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<br /> 1. P�yment o!Principal��n4errh2 and Late Chwrg=. Bonuwcr shall pay whcn duc the prlrt�tpal of�illTll�tiICP�St 011�
<br /> the deW eviAenced by the NAte and late churges due under thc Nate..
<br /> 2. MonthiY�sye�eenb oB'il�xes�lnsuc�tnee and Other Ch�ry{es. Bormwer shntl include in each monthl�r pnyinent.
<br /> togcthcr wlth the pr3ncipal and intarest as se1 forth in the Note and�iate chnrges,un instailment of nny(a)taaca end
<br /> speeial�ssessrcKnu levied ar to bo iCV�cJ��i��t�c:�rog..-rty.(b)t !d gaym�nts ar�u�nA a'nra,u,the Praperty.and
<br /> (cy prcmiums for inAUrorta required by Pnragn�ph 4.
<br /> E¢zta mnnthly instnllment for items to). lb) wtd (c) ahall equnl onc-tw�ifth of the nnnuul uma�u►w, us reaonubly
<br /> estimated by l.eader, ptus nn umount rufticient to muintain nn �ddttion�l balance nf not mare th�n onasix�h of the
<br /> mo�th befocc cu►item wou d�became deli quenir Le der shnll ho�l�ecumo nts colye.ctednntrust to Pay�icems(o),(�b)and
<br /> (c j before they 6ecomc delinquen�
<br /> If ut any dme die towl of the paymerit�held by Lender for items(n).(b)and(c).together w{th the future monthly
<br /> payments for such ltems paynble to Lender prlor ta the due dutes of such items,exc�eds by more than one-sixth th�
<br /> estimated amount of payments required to pay such items�vhen due.and�f payments on the Note uce cumen�then I..ender
<br /> shaq either tefund the excess over one-sixth of the�timated payments or credit th�ex�:rss over one-siueth of the esttmuted
<br /> pnyments to subsequent payrnents by Botrower.at the option of Bomuwer. If the totaf of the paymenta made by Homawer
<br /> for item(n),(b).or(c)is insu�cient to pay the Item when due.then Borrawer shall pay to Lender any amount necess�uy to
<br /> make up the deficiency on or before tho date the hem becomes due.
<br /> As used in thls Securiry lnsmuYeent."Secretory"means the Secr�eu+ry of Hausing nnd Urban Development or hia or her
<br /> designee. in any yeur in which the Lender must pay u mortgege insurance pmmium to the Secrctury.each manthly payment
<br /> shall nlso incicde either. (i)an instaliment of the annunl mortgage lnsurance premium to be paid by Lender to the
<br /> Secnetary.or (ii)u monthly cbasge Insteud of a martgage insurance premium if this Securlty Insuument �s held by the
<br /> �'°�'�?x� S�,re Each manthl instollmeet of the mortgage fnsarance premium shall hc in nn:unuunt su�ctent to accumulate the
<br /> ` `� fu11 an�uui mortgage '�nsww►ce premlum wtth Lender one month prlor to the dnte the fuU anrtual moKgage Insueance
<br /> . � _ .;'N;:-��'�. prcmium is due to the Secretary:or if this Securiry[nstrument is held by the Secretary.each monthly charge shnll be in an
<br /> �unount equat to one-twelfth of one•liulf percent of the outstanding principal balance due on the Note. ..::.,
<br /> ,!�'�'�`' If Borrower tende�s to Lender thc full payment of ull sums secured by this Securiry Instr�ment,Borrower�account
<br /> - '•- � • x ` shall 6e credited with the balence remt►inin�for elI tnstallmen�s for items(u),(b)su�d(c)and any mortgage insurance
<br /> µ ���;,,+��;;� premium installment that Lender has rtat 6ecame obligated to pay to the Secretary,and Lender shaU promptly refund any ;,�
<br /> - y�. :Y.,i,. : excess funds to Bmmwer. Immediately prior to a foreclosure snle o f t he P r operty or its acq u isi t ion b y L e n d e r.i 3 o t r o w e r's �
<br /> . account sfiall be credIted with any balsince remainins for nU instaltments for itema(u).(b)and(c). ?°+''
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<br /> �,��. 3. Application of Payments. All payments nnder Purngraphs 1 and 2 shall be applied by Lender as follows:
<br /> `' �k�`°� � � to the rnoagage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the •„-,�,:
<br /> �.l^..p'..�::. - . � .
<br /> �_f�.� .: Secretury instead of the montbly mortgage insurance premwm: " �`
<br /> °`"�' " � � ', SECOND,to any twees.speclal ussessments.lcasehold payments or ground rents,and tire,flood stnd other hazerd
<br /> ��:.�:
<br /> ►;�:,.,.• - . • . . �nsutance premiums,as requim.d: .
<br /> �-��^ � �D,w Intemst due underthe Note; ���?-
<br /> �Y �„ ; EQSJg�,to amort3zaaon of the prinr,ipal of the Note;
<br /> � �gj,to tate charges due eu�der thc Noie. •'•�k
<br /> `�.•a . ' 4. F i r e,Flood and Other Hazard Insurasce. Borrower shull Insune all improvements on the Property,whether now
<br /> ° in eaistence or subsequentty etected,agalnst tiny hazutds,casualt ies,nn d con t i ngencies,inc lu d i n g fi r e.f o r w h i c h L e n d e r
<br /> • � ,. . tequires insurance. This insurance shall be maintam e d in t he amounts und for the p eriods thut Lender r e quires. Botrower
<br /> , _ , . , shall also insure�ll improvements on the Property.whether now in existence or subsequently emcted,aga�nst loss by floods
<br /> �> ` to the extent eequired by the Secretary. AU insurnnce shull be carried with campanies approved by Lender. The insurance
<br /> "" policies end any �enewals shall be held by Lender und shall inc�ude loss payable clauses in favor of, and in a form
<br /> .,".�, .` " , acceptableto.Lender.
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<br /> In the event of loss,Bomower shall�ive Lender immediate notice by mail. Lender may mAke proof of loss if not
<br /> ";�.� +''. made promptly by Bormwer. Each insurance comparty concemed is hereby authurized und directed to make payment for
<br /> -��•.��•r��.•`-y-•• such loss dit+ecdy to Lender.instead of to Bortower and to Lender jointly. All or any purt of the insurance proceeds may be
<br /> , �`�':.'`Z-"�. ' applied by Lender.at its option.either(a)to the reduction of the indebtedness under the Note und this Serunry Instrument,
<br /> �"'�'��" ��"�� tirst to any delinquent amounts apptied in the order in Paragraph 3,und then to prepayment of principal.or(b) to the
<br /> �'�'i'° '''""', �.'�` restoration or repair of the demaged property. My apPlicution af the proaeeds to the pnncipal shall not extend or postpone
<br /> �• the due dute of the monthly payments which are referced to in Pum�rnph 2,or change the amounc of such payments. Any
<br /> .,<;�.;_� .� . excess insurance proceeds ovee an a�nount required to pay all outstanding►ndebtedness under the Note and t}�is Secarity
<br /> Insuument shall be puid to the entity legnlly enUtled thereto.
<br /> � � in tl►e event of foreclosure of this Security Insuument or other uansfer of title to the Properry that exanguishes the
<br /> � �:'_: t� ' indebtedness.all right.6tle and interest of Borrower in and to insurance policies in force shall puss to the purchaser.
<br /> 5. Occupancy, Preservadon, Matntenunce and Protection oY th� Property; Borrower's Loan Applicn4ion;
<br /> I.easeholds. Borrower shall occupy.establish,and use the ?ropercy as Dorrower�principal msidence within sixty days
<br /> after the execution of this Security Instrument and shail continue to occupy the Properry as Borrower s principal residence
<br /> ..{tE-'. , .. for at least one year after the date of occupancy,unless the Secretary determines this requirement will cause undue hurdship
<br /> ��:��• for Borrower, or unless extenuatiag circunistances exist which ure beyond Borrower's cantrol. Borrower shall notify
<br /> 1 � { °` Lenders of tu�y extenuetin�cic�cumstunces. Borrower shall not commit wuste or destroy.damage or substuntially change
<br /> ,.-<:��t:' "�;:'�;'.��� the Proparty or allow the Property uo deteriorate,reasonable wear and tear excepted. Lender may inspect @�e Property if the
<br /> ' :�= Propei¢y is vacant or abandoned or the loan is in default. Lender may take rcnsonuble action to protect und preserve such
<br /> � vacant or abandaned Property. Borrower shull ulso be in default if'Botrower,during the loun applicudon process, gave
<br /> `�' ' tnaterially false or inaccurnte information or statements to Lender (or failed to provide Lender with any material
<br /> `5�', infomtatlon)in cannection with the loan evidenced by the Note.includinb,but not limited to,represenmuons conceming
<br /> 4 Borrowetk occupancy of the I'e+operty as a principa!cesidence. If this Secunty Instrument is on a lensehold.Borrower shall
<br /> �• comply with the pmvistons of the lense. If Borrower acqui�+es fee title to the Propecty.che leasehold and fee title shall not
<br /> ��•-'' be mer�ed unless Lertder agrees w the merger in wridng.
<br /> ' ". 6. Charges to Borrower and 1'rotection af I.cnder's Ri�hts in the Property. Borrower shuil pay sill govemmental
<br /> or municipai charges.ftnes and impositions that t►re not included tn Paragruph 2. Borrower shall pay these obl�gutians on
<br /> time direcdy to the entity which is owed the paymenw If failure to pay would advecsely affect Lender's interest in the
<br /> - � praperty,upon Lender's requese Borrower shsill prompdy fumish to Lender receipts evidencing these paymen�s.
<br /> If Barrower fails to make these payments or the puyments required by Psrugraph 2.or fuils to perform any other
<br /> �:c___.�.._ar
<br /> � covennnts aud agreemenu contained In this Secunry insuumen�,or mere is a iegai pcuzaii��g'u`�a����a s�s�.��..d�••� .••••.-•
<br /> " Lender�rights in the Propetry tsuch ns n proceeding in banlwptcy,for condemnntion or to enfuree�aws or cegulation�),
<br /> � � then Lender may do and pay whntever is necessary to protect the vctlue of the Propecty and Lender�rights in the Property,
<br /> • " including payment of twtes.hazatr�insurance artd ather items mentioned in Rui+grsph 2.
<br /> „ My amounts disbutsed by Lender under this P.ua�raph shall become un additionul debt of Bormwer und be secumd
<br /> ` by thts Seturity Instrument. These umounts shull beur�nterest from the dute of disbursement,ac the Note rate.and at the
<br /> ' option of Lender.shall be immediately due and payable. I
<br /> . 9. Condemnatfon. The proceeds of any nwurd or clnim for ds�enuges,direct or consequenti:il,in connection with any
<br /> condemnntion or other tWcing of nny part of the Properry.or for couveyAnce in place of condemnution.+ue hereby assigned
<br /> , und shall be paid to Lender to the extent of the full nmount of the indebtedness that remains unpaid under the Note and this
<br /> � •• Securiry Instrumen� Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security
<br /> � ° insuumen4 first to uny delinquent �unounu npplied in the ordcr provided in Psragapfi 3. and then to prepayment of
<br /> • � : principul. Any appQicaHon of the proceeds to the principal shnll not extend or postpone the due date of the monthly
<br /> ' . " „ �t,qxe 2 n�a p,xeJ� �'
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