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<br /> 1. �ymen4 oi Prit�cipal►Intertst ond L�te�harge. Borr�wer shull pay when dUc�ha princ:pul af.c►nd intcrest on.
<br /> the dc6t cvEdencod by the Notc and late char�es duc under thc Haie.
<br /> 1. Manthly p�yments ot'I1uaa. lnwrance pnd Other Chxt�g�a. Borrower Fhal!includc tn tich monthly paymen�
<br /> tageihet wlth the pdncipul atd inteast us set fotth in the Note and uny late charges, nn instnllmtnt af any(aD taxcs and
<br /> apeci�l nss�ssmenta levied ar to 6e tevied against tho f�roperty.(b)leasehold payment�or ground rcntR on the Propecty.end
<br /> (c)premium�for in�urance tequired by Pam�ruph 4.
<br /> Bach monthly inswlli»ent fos ite���s(a), (b)wi�i (c;) atiail equai nne-nvelfth of the nnnnal mm�nnt9, as reHSOnabiy
<br /> esdmated by Lender, plus an amount sufFicient to meinWn iu� addidonal balance of not mors than one-sixth of tho
<br /> esdmauil amounts. '[�e f�ill s+nnusl cimount for euch item shall be accumulated by Lender within c►pertod ending on=
<br /> month befnre an item wauld become delinquent. Lender shni!hold the umounts collected in uust to pay items(u�,(b)and
<br /> (c)before they bGCame deWtquent.
<br /> IP at any dme the total of the payments held by Lender for items(u).(b)nnd(c),together viith th�e future monthly
<br /> payments for such items pAyable to Lender pdor to the due dutes of such items,exceeds by mor�e than ane-sixth the
<br /> estimated emaunt of payments required to pay such items when due,nnd if pnyments an the Note nre current,then l.ender
<br /> shall elther refund ihe ezcess over one-slxth of the estimated payments ar ccedit the excess over one-siucth af the estimated
<br /> payments to suhsequent payments by Botrower.at the opdon of Borrower. If the total of the payments made by Boaower
<br /> for item(a),(b),or(c)is insufficient to pay the item when due.then Horrower shall pay to Lender any umount necesaary to
<br /> make up the deflciency on or before the dete the item becomes due.
<br /> Aa used�n this Security Instn�ment,"Secretary"mean.s the Secretary of Housing and Urban Development or hIs or her
<br /> des;gnee, In any yenr in whlch the l.ender must pay a moctguge insurance premtum to the Secretury,each monthly paymterst
<br /> shall also jnclude elther. (i) an instaliment of the annual mortgage insurance premium to be paid by Lender to the
<br /> Seccetsry.or(ii) a creoathiy chacge instead of a mortgage Insurance premium if this Secudry Inswment is held by the
<br /> Secretury. Ench monthly installment of the martgage insurnnce premium shall be In un wnount sufficlent to accumulate tbe
<br /> full ennual mortgage Insurance premium wIth Lender one month prlor to the date tde full ctnnuul mortsnge insurnnce
<br /> premfum is due to the Secretary:Qr if this Serurity Insuvment is held by the Secretary.each monthly charge shiill be in an
<br /> omount equal w one-twelfth of one•helf percent of the uutstanding principal balance duc on the Note.
<br /> If Bomower teaders to Lxnder the full payment of sq sums secured by this Securlty Insmiment.Borrower`e account
<br /> ti� shall be crcdited with the balance remalning for eil insutllments for itema (a), (b)and (c)and any mortgage insurance
<br /> �, premium installment that I.ender has not become obUgated to pay to the Secretary,and L.ender shall pmmptly refund eny
<br /> excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its ac;quisition by Lender.Borrower!s
<br /> •� r'�� account shall be credited wltt�any balance remaintng for all installments for items(a),(b)sind(c).
<br /> � �fi'. 3. A lication of Payments.AII payments under Paragraphs 1 and 2�hall be applied by Lender as follows: :
<br /> ' , $r..a.�:
<br /> ,,. �to the mortgage insurance premium to be patd by Lender to the Secretary or to the monthly charge by the a
<br /> �'�"•'''r�'�`�� Sec.�ret� instead of the monthly mottga�e insurance premium;
<br /> �'�� �'������ �1R x1 ,co eny tazes,speciet assessments.leasehold payments or ground rents.and fire.flood and other hazard
<br /> �,�,:
<br /> �,���:�'.� . insurancepremiums.asrequind;
<br /> , THIRD,to inteiest due under the Nae;
<br /> �.�,••'`�'r �Q��,w amortization of the p�incipal of the Note:
<br /> � "•''s"�'` �j�,to Iate charges due under the Note.
<br /> .:.,•.�'titi .
<br /> �;, , � �,��, _ ,Y 4. Fire,Flood and Other Hezard Insurance. Borrower shall insure all imprnvements on the Property.whether now •�•
<br /> �� ., _
<br /> :^���;F':' ' s t'• in eaistence or subsequendy erected. ugatnst any hazards,casualdes.and contingenctes. includtng fire,for which Lender ,�. �
<br /> ',.�a ;,�{'',;,;'��,� eequlms Ineuca�ece. This insurance shall be maintained in the amounts end for the periods that Lender requires. Borrower '; �„
<br /> .� ...�',� ,� •._;.
<br /> �-;+;�„���`.:. shall also finsure all improvements on the Property.whether now in existence or subsequenily erected.against loss by floods
<br /> :w�,s,�jr,'= . to the exrent requlred by the Secretary. All insurnnce shall be carrled with companies approved by Lender. 'Ihe insurance .'��,�
<br /> �°'�' .�,al:�• policies and any renewals shaU be held by Lender and shall include loss payable clauses in favor of, and in a form :
<br /> -�-:r.-:� - acceptuble to,Lender.
<br /> .:_x.- .
<br /> '���;r�; `.� In the event of loss.Borrower shall�ive Lender immediate notice by mail. Lender muy mnke proof of loss if not
<br /> �'�;�``' . made prompdy by Botrower. Each insnrence company concemed is hereby authorized and directed to make payment for ,
<br /> .y�-,,. such toss dtrecdy to Lender.instead of to Borrower and to Lender jointly. All or any part of�he insurance proceeds may be
<br /> "r.>,K,: epplIed by L.ender,ai its option.either(a)to the n�duction of the indebtedness under the Note ssnd this Securiry Insawnen�
<br /> ' �,.�,. first to any delinquent amounts applied in the order in Paragraph 3, und then to prepayment of principal.or(b)to the
<br /> .�:.... ;^,Y;.; restoration or repalr of the damaged property. Any applicatian of the proceeds to the principal shall not extend or postpone
<br /> r:2x••+'-"?�= the due date of the monthly payments which are refemed w in Paragcuph 2.or change the iunount of such payments. Any
<br /> ',�"'���%�� excess insurance pracexds over an nmount required to pay all ontstand�n� indebtedness under the Note und this Security
<br /> ` � •�%�` `• Insmunent stiell be paid to the entity legally endtled thereto.
<br /> • In the event of foreclosnra of this Security Instrument or other transfer of title to the Property that extinguishes the
<br /> `-•I;;.a•a ,` • " indebtedness,all right�title and inurest of Borrower in end to insurnnce pollcies in forre shall pass to thc purchaser.
<br /> ��•~" � � 5. Oaupartcy, Preservatton, Maintenance nnd Protection of the Property; 8orrower's Loan Apptication;
<br /> J ►<w�����,, � � Leaseholds. Sorrower shall occup .establish.and use the Property as Borrower�s principal msldence within sixry days
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<br /> � ,f,.��,.....,.•.. � after the execution of this Security swment und shall continue to uccupy the Property,a�c Borrower�s prineipal resldence
<br /> ���t�'i•�`''4•'' � for at least one year after the date of oocupancy.unless the Secretsuy deteemines this requirement wlll cause undue hazdship
<br /> �"��,j;. for Borrower,or uniess exsenuating cltcunistances exist which are beyond Borrower�s control. Borrower shull noufy
<br /> ''�y''�"'��``' Lenders of an extenuaan circumstances. Borrower shall not commit waste or destroy.damage or substanrially change ..
<br /> � �f._X��_ . �', .
<br /> �,,�•,;ti.�� ...,�. .. the Pcoperty o�allow the Property to cieteriorate.reasonable wear and tear excepted. Lender may�nspect the Property if the �i,
<br /> � �`'.3'_ ' ". . : `. Property ie vacant or abandoned or the loan is in default. Lender may take reasonnble action to protect And preserve such i5;�,
<br /> '����'��-�•� • ; vucant or abandon�d Property. finrmwer shall also be in default if Bortower.during the loan application process. gave �:' .•
<br /> � �•' materiatl� felse or inaccurate informatton or statements to Lender (or failed to provi de I,ender w+ch nny matenaI
<br /> �;:-,!`��� infotmauon)in connection with the loan evtdenced by the Note,including,but not limited to.representations concernin�
<br /> ��:;;_:_ :�`,::-° Borrower�s occupancy of the Property as a pruicipal restdence. If this Secunty Insuument is on a leasehald,Borrower shall '
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<br /> � �„k,.;�:-;;., cornply wlth the provisiona of the lease. If Borrowar acquires fee titte to the Prapecty,ehe leasehold and fee title shuil not ,�,
<br /> ..�� •- ��
<br /> ,,�.�,���;';�%1'._� be merged unless Lender agrces to the merger in wridng. �
<br /> :��,.;, 6. Charges to Borr'ower and Protection ot i.cader s Rlghts in the Property. Borrower shall pay all governmental
<br /> '':;1;�,".��r`•-. .• or municipal charges.Rnes und irnpo9iuons that are not included in Puragraph 2. Borrower shall pay these obligations on
<br /> `��,i-�-.L`'f�;�:;�',x''•�-�' dme directly to the enrity which is owe� the payment. If fnilure to pay would sdversely affect Lender's intecest in the
<br /> �`"�"�� " '" Aroperty,upon Lender�s request Borrower shall promptly fumIsh to Lender recei ts evidertcing these payments.
<br /> te nr,....r c:L�.....aLe tLxa nsvmnn�c nr thn t�vmentc�m11;� t1V ��1 2.or fails to verform any other
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<br /> :'�` �� ; coven3nts and ag�eements contalned in this Security Insavmen�or tliere is a lesa�proceeding that may signlficantly affect
<br /> �e
<br /> _ Lender�s rFghts en the Pmperty(such ac a proceeding in banlwptcy,for condemnauon or to enforce laws or regulations),
<br /> ��-•� �; � then L.ender may do und pay whutever is necessary to protect the vdue of the Property and Lender?s nghts in the Property.
<br /> � inciuding payment af mxe.s.hazard insurence and other items mentioned in Parngraph 2
<br /> � .' `:.�.:� Any amounts disbutsed by Lender under thisp��p h shnit become an additlonnl debt of Borrower and be secured
<br /> ''�a ;.� � "� by this Security Instrumen� 'Ihese umounts shall bear interest from the date of disbursement.ut the Note rate.and at the
<br /> ' � • � option of Lender.shall be immc�iately due and payable.
<br /> '•.. � . ; 7. Conde�tion. 11te proceeds of any uward or cluim for dstmages.dlrect or consequendtil,in connection with any
<br /> �`� ��� �• ' condemnation or other taking of any part of the Property.or for conveyonce in pince of condemnation,are hereby assigned
<br /> ��`' �� � �nd shall be paid to I.ender to tha extent of the fi�ll amount uf the irtdebtedness thut remisins unpaid under the Note und th�s
<br /> ,_. o �,� :.
<br /> ' �, �r��: � Security Inswnsent. Lender shntl nppiy such proceeds to the reduction of the indebtedness under the Note a��d this Security
<br /> =! •' ` insttumen� first to any deltrtc��cent �mounts npplied In the order provided in Parngrnpii 3, and then to pte ayment of
<br /> �;. r w� :J
<br /> ,.•,_:;- , princ;pal, Any uppltcation of the pmoeeds to the principal shall not extend or postpone the due date of e montttty
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