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<br /> � H. �"ay��.�nt«?e's•9ucIQTa1,ItoQc��;2 re;:i D.c4c d:t;��s�l,;:. l�o��iw�cr sl��n�l pay�vfic�►dnc ihc;ptiin:i�ral«f,aud iutcf�:,t��n,
<br /> " - -�'-•�n's-��,�n�'�r � Uia debt cvldcnccd by thc Note anA Inte chasgea duc u�tdr.r the Nute. °��- �
<br /> -�N'—`�"*"`0"°4'�"'` 2. Monthly paymentg oP`i�xes,insurnnce acid Otlier Churges. Batrawer shall include in cach mnnthly p:ty��tcnt,
<br />--�_--"''"-!'��'»�-'���� together with tha Nrincipal and interest us set forth in tho Note and any Inte chnrg�s,�n installnicnt af nny(u) tnxes and �•
<br /> i special ns5essmcnts levied or to be Icvi�d ugninst the Propeny,(b)leasel�old paymcnt�or ground ren¢::on thc ih�upc�ty,und
<br /> � ."3� (c)pr�miums for insur�uicc requircd by Paragrapli 4. _
<br /> —=.--_-��:� L'nc�h monthiy installuiciu �or items (a). (b)aeicl(c) shall cqual onc-itvelfth of tlte nnminl mnouncs, ns reasanabfy
<br /> cstimuted by Lender, plus ain amcunt sufficicnt to maintnln an additional balmice of not morr,thnn one•sixth of il►e
<br />�'ti�.�.'v:;'��=�'��I mointhtbcfo c a�n iten�would become delinquentr Lcndcr sha11 ho�l�t}ecamountsecoleciecl an trust�tonpayP te��(c).i(b)and
<br /> ---.:,�;,,yi1��F� (c)bcfore they bccume delinquent.
<br /> -,.�:rr�,•;a,!�n.,!i': lf c�t nny timc the totul of the puyments held by l,ender for items(a),(b) nnd (c),togedir.r witli thc fuw�c ntonthly —
<br /> "'"'���>k+�;-��e •;,. . paymcnts for such items paynblc to I..cnder prior to the due dates of such items. cxc�eds by morc than unc-sixth the
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<br /> i=��;�,�,_„y.,;�; w;, �.• esumated umount of paymcnts required ta pay such items when due,and if�aymenu on the Note are cu�sent,then Lencier
<br /> ':� }y;�s : shull either retnnd the excess over one-sixth of th•a estimnted payments or credit the excess c•ver ane-9ixth of the esiimuted
<br />-�a�' ��, +,.,.•'�..,� :,' paymcnts to subsequent payments by Borrower,at the option of Dorcower. If the total of the payments made by Borrower
<br /> i�'�;::.'", „=�r;:. , for item(a),(b),or(c)is�n5uf��icnt to pay the item whcn due,then Borrowcr shall pay to l.ender any anount necessary ta
<br />-•=Yj��'.• -� ' �.� � � muke up the deficiency an or bc�fore the date the itcm becomes due.
<br /> `� ' '.;., • As used in this Security Instnrment,"Secrctary" me�ns tlie Sccretary of Housing und Urbun D�velopment or his or her
<br /> `� `f"•.: �"t�`•�^•�'; desi nee. In an enr in which¢he Lcrtder must pay a mortgage insurance prcmium to the Secretary,each monthly payment _
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<br /> ,:�:•� • shall nlso include cithcr: (i) an installment of the annuul mortgage insurance p�mium to be paid by Lender to thc
<br /> - - � -' '" ' Sec►�t�y,or tii} a monthly charge instead of a mortgage insarnnce ��remium if this SecuYity Instrument is heid by the
<br /> . . Secretary. Each monthly installment of the mortgage insurance premium shnll be in an amount sufGcient to acaumulate the
<br /> `-� ��• � ' full :umunl mortgage insurance premium with Lendcr one month prior ta the date the full wmual mortgage insarance
<br />_ �~�- � ° ptemium is due ta the Secrctary;or if this Security Instrument is held by th�Secretary,each monthi�charge shall be In an
<br />--��" '� amount equal ro one-twelfth of one-hulf percent of the outstanding principal balance due on the Note. _
<br /> : . If Borrower tenders to Lender the full payment af nll sums secured by this Security Instrument,Dorrower's accovnt
<br /> �: �� shall be cnedited with the balance remainin�for all insu�llments for items (a),(b) und (c) and eny mortgnge insur:uice _
<br /> ' . • premium installrncut thnt L.ender has not become oblignted to pay to the Secreuuy, and Lcnder shall promptly refund an �
<br />- excess funds to Borrower. Immediutely paior to a foreclosure sale of the Praperty or iGS acquisition by Lender,Barrower�
<br /> ' account shall be credited with any balance remaining for ull instaliments for items(a),(b)and(c).
<br /> 3. Appltcution of Pnyments. All payments under R►ragraphs 1 und 2 shnll l�°,applied by Lender as follows:
<br /> ' �RST,to thc mortgage insurunce premium to be paid by�.endcr to the Secrea►ry or to the monthly ctiarge by the
<br />"" Secretary instead of the monthly mortguge insurance premium;
<br /> cg�'(11Vn,tn nny mxes.snecial assessments,leasehold paymcnts or ground rents,and fire,flaod and other hpzard
<br /> • , . insurance premiums,as required;
<br /> � THIRD,to intenest due undcr the Notc;
<br /> OlJ ,to amortization of the principal of the Notc;
<br /> ' �I�,to Iate charges due under the Note.
<br /> � 4. Fire,Flood and Other Hazard Insurnnce. Borrower shall insure all improvements on the Property,whether no�v --
<br /> � in existence or subsequently erected,against any hazards, casualties,nnd contingencies,including fire. for which Lender
<br /> " „ requires insurance. This insurance shall be mninmined in the nmounts nnd for the periocls that Lender requirc�. Borrower
<br /> shall also insure all improvementa on the Property,whether now in existence or subsequently erected,against luss by floods
<br /> � to the extent rcquircd by the Secretary. All insurance shall be carried with comp:uiies npproved by Lender. The insurance
<br /> �� policies and any mnewals shall be held by Lender and ,hall include loss payabte clauses in favor of, and in u form �,.;,
<br /> , acceptable to,Lender. ''°''°
<br /> In the cvent of loss, Borrowcr shall give Lcndcr immcdiute notice by mail. Lender may make proof of loss if not
<br /> made promptly by Bortower. Ench insurance company concemed is hereby authorized and directed to make payment fur
<br /> � such loss directly ro Lender,instead of to I3onower and to Lender jointly. All or any part of the insurance proceeds may be __
<br /> applied by Lcndcr,at its option,cither(a)to the reduction of the indebtcdnesti under thc Notc and this Secunty Inswment,
<br /> " first to any delinyuent amounts applicd in thc ordcr in Parigraph 3,and then to prepayment of principal,or(b)to the .�
<br /> restoration or repair of the dnmaged property. Any appiication of the proceeds to the principal shall not extend or postpone ,�°-
<br /> the due date of the monthiy payments wh�ch are referred to in Paragraph 2,or change the amount of such payments. Any
<br /> � excess insurance proceeds over an umount reyuired to pay nll outstanding indebtednes5 under the Note and this Secudry
<br /> ` Instrument shall be paid ro the entity Iegally entiticd thercto. _
<br /> In the evcnt of foreclosum of this Securiry Inswment or othcr transfcr of titic to the Property thnt extinguishes the
<br /> , indebtedness,all right,title and in[erest of Bonower in and to insurance policies in force shall pass to the purchaser. .
<br /> _ ° S. Oscupuncy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Appliattton;
<br /> Leuseholds. Borro�vr.r shall occupy, estublish. :uid use the Property ns Borro�ver's principal residence within sixty days
<br /> r F {' nfter the execution of tliis Security Instrument and shaU continuc to occupy the Propeny us Borrower's principal residence
<br /> R for at least one year after the date of occupaney, unless the Secretary determines this reyuiremcnt aill cause undue harJship
<br /> for Sorrower, or unless extenuating circumstances exist which are beyond Borrower'.s control. $orrawer shall notify
<br /> Lenders of any extenuating circumstances. Borrower shall not commit waste or destroy,dumage or substantially change
<br /> the Property or allow the Property to deteriorate.reasonable wear and tear excepted. Lender may mspect the Property if the
<br /> Property i�vacant or abandoncd or the loan is in default. Lender n►��y take reusonablc nction to protect tutd preserve such
<br /> r vaicant or abandoned Property. Borrowe.r shall nlso be in default if Borrower,during the loan application process, gave
<br /> �� � � materially false or inaccurate inforniation or statemcnts to Lcnder (or failed to provide Lendcr with any material •
<br /> • . infortnation)in connection with the lo:+n evidenced by the Note,including,but not limited to, rcpresentations cortceming
<br /> Borrower's occupancy of the Praperty as a principal rcsidence. If this Security Instrument is on a leasehold,Borro�ver shall
<br /> comply with the provisions of the lease. if Borrowcr acyuires fcc titic to thc E'ropeny.thc Icasehold and fcc title sliall not
<br /> be merged unless Lendcr agrces ro the merger in writing.
<br />- 6. Chargcs to Borrmver nnd Protection of Lcnder's Rights in the Property. Borro�vcr shall pay all govemmen[al
<br /> • or municipal chargcs,fines and impositions that ure not included in Para�raph 2. Borro�ver shall pay these obligations on
<br /> t time directl�•to the entity which is owed the payment. If failure tu pay would adversely affect Lenders intcrest in die
<br /> �, Property,upon Lendcr's request Borrowcr shall promptly fumish to Lendcr reccipts evidenc ing thcse payments.
<br /> - ------ - � --- -'- - ��- u•n__._.__t_:t..... .....Le�M..c....o.,manfc nr flir navmPiltC rruuired hv Fx.iraer.�Dh 2,or fails to pertorm any othcr
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<br /> covenants:�nd ag�ements contained in this Security Intitrument,or therc is a Iegal procceding that rnay significantly atTect I
<br /> Lender's•rights in the Pmperty(such as a proceedi�ig in bankrupt:y,for condemnation or to enforce laws or regulations). I
<br /> i then Lcnder may dv and pay whatever is neccssary to protcct thc valuc of thc Propeny and Lender's rights in thc Property,
<br /> i including payment of cuces,h:��rd insursnce and othcr items mentiuned in P.iragraph 2.
<br /> -� � flny:imounts disbuised by Lcnder under this 1'aragraph shall bccome an additional debt of Borrowcr and be ticcured
<br /> •� ' by this Security I�istrument. Thcsc amounts shall bcar intcrost from the date of disbuncment, at thc Note r.uc,and at thc
<br /> � � option of Lender,shall Ix.immcdiately due and payable. �
<br /> � ' 7. Condemnation. The proceeds c�f any award or rlaim for damc�ges,din:ct ur cunscyucntial,in conncrtion�vith any i _
<br /> �, condemnatinn or other�:ilcing of any part uf dic Property,or for cunveyance in place uf condemnation.arc hercby assigned ;
<br /> • „ und sh311 be paid to Lcnder to the extent uf thc full amount oF the indebtrdness that Rm.iinti unpaid under the Note and this �
<br /> �� Sccurity Instrumcnt. Lcndcr shall apply .urh prorceds to the reduction of the indebtednc+s undrr Ihe Nutc and this Scrurity i
<br /> Instromcnt, fint to any dclinyucnt amounts upplicd in thc onlcr provided in Paragraph ;, and thcn tu pn paymcnt uf j
<br /> principal. Any application uf thc pmcccds to the principal �haU not cxtrnd ur po.tpvnr thc duc datc ut' ttic monthly i
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