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<br /> 1, l�ymcnt oP Lhlnclpnl,lnterest pnd LutE Charge. �arrower shall pay wheit�e che principul of,und intemst an.
<br /> - iho debt evidcnced Hy Ihc Note und Into chargea due under tha Nota.
<br /> Z. MontAly ps�ymsntR ut'f'uxes,fe�surance gnd Oiher Cdarges. Borrower ahal!include in each monthly payment.
<br /> tagether with ttw prhtcipi►1 ancl intere�t ua xet forth in the Note und any late charges,an installment of nny(a)uxxes nnd
<br /> Kpcci�l asscasntcniq Ievicd ar tu be Icvied aguinst the Property,(h)teasahold paymen�c or�round rents on the Prapctty.and
<br /> (c)premiulns for insuranco rcquired by Pumgraph 4.
<br /> ParM mntrtltly instullmcnt for itema(a). (b) and(c) sha�l equal one-twelfth of the annuat amoun�g,ws ren.4onably
<br /> eytimuted i�y I.rnder. p!us uii amuunt �+uftic;Icnt ta maints►in un addidonnt balance of not more thAn one�sixth of tha
<br /> estimated ucnaurtte. 'Tho full annual amount for each item shall be accumulated by Lender withirt a period ending one
<br /> month befare un item would became delinqueat. Lender shaU hald the amounts collected in aust to pay items(a).(b)and
<br /> (c)beforc they bccamc dclinyucnt.
<br /> IP at any timc the tntal af tho payments held by Lender for items(a),(b)and(c).together with Lhc futum mnnthly
<br /> puyments for such items puyable to I.ender pdor to the due dates of such Items. exceeds by more than one-sixth the
<br /> cstimated nmaunt af puyments required to pay such items when due.and if payments on the Note arc cuirent.then l.ender
<br /> shall citl�er refund the excess over ane•sjxth of the esdmated paymentx or credit the excess over one-slxth of the estimated „
<br /> paymcntx to subscquent puymentx�y Sorrower,at the oprion of Hatrower. If the totnl of the payments made by Barrower
<br /> for item(u),(b),or(c)ia uieufficient to puy the Item when due.then Borrawer ahall pay to Lender any amount necessary to
<br /> make up the deficlency on or befare the date the ltem becomes due.
<br /> Ati used In this Securicy Inst�ument."Secretary"means the Secretary of I-Iousing and Urban Development or his or her �4
<br /> desi�nee. In any year in which the Lender must pay a mortgage insurance premium to the Scxr+etary,each monthly puyment ,
<br /> shull also include etther: (I) nn inetallment of the nnnunl mortga�e insuranca premium to be paId by Lend�r ta the .�
<br /> Secretary.or(ii)u monthly charge instead of u mortgage insurance premium if this Security Instrument is hcld by the
<br /> Secrctary. Each monthly inatallrtteat of the mortgege insurance premium shall be in an amount sufficient to accumulate the _
<br /> „ � full annuul mortguge insurunce prcmium with Lender one month prior to the date the full annual mortgage insurance " ��
<br /> premium is due to the Secretary;ar if this Securlty Instrument is held by the Secretary,each monthly charge shaU be in un �;a'��,;�
<br /> ��.�•:,�,::,. •,'. amount equal to one-twelfth af ane•half percent of the outstanding princ[pal balance due�n the Note. '�" ''
<br /> � ' ��� IF Borrowsr tender� to L�nder the full puyment of all sums secured by this Security Instn►ment,Borrower�s account ��
<br /> sha11 be credited with th�bnlunce remuining for all instal(ments for items (a).(b) and (c) and any mortgage insurance ��'^���
<br /> '�"n`'�:-��' °4. premium installment that Lxnder haw not become obliguted to pay to the Secretary,and Lender ahall promptly refund su►y
<br /> excess funds W Borrower. Immediately prlor to a farectosut�e sale of the Property ar 91a acquisitton by Lender.Borrower�s �
<br /> ��.�fs';. •• ssecount ehall be credited witt�any balance remaining for nll Installments for items(a),(b)and(c). ,
<br /> � `��� 3. A lleatloa otPraymente. All payment�under Puragraphs 1 and 2 shall be applied by Lender as follows:
<br /> }..„.. ., ,.. ..,..
<br /> �is��r�,.�,.,5.�.:. �to the moR�uge insurtutce pmmium to be paid by Lender to the Secretury or to the monthly charge by the
<br /> ..... , .,_.
<br /> a� .(�v,.�:r.:•.,�,� Secretary inateud of the monthly mortgage tnsumnce pmmjum;
<br /> ,;;�,t�?,;;';�.°..,,��;�ti_. �.to any taxes,�;�ecial�u►ses�mentti,Ieasehold payments or ground rents,and fire,flc�ad and other hazard ,
<br /> insurancc Qremiums.as mquircd:
<br /> '.�'� •��'•��, ,to lntereu due under the Nate;
<br /> ' `�'.`�••�'' .• ,"•;:` E�.to amortizatIon of thc principal of chc Note;
<br /> ��-:� • . ....•_;,
<br /> "�Y y�• '- � �.to late cher�es duc under the Note. �
<br /> �`'� " ';.u` � 4. Fire,Flood and Other Hazard Insurnnce. Borrower shatl insure nll improvements on the Property.whether now
<br /> .as• ..
<br /> '�' in existence or subsequendy erected,ugalnst uny hwauds.casualttes,and contingencies. includin$fire,for which Lender
<br /> � ,•� ` � ' requires insurance. This insurance shall be mularuined in the amounts and for the perlods that Lender requires. Borrower
<br /> .3;� •,..,
<br /> a,:��,::.;<;:.,_.`.�.,�:� �� shal[alro insure ull improvementx on the Propeny. whether now in exiFtence or subsequendy erected,against loss by tlooda
<br /> ..:;,�.�-,-r._.'r���;��-.` to the extene required by the Secrctnry. All ineurance�hall be curried with companies sppraved by Lender. The insurance
<br /> >,;y�,�1�y�,;�,;;;,1.:...: policles and any renewals shall be held by I.ender und shnll include loss payable clausea in favor of.and in n fortn
<br /> ,�.�,,,,,,.;,��,;,,,a acceptable to.Lender.
<br /> • �.z,:�,. .,.>..r,s... In the event of loss.Borrower shall gtve l.ender lmmedinte notice by mait. Lender may make proof of loss If not
<br /> �.� .;.µ.r�.: :` ` made promptly by Borrower. Each insurance compuny concemed is hereby authorized and directed to make puyment for ..
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<br /> � a `s�;?e-...��� such loss directiy to Lender,inatead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be
<br /> �;'' $�F�plied by L.ender,at its opdon,elther(u)to the reduction of the indebtedness under the Note and this Security Insuumen� '� ,
<br /> • � � `,5 yr �s�al 1 1 P J t t o a n y d e l i n q u e n t a m o u n t s u p p U e d i n t h e o r d c r i n P a m grn ph 3,and then to pre pa yment of princi pai. or(b)to the
<br /> `'•••� '';,,;m,�,,� restotatlon or repa i r oithe damaged property. Any applicution o f the proceeds to the pdncipal shall not extend or postpone
<br /> the due date of the monthly payment�wh(ch ure referrcd to in Parugraph 2,or chunge the amaunt of surh payments. Any
<br /> 'y,;����'"��'•;• excess insurance p�s over an nmount reyui�d to puy all outstunding indebtedness under the Note and this Security
<br /> '`�� �.`�.•:�:',::. Instmment shell be paid to the entity le�ully entitled thereta.
<br /> �t'•:�'`:� "' In the event of fa�clostue of this Secudty Instn�ment or olher trunsfer of title to the Property that extinguishes the
<br /> ��'``'�'"" � , jndebtedness.all right,title and lnterest of Botrower In atd to insurunce poticies in force shall pass to the pwchaser. .
<br /> `��� `i`" S. Occupancy,Preservallon, Mafntenonce und Protectlon of the YropeKy; Borrower's Loan Application;
<br /> ..<.,. •�::
<br /> �r��•;;:h ��''• " I.easeholds. Borrower shall occupy,establish,und usc the Property as Bonower's pnncipul residence within sixt� days
<br /> '�;•'"..,�� .• - after the axecution of this Secudty Instrument and xhuU cuntinue t�occupy the Property es Bonower's pritiicipal residence
<br /> ,,,6�.
<br /> for at least one year after the dste of occupuncy,unleti�the Sec�etury determines diis requ�rement will cause andue hurdship
<br /> for Borrower. or unless extenuat�ng circuctistnnces exirt which nre beyond Borrower s conuol. Borrower shall noufy
<br /> �.�,�-'.'•: : Lende:a of any extenuating circumstnnces. Horrower�hall not commit wavte or destroy,damage or substantially change
<br /> ,....:. . :::' _
<br /> '�.,.i •;�. :, the Property or allow the Property to detcrforutc.rcasonubk wriv und tcuc excepted. I.ender may inspect the Property if the
<br /> Y•- �.' t Property is vacant or abandoned or the loan ix in default. l.er.der muy take reaconahle uction to protect and preserve such
<br /> �.�� � � vacant or abandoned Property. Bocrower tihuli ulxu br: in defnult if Borrower,during the loan application process, guve .
<br /> ' mater�ally felse or Inaccurate infortnation or stutementx ro I.ender (or fuiled to provtde Lender with any mnterial
<br /> ' • Infortnauon)in connection wfth the lofsn evidenced by the Note,including, but not limited to.cepresentations concemin�
<br /> �orrower's occupattcy of the Property us u prinrip�l residence. if thix Sccunty Instrument is on u leasehold,Borrower shall
<br /> ' comply with the provisions of the lcasc. if Borrower�uyuimr t'cr titic tu thc Property,the leasehold and fee title shati not
<br /> `•;;: ;. .•,,;, be merged unless Lender agrees to tho mer�er in wr(ting.
<br /> -,,;,� .. : 6. Charges to Borrower aad Protection uf Lendcr'x ltt�{ht»In the Peoperty. Borrower shall pay all govemmental
<br /> �°� �-�'� �• �•� �� or municipal charges,fines and impositlons that ure nat included in R+ruKraph 2. Borrower shall pay these obligations on
<br /> . • ' time dIrectly to the entity whfch is owed the puyment. If fuilurc to puy wuuld udversely affecc [.enders interest in the
<br /> " .. Property.upon Lender�request Borrower nhull pwmptiy 1'umi�h to I.encicr receipts evidencing these payments.
<br /> If Horrower fails to make these paymentx nr thc pnyittcntx rcyuired t�y Huugruph 2, or fails to perForm any other
<br /> � ..nvnnnnta owl nomnmonta rnt�twined 1n th{f:sr�uriev inx�rumen�.ur them ix u leaul aroceedine that mav sisnificantly affect
<br /> - —c---'--°—---•---•-- ... . �
<br /> ' � Lender's rights in the Property(such av u procc.�:din�in bankruptcy,fur cundemnution or to enforce iaws or reguiationx),
<br /> � then L�nder may do and pay whutever ia neccssnry tU pn�tect tho vuluc uf thc Prapen�r und Lender's righta in the Propeny.
<br /> • ineluding payment of twces,hozntd insurance und uthcr itc�te�mentiuned in Puru�.ra�h... i
<br /> ; Any emounts disbun�ed by Lender undcr thin P��r�►!;ruph nhidi hecomc�u�udditionul debt of Borrower and be secumd
<br /> � . by this Securhy Instrument. Thesc wnountv ehnll bca�r intcrcrt fr�+m tkr dutc of Jisbursement,at the Note rate, and at the �•;,
<br /> option of Lender,shall be immedintely due wid puynble.
<br /> �:` ,
<br /> . 7. C,ondemnatton. The proreeds uf nny uwurd ar cinlnt ti►r di�mn��ew,direct ur conseqaentiul,in connecdon with eay �
<br /> . , - condemn�ation or other tuking of uny pnrt uf the Property.or fi�r co�weyimce in place��f condemnution,are hereby avsigned
<br /> � , � and ahall be paid to Lender to the cxtent af tS�c full amuunt�+t'the indrbtcdnc.rr tNut rcmuins unpuid under the Note and this �
<br /> ':__-__------ Seeucity instrumeni. I.ender shul!upply such pr�u•eed�p+thr mduc�iun of tl�e indebtedness under the Note and this Securiry
<br /> +' �* . ' Insuument. first to any delinqucnt cimounta np�licd in Q�c urdcr pruvided ih !'urugruph 3, und then to prepsyment oi
<br /> `,�..,,r�•:. principal. My npplication of the procecds tn the p�fncipul +Null nut extend ur postpone the due date of the monthly ;� ..
<br /> ..� .. " . IJrclNV:u/J1rnNr�1 .
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