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<br /> !. Pax�+etnt u�Princ#p�P,lnterest�nd I.iIIC��hrr�c, A�irrawer shutl pay w�en due the principal of,anQ intcmE cxi, •
<br /> the debt eviKlenced by the Nae anci Iwle chorgx:due wxkr the(Vote.
<br /> x. Me�idlr p�rapenb d'IY�xer,Iewnnce Rod Uthrr'Cliar�, 8cmower s}udl include in each monthly poYmau.
<br /> togetf� wi�h the pnncipal and Interes� xa xel forth in tho Note and yny lat�che�ges,un(nstallmeni uf uny fa)tuea and
<br /> apocial wesunents kvie�or to be lcvied agalrui the Praperty,tb)leaeehold p�►ytr�ente+x ground r+ente on the Pmpmty,�nd
<br /> (c}pt�cmiums Cor in�uranco rcquined hy Paragraph 4.
<br /> '�_- - -- - _ �IICf1 ltxlnthly In6teilnxr►t tor ikms (b)� (o)w�d(c) aLall r�{�ul uu�•iwcl�+i� uf(i��«.�+iuri J1�ILJUI.., c:.. ��,.w�.::bl�
<br /> enlimatai by Lenckr, plua �n amewnt sufficient to mainuin an additiontl bslance of not mor�e than one-sixth ot the
<br /> estim�ted amcwnts. 'Ihe Cull wmual enx�unt far cach it�m nhall be uccumulated hy I..endei wicl�ln a period rndin ooe _
<br /> mcx►th befarc�n item wuu�d becr�mc delinyucnt. Lender tihall hnld the amounts collected in t�ust ta pay itrms�a),{b�and
<br /> (c)before thcy hrcane delinqucnt.
<br /> If ut xny time the total nf the paym�nts h�ld by Lender for items(a1,(b)and(c),iogether with the future monthly
<br /> pxyments for such itcros payable ta Lender prior to the due dat�s of such itert�s,cxce�ds by morc than ona-sixth the
<br /> — — rsiimWte�:l s�iiouni of paymcnts r�cquiccd to pay such itcros whrn due,mtd if puqments on the Not�are currcnt,ohcn I.cnd�r
<br /> shall cithcr rcfund the excess over one•slxth of thc estimated payments or credit the cxcess nvcr one-sixth of�he rstimated
<br /> payments to�ubseynent payments by Bntm�ver,at tha option af Borrower. If the tot;►t of the payments made by Borrower
<br /> Cur item(a),(b),�.�r(c)is insufficient to pay 1he item wlien due,then Bormwer shall pay ta Lender any an�aunt necessary m
<br /> make up the deficiency on or before the date the item becomos due.
<br /> As used in this Securiry Insuument,"Sccrctury"me�u�s the Se�retary of Houstng and Urban Developmrnt or his or her
<br /> designce. In any year in which the L.ender must pay u mortgage insurunce premium to the Seccetary,each monthly payment
<br /> �hall also include either. (i} an installmem of 1he sumual mortgage insurance premium to be paid by Lender to thc
<br /> ---- Secreta��r,o�(ii) a maithly chargc instcad of::crsartgage insurartse premiurti if lhis Stcurity In�tm+nent ic held by the
<br /> Secretary. Each monthly installment of the mortgage insura�ue premium shall be in an:►mount sufficient to accumu�ate the
<br /> Cull annual mortgage inswance premium with l.e�t�er onc month prior to the�ate the full annual mortgage insurance
<br /> premium is due to the Secretary:or if this Securiry IInst�ument is"�cld by the 5ecretary,cach m�nthly r.harge shall be�in nn
<br /> amuwit eyual to on�-twdith of one-?�aI`xrcent of the autstanair.g pr.�ncipal batance due on tt�Note.
<br /> [f Hc+nower tenders to Lender the full paym�nt af all sums secured by t�is Securiey lnstniment,Borrower's Aacaunt
<br /> -- shall be cTedited with �he balance remaining for nit installments for items (fl), (b)and (c) and :u�y martgage insurance
<br /> premium instnllment thnt ixnder hati nat bccome obligated to pay to U�e Sccretnry.and Lender shail promprly refund any
<br /> axcess funds to Borrower. Immediatcly prior t�o Foreclosum sale of the Property or iu acquisiNon b;J Lenc4er.Borrowcr�s
<br /> ------;�;-.� uccount shall be credited with ur�}•bal�nce remaining?or all inst�llments for items(n),(b)and(c). r'
<br /> -.;� �Ilcation of Payments. All payments under P'aragraphs I and 2 shall he applied by Lcnder As follows:
<br /> 5 to the mortgage insurance pmmium to bc paid by Lender to�he Secret�y or to thc monthly chs►rge by the
<br /> — -_-�;,�� Secretary instesd of the monthiy mortguge insurancc prcmium:
<br /> --_-= , SF.CnND.t�any tnxes.sQeclal asscssmcnts,lcascliald payments or ground rents,and ficc,fload and othet hazard
<br /> -- insumnce premiums,as rcquired;
<br /> �,to intorest due under the Note:
<br /> �QUEr1,H,to unurtiiation of the principal of the Nute:
<br /> _ = p�{,to I:itc ch�ugcs duc undcr�hc Notc.
<br /> 4. klre.�l�wd and Other H�xArd Insurance. Eiorrower shull in+urc all imprnvementy on tNe F�•operty,wh�ther nuw
<br /> in exi,tence ur subscyuently rrcctcd,ngaintit:my h:uurds,c:�,u,dties,emd cuutin};cnrics,includin�;fire,far whlch I.ender
<br /> rcyuires insurancc. 'I'his insurancc shuil hr.m:iintuu�cd in thc.unounts imd for thc�xri�Ktti that t.cndcr rcquires. Horrowcr
<br /> shall nlso insurc all impmvcmcntti un ihc 1'�operty,whcihcr now in cxistcnrc or�uli•rqucntly crcctcd,ngainst luss by ilaKls
<br /> to the extent reyuircd by�he Secrctary. All in�urince shull he carried with cump;micti�ippruved hy I.c�ider. 'The imuranee
<br /> policics :uid uny rcncwalti tihall txe ticld Ny Lcndcr and tih�dl includc lus� payahle cl.iu.cti in tirvur uf, und in u forni
<br /> �cccptablc ta,l.cndc�.
<br /> In thc cvcnl nf losti, Borrowcr shall�±ivc l.cndcr immediutc iiuticc by m�il. I.cnJcr muy mukc pruaf uf lasti if not
<br /> made prorrptly by Borrower. IEiich insurance company concemeci is herrNy:wthorized vid direc[ed tu make puyment for
<br /> s�� such lusa d�rectly to Lender,instead of ro Bo[rower:uid to Lcnder jointly. All i�r uny part of the insur.tnce proceeds may be
<br /> upplied by Lcnder,at its option,cithcr(a)tu thc�cduction oF the indcHtcdncss under thc Note and ihis Sccuriry[nswment,
<br /> fit�t to any delinquent amounts applied in the order in Paca�ra�h 3,and thcn to prepaycttent of principal, or(b) to the
<br /> restarntion or repair of the damaged pmperty. Any applicatian of�the proceeds to the principal shall not extend or postpone
<br /> the due date of the monthly paymenu which ure refemd to in Paragraph 2,or change the amount of such payments. Any
<br /> cxccss insur:ince procceds over an amount required to pay ull outstandmg indebtedncss under the Note and this Security
<br /> y.; ]nstrument shall be paid to the entity legally encitled thereto.
<br /> i r.w in the event of fareclosurc of this Security Instrument or uther transfcr of titic to the Property that extinguishcs thc
<br /> `�"�',� indebtedness,all right,title and interest of Borrower in and to insurance p�licies in turce�hall pass to the purchuser.
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<br /> _ 1��Y�+ S. Uccupancy, Preservation, Maintenance and Protection ot the Property; Burrowei�'g Loan Application;
<br /> '�'� ���_ Leaseholds. Borrower shall occupy,establish,and use the Property as Borrower:s princip:il msidence within stxty days
<br /> �'.���.'"".�"� after the execution of this Security Ynstrumcnt and shall continue to occupy the Property as Borcower's pr+ncipal residence -
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<br /> �� •-,d r . for at least one year after the date of occupancy,unles.the Secretury determmes this mquirement will cause undue hsrdship :
<br /> � Cor Borrower,or unless extenuatin�circurrist:►nces exist which are beyand Borrowerti c:ontrol. Borrmver shall notify �
<br /> ��"•�� Lenden uf any extenuating circumstances. Borrowcr shall not commit w,..�te or dcstroy,damagc or substantiaUy change _
<br /> �"`� the Pcoperty or allow the Property to deteriorate,reasonabte wear and tenr excepted. Lender may inspect the Properry if the `,
<br /> �` �;;;�;,:?�,-'�'��'._: Property ts vacant or ab�utdoned or the loan is in defuult. Lender may takc rcaconablc action to protect und preserve such I
<br /> ';�yFi�y� vacant or abundoned Property. Borrowcr shall also be in default if Borrower,during the luan applicatian proeess,gave
<br /> ;;..�,,;�� , materially false or inuccurate in4'ormation or statements to Lcnder (or failed to provide Lender with any matenul
<br /> �i infoir.tation) in connection with the lo;u►evidenced by the Note, inrluding,but not limited to,representations coneeming
<br /> '`�'l�r•' Burrowerk occupancy of the Property as a principal residencc. If this Security Instniment is on a Icc4sehold,Borrower shull
<br /> comply with the provisions of Uie Icasc. If Burrowcr acyuires fec:titic to thc I'roperty,thc leaschold and:'ce title shall not
<br /> bc merged unless L.ender agees to thc mcrger in writing.
<br /> 6. CharRes to Borrower and Protcctlon of Lender'a RiRhts in the Property. Borro�ver shaq pay all govemmental
<br /> • ����-;="r';'�•'�'' or municipal ch:irges,fines and impositions that are not incluucd in Paragraph 2. Borruwer�hal!pay thexe obligc!tions on ,
<br /> '.-!x�l'�=�- time dirccdy to Qic entity which is uwed the paymcnt. If failurc to pay would udvcnely affcct Lender's intcnst in the ;
<br /> �'' "" ' ['roperty,upon Lcnder's rcyucst Nonowcr shall prompdy furnish to Lcnder mccipts evidcncing thesc payments.
<br />- ' • IL'A....v.wo.r�:t. �.,mo4o thncv nuvmrntc nr thr n�vmrntc muuired bv F.uaL+r.tOh 2.or f:tils to pCrfomt uny other
<br />: .,�:.°:�„:.:.° .. ..,......._' .�. - r-�------•-
<br />-, ,� ,. ..,.,...».. , covenants and a�,r�:ements contained in this Security Intiirument,or there i,a Icgal pmcceding t�at may significantly affect
<br /> •; ` �`'�='-`=�F'= '' Lendcr's•rights in the Property tsuch as n procceding�n bankruptcy,for condemnatiun or to cnforcc lawc or n:�ulntionsl,
<br /> :1 �• �..,� . . ..;.
<br /> � ��� then Lender mny do;uid pay whatever is nccessary to protect th�; value of the Propcny und Lcnder's righ[s in thc Yroperty,
<br /> � �'�`�'•� inciuding payment of taxes,haxard insurunce c+nd other itcros mentioned in Pur.igraph 2.
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<br /> �����,�����" k�:-�y mnountx disbursed by L�ender under this Paragraph shall hecome.�n xdditional debt of Borrower�nd be tiecured
<br /> � ��? �' � by 2his Securiry Insaument. T'hese amounts shall bear intcrest from the datc nf disbursement,ut the Note rate,and at the
<br /> '� option of l.ender,st.a17 be immcdiutely due md paynble. �
<br /> °�, 7. CondemnAIIi�.�c. The procecds of any nward or claim for dnmages,dircct or consequcntial,in connection with uny
<br /> � condemnation or ather taking of:►ny p�n of the Properey,oi far conveyance in place of condemnation,are hereby nssigned ,
<br /> � and st�a11 bc paid to l,cnder to tf�e extcnt of thc full amount of 1he indebtedness that rcmains unpaid under the Note and this
<br /> Security Inswment. Lender sha9l apply such procecds ta the rednction of thc indebtednevs under the Note and this Securiry !
<br /> Instn►ment, first to any delinquent amnunts applied in thc ordcr providcd in Paragraph 3, and thcn t� prcpayment of ;
<br /> • principal. Any applicatiun of the proceeds to the principal shall not cxtend or postpone thc due date of the monthly
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