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<br /> 1. 1�y men�af 1'rincf,�l,t�ttereat�nd L�ete Ch�rQe. Ranowcr sMall pay when duc thc principal�'.und iiitcrest an, '
<br /> tho ckbl ovldcixe�l b�tha N�to nnd lute chargoa duc under tt►a Motc.
<br /> Z. Manthly pRy�nent�d'l�xt�,tawr�uxi Athe�Chat�e�: Hnnower 91�aD lncludo in e�ch monthly p�yme�u.
<br /> togcther with the pripc(pal und intcreat sa set fatth in tho Notc and aey late charges,�n lnsiaitmem uf wiy"(x)t�ian wHi
<br /> wpeci�tl u�Re�tnrnt�levlod a�w!�e lovied ugdn�+t�he Pr�eriy.(b)le�crhold paymenta or greund nnty a�the F�roper�y.and
<br /> (c)premfums for ineuru�ce roquined by P�ragraph 4•
<br /> ��tie rrtnt�ih�y ie��twllutei�t for iteu�s ta),(bf And(c) shnll ct�uul anc-iwelfth of the aanunl nm�unG9,as rca�onably
<br /> estimated by Lender. plu� w�emount.sufficlant ta mainqin en additfonnl balance of not mam thue une-s�.i�of ci�a
<br /> estlmated amaunte, 7tio fnli annud amount for each ttam shstl be aceumidated by[.�nder within u pedad endlrt�ono
<br /> month before an itcm wuuld became deliRqueni. Lendcr ehall hoid the amount�collected in trust to pay ittms(a).(b)and
<br /> (c)bcfore thsy become deltnyucnt.
<br /> If at uny dme the tatal of dtc puymenu►hcld by Lender for iums(a),(b) and(c). together wieh thc future monthty
<br /> paymonts for such itc�ns payable to Lender pdor to the due da�tes of such ltems. oxcetds by more thun one-sixth the
<br /> eat�mated amount of payments required ta pay such iums when due,end if pu ments on the Nots ure current,then Lender
<br /> shall eithei ret�nd tho cxas�s over one-sixth of tfie esdmaud paymcnts or c�t d�e excesa over onc-slath of tha estimst�d
<br /> puyments to subsequent paymente by Hoirawer. at tho option of Bonower. IP the total of the payments made by Borrawcr
<br /> for item(a),(b),or(c)is insufiicient to pay the ium when due.then Borrower sh�ll pay to i,endor�ny umount�eeeassuy[o
<br /> make up the defictency on or beforo tha date the item becomes due.
<br /> Aa tised in thta Securlty Insttument,"Secnetary"means the Sec�etary of Housing sind Urbaa Dcvelo ment or bls or h�r
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<br /> � designec. In any year tn wh3ch the I.ender must pay a mortgage insurnnce premiam to the Secretary.c.�c monthly payment
<br /> shaU �iso irtclude eitluer. (i)an installment of the annua! mortgage insurance premium to ba paid by I.ender to the
<br /> Secretary. or(fi) u monthly charge insteud of a mortgage insurance premium if this Securiry Instrument is held by the
<br /> Secs+etary. Each monthly inssallment of the mortgage insurance premium shaU Ge in an wnount suf�CCient to accumufate the
<br /> fuU amival mortgage inaurance premlum wlth i.ender one month prlar to the date ihe full e�ual mortga$e insurnnce
<br /> pmmium is due to the Secreuuy:or if thia SecurIty Instcument is held by the Seccetery,each monthly churge shatl be in an
<br /> amount equal w one-twelfth of one-half percent of the outstanding princIpal balance due on the Note.
<br /> If Borrower tenders to Lender the fuU payment of all suma secured by this Serudty Insuument,Borrower�s account
<br /> shull be cmdlted with the balance remaining for all installments for items(a).(b) and(c) and any mortga�e insurertce
<br /> priemium inatellment thcu i.ender hns not become obligated to pay w the Secretary.and Lender shall promptly t+efund any
<br /> � ,, eacess funda to Bomower. Tmmedlately prior to a foreclast�ne sale of the Propecty or lts acquisition by Lender�Borrower'a
<br /> �;:� account shall be cmdited w�th eny balance remeining for a111nstaUments for items(a).(bD�►d(c).
<br /> 3. Ap Itcadon ot Paymente. All payments under Paragraphs 1 und 2 sh�lf be applied by Lender as foilowa:
<br /> .�,.,.�� �to the mortgeg$insurance premium to bc paid by Lcnder to the Secretary or to the monthly charge by the
<br /> �Secre fnstead of the monthly mortgage i�curance premium;
<br /> ta any toxes��ial assessments�leasehold payments or ground rents.and fi�e,flood and other hazard
<br /> insurance piemiutns,as r�quuai:
<br /> :. �$Q,to interest due under the Note;
<br /> ;, gQ�,to ama�tlzation of the principal of the Note;
<br /> �,to late charges due under the Note.
<br /> 4.Fire,Flood and Other Hazard Insurance. Bornower shall insure all improvements on the Property.whether now
<br /> �,, in extstence or subsequently er�ected,agaInst any ha�.erds.casualties, and conangencies.including fire,for whtch Lender
<br /> �••°���,'''� requires�nsuraace. 'lliis lnsurance shall be maintained in the amounts and for the periods that Lender requIres. Borrower r
<br /> �"`�`� ^ shail also insure all impmvements on the Property,whether now ln exjstence or subsequendy erected.against luss by flooda
<br /> to the extent required by the Setretary All�nsurance shall be carried with companies approved by Lender. The insurance '
<br /> poUcles and any renewels shall be held by I.ender and shall include loss payable cluuses in favor of.end in a form _��r
<br /> j{'• accepteble to.Lender.
<br /> In the event of loss,Bomower shall glve Lender immediate notice by mall. I.ender may make proof of loss if not ��
<br /> � '''�"�• made promptly by Borrower. Each insurance campany concemed is hereby authorized and dirrcted to make payment for .
<br /> such loss direcdy to Lender.instead of to Borrower end to Lender jointly. Aq or any part of the insurance proceeds may be _ ,�
<br /> applied by Lender,at ita option.etther(a1 to the reduction of the indebtedness under the Note and this Securlry Instrument, ;:f K.
<br /> -.•� first w any delinquent amounts applied In iha order in Paragraph 3. and then to prepayment of principal, or (b) W the
<br /> restoration or rep a ir of the damaged prope.rty. Any appltcution of the proceeds to the pnnclpal shall not extend or postpone .
<br /> `"�'r"' the due date of the monthly payments whtch are refemed to in Paragraph 2,or change the amount of such payments. Any
<br /> -•,p� excess insurance proceeds over an amount required to pay ull outstandin�indebtedness under the Note and this Securiry
<br /> ,.�:4;�`t,�a•,��} Instnunent ahall he paid to the entity leg�liy enuUed thereto.
<br /> ••:.:,:�- In the event of foreciosure of this Security Inswment or other transfer of tltle to the Pmperty that extin6uishes the
<br /> •'�-�+'. indebteMess.all dght,title and interest of Horrower in and to insurance policies in force shall pass to the purehuser.
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<br /> ,,,.ar__•,.,,_ 5. Occupancy, Preservadon, Maintenance aad Protectton of the Prnperty; Borrower's Loan Applica on;
<br /> ,:x �t�'�+�' Leaseholds. Borrower shall occupy.esutblish.and use the Property es Borrower s pnncipal restdencc withln sixty days
<br /> ' �.�'��'��- after the executIon of this Seruriry Instrument and shall continue to occupy the Property as Borrowerk principal residence
<br /> '`�=.k'�" ;�`� for at least one year efter the date of occupancy,unless the Secretary determines this requirement will canse undue hardship
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<br /> ��ti�`� >% for Borrr�wer,or unless extenunting clrcwdstances exist which are beyond Borrower�s control. Borrower shaU noti .
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<br /> �:� �:��,�.•�•;Y,. Lenders of any eatenuating cic+cumstances. Bo:rower shall not commit waste or destroy,damage or substantislly change
<br /> • r���,�.• the Property or allow the Pmperry to deteriorate.reasonable wear and tear excepted. Lender may inspect the Prope�Ry if the
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<br /> ��.���.�,f;�,,.�. Properiy is vacunt or ubandoned or the loan iy in defaul� Lender may take c+easonable action to protect and preserve suc
<br /> '�t�;;..•,�?,',�;�,�;, vacant or abandonod Propecty. Borrower shall also be in default if Borrowar.during the lonn application process,gttve
<br /> ,.., :�s?rs:��•.•:, .`; materIally false or inaccurace informntlon or statementa to Lender (or failed to provide Lender with any matenul
<br /> �"x�}�•jj+k�i�' {nformation)jn conneetton with the loan evidenced by the Note. including,but not IimIted to,representations conceming
<br /> �'``'�{�-•r s'�'�° B o rn o w e r's o c c u p a n c y o f t h e P r o p e rt y as a�ci pal residence. If this Secudty Insuumeat Is on a leasehold,Bomower shull
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<br /> ;°~•��-:°-°���°�` comply wtth the provisions of the lease. i Borrower acquires fee dtle ta the Property,the leasehold and fee t ttle s a not .
<br /> . �.,,fr; be merged unless Lender agrees to the merger in writing.
<br /> ;:. 6. C6a�es to Boerower and Protecdon of Lender's Righte in the Property. Bo�rowar shali pay ull�ovemmental
<br /> �;�;:':..'i.':;,.:`�'�., or municipai charges,fines and imposiuons thatare not included tn Para�raph 2. Borrower shall pay these obligutions on
<br /> ` ' ...'•'�"° time directly to the entity which is owed the payment. If failure to pay would a d v e r s e ly a ff e c t L e n d e r�s i n t e r e s t i n t h e
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<br /> �„•-y.�%r,<<:-�,;�;� Pnnperty.upon Lender's request Borrower shall promptly fumish to Gender receipts evidencing these payments.
<br /> ���;••��•- � If Borrower fails m make these payments or t he payments requlrcd by Paragraph 2. or fnils to perform any other
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<br /> 1�, �. ='•�ns.••n,.'.. COVCD011L8 811d 9gICEJIICllt6 C011L8�RC(1 IR 1h18 SCCUiI[y 1fI8LIUIReIIT.OT ItiCIC i3 u tc�ni�[u:cwwg u�ai�ua ni��u...ww�o.......
<br /> �r_ � . I.ender's dghts in the Property (such as a proceeding in baakruptcy. fnr condemnation or to enforce�aws or regulations),
<br /> "�J -�'. �. . .. then Lender may do and pay whutever!s rtecessary to protect the value of the Property and Lenderk rights in the Property,
<br /> �� °•���••'':; :-'`''`� including payment of texes.hazard insurartce and other items mentioned in Parngraph 2.
<br /> ��'`'� `' '� �� My amaunta disbursed by Lender under this Para h shall become an additional debt of Borrower and be secured
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<br /> .',::;:-•�•-•:•'�':�N�; by thta Security lnsuvmen� These amounta shell bear ntereat from the date oF dtsbucsemenG s►t d►e Note rate. and nt the
<br /> ,t:`'•�'���.''?��"��� option of Lender.shall be immed{ately due and payable.
<br /> r- �-`�'��'" ' 7. Condemnatton. The proceeds of eny award or claim for damages,dircct or consequential,in connection wlth any
<br /> r� �' � ' "`c, coademnatlon or other tnking of nny part of the Property.or for conveyance in place of condemnation,are hereby assigned
<br /> �''�'" . •'��t� and shatl be paid to Lender to the extent of the full emount of the indebtedness thut remains unpaid under the Note a��d this
<br /> '` �'• • ",��; Secudry Inswmen� Lender sha11 npply such proceeds to the reducdon of the indebtedness under the Note cuid this Security
<br /> �'�;.�i , >F� '` Inshvment, fust to any deltnyuent amounts applied in the order provided in Pnragraph 3, und thcn to prepayment of
<br /> = princlpal. Any appUcadon of the proceeds to the princlpul sh�li not extend or pnstpone the due date of the monthly
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