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<br /> �-.:������_� g�4� 10��� �
<br /> -- --.-,� - l. Pa ment of Prtncipal,Interea!snd Lute CbAt1�e. Bairower shall pay when duo the principnt of,And inteR.xt on,
<br /> Y`��J �� � the de�t ev denced by the Noto and tute ctiar�ea due under the Nota.
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<br /> _� .. �.{�a,�_ 2. ti9on3hly payments ot7lwxes�lnsur�►nce apd Oiher�:hurg�. Bnrrawcr Fhail fncludo in eas:h monthty puyment. '�
<br /> "'?� ta ether with the dnci a�and intereRt ns set forth In the Note nnd any late ch es,un in�+tnlimcnt of an (u} tuxcs ard -- -
<br /> �°`-�'-��`�?�a`.__ s g ial sssessments levled or to be levied e ainst the Pro rt .(b)lense old u � Y �:="...°- _--: _
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<br /> :_..��y,y:i.f� pec B Pe Y h P Ymentx ar ground centa on the PropRRy,and ----
<br />-�->� . (c)p�miums for 3naurance require by Purasraph 4.
<br /> ����=r.�:�•;r• � Esch monthly installment far itcros tc►).(b)and(c) shuti equat one•t�velfth of the annuul amounts, as masonably • �'u'__- - -
<br /> ,: ��r . '.:;.x,,=
<br /> ,1.:•Y,���,,.�:;.� esdmated by Lender. plus an umount sufficient to maintain an addidonul bulunce of not moro than one•sixth of the ,�,j_
<br /> ' eadmuted amounu. The full a�ual amount for ench item ahnll be nccumuluted by Lender whhln u pedod ending one f '.:s..x.-=-,_,____
<br /> � month hefore an ltem would become delinquent. Lender shall hold the umoun�s cotlected in wst to puy items(a),(b)and "="�' -
<br /> ,, � LL. ���•.
<br /> , --;�:-; -, . tc)lxfore shcy become dclinqucnt. ,„°"` _..._,...___--
<br /> ' - y� If at any time the total of the puyments held by Lender for items(a).(b)und(c),tosether with the future monthly "��:�-'-��=-�-
<br /> , � payments for such items payable ta Lender prior to the due dates af such itemG,exceeds by more than ane-sixth the � �•���`+-�-s:-
<br /> .:,,,.�,.,,•._..
<br /> . - estimuted amount of payments required to pay stccn items when due,And if payments on the Note are current.then Lender _.-.�:���•=:� _ __
<br /> shaq etther refuttd the excess over one•snxch of trr.e esscctieated payments or credit the excess over one•sixth of the estimated . °`••;,r��;':�:�::
<br /> ' paymenEs to sabseq�¢mt�nyments by BQrrower,at the oDtion of Boirower. If the totat of the payments made by Borrower :t�` =�#,�p::_•:
<br /> for item 4a).Q0),or(c)�s�nsufficicrst to�ay tAte icem w@ert duc,then$ormwer sQiall pay to I.endcr uny umount necesr.�uy bo � . _,., ,,:_;j,�'t�;;,
<br /> make up ehe deficieazy om or before the�ate fl8te 6nem�scou�dae. �• . �- =m_'��;__
<br /> As asQd in this Security Instrunreent."Secretaey"rateans tite Secretary af Wiausing ae�d UuDran�2velopment�r his orhet ;r;.��:�!�'�;�, �'� - ,=--�-
<br /> desigcree. ln any year iri which the Lender must pay a anortgage insurance premium to the Secretaay,eacb monthly payment � ''''?�`
<br /> , ,•��---
<br /> �" shal�also irtclude either. (i) an installment of the annual r�eortga�e insurance premium to he puid by I.ender to the ;,'" :���-�
<br /> Sectetar;r,or(It) a monthly charge iactead oi a mortgage insurance premium if this Security Da�suument is held by the • �=���:_.
<br /> �1",;�`• Secnetary. Each monthly instnilment of tQee mortgage ensurance premium shaU be in an amount sufficient to accumulate the -
<br /> " . full annual mortgage insurance premium with Q.endzr one month prior to the date the full annaal mortgage insurance =
<br /> �''� :� premiam is due to the Secretury;or if this Security Instrument is held by the Srcretary.each manthly churge shall be in an �___
<br /> � emount equal to one-twelfth of one-half gercent of the outstanding principal balance due on the Noce. � r � �•,:-
<br /> > If Borrower tenders to Lender the full payment of all sums secured by this Security Instrument. Botrower's account '_�"� e
<br /> shall be credited with the balance rerenLadciing for all instaUments for items(a),(b)and(c) and any mortgage insurance , "_���`._
<br /> . . premium installment that Lender has na�:�ecome obligated to pay to the Secretary,und Lender shall pmmptly refund arny �:�---
<br /> ; . excess funds to Borrower. Immediatel� psior to a foreclosure sale of the Property or iu acquisition by Lender.Bomowar� r'�-_
<br /> � account shall be credited with any balan:e remaining for all installments for items(a),(b)and(c). �,,
<br /> � �� 3. Appltcatlon of Payments. All payments under Paragraphs 1 and 2 shall be applied by Lender as foltows: •��;-
<br /> �� � FIRST.to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly chazge by the , ��'
<br /> Secmtary instead of the monthly martgage insurance premium; , d
<br /> " SE2�OT�,to any taxes,special assessments,leasehold payments or ground renu,and fire,flood and other haxard �� ,
<br /> --=- ,:
<br /> „ insurance premiums,asreqmred: ` � ^ .��'.�,
<br /> THIRD,to interesa-.�ne under the Note; •� •', '��.��
<br /> FOURTH,to emortuzarion of the principal of the�ote; �:��
<br /> ;;:'.:.'': �,to late char�es due under the Note. . i.t�.,�t • ,
<br /> ;;t� :'�`.•;� 4. Fire,Flood an�Ot6ter Ha�a�a�Dnsurance. Borrower shaU insure all improvements on aCte Property.whether now ,
<br /> ��'.•`�:?>����i/i in existence or subsequent�y=rected,a�ainst any hazards,casualties,and contingencies,includia�g fire.for which Lender , �`��
<br /> requires insurance. 'Ihi�insu�ance sha�4 be maintamed in the amounts and for the periods that Lender requires. Borrower ^J'� �
<br /> shall also insure all impro�eunenu on the Property,whethcr now in existcncc or suhsequently erei:ted,against loss by tToods r}�'
<br /> �. ' to the extent required by the Secretary. All insurance�hall be carcied with comp:nies approved by Lender. The insuronce �•"•f
<br /> . policies and any renewals shall be held by Lender and shutl include loss payable clauses in favor of, and in a form r•
<br /> acceptable to,Lender. • '
<br /> In the event of loss,Bottower chaill�ivc Lender immediate nocice by mail. Lender may make proof of loss if not �
<br /> • made promptly by Boaower. Each imurance company concerneu i�hemby authorized and directed to make payment for -
<br /> such loss dicectly to Lender, instead of to Borrower and to Lender j��intiy. All or any part of the insurance prcxteds may be , • . . '.,` ���
<br /> , . applied by I.ender,at its option,eithar(a)to thc reduction of the indebtedness under the Note and this Secur6ey lnstrument, , �'� �y1j��
<br /> . first to any delinquent amountx applied in thc order in Parugnsph 3,and then ro prepayment of principal.��r tb) to the � �;/ �.__
<br /> � ''�°� restoration or re a�r of the dama ed ra rt An a lication of the roceeds to the rinci al xhall not extend or st ne �`� ' •_
<br /> • ''�:,,;... . P F p Pe Y• Y PP P P P W P� �. .' ',i::r . ,�_..
<br /> ' .:';• the due date of the monthl,y payments which are referred to in P.�ragraph 2,or change the arnount of such payments. Any i ,;`�''�S'"�%,�; .�--
<br /> �'"'� excess insurance proceeds over n,� amount required to pay all omstundme indebtedness under the Note and this Security .. •::��:?'4•`��::}•�� •�i'�
<br /> �� � •. ,i'.itii,�.• , r,°:;t;r..,.,�,.:r��•>>s•-�-
<br /> - ,�. ,• Instrument shall be paid to the entity legally entitled thereto. �;;�':'.;••••';'�;:it:�7tistt':-
<br />''�,�;r;,,� In the event of foreclosure of this Security Instrument or other transfer oi utle to the Property that extin_uishes the � ,�, �
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<br /> " indebtedness,all right,title and interest of Bortower in and to insurance policirti in force�hall p�tiy to the purifi::>er. � 3'' •�h:�k
<br /> 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan :'ippifcattosu I �'i:1 S,`:.'`,`. '�'�'•'`
<br /> . ,i�;:.�,..f • .
<br /> � Leaseholds. Borrower shall occupy,establish, and use the Property as Borcower'x principal residence within sixty days ` ,';1�;.:;,;�.g;. , �;
<br /> ..----. � 3�tC:L�:C.XC�tlt!^!!^f fh2c Crr��rt� �ncrr�mPnf�r1 cl�_�tl�pRryn{�p r.�nrpunv thC PfopCrtV 35 Borrower's pnncipal res�dence •-- � ._ �:;5;..':.j{'. ,.
<br /> . � �� . �,r,..
<br /> � for at least one year after the date of occupancy,unless the Secmtaq determines thix reyuirement will cause undue hardship ,.�t�c,.,• .
<br /> for Borrower, or unless extenuating circucristances rxist which are beyond $orrowers control. Borrowrr shall notify }+.. :,' ��
<br /> Lenders of any exrenuating circumswnces. Borsu«::shal!not commit waste a�r destroy,damage or substantiatly change '; 'J�,.r
<br /> � the Anperty or allow the Property to deteriorate,rdavonable wear and tear excepTcd. Lender may inspe:ct the Propetty if the ;
<br /> '��� �. Property is vacant or abandoned or thr]��an is in default. Lender may take rea+nnable action to protect and prrserve such % ���y�, ',
<br /> r� ' vacant or abandoned Ptoperty. Rorm.�..r shall ul�o be in default if'Born�u�r,during thc laar. applicution process,gave •
<br /> .����`, materially fal�e or inaccurate infu�rm;�:ion ur staternent� to Lender (ur failed tn provid: Letxler with uny materiul �
<br /> � ' information)in wnnect��r. with th�loun evidenced by the Nc>te,inrl�ding,but r.ot limited to.representationx conceming ��, ••,
<br /> Borrower�ocwpancy ot th�P:a�7".y a+a principal rc�idcnce. If thi�Securiq 7n>rrumrnt i�<m:+leaxehold.LR:�rrow�er shall �:,. ,
<br /> comply with the prervi�iom of:hc ]r:ise. If BorroH•er aryture,fce title tu thr Pro�xm, th� Ie��ehuW:i�td h�c c�c[e shall not
<br /> be merged unless Lender agree�ic she m�rgrr in writing. . �
<br /> � , , 6. Charges to Borrower araa7 Pr�Yection of Lender ti[d'o��ac nn the Propert��. Borr��wrr,hall pay all g�•�emmrcr.at ,`.''
<br /> or municipal charges,fines and ia*.�:�m:;�ons that:ue not included m Paragraph 2. Borrv�cer+haU Pag the.:o�rfigation.�rn � '�
<br /> . , . time direcdy to the entcr.} c.�^�ich o�owed the pa}m_ht. If failure to pay wa��rld ad�•rncly uffect Lrnder'. :a^zre.t in the �; �: ,;,�'.
<br /> Property,upon Lertder��e:��est E�Erower shaU�+r�.^�:ly furnitih ta Lrnder recc�pn e�•idrnring these paym•::��_.. rr�-:
<br /> . , :` If �orrower fail,e��rnr�&�ct.es: �ayment,or[he paymena reyuired b� P.iragraph 2, or fail, tcz p�rei�rm :uiy other . � � �
<br /> �.l •.. . .�......: ..��......1.. ..,.�:...rf...�� nnifirr�ntiv•�ff+.•t � �
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<br /> ,. COVeIII31'ILS NIU SgiCC[RCIIW(:VI[[alrr.0 r.� uu�ac�ui�ij �u�uun��.�...,. ...��. .:......t...Y..,��......�........._J`_.�....._�...� -°-_' .: �
<br /> � Lender ti rights in the Property (su�l-as a prceecding in banlcra�c�y, for condemnat�<m or tu enforcc I:�a•ti or regulationcl,
<br /> . ' then Lender may do and pay whatever is necessar�•to protect th��alue oE rhe Property anJ Lender:rights in the Pmperey.
<br /> � �.. including payment of taxes,hazard insurance and other rtrm�mrnti��n�d�n P�ragraph 2.
<br /> Any amounts disbursed by Lender under thi�Pnragraph tihall hernme an �dditional deht ut�Born�wer and he.erured 9
<br /> by this Security Instrument. These�unounts,hall bear interctit fmm thr dace uf di.hunemrnt,at thr Note rate,and at thc .
<br /> � • option of Lender,shall be immediately due und payabie.
<br /> 7. Condemnat[on. The proceeds of any award or rlaim for damage�.direct ur romeyuentiul,in ronnrction w ith an�• �
<br /> condemnation or other taking of any pnrt of the Property,ur for com•ryance in plare uf amdemnation,am hercby a..ignrd
<br /> . : and shall be paid to Lender to the extent of the fufl amount of thc indebtecine..that Rmainti unpaid undcr the Note anJ thi. �
<br /> Securiry Instrument. Lender shall apply surh pruc�tds to the reduction of the indebtedne��under the Note anJ thi.Saunt}
<br /> Instrufrtent, first ro any delinquent amounts applied in the urder provided in Para�raph ;. and thrn tv pnpa�mem of
<br /> p�incipal. Any application of the proceeds to the principal +halt not extend or Ex�.tp�mr the dur datr ui the monthly
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