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<br /> 1. Paymeet o�Prineip�l,[nttedt�ud I.�te K:httr�e. Borrowet ah+�ll pay whan dus the principwl of,and intercat on.
<br /> tho debt evidenced by tlio Wotc und lat�cttpt�e�due wx�er thc Note.
<br /> 2. MoatMly p�ytnenRe of'li�xa,Insur�rice r�n�Olher�h� Bnrrawer ehnil inctwk bn ekh monthl p�ymenC.
<br /> togetlrer with the pcincipRl and inkreat�u aet fath in the 1Vote u�d any late chugcs.an in�ullment af wny(��taxe.�snd
<br /> -� - -- ----r—,
<br /> spccial esse��mrnts levie9 or to be Ievied pg�ir�at the Property;tb}leesehold p�yments at gccwnd trAta an the lRop'rty�+aid
<br /> (c)p��ir+ia�as fa:insuratu:t:tY.yulr..d by i�:tt'�r:�th.. �---
<br /> &ch monthly lnstaliment far tuma (�). (b) �nd <a) ehd! a�tv�l onG-twelfth of the annurl�wc�r�ts� �e rcasanaWy
<br /> estimated by Lender. plua an amount aufficient to m�inuin un eddltlunal balance of nut mon t5nn oae•aixth ot the
<br /> esd�uted amounts. Yho tiiU nnnual amount fa each lum shall be eccu�rnulated by Lender whhln a pedvd endlna one
<br /> month before sn item would beoonx delinquen� L.ender 5hd1 hold the amounta coliested in trust to pay items(a).(b)a�nd
<br /> fc)befot+�they became delinqaenw
<br /> if at at►y time the total of tht payments held by L.ender f�or items(u).(b)and(c).together with tho futune mbnthiy
<br />-- -- payment� fa. sush Itams payable te►I.endar pdor to the due daus of euch Items, exceeds by moce thun ont-sjxth the
<br /> esdmatad amount of paymenta cequirci!to pay such iceme wher�due�and if p3ymcnts on tbe N�to an cuaent,then l.ender
<br /> shall etthar refund the exocss over one•sjxth of tho eatir�uted paymaat�or cred[t the excess over one•aixch of the estimaud
<br /> payment�W subscquent payments by Horrower,at the o�tion of Aorrawer. If the totitl af tho paymcnts made�y Bomnwer
<br /> fnr ium(s+),(b).or(c)ia insufficient w pay tha item when due,than Borrower shall pay to Lendcr any nmount r�ecessxry w
<br />-..- -- make up the defcctency on or befare tha dau the item becomes duo.
<br /> As used in this Security Iasttument,"Sxietuy”mewts the Sem+tstary of Housing aud Urban Developmeat ory��her _
<br /> - � designee. In uny yoar in which the I.endcr must pay o mortgage inautance premium to the Secntary.esch manthi ment
<br />.. _-�- ----- - shall also iaalude either: (i}an ingtallment ot ths ennual mortgnge insurance premium to be paid by �.ender to the
<br /> Secneu+ry.or(ii)a�nonthly charge Instead of a mortgage insurance pnmium if this Seaurlty Instrument �a held by the �
<br /> Secretary. Each monthly Instellment uf the moegage insurance�remium shaU be in nn amount sui�cient to accumulutte tha
<br />- fuil ann�tl mortgaIIe insurance premIum with l.ender one month prlor to tha date the full annual mortgage insueancx
<br /> � -' ptemium ia due w the 5ecretary:ar if this Security Insmmtent is held by the Secretary.each monthly charge shall be in An
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<br /> nmount cyual w one-twdRh of one-half percent oP the outatanding princ�pal balence due on the Note.
<br /> - If Borrower teadeis to L.ender the fuU payment of nll suma secured by this Security Insuument,Bomower�s account
<br /> � shai! 6o credited wIth the balauce remaining fot s+11 iu�stallments for itema(a). (b) and (c) and any mortgage insurance
<br />- - premium instaliment that Lender has not become obliguud W pay to the Secretary,and Lender shall pmmpdy refund any
<br />- excess funds to Borrnwer. Immediutcly prior to a foneclosure sale of the Property or ita acquisidon by/.ender,Bomuwer�s
<br />__ - acxount shall be ccedtted wlth any balarne remaiaing for nil instaliments for items(a),(b)and(c).
<br /> - 3.Ap Iksttlon of Payments. AU payments under Paragraphs 1 und 2 shall be applied by Lender as follow�:
<br />_ �w the mortgage insurance premIum to be paid by Lender to the Secretary or to the manthly chzuge by the
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<br /> $crretary instead of the monthly mongage insumrece premium;
<br /> ._ ` - ` F�,to any taxes.speciAl assessmenu.teaset�oid payments or ground m�is.and fuc.IIi�iui art�i otizer hazarsi .
<br /> � — insucat�ce prerq[uma,asrequired; _
<br /> 1'HiRD•to inteYest due under the Note;
<br /> �,to emortizatIon of the principal of the Note;
<br /> pg�,to late churges due nnder thB Noie,
<br /> 4. Iri�re,Flaod ottd Other Htrzard Insurance. Borrower shall inswe all improvements on the Property.whether now
<br /> tn existen;.�or subsequently erecoed,aguinat s�ny hazards. cesualtees,und contingoncies.includIng fim.for wh{ch Lender
<br /> - ` requires insurertce. This ir►sureuoe ahall be maint�►ed in the nmow►te c�nd for the periods that I.ender requires. Borrawer
<br /> � ��.� shall elso lnaure all�p mvements on the Propecry. whether now in eaistence or subsequently erected,against loss by floods
<br /> to the extent reyuired by tha Secc�etazy AU insurance shell be carried with companies npproved by Lender. 'I7�e insurance °-
<br /> policies and eny renewals shall be held by Lender and shall inciude loss payable clauses in fnvor of. and In a form =_
<br /> , acceptable to.I..ender. °-'�-
<br />- �'" in the event of loss.Bomnwer sholl gtve Lender immediate notice by matL Lender may muke proof of loss if not `�:
<br /> '�.;.,,� mada prompdy by Borrower. Each insurance company concemed is hereby authorized end directed to maks payment for r,_.,
<br /> - such loss directly to Lender.instead of to Bocrower and to Lender jointly. All or any part of the insurance pnoceeds may be t .,�.
<br /> applied by I.ender.at its opdon,etther(a)to the reduction of the indebtedness u�der the Note and this Secunty Insaurr�ent, -
<br /> f u st w any delinquent amounts applied in the order in Paragrap h 3,a n d t hen to prepaymen t o f p dnc ip a l,o r(b)t o t h e �
<br /> - restoration or repa�r of the damaged prope�ty. My appUcatIon of tha proceeds to the principat shnll not extend or postpone F:=�=°
<br />�' y the due date of the monthly payment�which are�fe�red to in Paragcr►ph 2.or change tha amount of such payments. Any F''=^
<br /> '��y excess inaurartce roceeds over an amount uired to �ll outstandin mdebtednass under the Note and this Seciuiry "
<br /> _ � `�;:;' P �9, PaY � ���
<br /> ;`"'«•' Insuument shall be pafd to the enaty legaily enu►led thereto.
<br /> In the event of foreclosure of this Security Instrument or other transfer of tide to the Property that extinguishes the
<br /> . ,.." indebtedness.all dght,tltle and interest of Borrower in and to insurnnce policies in foree shall pass to the punhaser. _
<br />_ e�, S. Occupancy, Preservallon, Maintenan�ce and ProtectEon ot the i°roperty: Bo�rower's Loan Appitcatton; ,
<br /> _ _�;,��;,`:• ' LeaseQolds. Bortower shall occupy.establish,and use the Property as Homower�s principal residence within sixtX days
<br /> e Pro as Borrower's rinc
<br /> i at resideace
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<br /> +-�:�����„ after tha execution of this Seturlry Instrument and shall condnue to occupy peccy P P
<br />• `�'�;:y�� for at least one yesu sRer the date of occupancy,unless tMe Secretury determines this reyuirement will cuuse undue hucdship
<br /> ,��� for Bomower, or unless extenuating circurtistences exist which are beyond Borrowers conaol. Borrower shnll noafy
<br /> �r.,��� Lenders of any extenuadn�circumstences. Barower shall not commit ws+sste or desttoy,damage or substantia!!y change
<br /> ,�:��,>:�.,�,_�- the Property or allow the Property to deterioca�te,r�easonable wear und te�r excepted. Lender may mspect the Property if the
<br /> ��;.�,;�� Prope�ty Is vacant or abandoned or the loan is in default Lender may tuke re:tisonable acdon t�protect und preserve such
<br />. . �"';�''� � v�sat►t or abattdoned Property. Barrower shall also be in detault if Barower.during the loan appltcndon process,gave
<br /> ."�`�'s;�ci���' materiuUy fi�lse or tnaccurate informstion or statements to Lender (or failed to pmvida Lender with eny matenal
<br /> .r'�;, i
<br /> '`�, ;,�•Y.•, infvrmation)in connecticn with the toan evidenced by the Note,including,but not limitul to,representations concerning
<br /> ''�""� Borcoweri�occupancy of the P�operty os a principal res[dence. If this Security Insm�ment is on n leasehofd,Borrowe.r shail
<br /> �'� �� comply with the prnvisions of the lease. If Bortower acquires fee dde to the Property.the leasehold and fee dde shall not
<br /> ' •"'� be merged unless Lender agrees to the merger in wridng.
<br /> e::�b;i:rv:::;Y:c^.:�.
<br /> �':•`� ` �'�� ` 6, Chsitges to Borrower and ProtectEon af Lender's t�u�hts in the Property. Botrower shsill pay all govemmental �
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<br /> ' ;,i,.w.:��._,,,:.;;,,.:. or municipal charges.futes and impositions dwt are not included in Para�raph 2. Borrower shall pay these obligations on
<br />_ _-�- �• � dme direcdy to tho entity whtch is owed the paymen� If failure to pay would adversely affect Lender:s interest in the
<br /> ' �.3'•��-���`=- �:':� � Proneetv.umn I.ender�s reauest Bonower shs�ll Dromptly fumish to Lender receipt�evidencing these payments.
<br />-�, -=`�'.�•�`�:°.. : � if Boirower feils to meke these payments or the payments requued by Y�rsgtupn i. or taiis cv perimm any uincr - _
<br />- '=F.:•�°:� 'f:�'�� covenants and agreements contaitted in this Security Instniment�or there is n lesal proceeding that may s�gnificctntly affect �
<br /> �%�' '' Lender's rights in thv Property(such as a procceding in bankruptcy,for condemnation or to enfone Iaws or regulations).
<br /> , .:��.�-�.
<br /> `?c then Lender may do end puy whutever is necessury to protcct tha value of the Property and Lender�rights in thc Property.
<br /> �:�;. `'' inetuding paymeat of te�ces.haze�d inswnnce wid other irems mendoned in Pnrnstrnph 2.
<br /> Any amounts disbtused by Lender under this Paragruph shnil become on uctditionul debt of Borrower and be secured
<br /> �` ;,� ;�,.. �" by o.hia Secutity inswmen� These amounts shall bear interest from the dute uf disbu�ement.at the Note rute.and at the
<br /> �•E' npdon of i.ender.shall be jmmedtatety due and payable. ,
<br /> � •'"'�'���'{a 9. Caademnation. 'IT►e proceeds of nny awacd or claim for damnges,direct or consequentinl,in connecHon with any
<br /> �^���� r condemnudon or other taking of nny part of the Property,or for conveyurtce in place of conde�nnntion.am hei+eby a�signed
<br /> „ " _�"��: and shall be paid to Lender to the extent of the fult a�nount of the indebtedness thnt remains unpaid under the Note and this
<br /> ""�'"AA""'"`""1°°` Security inswmen� Lender shall apply such proceeds ro the rr.duction of the indebtedness under ihe Note nnd this Security
<br /> Instmmen� fust to any delin4uent nmounts applied in the ottter prov[ded in Wrugruph 3, und then to pmpayment of ,
<br /> prladpal. My application of the proceeds to the principal shull not extend or postpone the duo dnte of the monthly ,
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<br /> • � (paRe 2 nf 4 pugtsl
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