|
�yri.;�il7 ' . r.. � i `.�S +3f.� .• � `�11�:�•.•�6i.}.: , . •�
<br /> 'v -.r�. r • ��.. t'r��'� :lrf�� .. . �..vw
<br /> � _ ....�..iM�viA, , r"�"r'r'.: , :::� '. , ,r-.,,-::t�(!
<br /> . � g. , � I
<br /> • �2.a .. _ �t .
<br /> ' .. �Y, �tirw)�
<br /> '•..Il
<br /> [�,�= �,°'�",�'�
<br /> 1. �ym$nt of Princtp�l,Interest and Late Ch�rg�. Bon�v+cr shnil pay when duc thc principai nf,nnd intorest on.
<br /> the debt ovidencsd by the Note nnd late chwges due unc�er the Nate.
<br /> Z. Monthiy piyments ot'i1�xc�,[nsurance and Othe�Lhpr�ea. Hanbwer Rhall include in each monthly payment.
<br /> tagelher with tho principai end interest As set forih in the Note nnd any lata churges,an installment of nny(a)taxes an�d
<br /> e�cial assessmenta levied or to be tevied agalnst[ho Pcoperey.(b)lea�ehold paymentx or�nund rent�on thc P�operty�wnd
<br /> (c)premiums for insurunce reqvir�cd by Purngrnph 4.
<br /> Each monthly lnatalimont far itemH(a).(b)and(c) shall cyuu! onc•t�vclfth of thc annual umot�ntn.ng rcasonabfy
<br /> estlmated by Lender, plus an amount sufficient to meintain an nddltional bsilunce of not marc than one•sixtb of thc
<br /> estimated am�unc9. 7'he full nnnua!umount for each item shall be accumuluted by Lender withln o period endin ane
<br /> month beforo an itom would become delinqnenG Lender shall hold the umounts coltected in trust to pay itams(n),(b�and
<br /> (c)befona thay become delinqucnt.
<br /> If ut c+ny time the total of the payment�held by Lender for ltems(u). (b)and tc). together with the fut�rc mantbly
<br /> payment� for auch items pa�uble to Lender pr�or to the dae dates of such itema. exc�ds by more thun or.e-sixth tha
<br /> estimated amnw�t uf puyment�s rcyuired topay such items when due,nnd if pa menta on the Note ure cuaen�then Lender
<br /> shall etther refund the eacess over one•sixth of the estimated payments or c�t the excess over one-sixth of the estimated
<br /> paymenta to aubsequent payments by Borrower.at the option of 8orrower. If the total af the pa�+ments mede by Borrower
<br /> for item(s).(b?.or(c)is inaufficient to pay the item when due.then Borrower shull pay to Lender any amount necossary to
<br /> malca up the deficiency on or before tha date the item becomes due.
<br /> As used in this Securiry Insxtvment."Secretery"means the Secretery of Housing and Urban Development or his or her
<br /> deslgnee, In uny year in whicb the I.ender must pay a mortgage tnaurnnce premlum to the Secretary.each monthly paymea�t
<br /> shall also include eithcr. (f) en insteUment of the annunl mortsage insurance premium to be paid by Lender to the
<br /> Secretsuy� or(ii)u monthdy cherge instead af a mortgage tnsurance pmmlum if thia Securlty Insuvment is held by the
<br /> Secmtary. Each monthly instWiment of the martgnge insurance premium shall be in an amount sufficient to accumulate the
<br /> fuli annual mortgage insurance premium wlth Lender one month pr�or to the date the full annu�l mortgage insurance
<br /> premium is due to the Secretery:or If this Securlry Instn►ment is held by the Secretary.euch monthly efiarge shsU be in an
<br /> amount equal to one-twelfth of one-half percent of the outstanding princlpal balance due on the Note.
<br /> If Borrower tenders to l�cnder the full payment of all sums secured by this Security Instrument,Borroweri�account
<br /> `` ahall be credited wtth the balance remaWng for all installments for items (a).(b)and(c) and any mortgage lnsurance
<br /> premium it�ataliment that Lender has not become obligated to pay to the Secresary.dnd Lender shall pmmpdy refund any
<br /> excess fuctda to Borrower. Immedistcly prior to a foreclosure sale of the Property or its ncquisitlon by Lender.Bomowerk
<br /> sccount shall be credited with eny balance remaining for all installments for itema(a).(b)and(c).
<br /> 3. A pitcation of Paymente. Ail payments under Paragaphs 1 und 2 shnll be appijed by Lender as follows:
<br /> �.to the mortgage msurance prernium to be paid by Lander to the Secretary or to the monthly cbarge by the
<br /> i� � Secre instead of the monthly mortgage insurance premi.um;
<br /> �g��to eny t�xpc;�j,ecisi assessments.leasehold payments or ground rents,and fire,fload and other hazard
<br /> insure�►ce premiums.asreg uired
<br /> � ��' ' THBD,to interest due undet the Note:
<br /> �; •��`�� ; �Jj�,to amordzadon of the princlpal of the Note;
<br /> ��: �%: � •_�� �g�,to late charges due under the Notc.
<br /> ;;Y`'? �E,�� 4. �ire,Flood aud Otl�er Haa.ard Ie�surance. Bornower ahall insure all improvements on the Pmperty,whether now
<br /> '.�:`m`�"�:• in existence or subsequently erected,against any hazards.cs�.sualties,and conttngencies,includins fire.for whlch Lender
<br /> ,}:���:` requires insurance. '[7�is insurance shall be mainta�rted in the amounu and for the pedods that Lender requlres. Borrower
<br /> . 1 t.''
<br /> shaU also insure al!improvements on the Property,whother now in existence or subssquently erected,againat loss by floocts
<br /> __ _ to the extent requimci hy the Secretary. All insurance shall be carried with companies approved by L�csnder. The insurance
<br /> policies and sny tenewels shnU be held by Lender and shall include loss payubie clauses in favor oi'. and in a form ,�.
<br /> acceptable to.Lender. ��•
<br /> In the event of toss. Borrower shnil�ive Lender immediate notice by mail. I.cnder msy make proof of loss if not .,
<br /> �nade pmmptly by Borrower. Each insurance company concemed is hereby authorized and directed to make payment for .;�,�
<br /> such loss direcdy to Lender.instead of to Bo�ower and to Lender jointly. All or nny part of the insurance proceEds may be �a:
<br /> appUed by L.ender,at ita option.either(a)to the reduction of the Indebtedness under the Note and this Securiry Instrument, _m
<br /> first to any delinquent amounts a►pplied ir� the oaier in Paragraph 3. and then to pm�uyment of principal,or(b)to the 7�,.
<br /> reswretinn or repair of the damaged property. My application of the proceeds to the princ�pal shall not extend or postpone ,
<br /> the due date of the monthiy paymenta which une referred w in Paragaph 2.or change the amount of such payments. Any ,.;�:
<br /> ,, .:� .,t...,�: , eacess insurence proceeds aver sin amount requirect to pay sll outstanding mdebtedness under the Note and th�s Security z:.�,
<br /> ' • � Ynsaument shall be paid to tha enrity legally entided thereto. ��
<br /> ��' 4a�µ� ��° In the event of foreclosure of this Security Instrument or nther uansfer of title to the Property that extinguishes the
<br /> •''��•��:;- :� `'
<br /> �;. _:._�,..�;':.• indebtedness,all r�ght,dtle and interest of Borrower in and to insurance policies in force shall pass to the purchaser.
<br /> `,;�,�-� � 5. Oocupancy, Preservadon, Matntenance and Protectton of the Property; Borrower's Loan Applicatlon; ,
<br /> ` '���`~� i,easehplda Borrower shall occupy,establish.and use the Pro as Bo�rower�s rinci residence within sixty days
<br /> :'�.:.- ` � '.r. Perty P P�
<br /> �"`•`' �°"�'�° after the execut�on of this Security Inswment end shall continue to occupy the Property es Borcower's principal res�dence
<br /> 1e:���
<br /> :'•';°'��, ''�;• for at least one year after the date of occupancy.unless the Secretary determines this requirement will.ause nndue hardshi ��
<br /> i`::�°'�;
<br /> �•°•i���,t'�. �' for Bo:rower, or unless extenuating circunistences extst which are beyond Horrower� controL Boirower shaU nori
<br /> t.:: . ;"`-'�?�1►�1;'�'.� th�property or aUawnthe Property to deteriorate,reasonnb e�wear andrt lear exctepted. Lender�may�tnspect the Pro tperty f the
<br /> t:�_:.. .,_, . . r
<br /> ^r; K� �:�-�-.�._�. property is vacant or abandoned or the loan ia in defuult. Lender mny teke reasonable action to protect nnd preserve suc
<br /> �„�=F�='�':-���"��� Horrower shaU also be in default if Borrower.durin� the loan application process,gave
<br /> �wa ..r... �,::•.t vacant or abandoned Property.
<br /> ;�,�`• �' :�;,:�-_ materially false or inuccurate infarmation or statements to Lender (or feilcd to pmvide Lender with any matenal
<br /> " �� informauon)in connection with the loan evldenced by the Note.lncluding.but not limited to,representutions conceming
<br /> 4.:.�.. .�'..\C
<br /> ti�.:::'�:�:',.•'Ti:•�'��r�.: Hotrower's occupancy of the Property as a principal restdence. If this Security Instrument ts on u IeASehold,Borrower shal .
<br /> ":"� � i com I wlth the provtstons of the lease. If Borrower acquires fee title to the Properry.the lcasehold and fec tltle shall not
<br /> .`�f'`r����t'��_�S P Y
<br /> r� :• be merged unless I.ender agrees to the merger in wridng.
<br /> ' ,.:�',�.;±�. �'" 6, Charges to Borrower and Protect[on of Leader's Rights in the I'roperty. 9ornower shali pay all�ovemmental
<br /> '�h';',•',i ;` '��;;; or muntcipal charges,fines and impositions that are not included in Paragraph 2. Borruwer shall pay these obLgations on
<br /> ���,==�. �'., time directly to the endty whiah is owed the paymenG If fallure to pay would adversely affect Lender's interest in the
<br /> "4`-�; . ••-� - • pcoperty�upon Lender�a request Bocrower shall prompdy Pomish to Lender receipts evidencmg these payments.
<br /> '"°'.'.... .: '. - _ e_e�-•---�_ .t�� ........e..�o....�M.�avmanfc ennuirnt! hv fa�rnoranh 2.nr fails to nerform anv other
<br /> r.`�'2-.'�-'.:�.. lI DO[NWGf lttttb w usan.. u.vw p.y............. r��'-'-.___--.�..--,- _� '
<br /> �_.;`;•t,� �,;:: �. �_ covenants andagreements contained in this Secunty Insuument,or there�s a legal proeeeding that may significantly affect
<br /> ��_:•�;r • _ Lenderts rights in the Property (such as a proceeding in bankruptcy.for condemnation or to enforce luws or regulations),
<br /> -;�,�:,�j :;�''„ ;; then Lender may do and pay whatever is necessary to pmcect the vulue of the Property and Lender�rights in the Propecty,
<br /> �'r..'a�.;,,`..�, ' including payment of teaes.hazard insurance�utd other items mentioned in Paragraph 2
<br /> '���-:.�'���"`. ?- pny a�nounta disbuised by Lender under this Para�aph shall become un additional debt of Bomower and be secucQd
<br /> �`�' �'����^'���"' by this Secwity Instrumen� These amounts shall bear interest from the date of disbursement.ut the Note rute,and at the �
<br /> �.�'<r,'Y.j.:"'�.� �
<br /> .•.���r. d- ;��, ' opdon of I.ender.shall be immediately due und puyable.
<br /> ;�F:�: ': -•q=��,%', 7. Conslemeatton. The prooeeds of any awnrd or claim for damuges.dirert ur consequentit►1,in conneCdon wiW any
<br /> " �'' .�'.;. '. condemnation or other takIng of any part of the Prope�ty.or for conveyunce in place of condemnation.are hereby assigned
<br /> �°�;;� ;i-',, :md shall be puid to Lender to the extent of the full amount of the indebtedrtess that rema[ns unpaid under the Note and th�s
<br /> ,�,�.�Y,��..ti,; Security InsnvmenG Lender ghall apply such proceeds to the neduction of the indebtedness under the Note and this Security
<br /> Ynstrument, first to any deltnquent nmounts applied In the order provided in Paragraph 3, und then to prepayment of
<br /> '� ptincipal. Any oppNcation of U►e proceeds to the principsil shall rtot extend or postpone the due date of the monthly
<br /> . '�;
<br /> . . , �vnxr 2 ola paRrs�
<br /> � .,�
<br /> �. A , .:,,. ,
<br /> F
<br />
|