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<br /> 1. �ayment af Pri�i�lpai,Qntere5t and t.nte(:har�e. 8arrowcr shnll pay whcn d�lc thc prittctpal af,nnd isitsnst an,
<br /> the dcbt�vldenaed t�iy u►o Notc and Inte charges dua under thc Note.
<br /> Z. Monthiy psymeme ot Taxee,Insurance pndl OtlaeP Char ee: Butrqwcr shull includc�n ench monthly�tuyment,
<br /> togethar with the principal a�d interest a.4 sst fartA in the Nate an�cny lato charge�,t+n lnstailment oF any (�)taxea u�d
<br /> apocia!ussessmems levied or w bo levted against the Property.(bj leaseh�ld paym�nts or ground rents an the Property.And
<br /> (c)premiums for insuru�ce requixied by Pnr�grnph 4.
<br /> Eech monthly instaliment for items (a),(b) and(c) shall equal ane•twelfth of the annuai amounta, as rea9on�bly
<br /> estiritated by Lcnckr.� p1us un +u�uaur�t sufftcient to maintnin an uddidonal balenca nf nnt mom than �xrt•sixth of the
<br /> esdmated amounta. '[t►� full annual amount for esch Item shall be accumulnted by Lcnder withln a psriod endin�ane
<br /> mconth before en itcm would ba;omc delinquen� l.ender ahall hold the amaunta coAxted in aust ta pay items(a),(b)and
<br /> (c)before thc,y become delinqueni.
<br /> [f at any time the total of the paymente held by I.ender far lte�ns(u).(b):uid(c).together with tho futuro manthly
<br /> paymenta for such items payuble to Lender prtar to the due datea of xuch Items,exceeds by more than ona•sixttt the
<br /> estimated amount of pttymenta required to pay such items when due,and�f paymenta on the Nou are current,then Lcnder
<br /> shaU either t+efund the excess over one-slath of the cstimated puyments or credIt the cxccsy nver one-sixlh of th�estimnud
<br /> paymeats to subsequent payments by Bomower.at the option of Borrower. If the tota!of the payments made by Bormwer
<br /> foe Item(uy.(b).or(c)ia insufficient to pay the itern when duc,then Borrower ehnll pny to I.ender any amount necassary to
<br /> make up the deficiency on or befare the dnte the item beaamea due.
<br /> As used In thla Secuuiry lnstniment,"Secretary"means the Secmtnry of Hoastng and Urban Development or his orhor
<br /> designee. In any yau in vYhich the Lender must pay a mortgnge insurance premlum to the Secretary,each monthly payment
<br /> shal! also�clude e[ther. (i) an installment of th� annual mortgage insurance premium to be paId by Lender to the
<br /> Secretary,or(ii)a manthly charge inste�►d of a mortgage insuran�e premium if thia Secwity Instrument is held by the
<br /> Secnetary. Fach monthty lustall�nent of tha mortgage incurance piemiam shall be in an amount sufficlent to accumulate the
<br /> full annuel mortgage insurartce premium with l.ender one month prior to the date the full annual mortgage insurance
<br /> premium ia due w the Secretary:or if this Security Instrument is held by the Secretery.each n ont'�ly charE•shaU b� in:+a
<br /> . �; amount equal to one-twelfth of one•half pemxnt of the outstanding principal balence due on the Note.
<br /> If Bormwer tenders to Lender the tiiA payrttent of ell sums sec�sed by thls Security Instrumen�Botrowerk uccaunt
<br /> ahall be,credIted with the ba(ance�emaining for alI InstaUments for items(a). (b)and(c) and any mortgage lnsuraace
<br /> premium installment that l,ender has not 6ecome obligated w pay to tho 3ecretary,and I.ender shaU promFtly refund any
<br /> �F� � excess funda ro Horrower. Immediately prior to a foreclosure sale of the Prnperty or its acquisidon by L.ender.Bomowerh
<br /> `� ��� � , account shall be credIted with any balance remaining for all InstaUments for items(u),(b)and(c).
<br /> 3. A� licatton ot i'uy�menta All payments under Paragtaphs 1 and 2 shall ba applled by Lender as follows:
<br /> � ' �E':`'.,'' �'���� t ,to the mortgage inaw�ance premium co be patd by Lender to the Secretary or to the monthty charge by the
<br /> ?a'.�1.�r.'.-•..-rq�;: :
<br /> � �4 n � Secretary instead of the montLly mortgage insuranc�premium:
<br /> '�t= ' :.-=� :�;�� :�=�' S�p� to eny taxes.spectel r�ssessments.leasehold payments or gnnund rents,and fire.tlood and other hazard
<br /> •"'`;�.-:. � •, . �• • insurance premiums,as required:
<br /> .�+,?!�x�. s x �f-. THIRp,to interest due undet the Not�;
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<br /> ;�„��, . : . . �i ,to amortiwtion of the princ�pal of the Note;
<br /> •..• - .7r���'�t �,to late charges due under the Note.
<br /> T.�`-:� �� `' . l;'r.::°� 4. Flre,Elood end Other Hazard Iusurunce. Borrower shalt insure ell improvements on ihe Pmperty.whether now
<br /> '�;,:' ' • � s`'.'< in e�stence or subsequendy erected, against eny hezerds.cnsualdes,and wntin�enctes.including fu�e.for which Lendcr
<br /> '� ' ,'�%''� 'Ihis insurance shaU be meintained in the amounts and for the ods that Lender uires. Borrower
<br /> �� � 1, requires insurance. P� �9
<br /> '�'-!�' � shall also insure a1i impravements on the Property.whether now in existence or subsequently emcted.against loss by floods
<br /> }.��•r,.; •�:: <<,.,. .w to the extent requi�d by the Secmtary. All insurance shaU be canied with companies approved by Lender. The insurance
<br /> � .,... .. ;,._.:•.; policies and any renewals shall be held by Lender end shap include toss payable clauses in favor of, und in a fomi
<br /> ,�,�.:.•...�., ,. 4.w ucceptable to.l.ender.
<br /> .. . . In the event of loss,Borrower shall gtve L.ender immediate notice by mail. Lender may make proof of loss if not
<br /> - made prompdy by Bomower. Each insurnnce company concemed is hereby authorized and direated w make payment for
<br /> •� • • such loss directly to Lender.instead of to Borrower end to Lender jointly. Aq ar itny part of the insurance proceeds muy be
<br /> ' ' . appl{ed by I.ender,at its option,either(a)to the reduction of the indebteciness under the Note and this Security Instiumeat,
<br /> , �. :_` first to any delin�uent amounts upplied in the order in Paragraph 3. and then to prepayment of principai.or(b)to the
<br /> .. � restoration ar repa�r of the dama�ed property. Any application of the proceeds to the principal shall not extend ar postpone
<br /> � ' � • the due date of the monthly paymenta wh3ch are ceferred to in Paragraph 2,or change[he amoant of such payments. My
<br /> .,' excess inswance proceeds over an emount required to pay all outstandin�indebtedness under the Note and this Secudty
<br /> .. .�;,,. Insuument shall be paid to the endry legally entitled thereto.
<br /> �;<�'•.,; .., In the event of forrclosure of this Security Instrument or other transfer of tide to the Property that extInguishes the
<br /> �;��' ' ' indebtedness,alt dgh�t�tie and interest oP Borrower in and to insurance poiicies in force shatl pass to the purchaser.
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<br /> ' ,��•� •�� 5. Qavpancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan ApplianQon;
<br /> _ ;• � i.easeholda. Botrower shall accupy. establish,und use the Property as Borrower's princlpa! resIdence within sixty days
<br /> ��� after the executlon of this Security Insuument and shall condnue to occupy the PropeRy as Borrower's princIpai msidence
<br /> � j�„ ., for at least one year after the date of occupancy.unless the Secretary determines this requirement will cause undue hatdship
<br /> for Borrower, or unless extenuating circucristances exist which a�e beyond Borrower�s conaol. Borrower shatl notify
<br /> *.��� Lenders of any extenuating circumstances. Bomower shall not commit waste or destroy,damage or substantially change :"�;-
<br /> � the Pc+nperty or allow the Property to deteriorate.reasonable wear and tenr excepted. Lender may inspect the Property if the :'�.'_'
<br /> ' '';� `•;' Property is vacant or abandoned or the loan is in defautt. Lender may take reasanuble acdon to protect and preserve such •�'f
<br /> � '�;•-:;���`' vacant or ubandoned Property. Borrower shall cilso be in default if Borrower,dnring the loan applicauon ptocess.gave .
<br /> ' • � '`''� matedally false or inaccurate information or statements to Lender (or fuiled to provide Lender with any matenal
<br /> '�f� informatlon)in connection with the loan evidenced by the Note.including,but not ltmited to,representations conceming
<br /> ��" I Borrower�s accupancy of the Propecty as u rincipal residence. If this Security Insuvment is on a leasehold.Bortower shull �`���
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<br /> �,�•: ;. . ;;,.;.,,,::' comply with the provisions of the lease. I Borrower acquues fee title to the Property.the leasehoid and fee title shall not
<br /> � "�`����� be merged unless Lender ugrees to the merger in wridng.
<br /> '�`��`°� 6. Char�es to Borrower and ProtecNon of Le�der's Rights in the Property. Borrower shall pay all govemmental
<br /> • ' • � • or municfpal charges,fines and imposidons that are not inciuded in Paragraph 2. Borrower shull pay these obligations on
<br /> • t[me direcdy to the entity which�a owed the payment. If fnilure to pay woutd adversely affect Lender's interest in the
<br /> ' Property,upon Lender's requeat Bocrower shall promptly fumish to Lender receipts evidencin�these payments.
<br /> if Borrower fails to make these payments or the payments t�equired by Paragraph 2, or fails to perform any other
<br /> ....vn..nmm�nrt oamnmPr�ic rnntainell in thic Securiev in�wment.ar there is a leeal nroceedinf:thut may sip�fificandy affect
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<br /> � � Lender's rtghts in the Property(such as a proceeding in bankruptcy,for condemnadon or to enforce laws or regulutions),
<br /> then Lender may do and pay whatever is necessary to protect the value of the Propeny and Lender�s rights in the Property.
<br /> � including payment of uuces,hazard insurance and other items mentioned in Parngraph 2.
<br /> My emounts disbursed by Lender under this Para�,miph shall become an udditionnl debt of Borrower and be secured
<br /> , by thls Security Instrument. These nmounts shall betv mtemst from the date of disbursement,ut the Note rate,and at the
<br /> „ option of Lender,shall be immediately due and payable.
<br /> � ' 7. Condemnudon. The praec.•ds of any award or claim for d�unu�es,dicect or consequentiai,in connection with nny
<br /> ° condemnation or other taking of nny part of the PropeRy.or for conveyance in pluce of condemnation,ure hereby ass��ned I
<br /> •' and shall be paid to Lender to the extent of the full umount of the indebtedness that remains unpaid under the Note s+nd this I
<br /> „ Security Insuument. Lender shall apply such proceeds to ehe reduction of the indebtedness under the Note and this Security
<br /> Inswmen� first to any delinquent amounts appliel in the order provided in Paragraph 3, urid then to prepayment of
<br /> •-�'• principal. My appilcration of the pioceeds to the principnl shull not extend or pustpone the due date of the monthly
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