_ .. _u...,r=__.�.. ...: . , ....... . -• ,�.,�,�1� ,x..+:xr�...,...,.._.,.........,....,.-...�, .. �y-....•:tr r — - -
<br />-„-.�.,�.4.+{.i'F��!aj�u.i.��it ,.l � ''•'f*F4`• :. , l.,- � �R ,;i..:t�.�. - i r , � �-•i--a��� ,�Y-�����_-.
<br /> .1 .Ut � '��!�:1 '����.�y -a '���ta,•r:�7 - �.i ii`��� "4� i ., �F -.� t i s� ;';•;-. . 't . t .! �~� �
<br /> -�. . . .. t r�- �In .•, , � g / -,r - . �. ,� � _
<br /> r � 11 ��1-?f .� .i :i . l�°;�}` t r i• � f4.f .f'I. .. ..F ,. . �� ,•�� 1 ��: .1 �.
<br /> . .ti " �. <<•'� . ,rS :vl � . . +r►
<br /> ' . •� . . , . ' ., _ , . . ..� i� ' _ - �. �
<br /> . . . �'-- . . ' 1 _ �
<br /> . �,� 1 —
<br /> y ' ., ���, . . :ii
<br /> , ,
<br /> , , _ =—y
<br /> � t
<br /> ._._...---°- ,..•--
<br /> . • o7�F•R�CQR[IEU�� ��m �O:l���i , . Y_
<br /> 1. Paymeot oP Principnl�Inlerest and t.nte('�ll�e`�.�otrower shnii pay whcn due thc principut of,nnJ tntcre+t on, , �
<br /> the debt evidenced by the Nnte and Inte chnrge�due under tlte Noto. . '�_ __
<br /> � 2. MoMhly poyenrntA ot'l1�xcA.inguru�ce nnd pthet Charges. Borrnwcr Rhnll inrlude in earh mnnthly pnymcnt, ; 1,7
<br /> tagethcr with the principal nnd interest nq �et torth In ihe Nnta und any late chnrgeq,nn inxtullmcnt�f nny(a) �nxea and �
<br /> � spec;iut naceqsmcmq levicd nr ta he Icvied c�gnin�t the�operty�(b)Ieasehold paymenta or graund tentx nn ihe Rapetty,nnd �,--�
<br /> (c)premiums fi�r insurunre rcqulmd hy!'nrngrt�pi�4. -���,.
<br /> Fa�ch monlhly instnllmem fur items (e). th) nnd (c) Ahnll equnl one-twelhh of the unnunl nmrnmta, aa rensonnbly i � ••
<br /> egtimated by Lender, plus nn amounl suflicient ta maintuin an additional balancr af nrn more thun one•sixth o!the �'`
<br /> mnn h�t�efore an item wo Id t+ecomc d linquent�r l.ender shall�ha�ld ttte mount�coltrcted in trust to pay itemx(�{tb)ond j
<br /> �•
<br /> (c)l+efore thoy hrcome delinyuenl. � '��
<br /> If ut nny time the lotnl of the paymetxc held by Lender for items(A),(b)nnd(c),toIIether with the futurc monthly �
<br /> pnyments for such items pnynhle to Lender priot to the due dutes of such items, exceeds by more �hnn one•sixth the ( .
<br /> estimated umount�f paymenta reyuired to�ny such items when due,and if pnyments on the Note are curcent,then l.ender I
<br /> xhall eithe�refund the exces�cwer one•sixth of the e�timated paqments or credit the eace.cs over one-sixth�f the estimnted ,.
<br /> pnyments to su bceyuent paymen ts by Ba r r aw e r,n t t h e o p t i o n o f B o m o w e r. I f t h e t a t a l a f t h e p u y m e n t s m a d e b y Borrowcr I .
<br /> for item(a),(h).or(c)is insufficient to pay the item when due,then Bottower shall pay to Lendrr any amount necessary to .,,
<br /> make up the deficiency on or before the date tiie item becomes due. ,
<br /> � As used in thic Security Inxtrument,"Secretary"means the Sectetary of Nousing and Urban Oevelapment or his ur Qr.�r �
<br /> Je4ignee. In any yc,�tr in which the I.ender must pny a martgage inswance premium to the Secretary,eosh tsnanthiy{Kay�rnt I ,
<br /> �toal! alst� includc either: (i) an inetallnnena of Ih� annual mottgege Insurance pmmium ta be puia!Q►y Lertndrr to nt�rr , • �..
<br /> Se4eetary,vr(ii)n monthly rhar�r nnccead ar6 u crea•rtgage imsu�aetce ptemium if this Seca�eny faistnamee�n i.QArItB �} a{if "r+;•r
<br /> S¢e�etary. Fach monlhOK imnallt�ena a�V'UOn¢troort ag�ins�ram'¢�nemium shall be in an ar�maumn sufficient tar atrunm�oDate nhe �,
<br /> fa�EO u�nuai mortga�e imsuraance premium wuIIh�em�cr on2 erteu�nlllh p�ior to tEoe date tC�2 QuGD annuaE ma¢ngag�insuravace �,,�
<br /> ppemium is due to n➢m Scsretury;or if this Security II�msttnnenaraQ is��tH by uQna Serrtetary.each monthly c0�ar�e sinall be in an ,. ,y . ,•.
<br /> e
<br /> aaresunt c�ual to one•t�Lelflh of one-half peccent af tin¢ou9sta�e�iQO��riu�rip��alziaece due on the Nate. �" r
<br /> I6 Bormwer tenders to l.ender the full paymer�n of al!soncns szsnacad Q+y Ql�is Security Instniment.Borrower'.s acmant � .,",�*.
<br /> shall Q�ctedited with the balance remaining for aa� ieestallaaeenls ftoa items la). (b)and (c) and any mortgage imsurarme , a;�
<br /> premium insiallment that l.ender hac not Ixcome o'��igated ta pag t0 the Secretary,and Lender shall Qmmptly refwnd 3ny , -
<br /> excess funds to Bortower. Immediately prior to a fa�nerlosurr sn7��of the Property or its acquisition by Lender. Borrcnvcrk . , r�
<br /> � account shall be credited with any balance remainin�Gor til!installments for items(a),(b)and(c). . ���
<br /> 3. Application of Paymenfs. All paymenls u�.3rr P a r agtap hs 1 an d 2 s ha i l b e a p p l i e d b y I.e nd e r ac follows; � '_�r�—
<br /> , FIRST,to the mortgage insurance prem�um to be paid by I.ender to the Secretary or to the monthly chnrge by the �1 �
<br /> ��;rrtarv instead of the monthly mortgage insurance premium; � . �•�:��
<br /> �,to any.taxes.Special ae�essments,feasehoid paymenis w g�ound re�ts,and f rc,t2cuTd and other ha�ar! i , .,.�,:,•�•' .:��
<br /> ,. • inx�+rance premiums,asrequired;
<br /> THIRD,to interext due under the Note; � . �
<br /> OU ,to amortoaation of the principal of the Note; � �,��
<br /> �I�i,to lute charges due under the Note.
<br /> 4. Fi�e,H lood and Other Hazard Insurance. Borrower ahall lnsure all improvcments on the Propcny,wbether now ;�j
<br /> i�n exevtence or subsequently erected.ngainst any hazerds,casualties,and contingencies, including fire,for which l.ender , ,
<br /> requirec in�urance. 'This insurance shall tx maintained in the amounts and for the per[ad�that Lender require�. Aorrower j,.°!^
<br /> s0aa11 also insure all improvements on the FmFxny,whethe�now in existence or subsequenlly erected.ngainxt loss hy ticNxls
<br /> ta�the eatent reyuired hy the Secretary. All inxurnnce shnll be carrled with companies approved by Lender. 1'he insurunce ,�
<br /> + policies and any renewals sha{f he held hy Lernler and shall include loss pnyable clttuses in favor of, and in n fcmtt ,
<br /> ' acceptahlc ta,l.endcr. � �
<br /> in�he cvcnt of loss,fiu�rower sh:stl @ivc Lcnder immediate nodce hy mail. l.ender may +nxke prcx�f of loss if nat , ��..
<br /> made promptly by Horro�vrr. F.�ch insurance compan concemed ls heteby authorixed nnd directed to make payment ieir � ' �'`�';P
<br /> y �
<br /> such loss dircctly ta Lendrr,insteaJ of to Borrower�+nd to Lender Jointly. All or any pnrt of the insurance pmceeds mny t+c �,q
<br /> applied by Lender,at it�option,either ta)to the reduction of the indebtedness under the Note and this Secunty Inctrument, ,:
<br /> first to nny delinqucnt amountx applied in the order In Paragraph 3,and then to prepayment of principal,or(U)to the ,,i�r
<br /> restorntion or repa�r of the damuged propeny. Any application of tlte proceeds ro the pnncipul shall nnt extencl or{xist�ne �",;
<br /> ihe due date of the monthly payments whkh are referred to in Paragreph 2,or chunge the n�tiount of such paytnents. Auy ,;'�
<br /> excess insurpnce proreeds cwer un amount reyuired to pay all outstandmg mdebtedncss under the Note and thi� Securily
<br /> Instrumcnt shnll he paid to t'he entiry le�atly enlitled thereto. _
<br /> !n the evcnt of forcrlo�ure of this Secutiry Instrument or other transfer of tiUc to the Pm{+crty thnt extinguishrs the _
<br /> inJebteelnes�,all right,titic nnd intcrest of Bcirn�wcr in and to insurance policics in force�hall pn�s to tlie purchnxer. ,
<br /> S, Occupanc}•, Preservation. Malntenance and Protectio� of the P�operty; Borro�ver'S l.unn Applicatton;
<br /> • . ';�;f I.Paseholda. Borcowe�shaU orcupy.estat►lish,und ase the Property as Bortower's principal recidence within sixty dny�
<br /> ;;f aRer the execution of this Security Instrum�nt nnd shall continue to cecupy the f'mperty nc Ri�rcower's prinrip�i residen�e
<br /> ,� far at least one year 7fteT the dnte oC cxcupancy,untexs the Secretary determines thic reyuirement a•ilt cnuse undue hardship
<br /> for Borrower, ar unless extenuuting rircuni��ances exixt which are beyond Borro«•er's a�ntrnl. f3urrrn�-er sh111 notify
<br /> �.enderc of any extenunting circum�tnncet, i3nrrower shall not eommSt wastp ot destray,damnge or xubstuntiatly chnnge
<br /> n6�:Property c�r nllow thc i'mpe�ty to Jeteriorate,rehsonable wear and tear excepted. Lender mny mspect the i'raperty if thc
<br /> IPtm�meKy is vtuant or ubanJoned or the laan is in default. Lender may take reasonable lctiun to protect and prcserve such
<br /> � vacant or ttbnnduned f'roperty. Iiorrowcr shall olm t�e in default if Bormwer, during thc loan nppfic:+ticm process. �:rvc
<br /> materiully lalte or innccurnte infonnnte�n or st�ttemenis to Lender (or fniled to pmvide l.ender with any matennl
<br /> inforniatinn)in connectiun with Ihe lonn ev ideneeJ by the Note,including,but ne�t limited to,re4xesentutiim�cuneerning
<br /> I3arn�wer c cxcupnncy<►f the Pr�,�xm•n�a F�rincipal rcsidence. If this Secunty In�t�munt i�on a Ieu�rin�ld.lie�rro�+•er Shnll
<br /> cc,mp(y with ttie provixiuns uf the lr:i�e. If iii�rruwer ncyuircs fee title to the F'roprtty,the Ica�ehuld and fee title �lu�ll nc�t
<br /> be mergect unles�l.enJcr agrecx to the rncrFer in a•riting. . •overnun ntc►I
<br /> 6. t'h»r�;es to{i��rroa�er nnd PrnlecNon of l.ender s RiRhts in the Prnperq•. Bnrc�+��•cr ,hall pay all� .
<br /> or tnunicipal cli:�r�,c�, Cmr�smd im�r+.itianc th:�t:+rc nut included in Parngrnpn 2. I�orc�,�ccr tiluill pa� Ihc.c c,hli�;:diun.��n -
<br /> , time dircctly te�the enut�• w�hich i�e,H•eJ the p:q•mm�t. If(ailure to pay wi�uld adarr�el�' aUerl Lendrr'+intercN in Ihr
<br /> i n....._.... ........t...,,a,..:�,�..���rce Rorniwerchall nramntiv fumish to Lender receipta evidencing the.e paymrut�.
<br /> ....�....,...�......__.__. _..� .
<br /> If Bormwer fnilc 10 I118ICC II1C�C �ayment.cx the pnymentx reyuired by F'nragraph t, or tun. �a perii�rm any �nnr�
<br /> crnenants And o�mement�rontained in thic Cecurity Instrument,or thece is a Iegal pnxeeding that may significandy i�(fect
<br /> Lenderk�ghtti in the Pmprny(�uch a.a{�nxeeciing in hankruptcy,far candernnnuon or ta enforce i;�ws or rc�ulatiom).
<br /> then Lender muy da and puy wh�trver is nrrcc�nry to protect the value of the Property nnd Lrndct's tights in thc Pmperty. .
<br /> inrluding payment uf taxrc,hu�nrd insurmcc and othcr items mentioned in Purngrnph 2.
<br /> Any om��um�diehurard by Lender under tl�is !'arn�taph shall become nn additic+nal dcht uf tiorruwer nnJ he�erurcd
<br /> by tNir•Scrurity lnstn�mrnt. lhcse�monnts xl�all t+cur mterext from the date ot dishurtcmcnt,at the N��tr r.�tc.and at thc
<br /> opticm cif Lender,shall he immeeiiately due and payable.
<br /> 7. Condemnatinn. 'ilie pr�needs o(any award nr claim for dttmnges.dirrrt ur con�eyuentiul,in connectirn��ith am
<br /> condtmnation o�other taking of any part Nff rh�Pc�perty,or for conveyance in place of cundemnatiim,are hrreh�• a.�ignt d
<br /> nnd shall!se��id e4�Lertdev tn aRe c�teme aQ ¢I*t I`uf[amc�unt of the indebtedness thnt remains unpaid under the Note ancf rh��
<br /> Security inatrnerto�roo E.ert�C�r cC�all ap�►H}r cm�6�c��.ti-edc eo the reduetion of the indehtednesc under the N��:•e an�1 thu�Sc���rrr�
<br /> • Onctturtteni. foccp taT au�y drtia�a.r�t amrcoa�mc<;;*�I.irc! in cP� nrder provided in F'aragr:�ph ;, and eR��•� to�+rcpiyment c�f
<br /> �rir�:��al. Avsy a��licalicrn rtf thr (�[a�eec��aR rL�e p�uirt:u��a[ s14a11 not extet►d nr{x��t�xmc the due d:sre nk�thr m«nrhl�
<br /> �r,�e,•�.,�.rr.,��,i �
<br />
|