|
�yp�+�� w�r�++,.,,tM"'
<br /> __ � �M . •f . .. .. • .
<br /> __ ...ti"'.�_."��..��M }k�'']L_t'.r.' 1' _" ' '
<br /> k. - -- ...� , I���R� -. .
<br /> • �� .�a.. . �:::.�." . _.__-- ----- ---°_ .
<br /> ' � �=�_.�.a._...�...... •_ --- ---
<br /> .. . .__ �o.- a�_-_ _.
<br /> '• � � -- -- --
<br /> - ----
<br /> ---
<br /> • ' .• - - -----�
<br /> '-�_------ - r'�'..
<br /> ��� ���'T Q�
<br /> 1. Paytnenl of Pr6nrlp�i,intere5t and l.ete Chavge. 8ormwer nhail�ay whrn due the prIncipal of.wid intcrest on. �`�
<br /> thc dcbt evldeuced by the Note nnd Inte chnrge9due underthe Nate.
<br /> �"""� Z. Monthl�pyymenta ot'11�xes,ingurwnce�nd Other Charqe9. Borrowcr tihull include In euch tnonthly puyment.
<br /> ta�cthcr with the prinsip:d nnd int�rest a4 set forth In the Note and any Inte rhurgcs.un lnstuUment of nny(n)tanes And
<br /> _ � � epecial asscssmcnts levied or to be levied ugninst the Property,lb)leasehold payments or ground repts on Uro Property,and
<br /> �. ;,"$� (c)p�+cmtumg for tnsus+once mquired by FuraBraph 4.
<br /> - Each monthly inswllrctent fuc items(u).(b) :u�J (c) shall equul one-t�veifih of the anauat:tmounts,AK iCO�n�nbly �_--__
<br /> estlmaud by Len�ier. plus un amount sufticient to msdniAin an additionnl balance of not mote thun one-sixlh �f thc
<br /> '' estimuted nmount4. The full unnual amaunt for euch item shall be accumulated 6y Lender wtthin u pedod ending one
<br /> , ; + month before un ltem would become delinquenG I.endershull hold the umounts callected in trust to pay items(a).(by and ---
<br /> . �. �` 4� : (c)before thcy become delinquent. —
<br /> If at any t�me the total of thc puyments held by i.ender for jtems ta),tb)and(c),to�ether wtth the future monthly
<br /> � payments far such items paynble ta Lender prtor tn [he due dates of such items,exceeds by more than orte-sixth the
<br /> �,3• -�,�,��, estlrnuted a�mount af paymenta reyuired tv pay sush items when due,and if payments on the Note are curren�then l.ender � _
<br /> shu11 either cefund the excess over one-sixth of t�e estirnated payments or credit the excess over one-sixth of the estImuted
<br /> ' `4^�,' ;i x';.��'� P�Yments to subsequent payments by Borrower,at the optton of Borrower. If the total of the payments rnade by Homawer
<br /> J{ •.:�:'""'`�r�' for item(a).(b).or(c)is�nsufficient to pay the item when dus.then Bomnwer shall pay ro Lender any amaunt ne.cessnry to =�'
<br /> � �.w.; ,r.�..,:... w.
<br /> �r:• ���.� : � mnke up the deticiency on or before the dute the item becomes due.
<br /> �;' u."' . . As used In this Securiry Instntment,"Secrctary"means the Secreuuy of Housing s;cid Urban Development or his or her
<br /> ''� ' •-�•• designee. in any year in which the L.ender must pay a mo�tgage insorance premium to tha Secretary,each monthly payment
<br /> � ..+'�"�:�'�':.,';.
<br /> , , �:.,�3i�_:,, shnll also include eiWer (i) �n �nstallment of the a�ual mortgage insurance premium to be paid by Lender to the �
<br /> "::YrT.ts,•���',�'- Secratwy,or(ii}a manthly churge instend of� mortQage fnsu�ance premium if this SecwIty Insuument is held by the .
<br /> <v..:.� � . .:.. Secreuuy. Esch monthly tnstellment of the mortgage insurance premium shall be in en amount suffi�ient to accuimulete dte ���
<br /> I) ��'�::';-'�-�.,.• . , full annual mortguge insurance premlum with Lender one month prior to the date the fuli unnual mortga�e insuxauce
<br /> premium Is due to the Secretnry:or if this Security Instrument is held by the Secretary.each monthly charge shsill be in an '�`•:
<br /> �
<br /> ��'`.�,;,,,�. .;,;:� amount equal to one•twelfth of one-half percent of the outstanding principal balance due on�she Note. ,s,
<br /> '--r��'•`' -;'''• '" If Borrower tenders to l.ender the futl payment of aU sums secumd by this Securin• ]nsuvment,Borrower's uccount c;f��
<br /> shail be credlted with the balance remainin�tor all instaliments for items(a).(b) and tc)an d eny mort�age insurnnce �r�'
<br /> ' 1`�' Y� �� ' � remium installment that Lender has not become obligated to pay to the Sece�etary.and Lender shaU promptly refund an `��!'`i
<br /> :�.. :.. r--
<br /> • '��� � " excess funds to Borrower. Immediately prior to a foreclosuro sale of the Prc+petty or its acquisition by Lender.Borruwer ��--�`
<br /> u,�.�.�...:.� • e s �•_.
<br /> i. . uccount shall be credited with uny balance remeining for all instaliments for items(a),(b)and(c). �'a�
<br /> Tan '
<br /> . 3. Ap�licatlon of Paymenia. All payments ur.der Parugraphs 1 and 2 shull be applied 3�y Lender as follows: �:;•=_
<br /> FIRST,to the mortsage insurance premtum to be paid by Lender to the Secretary or to 2he monthiy charge by th� .;�.aJ;-
<br /> Secreuuy tnstead of the monthly mortgage flnsurance premium;
<br /> .,.
<br /> _ :::
<br /> CF.C'AND.to any tanes,speclal assessments,ieasehold payments or gmund rents,and�re,flood and�.�ther hazerd -
<br /> . „ ^ . insurance premiums,as required: t ��`
<br /> •• ° �D.to inteiest due under the Note; ��-
<br /> • C-DURTH,w amortization of the principal of the Note; ��
<br /> .. ��„ . �C�[,to late charges due under the Note.
<br /> 4. Fire,Flood aitd Other Edazard Insurance.Borrower shall insure aU impmvemenu on the Property.whether now - .
<br /> +,:.; :•' ` �� In e�cistence or subsequendy erected.against any haxards, casualties,and wntingencies,including fire,gor whtch Lender
<br /> 'r''�'� te�ulres insurance. 'i4�is insurance shall ts.,maintained!n the amounts and for the periods that Lender rea�uires. Borrower
<br /> �• shall also insure all improvements on the Property,whether now in existence or subsequently e�+ected,agaanst lass by floods
<br /> � ..� to the extettt required by the Secretnry. All insurance shall be cwried with companies npproved by Lender. The insurancc
<br /> � , , poltcies and any mnewals shall be field by Lender :�nd shall include loss payabie dauses in favor of,and in a fom�
<br /> _ acceptable to.Lender.
<br /> " � In the event of loss.Borrower shall give I.ender immediate notice by mail. Lender muy malcc prnof of loss if not
<br /> � made promptly by Borrower. Each insurance campany concerned is hereby uuthorized und directed to rnal:e payment for
<br /> �'; ' . ° such loss dtrectly to Lender,insteud of to Borrower nnd to Lender joindy. All or any part of the insurance proceeds may be
<br /> _ •• applted by Lender,at its option,either(a)to the reduction of the indebtedness under the Note nnd this Secunty Inswsnrnt,
<br /> , "" � • first to any delinquent amounu appiied in the order in Paragraph 3,and then to prepayment of principal.or(b) ta the
<br /> .� : •• .` restora:ian or repau of the damaged property. Any application of the prc+ceeds to the pnncipal shall not extend or posxpone �
<br /> � the due date of the monthly payments which are referred to in Parasraph 2,or change the umount of such payments. My �
<br /> -„ , ' excess insurance proceeds o�er an amount required to pay all ouutanding indebtedness under the Note nnd this Security �-
<br /> • " Insttument shull be paid to the entity legully enatled thento.
<br />- " � &�the event of foreclosure of this Security Instrument ar other transfer of title to the Property that extinguishes the
<br /> . ' - . ' � indebtedrtess.atl right.tlde and interest of Bortower in and to insurance policies in force shall patis to�the purchnser. �
<br /> 'y . ���y;-,. S. Occupancy, Preservadmn, Maintenance and Protection of the Property; �on�o�ver s Loan Appltc�tIon:
<br /> . Lr,aseholds. Borrower shall occupy.establish, and use the I'roperty as Borrower's principal msidence within s�xry days �
<br /> ' nfter the execution of this Security Inswment and sh:ill continue to occupy the Propeny us Borrower's principal residence � 1
<br /> ".��o: for at least one year after the date of occupnncy,unless the Secmtary determines this requirement will cuuse undue hnnlship
<br /> � w "'�'• � ' for Borrower, or unless extenuuting cic+cumstnnces exist which are beyond Borrowers control. Bomower shall notify
<br /> � r° �� '' Lenders of any extenuuting circumstances. 8�rrower shall not commit wuste or destroy, damnge or substantinily cP�ange
<br /> { �. the Pmperty or allow the Property to deteriornte,maso�nable wear a�►d tear excepted. Lender may mspect the Property�f the �
<br />_I �� . Property is vncant or abundoned or the loan is in default. Lender muy take oeasonable action to protect and pmserve such �
<br /> � ,� vacant or nbnndoned Property Borrower shal� also be in default if Borrawer.during the loan application process.gave f
<br /> � muteriall� false or inuccuratc information or smtements to Lender (or failed to provide Lender with any material
<br /> infommtion)in connection with the loan evidenced by the Note,includinR,but not limited to,representutions conceming �
<br />-� � Bomower�accupancy of the Propercy as n principul residence. lf this Secunty Insuument is on u leatiehold Borrower shmll
<br />•-.� comply with the prov�s�ons of the lease. If Hoaower acquires fce atle ro the Property.the lea+ehold and fee title shall not `
<br />- �'. be merged unless Ler�der agces to the merger in wrie�g.
<br /> � 6. Charges to Borroaer and ProtecYion mf l.et�dea�'s Rights tn the Property. Borrower shall paq all govemmcntat i
<br /> or municipul chacges,fines nnd impositions th�t nre not included in Paragrnph 2. Borrower shalt pay these obl�gations on �
<br /> �- time directly to the entiry whieh is owed the paymenG If 6ailure to pay would udversely affect Lender's• intereat cn the !
<br /> Property,upon Lender�request Bntrower shall promptly fumish to Lender mceipts evidencing these payrnents. ,
<br /> .c o.,._....e.r si� �.....akp ehe,�e navments or the aavments required by Paragraph 2.or fails to perform any other �
<br /> ' ,,.� � covennnts artd n�eements contnined in this Securiry Instrument,or there is a le�ul proceeding that may s�gmhcantiy utiecc
<br /> __ � � l.ertderh rights in the Property(such as n pnoceeding in bankniptcy,for condemnntion or to enforce laws or regulations►.
<br /> � ° ` then Lender muy do und pay whatever is necessary to protect the value of the Properry and Lender's rights in the Propercy.
<br /> � fncluding payment of tnxes,hazard insurance und athcr rtems mentioned in Puiagraph 2. i
<br />_� My amounts disbursed by Lertder under this Psara�raph shall become un additionnl debt of Bocto�ver nnd be secuced
<br /> by this Security Inswmen� These cunounts ahall bear�nterest from the ds►te of disbur�ement,at the Note cate,:uid:u the i
<br /> '. • � '.> �� opdon of Lertder,shnli be immediutely due und payuble. i
<br /> � 7. Coademnatton. The ptoceeds of any award or claim for dmm�ges,direct or consequential,in conrtection with any ;
<br /> s� condemnation ur other tuking of:u�y p.1ct uf the PropectY•or for conveyunce in place of condemnation,ure hereby u.tisigned
<br />-- . �snd shnU be paid to l.ender to the extent of the fuq omount nf the indebtednr.ss that remains unpaid under the Note;u�d this f
<br /> ��„ Securiry lnstrument. Lcnder shall upply such proceeds to the reduction of the indebtedness under the Note und this Security ,
<br /> ,�, • .,�,r � Instrumeat, first to uny delinquent umounts t�pplied in the order providec! in ParaFraph 3, and then to pmpayment of
<br /> ._ '��t , pdrtcipal. Any apptication of the proceeds to the principul shull not eatend or postpone the due d:�te of the monthly �
<br />_ • I
<br /> '�, . �neAS:��J4rwKeti ,
<br /> , �
<br /> ,. � .
<br />
|