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<br />=�-.r �•.,� .. Il. Fn n:R1 UP Pi•inci :1��DIEPQS�AiIII Y.CI�C�:Il.li'�'�. �o�7u�vc�shall pay��hcn duc thc��rincip:il e�f, ,nd intc��cst an, ��.'_�.�
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<br />- -"���::���,+,c���i,, tiie de6t evidenccd bv the Note and late charge�due under the Nate.
<br /> _:'�;;;;,��.��,�:,�...,,__ 2. 1V�anthly payments of'Ihxes,Ie�surn�ue notd�Sher Charges. porrower Fhnll includL in ench montlily payment,
<br /> - iogether�vi�h the princ�pal and interest as set forth in the Notc nnd c+ny lute cliarges,an instull;nen¢of nny(n)tases nnd
<br />.,�,-;;:�"_���"';,'"� s�r;i,f�l as�r.ssmcnts tevicd or to�„le��ied ngainst th�e['ro�.°rty,(b)lcaschold payments ar grouncl rents on the Praper��+,und ,�
<br /> ��,.-n7 (c)pre,niw��s f.o;insurazuc r.:c�uer;d by laaragraph 4. �- -.
<br /> _____;—��� E�ch monthly instnAmcnt far items (n). (b) and (c) shall cqual ane-twelfth mf the nnnual amount5, as rca,onahly -
<br />�"-•=�.�-�:;,-:��:,;,:,-- estimnted by Lender, lus an amount sufficiene to maintain an ndditianal balln4c of not murc th�n onc-sixth of the _
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<br />�y;��,�,�*- - estimuted amounts. T e full annual amount for eACh item shall be i�ccumulnted by I.ender wlthin a period ending une
<br />--�r�•:s•=::m . manth tseforc an item wauld become delinquent Lendcv shall hold the nmounts collccted in trust to pny itsms(a),(b)1nd
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<br />-�.-���;�_.���n f �i`":�' (c)before they ircome delinqueni.
<br />-:���_fr,:.`-���:s:';• IE nt any time the rotal af the payments held by Lender for items(a).(b) nnd (c),tagether witli the future mouthly
<br /> �..:•::�,;n• ;:-, 'r.�.�: paymenu for such items payeiole to Lendcr prior to the due dates of such items. cxcecds by mo�+e than one-sixth thc
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<br /> ,i�r;;.;,�,�x?�,�. estimated amount of payments reguired to pay such items when due,and if payments on the Note are current,then L.en er
<br />_:�:..�;. �� ; •�,�. shall either refund the excess over one•sixth of the estimated payments ar credit the excess over one-slxth of the esumated
<br />--_.,'v� •: , , payments to subsequent payments by Borrower,at the option of Borrower. If the total of the payments mude by�orrower
<br /> 4,�,,..j., . .,,, for rtem(u),(b),or(c)is insufficient to pay the item when due,then Borrower shall�ay to Lcnder nny amount necessary to
<br />-= ' muke up the deficiency on or before the date the item becomes d��e.
<br /> -'` •>�:�:�i� As used in this Security Insirument."Secretnry"means the Secrek3ry of Housin�and Urban Development or his or her
<br /> =�_=-:.:.-
<br /> �i.�"�"�`:`._ >':'� designee. In nny year in which the Lender must pay a mortgage insurance premium to the Secretnry,each monthly payment
<br /> '''�` � • =� sh�ll also include either. {i) an instellment nf thc mu►ual mortgaEe insumnce prcmium to be paid by Lendcr to the
<br /> ° � ' � ' Secretury, or(ii) a monthly charge instead of a mortga;e insurance premium if this Security Insttument is held by the
<br /> 'r-,�'" " '``'�'�� � ' 3ecretary. Esch monthly instullmem of the mortgage insurance premium sh�ll be in an nmount sufficient to accumulatc the
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<br /> �:';�;.���; ".•. '� fiill annual mo�tgage insurance p�emium with Lender one month prior to the date the full annunl mortgage insurnnce _
<br />-,:�ir t ��, ' premium is due to the Secretary;or if this Security Instrument is held by ihe Secretary,each monthly charge shall be in an --�
<br />= '�'' " amount equal to one-ttivelfth of one-half percent of the outstandin�principul bal�nce due an the Note. --
<br />_� .�`;� , .�� If Borrower tenders to Lender the full payment of all sums secured by this Security]nswment, Borrower's account ��
<br /> _. , . . t', .�;�,, shell be credited with the balance remaining for all installments for items (a). (b)and (c) and any rnoztgage insurnnce
<br /> ���:;�';�',�i A premium installment rhat Lender has not became obliguted to pay to the Secretary, and Lender shall prompdy refuncl 1n
<br /> .. ,�.,,•;..,;�
<br /> •.,.., ,. excess funds to Borrower. Immediutely prior to a fareclosure sule uf the Properry or its acquisition by Lender,Borrower�
<br /> account sh�ll be credited with nny baluncc remuining for all instAUments for items(a),(b)and(c). _
<br />= �� � 3. Appltcation of Puyment9. All puyments under Paragraphs I and 2 shnll be applied by I.ender as follows:
<br /> °�. ' �IRST,to the mortgage insurance prem�um to be paid by Lender to the Secrctnry or to the monthly charga by the ---
<br />- Secretarv instcad of the mont�ly mortg�ge insurance premium; �"
<br /> SECO D,to any tnxes.sp.cit►1 assessments,lensehota paymenrs ur grouna nni�,u,�u fiic.ticri„ar.�:,t;�rlt�,arw _
<br /> •��� insurance premiums,us required;
<br />_, �: , THIRn,to intetest due under the Note; __
<br /> QURT ,to amortization of die principal of the Note;
<br /> �P1'H,to late charges due undcr the Note. `
<br /> 4. E'ire,rload and Other Hazurd Insurnnce. Borrowcr shnll insure all improvcments on thc Property,whcthcr now --
<br /> in existence or subsequently erected,u�:►inst any hazards,cnsualties, and cantingencies, including fire,for whicl�l.ender �
<br /> requires insurnnce. This insurance shall be maintaincd in the umuunGti and for the periocls ihut I.cndcr reyuires. 9orrower
<br /> ' shall also insure all improvcmenis on ihe Propeny,whethcr now in cxititcncc or subscquently crcctCd,��gnfnst loss by tic►nds ____
<br /> to the extent required by the Secretary. Ali insurunce sh;dl be carried with companies.�pproved by Lender. 'The insum.ue �".,.,
<br /> „ policies and nny rcnewals shall bc hcld by Lendcr and shali include losti payt�blc clnuscs in favor of, and in n form Q_P.
<br /> acceptable to,Lender. ''��`:-
<br /> In the event of loss, Borrower shall givc Lcndcr immediute noticc b mail. Lendcr ma mnkc ruof of loss if not '`"°"
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<br /> made promptly by Borro�ver. Each insurance company concemed is hereby authorized and directed to muke payment for w�
<br /> such loss direcdy ro Lender,instead of to Borrower and to Lender jointly. All or any part of the insur.uice prcx:eeds may be �-,,,
<br /> , , applied by Lender,at its option,eithcr(a)to thc reduction of the indebtcdness under the Note and this Secunty Instrumcnt,
<br /> first to any delinquent nmounts applied in the order in Paragraph 3, and then to prepayment of principal,or(b) to the �':
<br /> restoration or repau of the dampged property. Any application of the proceeds to the pnncipal shall not extend or postpone , -
<br /> � .. � the duc date of the monthly payments which s►re referred to in Parugraph 2,or change the amowit of such payments. Any ��
<br />- ' •, excess insurunce proceeds over an amount required to pay all outstanding indebtedness under thc Note and this Security ':s.
<br /> Instrument shall be paid to the entity Iegally entitled thereto. •�A,=
<br /> In the cvent of foreclosure of ihis Security Instrument or other trnnsfcr of title to the Property thaY extinguishes the
<br /> ' indebtedness,all right,title and interest of Borrower in and to insurnnce policics in force shall pass to�the purehaser.
<br /> . S. Occupancy, Preservs�tion, Malntennnce and Protection of the Properly; Borrower s Loan Applicution;
<br /> ° . Leaseholds. Borrower shall occupy,establish,and use the Property as Borrower's pnncipal residence within sixty days
<br /> • after the execution of diis Security]nstrument and shall continue to occupy the Property as Borr�wer's prineipal residence „
<br /> � �• ° for nt least one year after the date of occupancy,unless the Secmt:uy determines�hi�rcyuirement will cuuse undue hardship
<br />- " � far Borrower, or unless extenuc+ting circurtistances exist which are beyond Borruwer's- coiittoL Borrower shall notify
<br /> • � i.ender�of uny extenuating circumstartces. Borro�ver shull not commit wASte or destroy,d;unage or substantially change
<br />- thc Property or allotv the Propeny to detcriorace,rcasonablc wear and tcar exccpted. Lender m�y mspect the Proper[y if the
<br /> � Property is vnau►t or abandoned or the loan is in default. Lender muy takc rcasonable action to protect and preserve such
<br /> � vacant or abandoned Property. Bortower shall also be in default if Borrower,during thc luan upplication process,gave
<br /> , mnterially f:ilse or inaccurate �nfortnation or statements to Lender (or failed to provide Lender with :►ny material
<br /> ' • information) in connection with the loan evidenced by the Note,including,but not limited to,representations conceming
<br /> � Borrower's occupancy of the Property as a principal residence. If this Secunty Instrument is on u leasehold,Borrower shall
<br /> i" comply with the provisions of Ihe lease. If Borcower acyuires fee title to the Property,the Ieusehold:ind fee title shall not
<br /> i , be merged unless Lcnder ogrees to the mcrger in writing.
<br /> 6. Cl�arges to Rorro�veF and Protection of Lender's Rights in the Property. Borrower shall pay all govemmcntul
<br /> w or municipal churges,fines and impositions that arc not included in Parasraph 2. 8orrower shall pay these obligations on
<br /> " time dire.:tly to the entiry which is owed the puyment. If failurc to pay would advenely affect Lender's interest m thc
<br /> -- - :---_,-_.-„�- - n.,..,a.,., .�.v,n t�ndnrk mnu�c►Borrower shall vromativ furnish to Lender receipts evidencing these payments.
<br /> -•..r.'y•_r"'--�--- .._..
<br /> € - If Borrower fails ro makc these payments or Ehc payments required by P.�ragraph 2, or tails to periorm any omer -
<br /> 4 covenants and a�r�eements contained irr this Secunty Instrument,or them is a Iegal proceedmg that mny s�gnifica��tly uffect
<br /> a I.ender's rights in the Propeny(such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations),
<br /> � then I.ender may do and pay whutever is necessary to protect the value of the Property und Lenders ri�his in the Property.
<br /> including payment of tvices,hazard insurance and oQier rtems mentioned in Pnragraph 2.
<br /> �� Any amounts disbursed by Lender under diis P.�rs�raph shall become an additional debt of Borrower�iiid be secured
<br /> � by this Security lnstrument. 'Ihesc amounts shnll bear intemst from the datc of disbursement,at the Nute rate,and at the
<br /> , op2con of Lender,shall be immediatcly duc and payablc.
<br /> - 7. Contiemnatton. The proceeds of any award or claim for damages,dimct or conseyuential,in connection with any
<br /> � condemnation or other taking of:sny part of tlie Property,or for conveyance in place uf condemnation,arc hereby assigned
<br /> - and shall bc paid to Lcndcr to the extent of thc foll nmount of the indebtedness that rcmxins unpaid undcr thc Note and this
<br /> Seeuriry Instrument. Lender shal l apply such proceeds to the reduction of the indebtedness under the Note and this 5ecurity
<br /> Instrumen� first to uny delinquent amounts applied in the ordcr provided in P:�ragraph 3, and then to prepayment of
<br /> principal. Any application of the prucceds to thc principal shall not extend or postpone thc duc date of the monthly
<br /> , �
<br /> ---,. � lpnRe 2„J4 p�rges)
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