|
� � . . .�i • _ . 'i` _ ` . t .. { , f . `. t
<br /> _ - . < , . - ���j� - _lt. ' r . 1 . , —
<br /> i � C z � t
<br /> �,_ ' s14.: i . ^ ' « ty, . , .s.�. 'S 'f'..'. _ , . . (:f • .�; � �, . . i
<br /> ���. - ! � . . SI '�� . . � a . � .y n . ' ' . ��'. . .. O ' .? 'Y . �
<br /> _!'� '1 n .. ,!- . _
<br /> �..a . . . . . . 't. .. ...-
<br /> - ' - •.�t ` . � ' . �. _
<br /> � :.� � `� . � � � . . g�.��o�5�� � -��,`. :J . � .' _
<br /> • ° � � 1. Payment of Peincipat.interesi anu L����-Bosrav�:�si�ll ps;tvhen�the principal of.and intecest nn, . `� `� - `
<br /> • the debt evidsnced by the Notea�d late cisarges due ander the Note. • � •
<br /> Y 2. Mont6ly payments of'�ces,tnsura�tce and�the�Ct�arges. Borrawer shall include in each montiily paym�n� . _
<br /> .�; , together with the principal and intere�t as set forth in the 1Vote and any late charges.an installment of any(a)taxes and . �
<br /> `� � •• . special assessments tevied or w be levied against the Property,(b)teasehold payments os ground r�eats on the Ptoperty.and
<br /> -�`.;.�°. (c)Premiums far ms�uance requized bY Para�raPh 4. .,.c , . �•�
<br /> ... � Fach mont}ily installment for items (a).lb)and`(c)shall equal ane-twelfth of the annual amounts.as reasanably �
<br /> � ,. ��,c`�' ' estimated by Lender. plus an amount.suffrcient to rnaintain aa additional balance of not more than one-sixth of the . •:„�
<br /> � . <., �� e�timated amounts. The fuli annual amount far.each item shall be accumWated by Lender within a peria�l ending one . .
<br /> . , '_ , _ `
<br /> : •, . _. ' •_.•
<br /> month before an item wai�Id becnme delinquent. Lender shall hotd the amounts rnllected in uust to pay items(a),(F�)und •.. -..
<br /> :��:..., . .. ..s . -
<br /> . , {c}be�ac�they become detinquent - - �— �
<br /> ". ,,� If at any time the total of t6e paymenu heid by Lender far items(a):(b)and(c),together with the future monthly � -
<br /> _ ,Qayments for such items payable to Lender prior to the due dates of such items,exceeds by more than one-sixtb the � •�
<br />�'q. `; : . ' " estimated amount oF payments required to pay such items when due,and if payments on the Note are current,then Lender . .
<br /> =s shal!either refund the excess over one-suth of the estimated paymenu or credit the excess over one-sixtb of the estimated
<br />�;' � � ,'' " payments to su6sequent paymenu by Borrower,at the oprion of Bomower. If the total of the paymems made by Borrower < � �
<br />"�'"�'� ; . for item(a),(b),or(c)is inst�cient to pay the item when due,then Bomawer shail pay to Lender any amount necessary t�
<br /> �" , • �� ' make u�p the defciency on or 6efore the.date itE�item becomes due. ,'
<br />��r_ � As�ed in this Security Insuument,••Secretary"means the Secretary of Housing and ilrb�s Dr.•elopment or his or her , .' +
<br /> - designee. In any year in which the Lender must pay a mortga�e insurance premium to the Secretary,each mondily payment
<br /> � shall also include either: (i)an installment of the annu�l mortgage insurance premium to be paid by Lender to the . < r_:4.�a�.v
<br />-�� ,. . ,-_ e insurance um if this Security Instrumeat�s held by the . '
<br />� Secretary.or(ii)a manthly charge instead of a mortgag premi .•-�:c=;�:'�=�'
<br />�,,, � , Secietary. Each monthly installment of the mortgage insurance gremium shall be in an amovnt suf6cient to accumulate the ` .�;.,.,,.,,,:,_:-
<br />---�3�. • . full annual mostgage inswance p�emium witb Lender one manth prior to the date the full annual martgage insurance � �_,'.� r:__
<br />� � � piemium is due to the Secietary;or if this Security Inswment is hetd by the Seccetary.each monthly charge sha11 be in an ��_ ',- �
<br /> . ._ ��:�.� .� amount equal to one-twelftb of one-hatf pe�ent of the outstanding principal balance due on the Note. . :;::r�,` �`�•_;-':
<br />��i;.` _ • I f Sorraw e r t e n d e i s t o L e n d e r t h e f u ll p a y m e n t o f a l l s u ms secumd b y tiris Securi t y Instrumen�Borrower's account .'"`f';`�`:
<br /> .:..
<br /> ._..._ , , • �.._
<br /> ��` �. ': • ;. shaIl be cr�dited with the balance remaining far all installments for items (a).(b)and(s)aad mortg e insL,*�n�e . __. _�� -:.
<br /> anS+ aS .� .
<br /> -- --<. �-- - -.-. ...- pieimum insiallm�II�th�t�i:ettderfias not fiecome-obligated-to pap to�the Seeretary;and-1,ender shall-promptl+y--refund�n -"' ' ° '
<br /> �'--�--- �--� ---
<br />�� � excess fands to Borrower. Immediatety prior to a foreclosute sale of the Property or its acquisition by Lender,Barrowets ,. .'... .;4_�:
<br /> �`.. .. ' . ; account shall be ctedited with any balance remaining for all installments for items(a).(b)and(c). , s�'
<br />- � � ' 3. AQplIcatton oY Payments. All payments under Paragraphs 1 and 2 shall be applied by Lender as foIIows: ,, �,�
<br /> �� ' T e mort e uisusance remium to be aid by Lender to the Secretary or to the monthly charge by the " �,'y_�••.
<br /> _•..,�_. ._ ;.r•..,_..' FIRS .toth g� P P ,..,.,. _
<br />- Secretary instead of the montfily mortgage insurance premium; _
<br /> ��7�:���' � � SECOND'to any taaes.special assessments,leasehold payments or ground rents,and fire,flood and other hazard- •
<br />�:� ' insurance ptemiums,as recluired% . ••;`f�
<br /> �_ � . . . -_ �D,Ia�ter�srdue tmder the Notc; . - � �:.� .
<br /> -,. - � . • FQ .to amortization of the principal vf the Note; �*''._. �
<br /> • � : . ' FIFTFI,to late charges due under the Noie. , �
<br /> � ' •� 4. Fir�Ftaod and Other Hazard Insuran+ce. Bolrower shall insure a11 improvcmenu on the Property.whether now . ���;`
<br />� � . � in existence or su6sequendy erected.against any hazards,casualties,and contingencies.including firc,for which i.ender , :��.._ .
<br /> ' - �qnires insurance. This insurance shall be maintauied in the amounts and for the periods that Lender requires. Borrower ' -�;r;. �
<br />'� - � � • shall atso insure all improvemenu on the Property,whetHer now in existence or snbsequently erected.agaznst loss by floods ,• �;•_
<br /> � to the extent requited by the Secretary. All insurance shall be carried with companies approved by Lender. The insuian:e +i��.
<br />;�. � - � - policies and any nnewals shali be held by Lender and shall inatude loss payable cisuses in favor of, and in a form - . ,;� - .
<br />��. , acceptable to,Lender. � .
<br /> r� • In the event of loss,Boaower shall give Lender immediate natice by mail. Lender may make praof of loss if not , • .•'t. ,�
<br /> J� made prompdy by Borrower. Each insurance company concemed is hereby authorized and directed to make payment for : .�;.,i`
<br />�`��: • ' suc6loss dincdy to Lender,instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be �• � ''-
<br /> l ..
<br /> � � �` applied by Lender.at its opuon,either(a)to the reducaon of the indebtedness under the Note and this Secunry Instrument. �,�
<br />�,�:... ' � ��,.\,`• . ' fust to any delinquent amounts applied in the order in Paragraph 3.and then to prepayment of priacipal.or(b) to the .
<br />_ -�_�- � • restarauon or repa�r of the damaged properry. Any application of the proceeds to the principal shall not extend or postpone .
<br /> ' �-�- the due date of the monthty payments wtuch aze referreA to in Paragraph 2,or change the amount of such payments. Any � , •
<br /> _ • . "" eacess insurance proceeds over an amount required ta pay all ouutanding indebtedness under the Note and this Security ° .. . �
<br />- � :. �; Insdument sh�ll be paid to the enriry legally enatted them% � � ' � - �-• :,���• -,,;�
<br />- � In the event of foreclosure of this Securiry lnstrument or other transfer of tide to the Property that extinguishes the '
<br />�,. : ". . .:� indebtedness,all right.title and interest of Borrower in s�nd to ins�rance policies in force shall pass to the purchaser. �' ��;� ,��=�
<br /> • , 5. Oocupancy, Preservatton, Malntenance and Protection of the Property: Borrower's Loan AppltcatIon; !• .
<br /> •� . � � lxaseholds. Borrower shall occupy,establish,and use the Property as Borrower's principal residence within sixty days
<br /> � �� after the execution of this Security lnswment and shall continue to occupy the Property as Borrower's principal residence
<br /> ' � for at teast one year after the date of occupancy.untess the Secretary determmes this requirement will cause undue hardship ° _ �- �
<br />- ;,. for Borrowet, or unless eztenuating circurrist�uices exist which are beyond Borrower's control. Borrower shall notify � • :
<br /> ' ' Lenders of any extenuating circumstances. Borrower shali not cammit waste or destroy.damage or substantially change .
<br /> ' • �. .' �� the Property or allow the Property to deteriorate,reasonable wear and tear excepted. Lender may inspect the Property if the � .
<br />°'� �, , .� Froperty is vacant or abandoned or the loan is in defaul� Lender may take reasonabte action to protect and preserve such ,
<br /> • . • vacant or abandoned Property. Borrower shall also be in default if Botrower,during the loan application process,gave
<br /> � materially false or inaccurate information or statements to Ixnder (or failed to provide Lender with any material � •
<br /> informarion)in co�u►ection with the loan evidenced by tNe Note,including:but not limited to,representations conceming ,.
<br /> - ' � Borrower's occupancy of the Property as a principal residence. If this Secunty lnstrument is on a leasehold.Borrower shall
<br />��,�:� �• � � . comply with the prov�sions of the lease. If Borrower acquires fee dtle to the Property.the leasehold and fee title shall not , . .
<br /> be meTged unless Lender agrees to the merger ln wriring.
<br /> � �. 6. Charges to Borrower aad Protectioa ot Leader's Rig6ts in the Property. Borrower shall pay all govemmental
<br />_�: . or municipal charges,fines and impositions that are not included in Paragraph 2. Borrower shall pay these obligations on . _
<br />_ � • time directiy to the entity which is owed the payment. If failure to pay would adversely affect Lender's•interest in the •
<br /> ' �}•' Property.upon l.ender's request Borrowes shaU promptly fumish to Lender receipts evidencing these payments. .
<br />- �.,�..,.;,. �� ' If Borrower fails to make theae payments or the payments required by Paragraph 2,or fails to petform any oiher ,
<br /> � covenants and agreements contuined in this Secwity Instrument.or there is a tegal praceeding that may s�groufccandy affect � � •
<br /> � Lender's rights In the Property (such as a pmceeding in bankruptcy.for condemnation or to enforce laws or regulatiuns). `
<br />:� •' • then Lender may do and pay whatever is necessary to,protect the value of the Property and Lender's rights in the Property.
<br /> , ' . ''- ' including payment of tanes,ha7ard insurance and other items mentioned in Paragaph 2. �
<br /> X � ' � Any amounts disbursed by Lender under this Para h shall tiecome an addi�ional debt of Borrower and be secured �. .
<br /> . � ', by this Security Inswmen� These amounts shall bear t�rest from the date of disbursement.at the Note rate.and at the
<br /> . opHon of l.ender,shaU be immediately due and payable. .
<br /> � • � 7. ConBemnattoa. 'i'he pmceeds of any award or claim for damages.direct or consequenriaf,in connecdon with any .
<br /> . �•• • , wndemnation or other taking of any part of the Property,or for conveyance in place of condemnatian,are hereby assigned � _
<br /> � . . ' and shall be paid to l.ender to the extent•of the full amount of the indebtedness that remains unpaid under the Note und this ;
<br /> . •. . • . . � 5ecuriry Inswment. Lender shall apply such pmceeds to the reduction of the indebtedness under the Note and this Secnrity ' .
<br /> . �:
<br /> . . • � �� �. Inswmem.first to any delinquent atnounts applied in the order provided in Paragraph 3. and then to prepayment of � ,.
<br /> �__-__,s�_ ' rrincitral. Any nQplication of the praceeds to the pru�cipal shall not extend or postpone the due date of the montlily � F
<br /> .,,. • • � .� .. • ---.__....._._ .
<br /> . � , . ; , IpaBe 2 oj4 pagesl • � ' .
<br /> . , .
<br /> _:- , � ..:. ' ; . ' � , .
<br /> ,:•i•�� -• - . � ..._ . . .. . . ' . -
<br />
|