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<br /> , ��� �. I?ay�t2caA u?f�ci►tcip�I,���Ec��::i nnc7 9.nfe Q:ha��i;c. �3nrru�vcr;+I�nll pay�v{iC11 duc lii^�)1-161CIj1?I uf.111d l,�4cr�sc ou, ,
<br /> „� �� : z� i{tc d:b�cvidcncctl Isy thc Nutc nnd latc cfiar�;c:s cfuc emd4r�he Notc. - --- _� ._
<br /> ,,,t�•1, 2. Moiuhly peyenenis oY'f�ixcs�InSUr;►ncc n�zd Oti�cr Cf►m'�;cs. i�orra�rcr shnil'encluda in ench monthly�aynicnt. � v_ � _
<br /> -_�;;�_.��j��� tagetficr�vitl�ti.c priiicip:d nnd intcea�,t ns s�t fonh in tlic Note nnd nny latc chnrges,nn instaliment of any (n)taxcs ancl � ���_
<br /> spccial nsscssments levicd ar to Ir�e Icvicd against Ai�I��opccry,�b)Ienschol�i paymcnis oe�rnund rents on the Praperty,and
<br /> ;._ �
<br /> �_._� (c)prcmiums fm•insurnncc res��dred by{�rngrnph A.
<br /> - -�-� Enciti n�anthly instnllment far ucros (u).Ib) nnd (�) �hall �qual onatv�ciflh af tiic nnnunl omounts, .4s n;�:sona y -�- �-- _
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<br /> ____ _ —�------�•
<br /> esoimat�d by l.ender, plus nn nmount ::ui�cient ta mafntuin an ndclitionid batnnee of not more than ane-sixtii of tlis
<br /> estimnted umounts. The full unnunl n��iount for ci�ch item slinll be i►ccwnuluted by L.ender witUin a �x.riocl ending one �i
<br /> -���� month bcforc nn itcm wuulcl bec�mc dclini�uent. I.cnQcr sliull hold the amounts collected in tn►st m pay itcros(a),(b)nnd
<br /> �i (c)before thoy bccame delinyucnt.
<br /> �,�,�� If ut nny time thc total nf thc payrnents held by Lende�far items(a),(b)nnd(c), together with the fature monthly �--
<br /> ,�,�,;j;�Q�,�,,a+ pttymems for such items payable to I,ender prim• to the due dntes os such items, exceeds by more thmi onr.-slxth the _-___ _
<br /> ___-�:.;.n,ee„� esdmated nmount of payments requircd to ay such it�ms�r•hen duc.�uid if paymenta on die Note are current,then Lender ��
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<br /> �� shall either refund the cxmss�vcr one-sixth af thc estimmcd paymcnts ur cr�dit tha excess over ona•sixth of thc cstimatcd �--�- ---
<br /> _�,,._„Mf„�ti�;�� payments ro subsequcnt�ayments by Borrower,at the optian of Burrower. [f the totul of the payments mnde by�urrower �
<br /> _=Y_�;,�Y_� for ttem(n),(b),ar(c)is insufficlent to pay the item when duc,thcn Borrowcr shnU puy to l.ender any simount necessery to __
<br /> =-- - '�_;� mnke up thc deficiency on or before the datc the item becomes duc. �---
<br /> �--:���''"'`"y."�`� As used in this Security lnstrument."Secretcirry"means the Secretary of Housing and Urban Deveiopment or his or her -=-- ---�____
<br /> --�:U�fi�W'.�t„e"-!'. S Y Y P Y & 6 P �'• Y P Y �
<br /> -��i_=� desi nee. In vt ear in which the I.ender must a u mon u c insurance remium to the Secret euch monthl a ment
<br /> ----•°';:v�� shatl alsa include eittter: (i) an instullment of the annual mortgagc insurance premium to be paid by Lcnder to the -.- ..._
<br /> _,..,.
<br /> `.,-�.:r i^�a Secretnry,or(ii) u monthly charge instead af a mortgage insumnce premium if this Security[nstrument is held by �t►e _
<br /> ,�„�s-.:•::�.���' •��` Secmtnry. �ach monthly instaliment of the monguge insurance premi�m shalt be in wi wnuuut suTticlent to uccumulata the �,� �.��-
<br /> =':��.{e?��,;;��;� full tmnunl mortgAge insuruncc premium with Lender one month prior to the datc the fuU annual mortgagc insurance .;��_,,.,,.-_
<br /> ° �`7".''"-'�•T••� premium is due to the Secretury;or if this Security Instrument is held by the Secretary,each monthly cherge shall be in un °.
<br /> { �� wnount equal to one-twelfth of one-half percent of thc outstanding principal balance duc on the Note. �R�-�:-------�
<br /> ,�j���;v�i�:] If Borrower tenden to Lender the full payment of ull sums secured by this Security[nsuument. Bonower's account .�:
<br /> � � !`��.
<br /> ` ' shall be c•�edited with the balance remaining for all installments for items (a), (b) and (c) and any mortgage insucance . .�.____
<br /> A�.•4h,,.,:,•-� �i.�,, premium installment that Lender has not become obligated to pay to the Secretary,and l.ender shall promptly refund an� ;.:��
<br /> excess funds to Borrower. Immediotely prior to a foreclosure sale of the Property ar iGs acquisiti�n by Lender,Borrower s _ °' -'-�•-
<br />�;:�'�•ii:�. ,.• • �: uccount shall be credieed with uny balance remaining for aU i�stallments for items(n),(b)and(c). , `�`� �
<br /> 3. Appltcat[on of Pt►yments. All payments under Paragraphs I und 2 shall be applied by Lender as follows: _
<br /> '�''' ° � �'IRST,ta the murtgage insurance premium to be paid by Lender to the Secretury or to the monthly chnrbe by the �` =—
<br /> ir'h
<br /> '. � � .. Secretnry instead of the monthly mortgage insurance premium: ; �y ,
<br /> _SFCQND,to any uixes,special assessments,leasehold payments or ground rcnts,and fire,flood and other hazard �.
<br /> :...,;:__ _ inswancc pir.miuu��.ua i�'y'iiiic3; _: �.
<br /> THIRD,to interest due under the Note; �_' ''
<br /> - • OU L ,to cunortimtion of the principal of the Note: •
<br /> ' FIFI'H,to l�te chorges due under the Note. ?
<br /> '� 4. Flre,Elood und Other Hau�rd Insurunce. 8orrower shall insure 111 improvements on the Property,whether now '�',. ;�.
<br /> in existence or subsequently erected,against any hazards,casuat[ies, and contingencies,including fire,for which I.ender • '�'•�` '
<br /> . requires insurance. This insurance shnll be maintnined in the amounts and for the periods that Lender requires. Borrower „ �r�
<br /> shall also insure all improvements on the Property,whether now in existence or subsequently erected,agamst loss by floods � �5�,".
<br /> ' � to the extent requimd by the Secretary. All insurance shall be carried aith companies approved by Lender. The insurance .,�:
<br /> � policies and any renewt►Is shall be held by Lender and shall include loss payable clauses in favor af, and in n form ti.
<br /> ��• ncceptable to,Lender. � '^,'�i�
<br /> In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not .
<br /> made promptly by Borrower. Each insurance company concemed is hereby uuthorized and directed to make payment for ' ,, ; -
<br /> , . . . .' such loss direcdy to Lender,instead of to Bonower and to Lender jointly. AU or nny part of the insurance proceeds may be - ����
<br /> ' applied by Lender,at its option,either(a)to the reduction of the indebtedness under the Note�nd this Security Instrument, `'� �;=�
<br /> I .r . . 5�f.�%
<br /> �irst to any delinquent umounu applied in ehe order in Paragraph 3,und then to prepayment of principal, or (b)to the , ,
<br />• � �� ' restoration or repa�r of the damnged property. Any applicacion of the proceeds to the pnncipal shull not extend or poscpone
<br /> �� � the due date of thc monthly payments wh�ch:ue referred to in Par�graph 2,or changc thc amount of such payments. Any
<br /> ' ' excess insurance proceeds over an umount required to pay all outstanding mdebtedness under the Note und this Security . .
<br /> Instrument shall be paid ro the entity legally ennded therero.
<br /> In the event of foreclosure of this Security Instrument or ather transfer of title to the Property that extinguishes the
<br /> . ��r���'. indebtedness,all right,title and interest of Borrower in and to insucance policies in force shaU pass ro�he parchaser. '.
<br /> -- .. 5. Occupancy, Preservation, Matntenance and Protectton of the Property; Borrowers Loan Appltcation; , �''"'�
<br /> � ,S• Leaseholds. Borrower shull occupy,estnblish,and use thc Property as Borrowers principal residcnce within sixty days � � .
<br />- after the e:ecution of this Securiry Instrument and shall continue to occupy the Property as Borrower:ti principal residcnce
<br /> ww � for at least one year nfter the date of'occupancy,unless the Secmtary determines this reyuimment will cause undur hardship
<br />- , for Borrower, or unless extenuating circunistances exist which are beyond Borrower s control. Borrower shall notify (
<br />-.` Lenders of any extenuating circumstances. Bortower shall not commit w:uce or destroy,dnmage or substantially change
<br /> - the Propeny or allow the Property to deteriornte,rcasonable wear and tear excepted. l.ender may mspect the Propeny if the
<br /> Property is vacant or abandoned or the loan is in default. Lende�may tske reasonable uction ro protect and preserve such
<br /> .� , vucant or abandoned Property. Borrower shall also be in defciult if Bortower,during thc loan application process, guve
<br /> materiull� false or inaccutate information or stutements to Lender (or failed to provide Lender with nny material
<br /> - infortnanon)in connection with the loan evidenced by the Note,including,but not limited to,reprcsentations concerning .
<br /> Borrower's occupancy of the Property as a principal residence. If this 5ecunty instrument is on a leasehold,Borrower shall
<br /> comply with the provisions of the lease. If Borrower acquires fee title to the Property,thc leaschold and fee title shall not •
<br />.a;, Uc merged unless L.ender a�ces to the merger in writing.
<br /> 6. Charges to Borrowcr artd Protection of Lender's Rl�hts in the Property. Borrowcr shall puy ull govemmental I
<br /> � or municips�l chaz�es,fines and impositions thnt nre not included in Para�r;iph 2. Borrawer shall pay these ubligations on
<br /> time direcdy to the entity which is owed the payment. If failure to pay would adversely affect Lender's intercst in the I
<br />� , . Property,upon Lender's reyuest Borcower shall prompdy fumish to Lendcr rcccipts evidencing these payments. �
<br /> ....
<br /> ,,.,.
<br /> __ ..__ If Borrower fails to muke these paymcnts Qr the paymcnts required by Paragraph 2, or fails to perform any othcr
<br /> - �r---.,.. «__. L--=- -
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<br />,�}: eovenants and agreements eont:unea m tnts �ecunry ms[rumenc,or�ncrc „��cgu�N��n.ccuwg�ua�n�ay��guu�..w���� u��..... r------ —
<br /> Lender's rights in the Property(such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), '
<br /> � ' then Lender may do and pay whatever is neccssury to protect thc valuc of thc Property and Lendcr'a rights in the Property,
<br /> includin�payment of taxcs,hazard insurance v�d othcr items mentioned in P:nragraph 2. �
<br />�, �- My nmoimts disburscd by Lender under th�s t'ara�raph shall btcome an additionul debt oi'Burruwe� aud 'uc,�..u��d � . . _�
<br /> • by this 5ecuriry Listnmtent. 'T9iese amounts shull benr interest from thc date of disbunement,at the Note ratc, und at thc ;
<br /> option of Lender,shiill be immcdiately due und payable. '
<br /> ' 7. Condemnution. 'i'hc procceds of any uwarti or claim for damagcs,direct or conscyucutial,in conncction with any ;
<br /> condemnation or other t�ilcing of uny psrt of the Property,or for conveyunce in pl.ice vf condemnation,arc hcrcby axsigned '
<br /> nnd shall be paid to Lendcr ro the cxtent of thc full nmount of thc indchtedness thnt rcmains unpaid unJer thr Notc und ihi� f
<br /> Security Instrument. Lender shal!apply such proceeds to the mdt�ction of thc indcbt�dness under the Note and this 5e.:urity ;
<br /> Instrument, f►rst to uny delinyucnt amounts applied in the ordcr provided in Pcir.iyraph i, anJ tllcn to prcpaymcnt ��f �
<br /> � � ° principal. Any applicntion of the proceeds to the principal shall not extend ur postpunc thc Jue date of thc monthly i
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