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<br /> .r: -.,. . ,:.�. , d�'�''O�u.l�n11�G�.�iv�f' �..,
<br />- • • • TO01?7'NG'R WITH all the improvements now on c�rc�ftcr crectcd on the propeny. nnd aU c�semcnts, ri�hts, ;
<br />}-;+�=�L'i4;bt�w-�'` F°=`' op�urtcnaifccs, rcnts,royal�ics, mincrnl,oil and g�s rights 1nd profit., watcr ri�his ttnd stack and all fixtures now on c�ra�f'tcr a '��
<br /> `,i.=,`�-1?ki.'....{....,�', tir
<br />_ . .,., . part of the property. All rcplacements nnd adcliti��ns shall nlso be covcred by this Sccuriry [nstrurncnt. All of thc foregoing is
<br /> "s��'�-=--"•"'��^����;� rcfcrrcd to in this Security Instrurnent as the "Propeny."
<br /> .-_::;,=.,-y;^",��•.
<br /> �:'
<br /> -Y,.�.-na.`;' �*� HUkktOWER CAV�NAN'Y'S thut Aurruwrr i,I.�wfully,ri,ui uf tLr:c,tnt�hereby cunveyecl und hus the rigltt ta brt�nc i�nd M,,,=�
<br /> _""°"`���T �, convey the Property mtd that the Property is unencumbered, except for encumbrances of recard. Borruwer warrants and will
<br /> _��k:l.:��_:,�'•vtt-t":_..-; �_-_
<br /> . � d^.fe�td�ener.11ly the title to the Prope•rty against all cluims und demands,subject to any encumbrances of record.
<br />_ !''.��fyLff.{��':^��� _
<br /> - - , •�.�� .,, l. 6Myment of Nrinclpal, Intcrest and Late(;I�nrge. Horrowcr shall pay whcn duc thc principal of,und intcrest on,thc
<br />--�:',:�.::_;...��•�'�•. debt evidenccd by the Notc nnd laie chargcs due undcr thc Note. �;+.
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<br />— �-�%��'��f"��"- � 2. Monthly Pny►eients nf Tnx�s, Iusurunce nnd Gi}�er CharFes. Borrowcr shall include in each monthly payment, �';,
<br /> _ il�:� ' ;`• mgethcr with thc principal and in�erest us set forth in the Notc and any late cliargeti, an installment of any (u)taxes and speciul
<br />- _ � :'.-., ' � acscssments levied or to bc levicd ugainst thc Praperty, (b) Ics►s�hold payments or ground renis on the Propeny, and (c) �'°�•'��
<br />=;�,,.,::"°_�..,.::. premiums for insurance required by paragraph 4.
<br /> v..a .i��'E.t•�.: , i � -
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<br /> `-'``;`�� ``�=;�'*��± ' � Fach monthly installment for items(a), (b),and(c)shall equal one-twelfth of thc annual amounts,as reasonably estimatcd �:�:�:
<br /> � • � " by Lender,plus an anwunt sufficient to maintain an additional bnlancc of not morc thun one-sixth of thc estimated nmounts. Thc
<br /> , • ' I iull unnual amount for each item shall be accumulatcd by Lender within a period ending one rnonth before an item would ,
<br /> � ,� �� becume delinquent. L.ender shall hold the amounts collected in trust ro pay items (u), (b), and (c) before they become
<br />_ . . I delinquent. '
<br /> , �
<br /> ,�,.;,,; ;�r., •, � If :�t any time the total of ihe puyments held by Lendcr far items (a), (b), und (c), together with the future monthly �
<br /> payments far such items payuble �o L.ender prior to the due dutes of such items.exceedti by rnore�hun one-sixth the estimated
<br /> . ;••�:
<br /> � amount af payments required to puy such items when duc, and if paymcnts on�he Notc ure current, thcn Lendcr shall cither
<br /> . ,, refund the excess over one-sixth of the estimated payments or credit the excess over one-sixth of the estimated payments to •
<br /> . � �:
<br /> • ' subseyuent puyments by Borrower, at the option uf Horrower. If the tot.d of the payments rnade by Borrower for item(a), (b),
<br /> � ' ur (c) is insu(ficient to pny thc item whcn due, then Borrowcr shall pay to Lendcr uny umount necessary to make up the ' '�
<br /> • deficiency on or before thc dute the item bccomes dua ��'.,
<br /> „. :
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<br /> , � As usai in this Securiry Instrumcnt. "Sccretary" meuns the Sccrctary ��f Housing und Urban Development or his or her , ;;
<br /> � . de5ignee. In uny ycar in which the l.ender must pay a mort�age insurance premium tu the Secrci�ry. each monthly payment
<br /> . sh�ll ulso includc cithcr: (i)an insiallment of thc.mnual mortgagc insuruncc prcn�ium to bc puid hy Lcndcr to thc Scrrcti�ry, or
<br /> � • (ii) a monthly chargc instcad of'a mortgngc insurancc prcmium if this Scruriry lutiu•umcnt i, hcld hy tl�c Sccrctciiy. Einch . .
<br /> _ .� , . .. m�nthly ioswlhncnt of thc mortgagc insurcuirc�remium shuil h� in un,winunt�ulliricnt to:ircumulatc tlic full :umu.il�ti�ortbugc .;
<br /> , . '.:•�. . insur:mre prcmium with l.cndcr c,nc month pric�r t��thc ckac thc full unnuul mortga�:c in,uriinrc prcmium i,duc tu ihc Sccrctriry, � ..;
<br />- �'° � ����'•S „ or if this Sccurity Instrumcnt is hcld by th�: Sccretary, c.ich mnnthly chargc +hall hc in an umunnt cyuul to onc•t�vclRh of �
<br /> _ . .,. onc:•hulf perccnt of thc uuttitanding prinripal balunr�duc un thc Nutc. "
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<br /> . ....�....�;. . lf Eiorrowcr tcndcrs to l.cndcr thc full paymcnt uf all ,umti sccurcd hy thia Sccurity Instrument, Borrowcr's uccount tihaU -��
<br /> - �-•�+�� be crcJitsJ with the balance remaining for xll instullmcnt� for item+ G�), (hl, unii (r) ,uid any rnongage intiurance premium �
<br /> '°��`:' '• I installment that Lender has not bccome��bligated to pay ro thc Secretary,and Lcnder shall promptly rcfund any excess funds to ''•
<br /> _ , � � � Borrower. Imnudiutely prior to a forerlosure sale of the Property or its ucyui�iiion by Lender, Borrowcr's account shall be • ,
<br /> ' credited �vith any balunec remaining for all instaUments for items(a), (b).and(c).
<br /> I
<br /> . �
<br /> • . ; 3. Applic.�Hon oF Puymcnts.All payments undcr para�*,raphs I und 2 shall hc upplicd by Li:nder as ti�llows:
<br /> I
<br /> ` � First,to the mortgagc insurance premium to bc paid by I.endcr to the Secrctary or to the monihly churgc by the Secretary
<br /> , . � - ! instcad of thc monthly mortgagc insurancc prcmium; •
<br /> Seeond, to any taxes. special ussessmcnts, Ieasehold payments cir ground rentx, and fire. Oood and othcr hai�ird insurance
<br />.i ; premiums,as rcyuircd:
<br /> - Third,to intcrest duc under the Notc;
<br /> Fourth, to amortiration of thc principal of thc Notc:;
<br /> -� � Fifth,ta late char�es duc under thc Notc.
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