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<br /> -�°_-�°_—�--= f. ('�y�itn4 uP�'rtnct��l,Int�i�ca'i atsd l.ute GhAr,�s. Iiono�;cr;,l�all�ay�vh�n due tM�pri�icip�l af,and I��t�c�t�si on,
<br /> thc ckbt evidcnces!by the Noto nnd late chargcs due urtetcr Rhe l�Iate. �� '
<br /> Z. MontblY i�Ymente af 71�xes,Iasur�nce and OR�ter Chtr�ee. Hornower shall incfude in each monthlY MYmen�,
<br /> together wttit d�e princlpal end inunst as�set forth in the Ivote un@ any I8[C CI18tgt9,an ir�stsllmeflt of any (a}uutea iutd
<br /> epecld asce�cments lavled or to bc levIed u$ainst the Property.(b)leusehold paymcnts or gawnd�ents on the Pro�perty,nnd
<br /> (c)premiums for In�ut�nca rc.quiad by F°u�gn�pt►4. �
<br /> � Each manthly installmcnt for itema(a),(b)and(c? tihaQ equat ona-twelfth of the annusl amounts� as reasonebly
<br /> — - -- estim�ted by Le�tder.��pJU9 qil niilOilllt sufiiicIent to mt�ii�tutii wt addldonal batai��c of ttoi tttor�th:ui an:-skth of ttte �--
<br /> cstimatod aaxwrus. 'R►e fb11 ennual amount for qach item shall lse accumutated by[,ender within a perlod ending ana
<br /> month befare an item would become delinquen� Lender ehall hold the am�unts collecte�i�tmst to pny items(a),(b)arsd _
<br /> -- �— (c)befon they becoms deltctquen� ,
<br /> If at any dme the twal oF th�o payments held by Lender fac items(a).(b)and(c).together with the Porore monthly
<br /> paymcnta fox such itcm3 payaUle w l.ender prior to tha dae dates of such iums.exceeds by more than ont-s�xth the
<br /> � estlmated emount of payments cc�uimd to psy such iums when d�e.und if pa enta on the Nou are curnn�then L.ender
<br /> --- � shall eithcr rcfund tho exc�s aver ane-sixth of the estimnted payatenu or�the excess hver on�sixth of►he esdmated
<br /> paymen�s to subscquent pnyments by Sortower.at the optton of Horrower. If the totnl of th�payments mede by 8armwer
<br /> for item(a).(b),or(c)is insufficient ta pay the item when due.thcn Bormwer shnll pay to I.ender any amount nxessary to
<br /> � muke up the def�clency an or before the date the Item becomes due.
<br /> - As used in this SecurIty Instniment,"Secretary"meuns the Secretc{cy of Housing and Urban Development or his or hsr
<br /> _ - desigctee. In any year in which the Lender muat pay u mort�age insueance premium w the Secretary.ench manthly puyment
<br /> �- shaU also include either. (i) an tnstellment of the annual moctgage insuranoe premlurt► to be pa�d by 3.ender w tt�e
<br /> �- S�retary, or(itj a montdly charge instead of a mortgage insurance premium if this Security Insuument is hcld by Rho
<br /> Secratary. Each manthly tnstailirtent af the mongnge insuraaee premivm shall6e in an aznount sufficient tc+accumulate the
<br /> �. full annual mortga e insurance pre�mium wIth Lender ono month pnor to the date the full unnual martgage insuracaca
<br /> `,_ p�miuin is due to�e Secretary;or if this Security[nstrument is held by the Secnetary.each monthly chazge shaU be in an
<br /> nmount eqaal W one-twelfth of one-half percent of the outstanding principal balence due on the Note.
<br /> r _ _ If Borro�ver tenders to Lender the fWl payment of all sums secured by tiils Security Instrument,Bomawer�s account
<br />� shall bo cred�ted with the balence remaining for all installmenta for items (a). (b)and(c?end any mort�age ineurance ---
<br /> pnmium installment that Lender has not became obligeted to puy to the Secretary.and Lend�shall promptly nefund any
<br /> .'+ excess furtds to Bormwer. Immediately pr�or to a foneclosure sale of the Property or its acq�:isision by Lender,Bomnwer's
<br /> accaunt shtill be credited wlth any balance nemaining for all Installments for items(a).(b}end(c).
<br /> - �3. Ap Ileadon of Priymenta Alt payments under ParnEraphs 1 and 2 shell be applied by L.ender as followa:
<br /> to the mort�uge iasurance ptemlum to be paid by Lertder to the Secrewry or to the monthly char�e by the '
<br />- Secre instead of the monthly mortguge insurance premlum;
<br />-� �,w any tcixes.special assessments.leasehold payments or grovnd rents,and fire,flaod and other hazer�d _
<br /> .. insurance jmemiwns,as�Q wred:
<br /> ' �D,w interest due under the Note;
<br /> FQ�$�'jj,ta amortlzation of the principal of the Nate;
<br /> �, �,W late charges due nnder the Note. �--
<br /> 4. Fire,Flaod sad Other Napard Insurtutee. Bomower shall insure alt improvements on the P[operty.whether now -
<br />_-- in exletertce ar subsequendy erected.agaL�st any hazards.casualties,and condngenctes,i�cludIng fice.for which Lender
<br />-' �•M requires insurance, 'll�is dnsurance sh�l tsc maintauied in the amoants and for the periods that l.ender requlres. Boirower
<br /> shaq alsa tnsure a!1 imprnveaxats on the Praperty.whether now in existence or subsequently erected agcdnst loss by floods
<br /> w the eatent requic�ed by the Sec�ewry AU insurance shall be carried with companIes opproved by Lender. '[he insumnce '
<br /> policies and any renewnls shaU be held by Lender and shail include loss payuble cluuses in fs►vor of, and in a form _.
<br /> acceptable to.Leader. :'-:-�--
<br /> �;; In the event of loss.Borrower shall glve Ixnder immediute nodce by mail. L.ender mny meke proof of loss If not ��.�-
<br /> = made promptly by Botrower. Each insurance company concerned is hereby uuthorized and directed to make payment for ;.__
<br /> -. such loss directly to Lender.instead of to Bomower and to Lender jointly. All or any part of the Insnrance pcoceeds may be �'.�
<br /> appued by L.ender.at its option,either(n)to the reduction of the indebtedness under the Note snd this Securiry Instrument, �;;er
<br /> fitst to any delinquent amounts applied in the order in Paragaph 3. and then to prepayment of principal.or(b) to the �?�;-.:
<br /> �swration or repau af the damnged property. Any application of the proceeds to the pnncipul shell not extend or postpone �
<br /> V , the dae date of the montlily payments which are referted to in Pnrasraph 2,or chunge the amount of such paytetetus. Atiy ������4
<br /> , ' �±�:��;J e x c e s s i n s u r a n c e p r o c e e d s o v e r a n a m o u n t r e q u i re d t o p a y a l l o u t s t a n d i n g in de6tedness under the Note and this Seruri ty �`Y="�=
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<br /> ` •��-�•'. Instnunent shaU be patd to the enfity l�gally endded thereco. ,::�
<br /> '; ''`h•�,'',-.�'�•� In the event of foieclosure of this Securiry Instn►ment or other tmnsfer of tide to the Propeety that extingulshes the �_;r••
<br /> ,;���j=:�,�� ittdebtedrtess,aU righ�ade and interest of Bomower in und to insunince policies in foroe shall pass to the purchaser. ,r:;
<br /> °.' :;,•:,��;::s S. Oecupancy� Preservatfon, Maintenan� and Protection ot the Property; Borrower's Loan ApplEcatton; ;�:;.+
<br />,.r;�! '�;:;�s;;�:,,, I.easeltolds. Bomnwer shall occupy. establish,and use the Aoperty us Borrower's principal residence within sixty days r:; .
<br /> :'' ti�:tii.,.;,-:=r aftec the execudon of thls Securlty Instcument und shall continue so occupy the l�roperty as Borrower�prirtcipal restdence ,
<br /> , ,,,,�:.;;__-. _ for at least one year after the date of occupancy.unless the Secretflry determines this requirement will cuuse undue hacdship
<br /> for Borrawer,or unless extenunting citcutristnnces exist whlch uce beyond Borrower� control. Borrower shall notify
<br /> °�: �� ' I.endeis of any extenuatIng circumstunces. Borrower shalt not commit waste or destroy. damage or substcu►tiully change �
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<br /> ' � • '"�,�.m the Property or allow the Propecty to deteriorate,reasonable weAr s�nd tear excep�ed. Lender muy inspect the Prope�ty if the �:;
<br /> � :�:L+��,�,.:�;4;; Property is vacant or abandoned or the loan is in default. Lender may take nasonable action to pmtect and presenre such
<br /> - �'�" �.��.�:: vacant or abandone�Property. Bonower shatl also be in defnult if Boirower.during the Ioan npplicadon proces�,gave
<br /> �'�.Mk��'�'�= materiall�+ fs�se ot inaccurate infvrmation or statemenu to Lender (or failed to provide Lender with any material
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<br /> ' . f;f;;;+-'. ";�;; infomnanon)in connectton with the Ivan evidenced by the Note, including:but not limited ro.repce.senwtions conceming
<br /> • � •�''` ` Botrower�s occupnncy of the Pcoperty as a princtpal residence. If this Secunty Instrument is on a leasehold.Bomower shall
<br /> ' ,S�`'' ��� ne���...� com I with the visians of the lease. If Borrower ac wres fee dtte to the Pro
<br />- �a�-�:=�.�;:T..: P Y P� � q perty ihe leasehold and fee tide shull nat , u
<br /> _ •� b e merg e d un less L en d e r agrees to t he merger in wri t ing.
<br /> `�'' � r.k: b�.�es to$orrower and Protectton ot Lender's Rig6t6s ta the Property. Borrower shail pay all govemmenta�
<br /> •��-`-�--��• or municipal c arges,fines and imposidons that are not included in Paragraph 2. Borrower shull pay chese obl�gations on
<br /> - �=t""-� • : dme direcdy to the entity whic h is ow e d t he paymenG I f f a i luic to pay would adve�sely affett Lender's interest in the
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<br /> �= '- ��=-s:� Property.upon Lertder�s request Boirower shall prompdy fumish to Lender receipts evidencing these payrr�ents.
<br /> ���` • " " '���: If Borrower fisils to msske these paymenu or the payments requiced by t�aragruph 2,or fails to perfarm any other
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<br /> - " --'-��' -- '�--='' ' "' - '-�...t �e......�o:..s.i i..�i.:u Cn..��eiw inatwueuanf rv flwra ic n L+oul nmr/w�1�no that mav cianifirantiv affert
<br /> ,-- . . . . . . ..... w.«.�..o........a.................. ...»..-...��-.� ......_�...�_..,_'_�'_"_"o_�.._"'�.o _�""_ .' _'.'_... --_:...
<br /> ' 'j'� �� Leaderk righta in the Property(such as a proceeding in banlwptcy,for condemnarion or to enfuree�aws or re�ularions),
<br /> : °'*�� ''' ' then l.ender moy do and pay whatever{s necessary to protect the vulue of the P�operty and Lender�rights in the Rnpecty.
<br /> �R'=s°•._�.;'`:�'. incl•�cding payment of tnxes.hazand insurnnce and other items mentioned in P.uu�ruph 2
<br /> - ��s'•��:�"' ��' -'"'' Any umounts disbaised by Lenderunder this Prwgrnph shall become an additionai debt of 8orrower artd be secured
<br /> ' �'��`<="�=•• "°�»� •� by this Security insttument. These amounts sMit bear incerest fr+om the date of disbucsement.at the Note rnte.:ind nt the
<br /> s:t.�r-;,�°�z;,c��: �on of L.ender.shall be immediately due and paynble.
<br /> �;`�� � ` '•� ' 7. Coudemnallon. 'I�2 procxeds of cny uward or c(nim for dnma�es.direct or conseyuendal,in connectioa with any
<br /> .�t:`i,.t;.:��..�; condemnutton or ather wking of uny part of the Property.or for conveyance in place of condemnation,:ue hereby assi�ned
<br /> ` ,:a`�;?;`i' '��;- ;' nrtd shull be pa�d to Lender to the extent of the full amoant of ihe indebtedness that mmains unpaid under the Note:v�d this '
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<br /> ;,, �_�qt�,: Secu�ity inst�ument. Lertder sAall:+pply surh proceeds to the reduction oi the irtdebtedness under the Note and this 5ecurity
<br /> ,��`;4{�' Instrumen� first w uny delinquent umount� applied in the order provided in Pnrugraph 3, and then to prepayment of �
<br /> principal. My appiication of the pmcc�ds to the principal shall not eatend or postpnne the due date of the monthly
<br /> .y.;�`,, lAaRt1���I P�+Rttl ,
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