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<br /> � ° ' . ': i 1. Fay�neat oY�iactpal,intere�l and Late Chas�e. Barrower sfi3ll p�y when due the priacipal of,and interesc on. . . . x, c ;
<br /> a
<br /> • - Ihe debt evideaced by the Note and late cha�ges due uader the Note. ��•�t• � `
<br /> � •� •'� � ents of Ts�ca.lnsursrtce uud OWes C6arges. Boaower shall include in each monthlY PaY�cen�, : r _ t '
<br /> . � � Z. Mot�t�ly payai an installment oF an a qaes an� � �� :`
<br /> ` �, to$ether with the p��p�an��erest as set forth in the Notc and any late c6atgPS. Y( )
<br /> , � ,• �:
<br /> � • sp e c i a l ass e s s m e n t s I Q V t e a l u r t o t�l e v i e d a g a i n s t die P m g e r t Y,N)teasehoid payments or grorind rents on the property.an� � �t �
<br /> : ` :` � (c)F'�emiums for insuraaee requined 6y Paiagragh 4. one-twelfth of the annual aalounu,as reasanabty � � d �
<br /> ' ,• t- . Each iaontbly installment for items (a?. (b)and(c)shafl eqaal •.
<br /> ;�, ,:.�4 estimated bl+ Lendar, plus an amount sufiicient to maintain an additional balance of nat more d�an one-sixth of ths �;�, �-�E
<br /> esamatea amounts. The fuD amiaal amoum for each item shall be accumulated by L.ender within a periqd ending oae - . � ° • �r�
<br /> am
<br /> - - ; mmrtb before an ite�n wouId become detinqaent Letcder shall h�ld tt►e aasa+mts coll�ia tmst t�pay ttems(a),(b)and << ` - S 4.� �-N� �
<br /> ' (c)before they t�come delinquent �,�- =
<br /> - tf at any ume the toral of the payaients�ci i�y i.ender for items(a),(b)and(c),wgether with L':��'i:.�ue monttilY r ° .,�.z�,.�.-.�_.
<br /> ts for such items payabte to l�der.•-���he due dates of sacb ioems,exceeds by more��cme-sixth t� . _ _
<br />_ ..:.�.:.' � <� . "' ���=ai amomit of payRCenrs re�uuea to pay:��Lums wben due.aad if payments on the Note a�cu:�ent,thea I.er.�er � 1 T a-`
<br /> • � ,-, .�.;er refund t�e excess aver oae-sixth���stimated paymmts or credit the excess over one-si�.-tti of�e esti.-�a� __-- -
<br /> - i
<br /> . ,. , �'. paymenu to su6s4quent paymems hy Borrower,�t6e option of Hor�awer. If the total of d►e payments made by Borrawe�
<br /> . • . for item(a),(b).or(c)is ins�ffFicient to pay tfie itean when due,tliea Borrower shall pay to Lender anY attcaunt n��ssacy t° -
<br /> - make up tRe defiaency on or befose tke date the item becomes due.
<br /> ��,�� As used in this Seciuit�r Instrument,"Secretary,�means the Secretary oY Housing and Urbaa Qevela��:ect 6r 6is or h�r .
<br /> , , � design ee. In any year in wtuch the Lender must pay a mortga�e insurance pr�mium to the Searetary.eacb mant6lY PaY��
<br /> � � ' shail also include either. (i) an installment of the aanual mortgage insurnnce ptemium w be paid by Lead2r to t1�%
<br /> ' ' ' Secrr,tary.or fii)a monthly charge instead of o rnortgage insurancc premium if this Stcuriry lnsmiment�s heid�Oy the :
<br /> : �t:�'� . . '" ` Secre2mry. Each mo�thlyinstaltment otthe mort�age iasurance premiwn shall be in an ciawnnt sufficIent to nccumutate the !
<br /> �'� '� � � � fuit unnual mortguge insurancc prereatum with Lender one month priar tv the date the full�anual�ortgaga insvrunce "
<br /> ' � . ;i premium is due to ti�e Secretary.or tf this Security insuument is held try tlte Secretury.each rronthty ch�e s1�a11 bc in an
<br /> - ��1 eunount equal to one-twelfth ofone•ha1P percent of the outstandin�princ�pal batance due an the Note. "
<br /> - ""-�"��'� If Barcotvcr u:nders to Lender ths futl payment of all sums secured by this Sccurlty Insttumcnt,Bprra�ve�'s cccou.*u ,
<br /> ' ,� S� shall fse credited with the balance remaining for�ll instalimes�ts for items(a�,(b)c+n�(c)ac►d any r►zortga�e inscs.�uso
<br />. , . • .. : ."4 premtum insta!lment that Leader has not 6ecome obligated to pay to the Secre4aty.an8 Lender shuU prampUy c�fund an
<br /> excess funds to Borrov�rr. Immediately priot to a fareclosune sale of the Froperty or its acquisitian by LendsT.Honower�
<br /> �� , ` � . �` �'. t� exnunt shn116e credited with any balance remaining for all insts!!r}teats for items(a).f b)end(c)• .
<br /> __- : . . . ' . - 3. Applicatlon of Pttymenta A11 payments under Para�aphs 1 and 2 shal!be applied by Lender as followa:
<br /> . ��,to the mortgage insuiance premi�un to be paid by Gender to the Secretary ar to the monthIy charge by 1he ._
<br /> • • ,: ' �� Sec�etary instead of the monshly moagage insurance Premium: .
<br /> � • ' ,. SECOND•w any tanes,special assessments,leasehold payments or grounA rents,and fire,fTood and other haz�d —
<br /> � . �. `., insurance premiums,as
<br /> � .,;'.. �,i �D,to interest due un er the Note• ..
<br /> ' • � ,. �O[JRT�#•to amonizadan of the principal of the Not� ,..
<br /> • �,to iate charges dae under the Note. wiic;ttcer now
<br /> ' 4. Flre,F7ood and Oth2e Hazard Insnrance. Horrower shall insure all improvements on the Praperty. ��_
<br /> , •, � in existence or sub tty erected.against any hazards.casuaIties,and cantingencles.including fire,for wiucfi Lender
<br /> s Batrowret
<br /> � . . � � ` � tequiras inswance.�insuraace shaU 6e maintained in the amaunts and for the periads that Lender tequi� •
<br /> • � shall also insure all im�rovemenu on the Praperty,whether now in exiscence ar subsequenily erected,against loss by t3oods
<br /> � to the extent required by the Secretary. All insurance shall be carried with companiesagproved by Lender. The Insruance
<br /> • ' . �- .:c:, policies and any renewuls shall be hetd by l.ender and shall include toss payable clauses in favar of, and in a form
<br /> '"" acceptab2e to.Lender.
<br /> _ .• ; :.��i;;,.� .. u�f
<br /> "'''` � Tn the event of loss.Borrower shall give •Lender immediate nouce by mail. l�ender may make pramf of 2oss if not ��_
<br /> �'%%':�;�;; , .'.;,,,��..' , ��.-
<br /> ..'�F.,;.. '�'r:' made prompt2y by Borrower. Each Insuran��a--�,�pany wncemed is hereby authorized and directed ta make paymeni fot �f_
<br /> - '`��.•r' •;•,•�;'.� su:h'Iass d�r+ectly to Lender.instead of to Borr�wer and to Lender joinily. All or any part of the insor»�r�proceeds may be -
<br /> • � '�i�:''l.•. � a�^.,�".wd by Lender.at Its option,either(a)to the reduction of the indebtedness under the Note and tlus�rt�riry Inswment, ��a-=-
<br /> :�-��•% first to any delinquent amounts applied in the ord�in P��raph 3,and then to prepayment of p.:�ipal,or(ba ta the �__--
<br /> - � �� • �� restaration or reQair of the damaged property. Any appu�t=�:►of the praceeds to the principal shall not extend as pcs'�►ne --- -
<br /> •° � • ' the due date of the monthiy payments which 2�z refemd to in Paragraph 2.or change the amount of s�ch payments. Any
<br /> excess;nsurance p�oceeds aver an amount c�.��ed to pay all outstandmg indebtedness under t�:i4::.�and thls Securiry _
<br /> � - � �: lnswment shall be paid to the entity tegally e��ted thereto. -
<br /> � � � In the event of foretlosure af tfiis Securlty Insmnment or other transfec of title to*_�e Prapetty that extinguishes the �u��.
<br /> --' �,_. •�:;,;�.� indebtedness.all right,title and�n'.:rest of Borrower in and to insurance policies in fotce s:.�'.pass to the purchaser. ��°
<br /> - . °.`:'r:.. - 5. Occupancy, Presesva�n,Ma�atenance aad Protection of the Piroperty; t8arrower's Luan Application; �;
<br /> ,t,:�.:
<br /> a :.��.�.
<br /> �� " I,easeholda Horrower shaU occupy,establis'�.and use the Property as Bonower's principal residence within sixty days �_�`�_��_-.
<br />•_-"' ' � afcer the execudon of this Securiry Instrume*it�.zd shall continue to occupy.the Praperty as Banoµ'e�i s Principal residence :,.. '�
<br /> 'l� . ���"�.
<br /> for at leust one year after the date of occupas�y.unless the Sesretary determmes this requirement will cause undue hazdship '. "�"`�"
<br /> for Hoaower, or unless exter.::ating circunistances exsst which ata beyond Boaower's wntrol. Boaower shaU n4tify '
<br /> � ' ' ' .:�:,�?,':'�� ` Lende�of any extenuating ci�.�stances. Borrower shail not commit waste or desrr�y,damage or substantially change ,_�..,.�`
<br /> � ' the Property or altow the Proper�to deteriorate,reasonable wear and teaz excepted. Letsc!:r may mspect the Prnperty if tbe
<br /> . .;'. ' � . . property is vacant or abandoned or the loan is in default. l.ender may take reasonable xcti�::r�s rrotect and prescrve such ��
<br /> vacant or abandoned Property. Barrower sha�f also be in defaalt if Bartower.during the ��arr ���iisation process,6ave
<br /> � materiall false or inaccurate ercformation or statements to Lender (ar failed to prov;;;� Le:�� with any material ,
<br /> �' � ' informahon)in conriection witle c�e loan evidenced by the Nate,inciuding,but not lit*�r.ed to,representations canceming
<br /> � BonowePs occupancy of the Property as apr�nciQal residence. lf this Security lnstrumer.t is on a leaschold,Borrower shall .;;•.:i�
<br /> . . . comply with the prov�sions of the lease. If Bonower acqulres fee title to the Property.the leasehold and fee dtle shull not
<br />- ° • b�merged un[ess l.ender agrees ta the mergcr in writing. � :
<br /> � 6. Charges to BorroP�er and Protection of Lender s Rights in the Property. Borrower shall pay all govemmental
<br /> � � � or municipal chnrges.fines and impositions that ure not incfuded in Paragraph Z. Borrower shatl pay these obligations on •
<br /> '' . , time direcdy to the entiry which is owed the payment. lf failure to pay would udversely affect Lender's interest in the
<br /> � ; • . prapeny,upon Lender s�request Botrower shall promptly f umish to Lender receipts evidencing these pryments.
<br /> ' . ,, lf Borrower fuils to make these payments or the payments rujuired by Paragaph Z.or fails tn perform any nther . .
<br /> � • covenants cusd agreements conta3ned ln this Security instrument.or there is a lcgal praceedmg that may significantly affect
<br /> � Lender's rights in the Pmperty(such as a procceding in baniwptcy,for condemnauon or ta enforce laws or regulations). -
<br /> � • � � then Lender may do and pay whatever is necessary to protect the v�tue of the Prop�ny and Lender's•rights In thc Property. :
<br /> lnclnding payment of tmces.harard insurance and oilter uems mentioned in Paragrapb 2. .
<br /> ;, ;f`. . .' � Any amounu disba�sed by tender under this Par��ruph shall became an additianal debt of 8orrower and be secured �•
<br /> � � b y t h i s 5 e c u r i t y I n strument. These amount�sh�ll bear mterest from the date of disbunement,at the IVote rate,und at the
<br /> � ��•'�,; c�tian of Lender.shall be immrdiately due�d payable. �
<br />,' ;,�.�;''',� `-� •,��>'' 7. C�mllemnation. Ti:_proceeds of any awazd or c?w::for darn.:ges,direct or conseyuential,in connecrion with any
<br /> ``�� �• � ' � '''`'�' ct��emnasion or other taki.�t�of any part of the Properry.ar f�r co:icey�a.�ce in plare uf condemnation.are hereby s�ssigncd
<br /> � � �' '��'' � ,n�shall be paid to Lender*.a the extent of the full amou.�t of the indebtedness that remains unpaid under the Note and ttris
<br /> . .
<br /> • �''`• � Seeurity lnstrument. Leader sitall apply such proceeds to z�:reducdon of the indebtedness under the Note and this 5ecurity
<br /> -- , - - - �nstrwnen�. fisnt to asry dc�isi s�cns amout:ts applled in the ��er provided in Paragr.�ph 3. and then to prepayment of __ _ _
<br /> � �`, principal. Any applicatton o�the proceeds to the principal shall not extend or postpone the due date of the manthty }-�
<br /> , �:� ' _ IOage 2�f 4 pugt�l
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