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<br />".;.__ °-k:�� 1. L��lyii1C1111±Y��i'IfiPI�!:ily lutet'sst:ictd �.ntc Q:I�ni•g�:. f�uy�rowc:sDall pay�vhcn ch.cc Qic�rinci��al of,eui�iut.�cst un. a.,,.__
<br /> -'�'`�°"""" the det�t r.videnccd by Ute Nute and l::tc ctiar�;c�i due under tl1�Natc. --
<br /> �=�`���°�^"� 2. l�ionthly ganymc�lg of'li�xcs,Insnr.nnce unt Other Cf+�a�•ges. [3orrawcr six�ll includc in cach n�onthly�:�yment. �__.
<br /> _ - together with the�rincipal and interest ns rct fonh In the Note and.uiy late charges,an insiallment af nny(n)taxcs t�nd
<br /> .�,�:;�,�:,;,;::,,�.�s:_T� l;p::cinl nsscssments le��i�d or to bc levicd agninst th�Propcny,(b)12aschofd�ayment.,ar ground re»is un dic Propctty,:�nd _
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<br /> �-�--------�--...-..__. .._ (C�ji�2iiillliil9 ftiY Ii2Stii�iili:C f�i�jUti-GJ by Pui"d�..iYil a.
<br /> Bach monthly installmcnt far items (a).(b) and (c) slmll equal one-t�vcifth of the annunl nmuunts,as re:►sanably -
<br /> --- estimnted by l,ender, plus an nmount sufficicnt tu maintain an additinnal balancc uf not more tlmn onc-sixitx of tha
<br /> estimated an�ounts. The full annual ama�nt for each item shall t►e nccumuluted by Lender within e►periud ending one
<br /> -� month befurc nn item would hecomc delinyuent Lcndcr shall hold the amounts collccted in uust to p�y itcm�(n).(b)and
<br /> — —-- (c)beforc thcy bccomc dclinqucnt.
<br /> -- = ff nt �ny tlmc:thc total of thc paymen�5 held bq ll,cnder for items(a},(b)and(c),tagether viith the futun;monthly
<br /> ------ --
<br />---.-------.° p�yments for such Items payable to l.ender prior tn the due dates of such iterris, exceeds by more than onc-sixth ►h�
<br /> -- estirnated amount of payrnents�quired to pay such rtems when due,:�nd if payments an the�1ate ane eurrent.then Lender _
<br /> ��� �a shali either n:fund th�excess over one-sixth of ihe estimated payments or credit the exeess over one-sixth of tlu esttmated
<br /> --�-�� p;►yments to subsequcnt payments by Borrower,at the option of Borrower. If ctie total of the pnyments made by Borrower
<br />._-_���� for item(a),(b),or(c)is insuf�cient to pay the itcm when duc,then Borrawer shall pay to Lcnde�any umount netessary to __
<br /> -_---- = make up the deficiency on or before the dflte the item becomes due.
<br /> ----=---= As used in this Security Instniment,"Secretary"means the Ser.retary of Housing nnd Urban Development or Nis ar her
<br /> - - designee. In nr►y year in which the I.ender must pay a mortgage insurance premium to tha Secretnry.each monthly payment —
<br /> ----°_- shall also include either: (i) an installment of thc a�uival mortgage insurance premium to be paid by Lender to the _
<br />-�sr�'�,;�er�i±�,� Secretary. or(ii)a monthly eharge instead of u mortgage insurance premium if this Secuaty lnstcument is held by the �_r
<br /> -----`---°° Secretnry. Ench monthly instal(ment of the rrtortgage insuranee prti:mium shall be in an amount sufficient ta uccumulate the _
<br /> - '""`�•`��] full nnnual mortgage insurance premium with Lender one month prior to the date the full annual martgagc insur.nnce `. .
<br />-��=���:•;.=..�;s�rs��,1 premium is due to the Secretary;or if this Security Instrum�nt is heid by lhe S.;cretary,each monthly charge shall be in cu► ��:_
<br />_-p�,:,;f�=�`;�i�� amount equal to one-nvelfth of one-half percent of the outstanding principal balance due on the Note. ---
<br /> If Borrower tenders to Lender the fuU pa�ment of all sums secured by this Security Instrument.Iiorrowers account �F,-:
<br />��:.-�., ;%:_..a�i.e.�i �=t-:-.
<br /> `-�+`� s:*. shnll 6e credited with the balance remaining.or all installments for items(a), (b) and (c)and any mortgage insurance
<br /> _.t-rt�i°:>sy:.. �
<br />'�;r '•• �� premium installment that L.ender has not became obli�ated to pay to the Sec�+etary,ancl Lender shall pr�mptly nefund any _,-
<br />--;���'�`'`�^ excess funds to Borrower. Immediatel y priar ro a foreclosum sale of the Property or its ucquisition by Lender.Boirower's -
<br />--�'1�is"�;,:��.,�;, � account shall be credited with any balance remainins for all installments for items(a),(b)and(c). �t:`
<br />.ry.<<.T�r , �.
<br /> ,,,,�4-�,;, ,. ..� 3. Applicat[on of Payments. Atl payments undcr Par.►gr.iphs 1 and 2 shall be applied by l.ender as follows: �ti`
<br /> _.•. -:• - �fRST,ro the mortgage insurance premt um to be paid by Lxnder to the Secretnry or to the monthly charge by the +_,.
<br /> , Secretary instead of the monthly mortgage insurance prem�um; � `�
<br />- ,. - • �++��: SFCONp,to any taxes,specia!assessmencs,Iease�toid paymenw or�w�u�r�ita,a��d�r.�:o:,�:.r�aLh�:h:zar� ��'"
<br /> `���.�.�F'.,l � insurance premiums,as required; "`��
<br />`�`�`{}"`'1`.` ''. i�f�2D,to interesY due under the Noie; rJ_�
<br /> .t::� ,c.,,..t � ��.
<br /> s"^ �x�'� •: FO 7RT ,to amortization of the principal of the Note; k'��'
<br />-�',;:-•:� • .• o�
<br /> f �u:�•• ; . �,to late charges due under the Note. °
<br /> ��:� �r�° `' 4. Flre,F[ood a�td Other Hazard Insurunce. Bo�rower shall insure all improvements on the Property,whether now �:Q�_,
<br /> �,�.;::� ,.
<br /> '':�-,.,: i°• "+ ° in eaistcnce or subseyucntly erected,against any hazards, casualties,and conangencies, includin�fire, for which Lender ��':
<br /> •��';=;
<br /> -�=!-•�_•';:.�,�_;f__ requires insurance. This insurance shnll be maintained in the amounts and for the perioJs that Lender requires. Borrower �.ry
<br /> " '�'T'�"""" shall also insure al!improvements on the Properry.whether now in existence or subsequcntly erected,against loss by floads
<br /> `'"�'�di',''"��y'" to the extent required by the Sccretary. All insurance shall be carried�vith companies approved by Lender. The insurance �
<br /> - � ��'"�'��'`• policies and any rene�vats shull be held by I.ender and shull include loss payable clnuses in favor of, and in a fo►an
<br />'1.`,�-`;f:,.dS,�ti.E;.�._. ,.
<br /><«.M1.:;�� ��f�c�� r' acceptable to,Lender.
<br />° '�'�" °' "`� In the cvent of loss,Bo�rowcr shall give L.ender immediate notice by mail. Lender may make proof of loss if not
<br />=:=�:,;:?���+
<br /> -_.__���y�i made promptly by Borrower. Eaeh insurance compar��concemed is hereby authoriud and directed ro make payment for
<br />, � _'�'"�'y such loss dinctly to Lender,instead of to Borrower and to Lender jointty. All or any part of the insurunce proceeds may be
<br /> _�r-c:' _::° _ M• npplied by Lender,at its option,either(a)to the reduction of the indebtedness under[he Note flnd this Secunty Inst[ument,
<br /> -��y„-�tk�r���-."� fir�t�o any delinquent amounts applied in die nrder in Pangraph 3,and then co prepayn�ent of principal, or(b)to the ,
<br /> r�;,;�:=r`=;-'' resiosntion or repait of the dnntaged proFerty. Any applicstion of the proceeds to the pnnc►pal shall not extend or postpone
<br />-�=`-:"�, � the cl�e date of the monYhl a ments which are refemd to in Paragraph 2,or change the amount of such paymenu. Any
<br /> ; . "_�"���;.`. Y P Y
<br />:^�;Y;}�` �Y,.• .;� excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note nnd this Security •
<br />__ Instnunent shall b�paid to the entity legc�lly ennded themto.
<br /> ����`.::.� , an the evcnt of foreclosure of this Security Instrument or other transfor of title to the Properry that extinguishes the
<br />-�=:�=,�°�s.;�-:,�;;: �.�. indebtedness,all right,title and'anterest of Borrower in und to insurance policies in force shall pass to�the purchaser.
<br /> -� ! ' "" 5. Occup�ncy, Preserva�inn, Main�auence and Protection of tlie Property; �orrower s Loan App1[cat{on;
<br />_=f;�V � �' Lea,eholds. Bon•o�ver shall occupy,est��blis6,and use the Property as Borrower's-principa! residence within s�xry days
<br /> ;� aiter d�e execution of this Security Inswment nnd shall continuc to occupy the Prope�ty as Borrower's principal residence
<br />�„�� ,. for at le.�tst one year nfter the date of uccupancy,unless the Secretary determines this requirement will cause undue hardship
<br /> - , fos Bosrower, or unless extenuating circurristances exist which are beyond Borrower's cunual. Bon•ower shall notify
<br />- ' Lenders of any extenuaring circumstances. Borro�ver shall r.�t commit waste or destray,damage or substaatially change
<br /> ~_= �.� " � the Property or allow the Froperty to deteriorate,rc�sonable«�ar�r ur►d tear excepted. Lender may mspcct the Properry ef tfie
<br /> , ' Property is vacant or abandoned or the loan is in default. L:�nJer may take re�sonable action to protect and pmserve such
<br /> � � vacant or abandoned Property. Borrower s�all also bc in default if Borrower, during the loan application process, gave
<br /> ' � tnateriully fnlse ur inaccurate information ar statements to Lender (or failed to provide Lender with any matenal
<br /> � " infannation)in connection wid�the loan evidenced by the Note,including:but not limited to.representadons conceming
<br /> ' ' Boa�wer�s occupancy of the Property as a principal residencz. If this Secunty Instrument is on a leusehold,Borra�ver shall
<br />� • . comply with the provistons of the lease. IF�otrowcr acquires fee title to thc Property,the lcaschold and fee titic shall not
<br />�?•�:-.� " be merged unless Lender ngrees to thc merger in writing.
<br />-_ . 6. Charges to Borrowcr nnd Protection of Lender's Rights in tt�e Property. Borrower shall pay all govemmental
<br /> or municipal chv-gcs,fines and impositions that arc not included in Paragmph 2. Borrawcr sh�ll pay these obligauons on
<br /> -- _-.- -. _- � time dinectly to the endry �vhich is o�ved tlie payment. If fnilurc: to Pay�vould adversely affect Lender's interest in the (
<br /> __ ProUerty,upon LenderS request Borrower sitiall promptly fumish to Lender receipts evidencmg these payments. I
<br /> _� ., .�r_�.. ..e.s „t�.
<br /> ' ---- - -- if Horrower fails to make tttesc paymen[s or me paymenis�eyairz,;�y.�.va�.ap�. ...�. �W.�:� ,^-.�^°=".; .--
<br /> � :>r' covenants and a�ements contained in this Secu�ity Instrument,or there is a Iegal proceeding that may signifcandy affect
<br /> Lender� rigttts in the Property(such as a praceding in bankruptcy,for coridemnatton or to enforcc laws or regulations),
<br /> ' then Lender may do and pay whatever is neccssary to prota:t the value of the Property and l,cnder�rights in thc Propen}•,
<br /> includin�payment of uixes,hazard insur.uice and other items mentioned in Parabraph 2.
<br /> �� My amounts disburscd by Lendcr mtdcr this Para�aph shall bciome an additionul debt of Borro�ver and be sccured
<br /> „ by this 5ecnrity Inswmcnt. 'Ihese amounts shall bear inte�st from the date of Jisbursement,at thc Nate ratc,and at the
<br /> ,, ° option of Lender.sl�all be immcdiately due and payable.
<br /> 7. CondeEUnatlon. 'I'It�proceeds of a.ny award or claim for dnmages,direct or comequenti;il,ui connection with any
<br /> �' " �� condemnation or other taking of nny part of�he 1'rop�:ny,ur fnr conveyance in place of condemnation.:ve hemby assigned
<br /> � " :uQd shal!tx paid tu Lcnder to the extent of the full amow�t of the indebtedncss that rcmains unptid undcr thc Note;u�d tltis
<br /> S�curity Inswment. Lender shall apply su�h proceeds to the reduction of the indebtedness under the Note:u►d this Security
<br /> :..�� ,~. Instrument, first to any delinquent :unounis applied m the o»dcr provided in Par,i�raph 3, and then to prcpayment af
<br /> •a .," '� principaL Any applicatian of the prQCCed�to thc principal sha�l not extend or postponc thc due date of the munthly �
<br /> ',. � .' , .
<br /> � . ° � �fwgr:�Jd�ra.eeal I
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