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<br /> ' . �'•��_"!•• 1, Pnyment ot Principal,Intereat attd Lute ChArge. Boaowcr xhull pay when due thc principal of,and intcrest on, _: =�, .�! •:..��'_-=--
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<br /> � . the debt evldenced by the Note und lnte charges due under the Note. •:�;,�'3"����___
<br /> '' ��' 2, Monthly pnymenta of'Ihxes,Insurt�etce und Other Chor�esa. Borrowcr shull innlude in cuch monthly payment, , ..";;"`�-
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<br /> =';;=;t.:a''t�>:.:���,+� to ethet with the rinci and interest as set forth in the Note an nny lnta char ee,nn intitallment af un (a?tnxes and
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<br /> `""�"� • s ecial assexsmentps levied or to be levied u ainFt the Pro ert (b)leasehold u ments ar round rent�on the Pro eK und '�'��'`��=`°-�-
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<br /> -° . (c)Pt�miums for insumnce mquired by Auagrapb 4. • ,.._-{=,:.._--- -
<br /> . ` • Each monthly installment for items (a). (b) und (c) shall equal one-twelfth af the annuul umaunts,n.g mau+onably '; ''�°-_
<br /> . .__:- esti:nr»ed by Ixnder,pIus an umo:�n! sufficient [o msinsain an ndditional balancc of not more than one-sixth of the - � s___�
<br /> ' estlrteated amounts. 7�te full annuul amount for each ttem shall bc accumuluted by[xnder within a periad ending one ` �'�3`"�:-..
<br /> • eteon8lh before an item wouid become delinquen� Lender shall hold the amount�v coltected in trust to pay items(a),(b)and •�4��'
<br /> `� . ' (c)hzfore they�erome dellnquent. . �_
<br /> Df a¢arty Rim¢ylte Hotal of the payments held by Lender for items(a),(bj and(c>.together wath che future monthly � ' _—
<br /> � paynnents foa�sucM itena5 pa�rable to Lender prior to the due dates af such items,exceeds by more tP►an one-sixth the --__
<br /> ;�;.;�:�" ••• estimated artcount of paymen8s requieed to pay such items when due,and if payments o�the Note are cu�sent,then l.end�er
<br /> .;;r,%�r'�° shall either t�fuad tEie excess oves o�ee-sixth of the estimated payments or credit the excess over one-sixth of the estimaced : '
<br /> ' `.� ":i�" payments to suQ+sev�went paymenu by Borrower,at the option of Borrower. lf tQne total of the payments made by Borrower , _
<br /> w�••_� —
<br /> ,��,,, , for item(a),(b�,or tcl is�nsufficient to pay the item when due,then Borrow�r shall pay to Lender any amount necessary to
<br /> ' ,!±•a;�; make up the de�iciency on or befote the date tane item becomes due. � —�
<br /> • �1�� �'�+;'r As used in this Secud Inste�nment,"Secme 'means the Secm of Housin and U�ban Develo ment or 6is or her �=-,
<br /> -'•��j�;� designee. In any year in wh ct h the l.eader must p y a mortgage insu�premium o t6ee Secretary,each monthly payment ' "�
<br /> �1�;�.� •� shal! atso include either. (i) an installment of the annua! morlgage insumnce pmnr�aia�ni to !�e �aid by Lender to the ' ���;r�,, -_
<br /> � , „ Sec r e t az y,o r(ii)a m o n t h l y c h a r g e i n s t e a d o F a m o rt g a g e i n s u r a n c e p re m i u m i f t h i s S e c u ri i y I n s t r u m r n t i s h eld 6 y the f� ` n t t�Y4 ,:�:
<br /> Secretary. Each monthly installment of the mongage insurance premium shall be in an amount suffi�:icnt to accumulate the � � µ�,�C;>;�� '��:° '�
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<br />. • �:�•c fuU annual mortgage insurance premium with Lendet one month prior to the date t3�e fu11 annual mortgage insurance '-;t;�t;�;��ii'
<br /> . '��:=��Y" o' premium is due ro the�ecretary;or if ttus Security Insuument is hetd b�the Secretary, each monthly chazge shall be in an ���!�';''� ._y:
<br /> � �..���,`���� . amount equal to one-twelfth of one-half percent of the autstanding principal balance due.m the Note. ::;:r;.:•h�:.;,..
<br /> ,�. . _ If Bomower tenders to l..ender the fuU payment of all sums secured by this Security Instrument,Borrower's accaunt ;.;,'':ii��;;�,� .� :
<br /> ^ shall be credit�d ��i�h the balance remaining for all installments for iterois(a), (b)and(c)and any mortgage insurance • . � .�+:=-°-
<br /> �- pmmium instaAlmer�t that Lender has not become obligated to pay to the Secretary.and Lender shall prompdy refund an� "� A'•• '
<br /> �• excess funds tm�larrower. Immediately prior to a foneclosure sale of the Property or its acquisition by Lender,Borrower s `� �
<br /> ,,� account shalE be cPedited with any balance remaining for all installments for items(a),(b)and(c). •. -i-',�� -
<br /> • 3. A �nlirAtion of Payments. All payments under Para�raphs I and 2 shall be appl ied by Lender as follows: �-
<br /> '. �,to th�mort a e insurance rertuum to be aid 6�•Lender to the Secret or to the monthl char e b the �""`'�'' �
<br /> E 8 P e P ! �' Y S Y �::�.�•;
<br /> _ Secretar�+ins+��ad of the monthly mortsage insurance premium: " 'E'1� —
<br /> , SECONI7�,tcr any taxes,special assessments,leasehold payments or ground rents,aa�d tiae,flood.uia other hazaru - ���'"
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<br /> �, ,. , � , insurance prerniums,asreqmred; � r.� ;
<br /> .,� ' THIRD,to inaerest due un�er the Note; • s �-� •
<br /> �� "�'+ ' FO(JRTH�to amortization of 4he principal of the Note; •'����'� ' '-
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<br /> , „ �.to late charges due imder the Note. " ,t, -:..,:,r.
<br /> . 4, Fire,Flood and Other Hazard Insurance. Borrower shal!insure al!improvements on the Property,whether now •,' �h�:�:t��� � ,; :�,�,:;.
<br /> in existence or subsequendy erected,against any hazards,casualties,and contingencies,including fire,for which Lender •.';�.- -.•';;,';`:;;��
<br /> , � requires insurance. 'lt�is inswance st�all be maintained in the amounts and for the periods that Lender requires. Borrower , �'� ,f:�`��`�'��� '
<br /> „ shall also insure all improvemenu on the Propeny,whether now in existence or subsequentty erected,against loss by tloods � ;�,<ri�"•.�
<br /> to the extent required by the Secretary. A U insurance s hu l l b e carri e d wi t h companies aT�r��ve d by Len der. T h e i n s u e a n c e f f;;'i°;.
<br /> , ' policies and any renewals shall be held by Lender and shall include loss payable c9ri:s�s in favor of, and in �¢ Eoran , `����;���r�
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<br /> � acceptable to,L.ender. . , � � ,
<br /> In the event of loss,Borrower shall giv�L,ender immediate notice by mail. Lender rnay muE:c g+-:�of of loss if not .
<br /> • made promptly by Bomower. Each insuranc�company concemed is hereby authoriud and directed to make payment for , .�J�" �
<br /> ' such loss directly to Lender,instead of to Borc�vLVer and to Lender jointly. All or any pan of the insurance proceeds may be • ��." �;i�4 �''+s�
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<br /> , ,� applied by L.ender,at its option,either(a)to tD�e reduction of the indebtedness under the Note and thic Security Instrument. � ;:,_:.��
<br /> ;'�,�'� first to any delinquent amounts applied in the order in Paragra�h �, und then tr �re�ayment of principal, or(b) ro the •: .•:•��r, •� �'
<br /> " , �'�:%:��' restoration or r+epair of the damaged property. Any application ot the proceed.a�the primipal shall not extend or postpone � �,��<<`�i�;;:�� ,
<br /> �� �� the due date of the monthly payments which are referred to in Paragraph'_',or chan,e the arnount of such payments. Any � . �
<br /> excess insurance proceeds over an amourn rrquimd to pay all outstanc�m_� indebtedness under the Note and this Security , ��
<br /> Instrument shall be paid to the entity legaily e�titled thereto. • �""
<br /> In the event of foreclosure of this Securiq• Instrument or other transfer of title co the Propeny that extinguishes the ��`,.�:";F':�'r, ' �,,�
<br /> indebtedness,all ri h�title and interest of Borrower in and cn insurance licies in forcr +hal 1 ass to the urchaser. ' ,t''>?.'�,�•`t � �'`r�`'
<br /> g P� P' P �,,;,'.�'�..... . �r . ,'`
<br /> S. Occupancy, Preservat3on. Maintenance s�ndl iP'PUtection ot the Properl�•: Borrower's Loan Appl3cai+oo; ,.•�•,. . • ���-
<br /> I.ease6olds. Borrower shall occu establi:sC�,and use the Pro n as Borrower's rinci al re+idence within s�xt �da s 1`��'it?tt'���'` ,. . �,-
<br /> . PY• F� Y ' P P' ) Y �.v' ' y}:rr
<br /> .. after the execution of this Securiry Insuumenq and shap continue to occupy the Property as Borrowu�r'� principal rexidence � . ;i,t;� :.�
<br /> for at least one year after the date of occupancy,unless the Secretary determines thiti myuircrnent N•i�:l�;�.e undue hardship : ;' ' �
<br /> ''': � for Bomower, or unless extenuating circunistances exist which am beyond Borro��er� �omrol. Bormwer shall notify � •'. E,,,.: -��y
<br /> ,,: ,n�: :
<br /> r;. ,....i. Lenders of any extenuating rircumstances. Borrower tihall not commit wa.te or c3c��re��.damage or�ub�tantially change
<br /> �;�;;; '� the Propetty or allow the Property to deteriorate,reu+onable w•ear and tear excepted. Lender may m�pect thc Property if the ��� �
<br /> �:� I• '.�`:`':�;''I .
<br /> Property is vacant or abandoned or the loan is in default. Lender may takr rca.onabl� artion to protect and preserve such . • .•.�•�
<br /> . . � vacant or abandoned Property. Borcower shall also be in default if Burre�uer,during the loan application proce.�,gave i ;. �
<br /> '� materially fal�e r�r ina�curate informatior �nr statement� to Lettder �ur failed to providc Lender with any material �
<br /> informationy ia c�snnection with the loan csidrnced b�•the Note. includirt,.but not limited ro, npmsentation�conceming , `.
<br /> ' �� l�cmmwer's occupaney of the Pro�aerte a,a princi�+al mside:ce. If thi+Security lnstn:er.ent iti iM a Iea.ehold,Borrower tihall � i �.
<br /> . � �arri;3ly with the prons�ons of th_lea,e. 0f�arrawer a:yui<<�fee titl�to thc Proprrt}. tce Ira�rhold and f�M tiQe.hail not �
<br /> { �e merged tanless Lender agrL°e;to the m�rger i�writing. ','.� ;�t%�;s
<br /> � 6. Char�,QS Ro Borroo�•er ared Pros�rraarwn�f Lender's Rights i�a dhe Q'ruperto. Sorrouer.ha?t�a}all govemmental ;:�!,,.��
<br /> � ot munieipal charges.f5rtes and impos�tian.U:tat am not included in R.�r3graph ''. Borr<>Wer tihsll�s}rhe�e obligation�on •,•�„•• _,
<br /> time direcUy to tPne enauty vyhich is owed the payment. lf failure to pay u�iu!d ad�en:ty •rtfzct CJender:intem.t in the ,�
<br /> Property,upon I.ender's reqaeyt Bomower shall promptly famish to Lcndcr rece�pn e�cJ:rn��ng thex payments.
<br /> _ , _ �.. __s__ .. ...�..._ � t
<br /> ,'� � If Borrower fa�ls co matce enese a menis or ine s mrm� Ic uncu irr ia�snia✓u... u� �ui��i:. _-
<br /> P Y F y v . � rn.� �... W.� ....... . _
<br /> ' ' covenants and agreements contained in thi.Securit}�Imtrument,or ther�i.a Irgal proreeding that may��gmf�rantly affect
<br /> z • • I.ender's rights in the Property(surh a.3 pnxcrding in bankruptcy.f��r condcmnation or to cnfornc law�or rcgulationsl. '
<br /> „ then Lender may doand pay whatever is neces.ary to prutert thz�alue of rhe Pro�xny and l.cnder:right.m the Property.
<br /> including payment of taxes,h�ard in�ur.u�ce:►nd othrr�tem.mena��nr�i m Paragraph?. ;
<br /> � My amounts disbuned by Lender under this P�ar��raQh shall becomr an additional drM of Be.m�acr anJ tx.crurcd ,
<br /> � - �• by tF�is Securiry[nswment. These amounts shall bear mt�m�t frum the datr uf Si�burKment, at thr Notr rste.:uid at the •��; ,
<br /> ' option of Lender,shall be imrtediatety due and payabte. ',�,
<br /> • ?. Condemnadon. The proceeds of any aw:ud or claim for damagr�,dircct or cun+eyuential, in ronnertiun w•�th:uiy .
<br /> � • condemnation or other taking of any part ot the Pro�rty,ur for�onvey:uicr in placr aC rondrmnatiun,are hcreby s��igneci .
<br /> ' • and shall be paid to Le�tder to the extent of the full amount of the indebteJne.ti that rcmam� unpaid undcr thc Nute:uid thi.
<br /> " Securiry Instrument. L�eader chaU apply such proceed�to the rcdurtion i�f the indrMc�ina.+under thr Note:ind thi.S��:urity
<br /> Insnvment, first to any delinquent amounts applied in the order provided in Paragr.►ph 3,and then t�� pmpa�ment of -
<br /> ' ` principal. Any Appli�utiun of the proceed� to the principa! ,hall ne�t rxtcnd ur p»t�n�nc thr Jur datc ot thc munthtr
<br /> �p,e�_�s��n�a�,� .
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