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<br /> 1. �yrnent af PrincipAle Interest�tpd Late Charge. Hoaowcr shall pay wh�r�due the princlpat of,end interest on,
<br /> the debt avt�nced by th�IVote anci luto chargen dua under tha Note.
<br /> �. Monthiy paytnents ot'[1aee�,I�wrance And tAthar Chae��s. Eiorrower shall i�clude in enct�montbiy payment,
<br /> tvgether with tho pdncipet and intercsc as r,et forth in the Noto and uny lnte chargcs,an i:�stallmant of any(a)t�ucos anA
<br /> speci�l s�seasmentis Ieviod or to bo levicd aguinst thc Aroperty,(b)tcasehold paynunts or gmund renta on ti►e Property.and
<br /> (c)premiums for tnsurnncc requind by Paragraph 4.
<br /> E�sh mnnthly lastailment f�r items(u), (b) nnd (c) �hall equal �ne-twelfth of the annunl amountx, as reASanobiy
<br /> csdmated by Lender, p!us an amount sufficient to maintufn en nddidon�l bulance of not mare than unc-si�cth of tha
<br /> estimeted amounts. TtK:fuil nnnuul amount for each itam �hotl be accumulatcd by Lender within A period ending ane
<br /> month befose an item woatd become deli��qnen� l.ender sh�ll hold the amounttc collected in uust to pay items(a).{b)and
<br /> (c)befoaetl►ey become detinquent.
<br /> if ut any time the totsj of the pnyments held by Lender for itams(a).(b)and(c). together with the future monthly
<br /> payments for such items payuble to Lender prior to the due dutes of such items, exceeds by more thun one-sixth the
<br /> estimated amount of payments requjted to pay such ltems when due.nnd if payments on the Nate zue curn�t,then l.ender
<br /> shaU eittxr refund the excess over one•si�th of the esWnated payments or credit the excess over one•sjxth of ti»esifmuted
<br /> payments to sub�equcnt payments by 8orrower.at the option of Borrow�r. If the total of the pnymenta made by Borrower
<br /> for item(a).(b).or(c)is insuffictent w pay tha item when due,then Borrower shall pay to Lender any amount necessary to
<br /> mnke up the def tcIency on or before ihe date the item beromes due.
<br /> As used in this Security Insuumeat,"Scxnetary"meuns the Secretary of Housins and Urban Development or his or her
<br /> designee. In uny year in which the l.ender mnst pay u mottgage insurance premiura to the Secfetury.cach monthly payment
<br /> shall also Inelud� either. (i) nn inawllment of the aac►uul mortgage lnsurnnce premtum to be paid by Lender to the
<br /> Secretury,or(ii1 II rnonthly churge Instead of a�nmtgAge insursir►ce premium �f this Security Insuument is held by ths:
<br /> Secretery. Each monthiy installment of the mortgage insurance premium shall be in sin nmonnt sufficIent to accumulate the
<br /> fuU annual mortgage insurat►ce premium with Lender one month prior to thc date the full annual mongsige insuranco
<br /> premium is due to the Secreu►ry:or if this Security Ynsuument is hcld by the Secrewry,each monthly charge shaU be in an
<br /> amount equai w one-twelfth of one-half percent of the outstanding principal bulance due on the Nate.
<br /> If Borrower tendets to L.ender the full payment af all sums secured by this Securlty Insuumeat,Borrower�s account
<br /> shall be credited with the balAnce remaining for All instnllments for items(a),(b) and (c)and any mortsuge insurnnce
<br /> premium installment that L.ender has not become obiiguted to puy ro the Secretary.and Lender shall prompdy�+efund any
<br /> � eacess funds to Boirower. Immediately pdor to n foreclosure sale of the Property or its acquisition by L.ender.Bomower's
<br /> account sh�ll be credited with any balance remaining for aU installments for items(a).(b)artd(c).
<br /> 3. Appllcation of Paymenta All payments under Paragnphs 1 und 2 shaU bc applied by Lender as follows:
<br /> } • FIRST.to the mortgage Insurancc prertuum to be paid by Lender to the Secretary or to the monthly churge by the
<br /> Secietary instead of the monthly mortgage insurance premium;
<br /> , �'' �,to uny taxes,special nssessments,leasehold payments or ground rents.and fi�e,flood und other hazand
<br /> insurance premiums,es�q wred;
<br /> � ;�"�M•.: �[�D_.to inte�st due u n der the Note•
<br /> ,,,,. EQ�,to umortbarion of the principal of the Note;
<br /> Y �,to lote charl;es due under the Note.
<br /> ' �'•;° : 4. Flre,Flood and Other Hazard Insurance. Borrawer shaU insure all Improvements Qn the Property.whether now
<br /> in existence or su�q uendy erected.aguinst any hazards,casualtIes.and contingencfes.including fi�. for which Lendrr
<br /> � • �;�u�� �-r� �equire.s inswance. Tbis insurance shaU be maintained in the nmaunts and for the periods that Lender r�oquires. Borrower
<br /> � _• shaU afso insure ull impmvements�m the Pinperty.whether now in existence or subsequently erected e�ajnst loss by floods ,��s
<br /> F -a to tde extent cequired by the Secrewry. AU insurance shall be carried with companies approved by Lender. 71�e insurance �)�i,
<br /> ���•."��� .�;- poltcies and any renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form :i�;
<br /> u�."•+• -, acceptable to.Lender. '
<br /> �'�� � , In the event of loss,Borrower shull give Lender immediate notice by mail. Lender may make proof of loss if not �.�
<br /> made pmmptly by Bomower. Each insurance company concemed is hereby authorized and directed to mane payment for �;•
<br /> such loss directiy to Lettder,instead of to Bomower and to Lender joindy. All or nny part of the insurance procceds may be ,;:`
<br /> � r� y applied by Lender.at its opdon.either(a)to the reducdon of the indebtedness under the Note und this Security Inatrument, ��.,
<br /> ,"'�'- first to any delinquent amounts applied in the order in Paragraph 3. artd then to prepayment of principal. or(b)to the :
<br /> ''�. `� p 8 P Pe� Y PP P P� P P°tP°
<br /> �.-°-•�'�A.. restoration ar re sir of the damn ed ro . M a licauon of the roceeds to the nnct at shall not extend or s ne •,.•�
<br /> � �p'r,:."�= '�+� the due date of the monthly payments wh(c ore referred to in Paragaph 2.or char�ge the amount of such payments. Any
<br /> ,����*�x't,
<br /> �.w„_�:� excess insurance pmceeds over an amount requirr:d to pay all outstanding indebtedness under the Note and this Security ,
<br /> - Instrument shap be paid to�tlie endty legsilly entIded thereto. '.
<br /> `'�;=�:••� ••- In the�vent af foro�kasure af thjs Security�nstrument or other transfer of tit3e to the Property thut extinguishes the ��,,;
<br /> � � v
<br /> � � "' indebiedness.all right.title and int�rest of Borrower in pnd to lnsurance policies in force shall pass to the purchaser.
<br /> �;';'':;,:'�.� 5. Occupancy, Preservat9on. 1Naintenunce und ProtectIon of the Property; Bon'ower's Loan ApplEcation;
<br /> :;R�"�,' . Leaseholds. Borrower shall occupy,establish,and use the Properry us BocrowerS pnncipal residence within sixty days
<br /> ° � after the execution of this Securiry Inswment artd shall continue to occupy the Property as Borrowers principul residence
<br /> `• ` ' � for at least one yeat after the dflte of occupancy,unless the Secretary determines this requirement will cuuse undue hardship
<br /> ''°'f � fur Borrower.or anless extenuating circartistances exist whtch ate beyond Borrower s control. Borrower shali natfrfy
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<br /> ;;;i:: : � Lenders of any eatenuating cincumstartces. Borrower shall not commit waste or destroy,dumage or substantially change
<br /> •rtt:,:'' .�.�`'-�' . the Property or allow the Pmperty to detesiorate,reasoaable wear and tearr excepted. Lender may�nspect the Pcnperty if ti�e
<br /> a'.° '- � - '.« P�+nperty is vucant or ubandoned or the loan is in default. Lender may take reasonable action to protect and preserve such
<br /> '" � ,�•."�. • vacant ur abandoned Property. Botrower sh�ll also be in default if Borrower,during the loan application process,gave
<br /> �-=s� �;,1'.-. ,•. mtiteriallY false ar inaccvrate informatIon or statements to L.ender (or fuiled ta provide Lender with any material
<br /> mt
<br /> ',.:`.� infom►sthon)in connectiam with the loan ev{denced by the Note.including,but not Iimited to.representndans conceming
<br /> ''r':. ;� �•�,;.�,_`.: Bonower�s accupancy of ths 1A*opecty as a principal residence. If this Security Instrument is on n leasehold.Homower shall
<br /> �v'--;�• '••� '• • comply with the prov�s�ons of the lease. If$orrower acquires fee titte to the Property,the leasehold�nd fee ritle shall not
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<br /> �^��i�?� be merged w�less Lcader�grees to the merger in wrldng.
<br /> '':�:;'a'',,�. 6. Gharge�to Horrower asd ProtecUon of Lender's Rlghta in tde 1'roperty. Borrower shall pay all�ovemmenwi
<br /> � ��:' " or municipal charges.fines and impositions that are not included in Pamgraph 2. Borrower shull pay these obligntions on
<br /> .�'-`"-�� � tlme directly to the entity which is owed the paymen� If fstiluTe to pay would ndversely affect Lertder's interest in the ,
<br /> `�'' 'j�''`� Pco u n Lender's uest Botrower shall rom d fumish to Lender recei ts evidencin these a ents.
<br /> •-.,�e�;:.......�;..� PertY• Po ►'�i P P Y P P P Ym
<br /> '� ="-�' - �•-`*� ° If Homower faits to muke these paymenu or the payments required by Paragraph 2,or fuils to perform :u�y other
<br /> -_ _. covenants artd ngc�eements contained in this 5ecurity Instwnen�or there�s a tegai proceedin�inaz may signiivandy a�7eci
<br /> �:::.:��. �.• .�.. l.ender�ri�hta in the Property(such as a proceeding in bankruptcy,for condemnation or to enforce luws or re�ulations).
<br /> ';r:�-::.;::�. .;;. then Lender may do and pay whatc-ver is rtecessary to protect the value of the Roperty�nd LenderS rights in the Property, „
<br /> ::;_,t,�,,,:•.�„•:•'.. including payment of tiues.hn�.ard insur.ince and other items mendoned in Paragaph 2.
<br /> • �,',���=' My amounts disbursed by Lender under this Paru$raph stuill become an ndditional debt of Borrower and be secured
<br /> 'F+e'++�+:.���s•..•: by this Sectuiry Inswmen� These amounts shall bear mtemst fmm the dute df disbursemcnt,at the Note mte.nnd at che
<br /> �y�+;���:f•-•:;:, option of L.ender.shall be iminediutely due and paynble.
<br /> ••: 7. Condemaatlop. 'Ii�e proceeds of nny awurd or clulm fur damages,dit+ect or consequentiwl,in connection with any
<br /> � '�-:� ' ••'�r`,' sondemnation or other taking of uny part of th�Property.or for conveynnce in pl¢ce of rondemnation,are hereby�s�gned �
<br /> '''''�� ��,,�.ti.:,; and shnit be paid to Lender to the extent of the ful!nmount of the irtde btedness thut cemains unpatd under the Note and this
<br /> .��+ '�• .•' .• �ai.� Security Insuument. Lender shaU upply such proceeds to the reduction of the indebtedness under the Note and this Security
<br /> .: �,:,'� - instn�men4 first to nny delinquent umounts npplird io the order pmvided in P.u�agraph 3. and then to prepuyment of
<br /> �: �i principal. My nppltcntion of the proceeds to the principal shatl nnt extertd or postpone the due date of the monthly
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