage or.ubstantiall� rhange ' .
<br /> ; the Property or allow the Propeny to dctcriurate,rra.onahle wrar and trar��cepted. Lcndrr may in+pect the 3'm�m if thr �
<br /> Property is vacant or ab:mdoned or th�taan i+in Jcfault. [.ender may takr rca,�mablr action tn protect:uid prrservr su:h
<br /> vacant or abandoned Pro�xrty. BoRt���rr+hall al+ei hc in drfitult if Borro�ver,during the I.�:in.application proce>s,g.��e
<br /> materially faltie or inaccurate infomiation o� ,tatemrnt. to Lrnder tor t:iilyd tu pro.id: L�•nder with an} matenal ' ,
<br /> ! information)in cemnection with the loan e��iJencrd h�•the Nutr, including,but nti�t fimitrd tu,rrpre�entation� conceming
<br /> � Borrower's occupanry af�he ProFxn�� a�u prinripal re.idrncr. If thi,Srcuril� Ir....:;m.nt i.im a Ira.ehulJ.d�rrnv.:r�hall
<br /> ( comply with the provi.i,�m��f the iea�e. If Borroµrr a:.;uim�frc titlr tu the F'r:,r�•r.s.thr Ira,chuld and iec tiue.h�ll not
<br /> . ! he merged unless Lendrr;�rrer+to thc mergcr in writing.
<br /> , � 6. Clhstrges to Bo�ro�ver and Prolection of l.ender'c Ri�h9�ic�the Property. Hurru�vrr�hull pa�•all govemmen:a;
<br /> , '� or municip�l rharges.fine. and imp��,�tinn.that are nut m:lud;.' r P:,;a�raph 2. Burru��rr,hall pay thc.c obligation. ,�:.
<br /> time direcil� to thr enlit�: ani;h i+o�ti;�t thr payment. If failurr m pa� ��uuld advenrly affect I.cnder� int.rest in 1I:�
<br /> F'roperty,upon Lcnder'�re,�ce+t Bonoµrr tihall prumpdc(umnh to L�nJrr rc�c�p��rti idcncing the�e paymeni..
<br /> • . ' .,,_,-� If Borrower fail� to r�a�r lhex pu�mrnt.vr the pa�ment. rcyuired M (��rx;:aph ?,c�r fail� to per5��rrr. any� other
<br /> , • , , •,l covenantti and agreement>;�m�a�nea ia tht��ecurity in.irumem.<�r tnere i�a i._•ai prixeeciir.g cnec may .�giu�i..uai� uiir��
<br /> ,-,', Lender's righ7;in the Properiy {su:t :,�a pr<xceding in bxnl.rupt:y. for r�mdrmnativn��* to enf�rcr laN���r n�ulatiun�l,
<br /> � � then Lenu'.r rmay�o and pay ahat.�_r i.nece.�an tu prutrct thr�al�r��f the Ru�xm an.i L�.•n�_r�right�in th�F'ru�xrty.
<br /> irtcluding payment of laxc+,h:uard m,urance and othrr itrm+mrnuunrd�n 1'aragraph�.
<br /> Any amount+dishar•,eL hy Lend�r undrr thi.P.►ragraph .hall hrrumr a¢sdJ�ta��nat ei�ht u(B�ttri�wcr:md tx+erurrd
<br /> by this Sec:urity Intitrurner.- Thesc amount�+hall tkar intrrr.t t'rom thr dar���t,t:.hurkment,at thr ;�utc rate,and at thc
<br /> option of Lender.�haf�fx irnmediately due anJ paJahlr.
<br /> 7. Co��Cet�mtuaQoaw. Thr pnxc�dti ot'any awarJ ur rlaim tiu dama�!e,,dir«r��r�nm�yurntiul,m runnrruon���th an�
<br /> condemnsrmn nr other taking of;uiy part of thr Pruperty.ur fur rumr�:�nrr tn�I.!«uf�ondemnatiun.:in hrrchy a.�ignrd
<br /> und tihall he paid to Lender to the extrnt�if the full amuunt af thc�ndeMrdnc�.th.rt rt maiti.unpaid und�r th.\iitr anJ tht�
<br /> Security In�trument. C.�nder shall upply wch pnxerd.t��thr reducuon ot'thr�ndrhtrdne�.under the Nutr and thi.tircunt}
<br /> [nswment, fint to any delmyurnt arnuunt. applied in the urder pru���drd �n Para�;r�ph 3, :md thcn ti� prcpa�mrnt ut
<br /> principal. Any application of thc pnkred� tu thr prinripal .hall nut r�trnd ur pc��tpunc thi dur datr uf thr munthl��
<br /> ���.�e��:,y�p�,rr,�
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