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<br /> 9��0°��� gq,_ �04194
<br /> l. Payment of Princip�i,Interest artd l.r�te C:hurge. Boreowcr si�all pay when due the principal af,and interes:on,
<br /> the debt cvidenced by the Note and lotc charIIes duc under the Nate. , �.
<br /> �. 1Vlot�thly payments of 7laxes�Inaurance and Other Chargca JBorcawer shatl include in ench monthly puyment,
<br /> togethcr witt�the principal and intcrest ua set farth in the Note and uny late charges,an inFtuqment of any(a)wxes and
<br /> speclul as5essmenta levied ar to be levled aguinst the Praperty,(b)ieasehold paymen�c ar�und rentx on tho Froperty.and
<br /> (c)pramiume for inxurance required by Paragraph 4.
<br /> „ ,,, Each monthly instailment for items(a),(b)and (c) shnll equul one•twelfth af the unnual umaums. ag reu.ganubiy
<br /> cstimatc.�i by Lcnder. plus un nmount suffclent to malnt:�in cu►nclditional hnlance �f not more thun one-sixth of �he
<br /> estimutcd umounta. The full annual emount for euch item shall be accumul�ted by Lender within a period ending one
<br /> month before an item would become delinquent. Lender shall hold the amount�collected in tntwt ta puy iteme(a), (b)und
<br /> (c)betore they became delinquent. �. .
<br /> If at uny time the total of che payment�held by L.ender t'or items(u).(b)und(c).together with the futur�e rnonthly
<br /> payments for such itema payable to Lender prlor ta the due dates of such items,excecds by more than one•sixth the ,;4�•
<br /> estirnated umount of payments requtred to pay such items when due.end if pnyments on the Note are c�urenti then Lender •:�x
<br /> ahail elther refund the excess over one-sixth of the estimated paymenu or credIt the excess over one-sixth of the estimated ��°�:
<br /> paymenta to subsequcnt paymenu by Borrower.at the option of Rorrower. If the tota!of the payments made by 8orrower �`x'
<br /> far item(a).(b),ar(c)ia insuffictent to pay the item when due,then Barrower shall pay to Lender any amount necessary to
<br /> �, �, i� make up the deficiency on or before the datc the item becomes due. ';;.r�
<br /> .�'t`� As used in thls Securlty Inst:ument,"Secrctary"means the Secretary of Housing and Urban Aevelopment or his or her
<br /> �� '3`��'; • de.yi�nee. In any year in which the I.ender must pay u mortgage insurance premium ro the Secretury.each monthly payment `
<br /> .��>', '" shall also Include either: (i) an Instaliment of the annusl mortgage insurance premium to be paid by Lender to the ' `
<br /> y.,� ,
<br /> i:: :: Secretary.or(tt)a monthly charge instead of a mortgage lnsurance premium if this Secudry Instrument is held by the ;: ;�
<br /> —_r.•�=i�•:: Sectetety. Haeh monthly Mstaliment of the mortgage insurance pmmium shatl be in en amount sufficient to accumulate the '��r i
<br /> !f%����"':4�r'''w`+• full annual mortgage inaucance premlum with Lender one month pr�or to che date the full annual mortgage insurance
<br /> . �"3�'��+`',� mium 9s due w the 5ecre .or if this Security Insuument!s held by the Sect+etary.each monthly charge shaA be in an �; ::�
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<br /> - • •• amount equal ta one-twelfth of one-half percent of the outstending pdncIpal balance due on the Note. :.
<br /> '''-� ' � If Borrower tenders to Lender the full payment of all sums secured by thls Securlty Insuument,Horrawer� account
<br /> ' �,;.;,:
<br /> � .:�� shall be credited with the balnnce remaining for all Installments for items (a), (b)and(c)and any mortgage insurance
<br /> ���``'`� ' � �'� piemium installment that L.ender has not become obliguted to pay to the Secretary,and Lender shall pmmpdy refund any
<br /> 'T�� '•31:.,r'..:Cr;;+��1„^a n' �i
<br /> i?�tl,�r,::••- . a.����..; excess funds to Borrower. Immedistely prior to a foreclosure sale of the Property or its acquisidon by I.ender,Borrowerl
<br /> .�+�.': : • ,> account shall be credited wtth any balance remsiining for all instal Iments for items(a),(b)end(c).
<br /> Y�'•�'�"`="^ `�f� 3. A Itcadon of Pe ments. Atl a ents under Para hs 1 and 2 shall be a lied b Lender as follows:
<br /> .:. ,7 _P� Y P Ym &�P PP Y
<br /> �.„',.��,.� . � F J R S T,to the mort ga ge insurance premium to be paid by Lender to the Secretsry or to the monthly charge by the
<br /> �;,;,,:,. � • Secne instead of the monthly mortgage insurance pmmium;
<br /> S• . � �� �FJC��W any taxes,special assessmenGS,leasehold payments or ground rents,and tire,tlaod and other hazard
<br /> 'x_';,.. .
<br /> Insuiance premlums,as required;
<br /> :-•� .. ��.to interest due under the Note; .
<br /> •�,`���_�, ' gQi�'j�,to amortizadon of the principal of the Note:
<br /> , :�;1;.;,��; _ � �,to late charges due under the Note.
<br /> �,.,�v�,„ . . 4. Fire,Flaod aud Otder Hazard Insurance. Borrower shall insure all improvemenu on the Property,whether now
<br /> - in existence or subsequently erected,against any huza�ds, cusualqes.and contingencies,inctuding Rre.for which Lender
<br /> • � r�quires insurance. Thia insurnnce shall be mnintau�ed in the amounu and for the periods that L.ender requires. Borrower
<br /> '-;'�:.•�' , . , shaU also tnsure aU improvements on the Property,whether now in eaistence or subsequently erected,ngeinst loss by floods
<br /> ,.�,�,,,,.,,;. . ..�,�.,' to the eatent required by the Sex:retary. Atl insurance sh�ill be c�ried with companies approved by Lender. '19�e insurance
<br /> policies and any renewals shall be held by Lender and shnll include loss payable dnuses in favor of, and in u form
<br /> ° ' " "<.�� acceptable to.Lender.
<br /> ^'••'."•'"•'. - •�"„�•� ln the event of loss,Borrower shall�ive l.cnder immedtate notice by mail. Lender muy make proof of loss If not
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<br /> made prompdy by Borrower. Each insurance cempany concemed is hereby uuthorized und directed to mAke payment for
<br /> ',;.=;'�,'�. . �^ such loss dlrectly to I.ender.instead of to Borrower and ro Lender jointly. All or any puR of the insurnnce proceeds may be
<br /> '��"7� f � applied by Lender,at its option,either(a)to the reduction of the indebtedness under the Nate and this Security Inswment,
<br /> ��'"�"'``''`'° ��� � ` first w eny delinquent amounts applied tn the order in Paragraph 3,and then to prepayment of principal,or(b)to the
<br /> '�R''° '� ' �� � reswrallon or re air of the dama ed ro rt . An a lication ot the roceeds to the rinci l shall not extend or os ne
<br /> .:-...�, . •_. . ,., .. P � p Pe � Y PP P P Pa P �
<br /> the due date of the monthly payments whic are referred to in Ptuagraph 2,or chunge the amount of such payments. Any
<br /> , ''�';; ezcess insurence proceeds over an amount requited to pay all outstanding indebtedness under the Note and this Securiry
<br /> , Inswment shell be paid to the enqry legtilly entitled thercto.
<br /> , ��•�'' In the event of foreclosure of this Security Instrument or ather transfer of title to thc Property that exdn�uishes the
<br /> -:~;.: ' �- indebDedness.al1 right,title und interest of Borrower in and to insurance policies in fo�ce shall pass to the purchaser.
<br /> .'4r'"','_ .,:��.t; S. Oocupancy, Preservation, Mn(nte�ance and ProtecHon of the Property; Borrower's Loan Applicatlon;
<br /> � I.easeholds. Borrower shall ocenpy.estnblish.and use the Property as Borrowe�s principal msidence withtn sixtX days
<br /> � ' '�='���" '' � "`'' after the execution of this Securlty Instrument and shull continue to occupy the Property us Borrower!s principal res�dence } .
<br /> - :��. �:<
<br /> " �.;��; for at least one year after the date of occupancy.unless the Sec7etary determines thls requirement will cause undue hsrdship
<br /> f r �� • ., for Borrower.or unless extenuuting circwdstances exist which are beyond Borrower�s control. Borrower shn➢1 nodfy
<br /> '� Lendets of any extenuating circumstiuices. Bosower shall not commit waste or destroy.damage or substantiaUy change
<br /> ��=!.,���:, • � � the Pe�opetty or allow the Property to deteriornte.reasonnble wear and tear excepted. Lender may tnspect the Aroperty if the ,
<br /> • '� �Ptoperty is vacunt or abandoned or the loan is in default. Lender may take reasonable action to pz+otect und preserve such
<br /> � �q;`,;;: vacant or abandoned Property. Borrower shull also be in default if Bortower,durin�the loun applicntion process,gave ;.
<br /> •. �•�r materially false or inaccurate information or statements to Lender (or failed to provide Lender with uny materinl
<br /> �`` L�formatio»)in rnnnection wlth the loan evidenced by the Note,includin�,but not limited to.representations concerning
<br /> ' • Borrowerls occupaney of the Property sis a principal residence. If this Security Instrument is on n lesisehold,Borrower shall (
<br /> • � comply wlth the provisions of the Iease. If Borrow�r acquires fee title to the Property.the leasehold und fee title shull not I
<br /> �' ' � be merged unfess Lender agiees to the mer�er in writing.
<br /> `�• 6. Char�es to Borrower and Protectton ot t,ender's Rights in the Property. Borrower shail pay ull governmenwi �
<br /> ':�:`;:�,� ". . s� or municipA!charges,fuies and impositions that are not included in Poragruph 2. Borrower shall pay these obligurions on
<br /> ' � time dit+eotly to the entiry which is owed the payment. If failure to pay would adversety affect Lender's interest in the
<br /> , ". Property,upon I.ender�s request Borrower shall promptly fumish to Lender receipca evidencing these payments.
<br /> If Borrower faits to make these payments or the payments required by Faragraph 2,or fails to perform any other
<br /> covennnts and aRceements wntuined in this Security[nstrument.or there is a legal proceeding that mny significantly afffect
<br /> Lender's rights in the Pcoperty(such as a proceeding in bunkruptcy,for condemnution or to enforce taws or regulntions).
<br /> then I.ender may do and pay whatever is necessary to protect the value of the Property and Lender�rights in the F'ropetty. �
<br /> including payment of taxes.hazard insurance and other uems mendoned in Hsrngaph 2.
<br /> .. My sunounts d is b u r s e 8 by I.en der un der t his P a r a�r a p h s ha l l b e�;o me a n a d d i tio n n l de b t o f Bocrowe r:u►d b e secu r e d �
<br /> � by this Security Instrument These nmounta slwll bear inte►cst from thc date of disbursement.at the Notc rate,und at the �
<br />- � . „ option of Lender,shali be immedfately due rutd payable. !
<br /> � 7. Condemnation. The ptoceeds of t�ny awurd ot clatm for damages.direct or comequential.in connection with any �
<br /> • condemnation or other tnking of uny part of the Pcopepty,or for cunveyance in pluce of cnnAemnation,nre hereby assigned �
<br /> .. . und shall be paid ta Lender to the extent of the full amoant of the indebtedness thut remains unpaid under the Note and this ;
<br /> : a,� Security Inswment. Lender shall upply such proceeds to thereduction of the indebtedness under the Note und this Securiry F •
<br /> Inswmen� first to any delinquent atnounts applie�in the.order provided in Pnragrnph 3, :md then to prepayment of �
<br /> ;,� � principal. My AppBcnrion ef the proceeds to the principal shalf not extend or postpone the due date of the monthly h
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