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<br /> .. . ,, .. .� , RE•RECORDEU � ,� ,''��; �._
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<br /> � ' . 1. Poyment o�rincipul7nte��a�ndl.ate Chatge. Bomower shull pay when due the principu{of,and intet�cst on, " . .
<br /> the debi evidenced by the Note und late charges due under the Note. . �
<br /> ��;. �'� 2. Monthly puymente ot'Ihxes�Iasurnnce pnd Other Churges. Borrower shail include fn ench monlhly puyment, . � �
<br /> ' ��% �� . together whh the principul and interest as set forth in the Note and uny late chArges. an InstuQmrnt of any(a) taxes and ,...
<br /> , ' sptelal nssessmentc levied or to be levied aguinst the Property.(b)leasehold puymenGc or grvund renu on the Rroperty.stnd _
<br /> • (c)premiums for insurance required by Paragraph 4. .
<br /> . Each monthly in�tnllment for ltems (a), (bf �nd(c) shall equal one•twelfth of the annual umoants. as m,asanably
<br /> • esdmated by Lender. plus an amount su�cient to meintain an additional baliutce of not more thun one-sixth of the - �.
<br /> estimated amous�t�. 'i7�e futl anruai amount fnr esch item shall be accumuln�ed by Lender within a period ending one —
<br /> month before an item would become delinquent. L.ender rhdl hoid the amounts collecte8 in trust to pay items(a),(b)sind • - ''�-
<br /> " � (c)befo:e they berome delinquent. , �`��—�
<br /> 1 • If at any ume thc totnl of the payments held by Ixndcr for items ia),tb)aRd(s),toge[her with the future monthly �
<br /> ` ' � paymenu for such [tems payab�e to L.ender prior to the due dates of sacQ� items,�xceeds by �vrP than one-sixth the � �,
<br /> ' : ,�,''.• esdmated amount of payments required to PAy such items when due,an�if paymenu an t4ne No2e am cument,then I.ender R f
<br /> shall either refund the exeess over one-sixth of the estimated paymenu oP cce�9it t➢►�e;ccess over one•sixth of the estimated ';'�.;
<br /> payments to subsequent paymenis by Borruwer,at the option of BorroueQ. lff thP totail of tU�e paymenu made by Borrower � F •.
<br /> �� for item(a),(b).ot(c)is insu�cient to pay the item when due,then Borr�wer sha1C puy to Lender any amount necessary to �
<br /> make up the deficiency on or before the date the item becomes due. "�
<br /> .•., .
<br /> As used in this Security Instrusreent,"Secretary"means the Secretary of�-➢ousing and Urban Davelopment or his or her .�
<br /> dasip,�mEe. In any year in which the Ixnder must pay a mosagage insurance prereiium to the Secretary,each monthly payment , „
<br /> sQui1! also include either: liE an instaitment of the ann�uai mortgage insurance premiur.n ta be paid by l.endee to t6e .
<br /> a � ;: � .
<br /> Secretary,or(ii)a montE�ly cPoarPe instead of a monga�e insurance premium if ihi:Security lnsuuenent is held by the ; .h
<br /> Secr�etary. Eac9n monthly instaUam�m!:��f the rtriartgage insurance premium shall be in a�o amount sufficie�t to accumulate the :��.,
<br /> .��;,;�::.:�., � . fuU unnua! morlgage insuranre pe�rra3�um rr•ith L.ender one month prior ro the date the full annual mortgage insurance . t.•�,•;�.
<br /> ' ����''i:, ;•., premium is due to tha Secretaey;or if this Security Inswrnent is held b} the Secretary,each monthl�rharge shall be in an '��;- :::���
<br /> � r�{;;,%'" amount equal to one-twel�th nf one-half pe�ent of the ou�standing principal balance dwe on the Note. �.
<br /> :1=;,:a'��:
<br /> If Bormwer tenden to L,x:aider the full payment of all sums secured by this Sern�rity Instrument, Borrower's account �,.'� . : ���.
<br /> ° shall be credited with the bnlance remaining for all instaliments for items (a). (bi aand(c)and any mortgage insurance .��,; �
<br /> premium installrt�ent tha[ Lender has not become obligated to pay to the Secretary,and Lender sha11 pmmpdy refund any �
<br /> excess funds to�omower. Immediately prior to a foreclosure sale of the F'roperty or iu acquisition by Lender,Borrower's �
<br /> account shall be credited with any balance remaining for all instaliment��'nr items(a),(b)and(c). I . • .�ti`,'
<br /> s 1 and 2 shaU be a lied b Lender as follows: `.,'i„ :,�-�
<br /> 3. Appltcatlon otAayments. All payments underParagraph PP Y I _.,,-
<br /> F[RST to the mortgage ir�surance premium to be paid by Lender to the Secretary or to the monthly charge Q►'.che -•�`r�. , ;-t -
<br /> __:_-_— -_ �tcrctary instczd of ttre mc�tttlymortgageincurancP �rcrrnium: , ,���y' �:a..._.••'�1 �__ _,
<br /> SECOND,to any taxes.special assessments.leasehold payments or ground rents,and fire,flood and other t��u ar.d �.• •�t;"': •.
<br /> ��•''�'�` insurance�remiums,as required: '�`•°`� �
<br /> � THiRp,tc�intcrest due under the Note: M � . ��
<br /> ,r�.. �• FQURTfri,to amonization of the principal of the Note; �. ••
<br /> r;?. . �,to late charges dme under the Note. .
<br /> ��:r�',`:��� :, ' :���''iC
<br /> 4. Fire,Flood and OiV�er Hazard Insurance. Borrawer shall insure a!I improvements on the PropeRy,whether now .,�. ' �
<br /> ``%°'�`�• in existence or subsequently ereeted,against any hazards,casualties,and contingencies,including fire,for which Lender • ,
<br /> ' requires insurnnce. This insurance shall be maintained in ihe amounts and for the periods that Lender requires. Borrowet � ,•.'j•;��c,:� _ +
<br /> shall also insure aU im rovements on the Pro en whether now in existence or cubuquentiy erected,against loss by floods �y' ' ,�•
<br /> ' to the extent required by the Secretary. All insurYance shall be cazried with companieti approved by Lender. The insurance � ,�,/Y��
<br /> .:,,. �olicies and any renewais shall be held by Lender and shall include loxti payable clauses in favar of, and in a form ! �/ -
<br /> , , ucce�table to.l.ender. I � �� � �. �.
<br /> ' � En the event of loss,Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not :�+ , .
<br /> • made promptly by Bortower. Fdch insurance company concerned ix hereby authori�ed and directed to mtske payment for G ' `
<br /> '. , such loss direcnE�to Lender,instead of to R�rrower and to Lender jointly. All or an�• part of the insurance proceeds may be �
<br /> .. • applied by Len�er,at its option,either(a)to tt�c reduction of thc indebtedncss undcr the Note and this Security Inswment. � : ,J�� �,+
<br /> '���,iY�;��
<br /> �.'. fitst to any delinquent amounts applied in the order in Paragraph :�.and then to pmpayment of principal,or(b>to the � �. �"� ,
<br /> restoration or repair of the damaged property. Any applic.����n of the proceedti to the principal tihall not extend or postpone
<br /> ,.,;5,�„;.� the due date of the monthly puyments wMch are refernd to m Paragraph?,or change the amount of such payments. Any , . ` ;t•
<br /> •� excess insutartce proceeds over an amount required to pay all aut�tsnding indebtedne.s under the Note and this Security ';�
<br /> Instntment sk�a:!be paid to the entity leg.aily entitfed thereto. . �'��'�i '�
<br /> In 1he e�•ent of foreclosure of thi�Security Instrument or other trdntifer of title to the Property that extinguishes the ::�;', '
<br /> indebtedness,alt right,title and interest of Borrower in a�+.i to in.urance polirie.in force.hall pa.ti�to the purcha.ser. • ' :,;, �
<br /> , .;•...
<br /> S. Occupancy. Preservation, Matntenance andi Protection of the Propert}�; Borroa�er's Loan Application; ;
<br /> Ixaseholds. Borrower shall occupy,establish.and u�r :::: Pro(krt)�a� Bc�rn�wrr. pnnrip•rl re.idence withir. >>xty days � . .
<br /> after the execution of this Security Imwment and xhal( :ontinuc to ocrupy th�Propen}•a�Borrower's princip��l:esidence . "�
<br /> for at least one year afrer the date of occu�i�nc�•,unle..thr Sc�mtary Jcterminc�thi.reyuiremem��:i���u,e und�:hardship �',:�'�; �•
<br /> for Borrower, or unless exrenuating circ::�n,tance� exitit��hich are br�and Beirn�wer: contml ����ower �hall notify , i
<br /> Lendets of any extenuating circumstanc��. Borrower.t�all nc�t commit wa.te or de.trov,damage or ,ubtitantiall� change
<br /> • � the Property or allow the P:��:rty to deteriorate,rea+onahle w car and t�ar ercepted. Laider ma��in�pect the Pir���erty if the
<br /> � �''` ' . Property is vacant or ab:m3c,�c.d or the loan i�in default. Lrnder ma� t:►I��rra.onah•'�artion to pmtect and preserve such ,
<br /> . , _ vacant or abandoned Pra�pai^.?.. Borrow�er �hal1 also hc in default if Burro�ier, dur�„_�h�loan application process,gave ,
<br /> � materially faf,, or inaccurste infortnacinn or statement. te� Lendcr cor t:�iled u� pro�idr Lender with any material
<br /> information�::.:onnection with the Ivan r�idrnred h�the'���tc, in�luding. hut n��t limited to,reprc�entations concemin=
<br /> Borrower's csecapancy of the Pmperty a.a�nncipai re�idenre. 1(thi.Serurit� Imtrurn�nt i�on a lea.ehold.Borrow�er�hall
<br /> cosrtply with Ihe pmvistom�f the lea.c. 14'Borro��e::c.:�uiro.fec tide s�t!:e Pro�rr':..th�leauhold and fee tiEle tihaU nut
<br /> `�'' ' . C�:•m�erged unless Lender agrce�to the mer�er in w r:::n,
<br /> , , � 6. Charges to$orrow�er and Pcotestimn oY L�ndaee'�Righ4s in rtQor If'POgavt�_ e��rro�►er.hall pa� all_u�rrnmental
<br /> � � ot municipal cFtarges,fines and impo�uio:t�that ace not mcluded in P:ca=raph'_. B:�:row er.hsll pa� the�r aF�i_:�tion.on ,
<br /> time dinectty tv¢he entity which i.nu� Fhe pasment. If failure to�r.�� would ad�enely aff�re L�nder� fatere.t in the .-
<br /> . 1 a....o..., ...,,...t..��r���t:P��Rnrrnuzr.hall nrama�l� fumi�h t��Lendcr re�e��c:c��dencm�ch��r pa�mrnt�. �
<br /> - � •'�Y_"!•_r"'_'.._.. , . , _
<br /> Ii Bnrrouer fai65 ea�m.a!<e the.e paymem� or thr paymcnt. rcyuired hy E'ara•_raph .',or tau. to}serinrm sn� omer
<br /> covenants artd agreem.eac�contained in th�.Scruriq•In�.trumenL ur there i+:�leti�[pnMCedmg that mac+ign�fc4antly affect
<br /> • I.ertder's ri�hts in tlrt�Ps�perty I�uch a.a pn�a�eding m b;uil.ruptc�.fur cunJemnrn�m or to entime law,or regulation.�.
<br /> then Lender may do anc4 pay whate�•cr i�nere�+an [o prnt��:t the valur of thr F'ropert�and Lrndrr'�right.in the Pmpem•.
<br /> including�a}m�ent of raxes.h:uard in�uranre and other it�m�mcnti�med in Paragraph Z.
<br /> My amountti di,huned h�• Lender undrr thi.Para�,raph .hall heromc an addiuonal dcht uf Burru��rr and he.ecund �
<br /> � by this Security Ins�ru�rtent. 'Ihese:unount..hall txar i niere�t frum thr date uf di.hunrmcnt.at thc Natr r.ue,and at the
<br /> option of[.ender,shall be immediately due and pa�able.
<br /> 7. Condemnation. 'Ihe prcrceed.of an�saarilor rlaim lur damage,,ducct or ri�mcyurnt�al.�n�onncruim��ith am
<br /> rnndemnation or other takin€af any pan of the Pn�peny.�u for r�m�e�3ncr�n plarr ut c��rdrmnauun,arc hrn M a.�f�ned
<br /> artd shall be paid to Lender to the cxtent of the full amnunt uf thc indehtednr�.thai n m.um unF.��d undcr the ti�ite and thi.
<br /> Security lnsuument. Lender�hall apply.urh prc�ccti•ci�t��tbe nJu�ticm ut thr mJchtrdne..un.irr ihr tiote and thi.Srcunt�
<br /> Instntment, fint to any delinyurnt �mount. applied in the ortlrr pru�ided m Rir:igr.iph ?. .md thrn to pn pa}mrnt ��f
<br /> _ p�lncipal. An�• application of thc pnucrd+ t�� th� pn�r�p:tl +hall ni+t c�trnJ �v�o.ip�mc thr dur Jatr at thc monthh
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