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<br /> � 1. P�ymemt oP@r(nclpal.lntcre!it pnd I,ate Charga Borcawcr shaU p:►y when due thc p�3�trtpal of.and intr.rcst un,
<br /> the debt avidenced by the I�fato wid lats ctwr�s duo under the N�te.
<br /> 2. Monthly paymients at'll�xes,In�u n�e�nd�qther Chs�ea. Baimwar ehell Includa in each monthlg paYment,
<br /> togcdxc with tho principrl�nd interast a►sct f"orth in thc Note wnd any l4te chaage�.nn installment of any(a)trxea and
<br /> apeci�l�ssexsmenta kvied a to be levkd againsi thc Property.(b)leuehold paymenta ar gruund renq an the Prnpeety.�nd
<br /> � _ _--__-� (c)premiums for insurance rcquimd by�rugrepte 4.
<br /> - Eech monthly in�tallment for itema (a),(b)and (c)shall equai ono-tvr�cHth of the annuul enauun�.q,�v ��e�.w�u►L•ly '
<br /> estlmated by L,en�frr, pina u� amcwnt sufticient to maintain�n additlanal balance of not mae th�n one•sixth vt tho
<br /> - est�mated umovma. 7be full annual amount for each item shali be arcumulaud by Lender wlUiin a pedod cnding ano
<br /> rnonth before an ium woutd becom�delinquen� I.ender shall hold t?ae nmounta callected in trust to pay itams(a),(b)and
<br /> - (c)befoct they becoma deUnqu�e�t
<br />__ - l�at any ttrne the tot�►l of the payment�heYd by L.ender far items{n)� (b)and(c).together wlth the future man�t�ly
<br /> - _= paymenta for such items payable to Lender priar to tiie due datea of such items,excecda by mare than one•siatl�the
<br /> ' -- - - ���` estimat�amowot of payment�nquired tu pay such items wQsen duo,and tf pa entn an�he Note une cuma�then Lxnder
<br /> shall eIther nefund the excess over one-s�xth of the e5timuted paymenta or�the excess over one-afxch of th��timnted _
<br /> payment�to subsequent paymenta by Boirower.at the option of Bomnwer. If the totul of the puyments mede by Born►we�
<br /> ' -- for item(u).(b),ar(c)is insuffisient to pay the item when due,then Borrowcr shall puy to l.ender uny umoum necessary W
<br /> J mn[ce up the deficiency on or befote the date the item becomes due.
<br /> As used in this Secunty Inswment,"Scxretnry"means ttte Secretary of Housing and Urban Develapment or his or her
<br />__ ' desjgnee. in any year in which the[.ender must pay a rreortguge insumnce pmmium to the Secrewry.ciach monthly payment
<br /> — shatl also include either: (i) �n insWlment of the annuul mortgage insurunce premium co be pafd by Lender to thc _
<br /> • - - - - Sec�etary,or(il) a monthty ch:uge instea�!oP c� nwrtbage tns�ance pn�mium if thia Securiry Instrs�mesn is hsld by tho
<br /> - —_ Secrrtary. F.ach monthly installment of the mortgage inswnnce premium shsill be in an amonnt sufficitnt ta aecumulsuo the �
<br /> - fu�l nnnual mort$age insurance premium with i�ender one month prtor to the date the full annual mortgage insurance
<br /> _ premium is du�to the Scxretury;or if this 3ecuri Insttument la held by the Secmtnry.each monthly charge shall be in an
<br /> re
<br /> _ amount equul w one•tweltth of ona-half percent o the outatanding prinaipal balance due an the Note.
<br /> If Borrower tenders w Lender the full payment af ell sums secuned by this Security Inshumen�Bomnwetk account
<br /> shsll be cc�dited wlth the balance rem�ining for ap InstaUments for items (u). (b)and(c)and any mongage insumnce _
<br /> piemium installment that I.ender has not become obllgated to puy to the Sernetary,nnd I.cnder shall promptly refund nny
<br /> 'n
<br /> excess funds ta Borrower. Immediately prior to a fomctosure sale of thx Property or its acquisttion by Lender. Bmrower's
<br /> account shall be emdited with any balaace remaining for all inswilments for itecns(a).(b)und(c). �y
<br /> 3. Ap�llcation of Paymenta AU payments under Paragrephs I and 2 shall be applied by Lender us follows:
<br /> FlRST,to the mortgage insw�rtce pretruum to be paid by i.ender to the Secretary or to the monthly charge by the
<br />�• Secretery instead of the monthly mortga�e insurartce premiam:
<br /> -- _ ��4�D,iti ast;Ss.Y.fs.sgecla!as�ssments.lPa�e�enid�ayments or ground�ents.and fire.flaod artd other hazurd —
<br /> insurance premiums.asreq utred: --
<br /> �,to intbrest d�ce under the Note:
<br /> FOU�,to amortizadon of the piiuctpal of the Note;
<br /> �,w late charges due under the Note.
<br /> 4. Fire,Flood end Other Hezard Ins�rance. Borrower shatl insure all improvements on the Property.whether now
<br /> - in eaistence or subsequently erected,against any hazards,casuatties,and contin�encies,including fire.for which l.ertder e._
<br /> mquires insurance. 'Il�s insuranoe shall be mainteined in the amounts and for the periods that Lender requlres. Borrower _�:_:
<br /> shall also insure all imptevemenu on the Property,whether aow in existence or subsequendy erected.agamst loss by floods =.
<br /> to tha extent cequIred by the Secretary All insurance shsll be cnnied with companies approved by[.ender. '(he Insurance �!`;•��
<br /> policles aad any c�enewals shall be held by Lendar and shall include loss payable clnuses in favor of,:+nd in a form �"';�
<br /> accepcabie to,I.ender. •
<br /> In the event of loss. Borrower shall gtve L.ender immediate notIce by mail. L.ender may make proof of loss if nct
<br /> made promptly by Borrower. Each insurAnce company concemed is hereby authorized und directed to meke paymene for .
<br /> such lass directly to I.ender,instead of to Borrower und to Lender jointly. AIi or rsny part of the insutance proceeds may be �
<br /> applied by Lender.at ita opdon,either(a)to the reduction of the iadebtedness under the Note and this Secudry instrument,
<br /> ' :: Tust W any delinquent arnounta applIed in the order in Paragraph 3,and then to prepayment of princlPal,or(b) to the '
<br /> restoratlon or repair of the damnged property. Any appl�csdon of the praceeds to the principal shatl not extend or postpone
<br /> the du6 date of the monthly p:iyments wiuch are refecred ro in Piuegraph 2.or change the amount of such pa,yments. Any
<br /> excess insuranee proc:eeds over an amount requimd to Qay eU outstending mdebtedness under the Note artd this Security
<br /> � r� ' '-� Instiument shall be paid to the endty legally entitled theieto. '
<br /> 'i '�`-"� In the event of foreclosure of this Security Instrument or nther trar►sfer of title to the Property that extinguishes the
<br /> . .�� . indebtedness,aU righ�dtle and interest of 8omawer in and to insurance policies in force shall pass to the purchaser.
<br /> �'- 5. Occupancy, Presrx�vaHon, Maintenance and ProteMton of tde Property; Borrower's Loan Appltcatton;
<br /> -� - ���i I.easeholda Bosrower shall occupy.establish. und use the Property as Borrower�s principal msidence within sixty days
<br /> � '' after the execution of this Securiry Instcument sand shall continue to accupy the Property as Borrower's principsil res�dence
<br /> �,�,��'_,�;,_�`;,� for at least one year after the dsite of occupancy.unless the Secreuiry determines this requ{rement wip cause undue hardship
<br /> i�;,� �5,.�4,�; for Bomower,or unless extenuating circur►istances exist which ere beyond Borrower� control. Borrower shall notify
<br /> :.,� • �� �,...Y.> I.ende�s of any extenuating ciccumstances. Borrower shs�ll not commit waste or destroy.damage or substantialty change
<br />- . .�'. .:"�w; the Property or allow the Propeety to deteriorate,reasonable wenr and tear excepted. Lender may mspect the Property if the
<br /> � '�`�.��':,�•=�:� Property is vac�nt or abaudoaed or the loan is in default. Lender may take masonable nction to protect end preserve such
<br /> ` '� "' " vucunt or abandoned Property. Born�wer shall also be in default if Botrower.during the loan upplication process,gave
<br /> ::��3:�,=�,�, .°' mater�aUy false ur inaccuratP mfotmation or statements to L.ertder (or failed to provide Lender with any matenal
<br /> ,,;:,+K`�•�*'�.;Y;����, tnfom�aHon)in connecdon with the loan evidenced by the Note,tncluding:but not lim�ted to,representaaons conceming
<br /> ,,,,��� Borrower�accupancy of the Property as apnncipat residence. If this Secunry Inswment is on a leasehald,Borrower shall
<br /> �' comply with¢he pmvisions of the lease. Ef Boirower acquites fee title to the Property.the leasehold and fee title shati not
<br /> ' - be merged uNess I.e�eder agnees to the mzrger in wripng.
<br /> ' �:� �' . 6. C es to E3oreower and Protectton of Leatder's Rtghts in the Property. Borrower shall pay uil gmvemmontal
<br /> _.,:!•�:-��-�. �,.,::.•„-� or municipal c . firtes and imposidons that nte not included in Paragruph 2. Borrower shall pay these obl�gations on
<br /> "`'f=-•� =r-='�" t�me ditectly to the endty which is owed the payment. If faitu�to pny woald adversely affect Lender's interest in the
<br />- '�;.,.:;.�:.� ,�. ' ';p Propertynupon Lender�s requ�est B�wea shall prom�ly fumishr o Lemdro�receip mev�id�en 2 n rhtailcp o�nerform anv other L_
<br /> i�
<br /> �;:,.� -::.:.�-'.��.:".':,-�_-.�.�_� i� ov�ivwcs �uro w u.on..u:..o., r�.......� .,. ...�r� - �--.- -. ---�-�• -,
<br /> T� pl:-�:-� •:=',._<- covenants artd agcextnents contained in this Security Insuvment.or there�s a legal procceding that may significantly affect .
<br /> '"` "�.','.'��"'�'�`"..`� Lender�righta in the Prmperty(such as a procceding in bankcupicy.for condemnndon or to enforce laws or regulations).
<br /> � `���' '✓ [hen Lender may do and pay whatever ts rteressary to pmtect the value of tha Properry and Lertder�s rights in the Property.
<br /> .�A '�`.� `�' � including payment of uuces,hazerct insurartce nnd other irems menrioned in Parugr�ph 2.
<br /> My amounts d"ssbursed by Lender uader thisPn�g�p h shall become an:idditton�l debt of Borrower and be secuced
<br />- ,-•����, by this Security InshvmenG '[hese amounts shall bear ineerest from the date uf disbursement,at the Note rate,and ut the
<br /> ���.3, . optton of Lender.shull be immediately due and payable. �
<br /> '' '� ��" 7. CondemnaHon. 'Ihe prooeeds of an nwatd or c(nim for dnmages.direct or cansequenaol.in connection wtth nny
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<br /> ,.n .'�;�'�;,:�.; cottdemnation or other talcing of nny patt of e Ptoperty,or Eor conveyance in place of condemnation.are hereby sissigned
<br /> «r';i,:`��4 and sh�ll be paid to I.ender to the exrent of the full amount of the Indebtedness thut remains unpaid under the Note und this
<br /> ���`�: Security Insuument Ixnder shu11 u,pply such proceeds to the mduction of the indebtedness under the Note and thia Securiry
<br /> � instrumen� first to any delinquent nmounts appiied in the otder pc+�vided in Parngrnph 3. and Uien to prcpayment of .
<br /> • principal. My application of the proceeds to the principal shuU not extend or postpone the due date of the monthly
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