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<br /> . 1. P�yment oP i'rincl�al.Ynterest tond Lnte CharE,e. l3orrower tihull pay whrn iiuc Ihe principal c,f,and inlcr�tit un. '
<br /> = ' " thc dcbt cvidcnccd by dic Nutc imd Intc chi►rgcs duc imdcr thc Noti. °
<br />_,�, 2. Monthly puymcntw uP'li�xcs,lnsurunce nnc9 Othcr Chnrges. tiorr���vcr ,hnll includc in rnch munihly pavmcnt, „ . -
<br /> together with the principal mid i�uerest nti +et forth in the Note nnd nny Iale chnrges, nn intitnllment of nny(u)taxes nnJ
<br />_ ,pecin!n��es5mentti Icvied or ta he levi�J aNni�ist the Property. (bl Ienscholcl puyments i�r E�round rents on the Prupei7y,nnd , „
<br />_;,,d�, , " (c)premiums for intiurnncc rcyuircd by F'urugraph 4. . ,..
<br /> E.'uch monthly instnUmem for itcros (a), (b) nnd (c) shnll cyunl nnc•twclfth of thc winual mnounts,xs rcosonnhly ,.;�.,�-
<br /> estimnted by Lender, plux un nnmunt sufficient to maintnin nn •idditional balunce of not more thun une-tiixtti ot the _ . . ;
<br /> ° cstimutcd i►mounts. Thc full annui►I umount for cach item shidl hc uccumul.ncd by Lcndcr within a periud cnding onc �
<br /> �� � ` month before an item�vould bccome dclinquent. Lcndcr shnll hold ihc amoun[s collccted in wst to puy items (a1,(b1 nnd .,�,:
<br /> - � (c)bcforc thcy becomc delinquent. .��1�
<br /> , ' If ut any timc ths tota.l of thc paymcnts hcld by Lcndcr for itcros (al.(b)und(c),togcthcr with �hc futurc niunthly _ ,._ , _..:_
<br />- payments for such items payabte to l.cndcr prior[� the duc du[c:,uf such itcros, cxcccds by more thnn one•sixth the �,__��,.,-
<br /> � • estimutcd amount of puyments requircd to Pay such items whcn duc,und if puyments on thc Notc arc current,then I.ender �:.;a_;�___
<br /> ,.�.,�:..;�._.
<br /> shull either rcfund thc cxcess ovcr one•sixth of[h�cstimated payments or credit the cxccss ovcr onc-sixth of the estimated ._.�A,,,,,;�
<br /> . . paymen4s to subscyucnt payments by Bonnwer,ut the option of Bortowcr. If thc total of thc:paymcnts mudc by Borrowcr � ...:,.°`��"=s_
<br /> fbr rtem(a),(b),or(c)is�nsufficient to puy the item when due.then Borro�ver shall pay to Lcnder any umount necessary to �I�}�,+w*r_'":___�.__.
<br /> make up the deficiency on or before the date the item becomes due. ;:-�'u =��---
<br /> � � As used in this Security Instrument,"Secretary"means the Secretary of Housing and Urban Development or his or her ., '��`-'°'—.
<br /> `� � desiFnee. ln any year in which the Lender must nay u mortgage insurance prernium to the Secretary,ench monthly pnymem „r.�n_:
<br /> � shall also includc eithcr: (i) un installment of thc annual nto�tgege insurancc pn:mium to he paid by Lender ro the .,.`,_,,____
<br /> • f Secrewry, or(ii) a monthly charge instead of n mortgage insurance premium if this Sacurity lnstcument is held by the �,y;'----_
<br /> _ Secretary. Fach monthly installment of the mortgage insurancc premium shall be in an umount sufficient to accumulate the , __
<br /> fuU annual mortgagc insurance premium with Lender onc mont}�prior to thc datc the full annual mortgage insur.�trtcc 'r�cr;--
<br /> � ' premium is due to the Secretury:or if this Security Instrument is held by the Se�retary,each monthly charge shall be in an ��ti._`'
<br /> • amount equul to one-t�NClfth of one-half percent of the outstandin�principal balancc due on the Note. ='j-
<br /> ' !f Dorrower tenders to Lender the full payment of all sums secured by [his Security lnstrument. Borrower'.s account �_�_l�_',._
<br /> " shall be crcdited with the balance remaining for nll installmenu for items (a), (b) znd (c) und any morigage insurance __
<br /> " „ premium installment that Lender has not become obligated ro puy ro the Secretary,and Lender shall promptly refund any �=�:�
<br /> excess funds to Borrower. Immediately prior to u foreclosw�e sale of the Propeny or its acquisition by Lender,BotrowerS
<br /> account shall be credited with a�iy balonce remaining for all installrnents for items(a),(b)and(c). ��- —
<br /> 3, Appltcnttan of Puyments. All payments under Paragraphs I and 2 shall be applied by Lender as follows: '�•,.
<br /> "� �S� to the mortgage insurance premwm to be paiJ by Lender to the Secretary or to the monthly charge by the �'
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<br /> aecrcinry��i�ieau.,<<,...��.ar:hly 7::OS:b�b�!l2....T'd..__� . �i�
<br /> ECO n,to any taxes,speciul assessments,leasehold payments or ground rents,und fire,flood and other hazard ���;�
<br /> • " insurance premiums,as required: ="'-- �
<br /> " �HIRD,to�ntercst due under the Note; ��`�`�
<br /> � ,to amortization of the principal of thc Notc; �__
<br /> ____ __ ___ ,_ _ �1 1��tn la.tr!rharoPS due undef Ihe NOie. _ __
<br /> 4. F i r e,f l o o d a n d O t h e r H a�a rd Insurance. Borrowet shall�nsure ail improvements on the Frupe�iy. .y1��t;�cr�ac: �,
<br /> in existence or subsequenNy erected,ugainst any hazards,cusualties, and contin�encies, inc lu ding f ire,for w hic h L e n d e r :�:
<br /> ��.;,:"� requires insurance. This insurance shall Uc muintamed in the amounts und for the periods that Lender requires. Borrower '�'�*
<br /> � shall also insure all improvements on the Property,whether now in existence or subsequently erected,ugainst loss by floods �t�_•:
<br /> � • to the extent required by the Secreiary. All insur�nce shall be r►rried with compunies approved by Lender. The insurance
<br /> � , policies artd any renewals shall be held by Lender and shaU include loss payable cl.�uses in favor of,and in a form � "�
<br /> acceptable to,Lender. , -
<br /> ' " In the event of loss, Boaower shnll give Lendcr immediate noticc by mail. Lender may m�ke proof of loss if not _
<br /> ' mnde promptly by Borro�ver. Each insurance company concemed is hereby authorized and directed to muke payment for ••:e" _
<br /> - �� such loss directly to Lender,instead of to Bonower and to Lender jointly. All ur any part of tAe insurance proeeeds may be `� ,� ;
<br /> � applied by Lender,at its option,eitner(a)to the reduction uf the indebtedness under the Note and this Security instrument, —��-'�--�
<br /> � first to any delinquent umounts applied in the orde�in Paragruph 3. :md then to prepayment of principal, or(b)ro the ' '�,.;o•
<br /> restoration or re air of the dama ed ro ert An a lication of the roceeds to the principal shall not exrend or ost one ?y;��
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<br /> � the due date of the monthly payments which nre referred to in Pnragraph 2, or change the amount of such payments. Any _
<br />- •� - excess insurance proceeds over an .�n,,�unt required to pay ull outstunding indebtedness under the Note and this Security �'¢��--r;-�
<br /> Instrument shall be paid to the entity Iegally enutled thento. "`��-�`Mµ"�•'a�
<br /> . . ,.5•"h�:
<br /> ' In the event of fomclosure of this Security Instrument or other transfer of title to the Propeny that extinguishes the '�� ��.�p,.E�,:
<br />� indebtedness,all right,title xnd interest of Borrower in and to insuruice pulicics in force shall pass to the purchaser. •:�'r x.��,�,-
<br />=; rt 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower'.s Laan Appltcntton; ,i ,.
<br />— Leaseholds. Borrower shall occupy,establish, and use the Property us Eiorrower; principal residen�e within s�xty days *,
<br /> ; after the execution of this Security Instrument and shaU continue to c�ccupy the}'roperty us Borrower's principal residence : ,.`✓
<br /> st�e for ut least one year after the date of occupancy,unless the Secretary detertmnes this requirement will cuuse undue hurdship
<br />� for Bortower, or unless extenuating circurtistunces exist which arc beyond Borrower� control. Borrower shall notify
<br /> Lendeis of uny extenuating circumstances. Borrower shnll not commit waste or destroy,damage or subst:r.ntiully change .
<br /> ' the Property or allow the Property to dcteriorate,masonable wcar�md tcar excepted. Lender may mspect thc Property if the
<br /> Property is vacant or absvidoned or the loan is in default. Lender muy take rcasonable action to protect.+nd preserve such
<br /> • • vacant or abandoned Property. Bon•ower shall also be in defriult if' Borrower, during the loan application process, guve
<br /> - r materially fulse or inaccurate infomiation or statements to Lender (or failed to providc Lender with uny matenal
<br /> information) in connection with the loan evidenced by the No�e,including, but not limited to,representations concerning :
<br /> -- Borrower's occupancy of the Property us u principal residence. If thiti Security Instrument is on u Ieasehold.Borrower shall
<br /> � comply with the provis�ons of the lease. If Borrower acyuires fee tide to[he Property,the Ieasehold and fee title shull not
<br /> � bc merged unless Lender agrees to the merger in�vriting. ,
<br /> - 6. Chnrges to Borrower and Protectton of Lender's Rfghts in tl�e Property. Barrowcr shall pay all govemmcntal �
<br /> =/%," � or municipal charges,fines and impositions[hat are not included in Puragraph 2. Borrower shull pay these obhgations on I
<br />� ___ _�_. time directly to the entity which is owed the paymcnt. If fail�ue to pay would adversely affect Lender's intercst in the
<br /> �_�._ _.�..�.....,:..w ...� .,.,,ia�.-.���„«���d�ncino these navments. L_..._
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<br /> :— . - • • - --_. .._.
<br /> :_ ------- PtOpCTIy,upon t.enaers requcs�n�rru�,C�,��tt��piv.:�y..� .........�. ...._......" -""�' ' � �. . . ,
<br /> � [f Horrower fuils to make these payments or the payrnents reywmd by Paragraph 2, or fails to perform any uther
<br /> -� covenants and egreements contained in this Security Instrument, or ihere is n Iegal proc:eeding that may significandy uffect ,
<br /> � � Lender's ri�hts in the Property(such as a nroceeding in bankruptcy. For condemnut�on or to enforce laws or rcgulatians), �
<br /> � � then Lendcr may do and pay whate��er is necessnry to protec:t the valuc of the Property and Lender's rights in thc Property, i
<br /> including payment of taxes,hazard insurance uud ather itcros mentioned in Par+gruph 2. �
<br /> �. • Any xmounts disbursed by Lender under this Riragraph shall become an additional debt of Rarrower und bc ticcun:d I
<br /> � � ,� by this Security Instrument. Thesc i�mour.ts shall bear mtemst from thc datc of disbunemcnt,at the Note rute,and at thc
<br /> �� option of Lender,shall be immcdiately due and payablc. '
<br /> �. 7. Condemnativn. The procecds of any awurd or claim for damages,Jirt c:t or conscyuential,in connection with any
<br /> ' condemn�tion or othcr taking of any part of the Property,ur For wnveyancc in place of rondcmnation,src hercby a�signed
<br /> , ' and shall be paid to Lender to the cxtent vf thc full amount of the indebtcdness that remains unpaid unJcr thc Notc and this i
<br /> 5ecurity Instrument. Lender shall apply such proceeds to the rcduction of the indebtednrss under thc Note and this Scrurity ,
<br /> • Inswment, first to ,uiy delinyuent amounts upplied �n the ordcr provided in I'aragraph 3, and thcn w prcpaymcnt oi'
<br /> � principal. Any application of the proceeds to the principal shnll not extend or postpone tlic due Jute uf thr muntMy I
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