|
�-�.,r .. . • . . .• ,n1-vr;,x�.ro�ioJ d�,i;•t r ''� ., . .. ,�
<br /> . . .. -. .�...-�f4re ..-.. ,.-� ,
<br /> .R ,� . . ,...l1J.�+�_,
<br /> i (1 .
<br /> . ,.. -nX�!i:a.�.t «v.r �'•. _ . .. . . . . . _.� _
<br /> �„ . ,' . .a,i:•"..::.._.. . � ... _ . `..-..Y;�'F�:�;'..
<br /> . . . .
<br />,.....n..,..�.A �fftt�xdrisw.:.w�.r... . �.: ' . . .w,.�r...v -- . �k4flir�!+tlf.tr•.. :..;r •... :�:.�....,..,..w+r•.-�"":�- - ._
<br /> _
<br />� .r.,...� . ..'awzG'°"'s���........_..
<br /> ?� A���� �'••�,I�O�J6 . ,�k
<br /> l. !'ayme�t oP I'rincipal,Inferest nnd i.atc Chnrge. 13orrower+h�ll p:�y whcn duc the principal of,and interest on, tr•=
<br /> thc dcbt evidcnccd by Qie Note and liite ch;uges dtte undcr tlie Note. _;__.
<br /> �� Z. M�mthly payinents uf 7hxe9,fnsurvac�nnd Uther Charges. Borrower shail include in cach monthly paymcnt, _�
<br />;,� togethcr witfi thc pnncip�l nad inter�st :is set fo�th In thc Note und an� I:nc�-narges,nn instnllment of nny(n) taxes and �:,�_,..
<br /> '�° s�eciul nssessments lcvied or to bc Icvicd ngainst the Praperty,(b)Icusc iolcl payments or gr�und rent5 on the Properly,and
<br />;,_� (c)premiums for intiurance requircd hy Pangrnph 4.
<br /> �= Gaci� mui�thly installmcnt for items (n), (h) nnd (c} tihnll cyu:jl one•Iwelfih uf the annu�il amiounts, as renwnnbly ��°
<br /> — estimatcd by l.ender, plus tm amount sufP�cicnt to ntaintain an ndditional balaizcc o( not morc �hAn onr-sixth of the �
<br /> = estimated nmaunts, The full annual nmaunt for ench item shall be nccumulated by LenJcr within a period ending ane �
<br />;"'_;� manth before nn item would hecomc delinquent. Lender shall hold the nmounts collected in trust ta pay items(a),(b)nnd =___.
<br /> (c)bc:face they i�ecome delinquent.
<br /> `� If nt any timc�he tatnl of the paymcnts held by Lendcr for items(a),(b)and(c), together with Aie futurc monthly --
<br /> ' paymcnts for such items p:tyable to Lendcr prior to thc due dutcs of such items, cxcecds by marc than one-sixtl�the ____
<br /> •4� I csdmntcd nmouot of paymcnts rcyuired tu puy such items whcn due,and if payments on the Note are cuRent,then I.endcr =--
<br /> shall eithec refu�d the excess over one-sixth of the estimated payments or credit the excess over one-sixth af the estimnteA
<br /> =�' � paymcnts to subscyuent paymcnts by Borrowsr,nt the option ot 9orrower. If the total of the payments made by Borrowcr �
<br />:-;;'�; for item(a),(b),or(c)is msufficient to p.ry the item when due,then Horrower shnll pay to Lender uny amaunt necessary to
<br /> �.��� mnkc up the d�ficicncy on or bcfore the date the item becomes due. =" '
<br /> :�;�' As used in this Security Instrument,"Sccretary"means the Secretary of Housing and Urban Development oc his or her
<br /> '�' designec. In uny year in which the Lender must pay a mortgage insurunce premium to the Secretmy,each mondily payment
<br /> `� shull nlso include either: (i) an inst�llment of the c►nnual mortguge insur.3r►ce premium to M paid by Le►�der to the
<br /> Secrc�tary, or(ii)a monthly cliarge instead of a mortFage insurance premium if tliis Security Instniment is held by the
<br /> ,y Sccret�ry. Each montlily installmcnt of the mortgagc insurance premium�hall bc in an amount sufficient to accumulute tho
<br /> -"" full unnual mortgx�e insurance premium with Lender one month prior to the date the full annuul mortgnge insurAnce
<br /> premium is due to the Secretary;or if this Security Instrument is held by the Secretary,eacl�manthly charge shap be in an -
<br /> amount equal to one-twelfth of'one-half percent of the ouG,tanding princip:�l balance due on the Noto.
<br /> If Borrower tenders to Lender the ful! payment of all sums secured by d�is SecuritY[s�strument, Sarrowers acr,ount
<br /> `� shall be credited with the balancc remainin� for ull installments for items(a),(b) attd (c) und any :nnrtgage insurance
<br /> �. precnium installment that Lender has not become obligated to pay to the Secretary,and Lender shall promptly refund anY
<br /> excess funds to Borrower. Immediately prior to a foreclosure sule of the Propeny c�r its ucquisition by Lender, Boirower s
<br /> � account shall be credited with nnu balunce remnining for all installments for iterns(a),(b)and(c).
<br /> 3. Appl!eztflon of Peymente. All paymcnts under Para�raphs 1 and 2 shall be applied by Lendcr as follows:
<br /> ��,to the mortgage insur.uir.e prem►um to be paid by Lender ro the S�cretury ur to tlie monthly charge by the �
<br /> 5ecretury instead of the monthly mortgnge insurance premium;
<br /> SECO D,to any tuxes,special assessmenGs,Icasehold payments or ground tents,and fire,flood and other hazard
<br /> insurance premiums,as reqmred;
<br /> THIRI� to interest due under the Note; _
<br /> �(aiJR'�' .to amorti7ation nf the principal af thc Nore;
<br />=t:•� �1M'_S,H_,to lat�charges due under the Note.
<br />;`;_ ' 4. Fire,Flood and Othea Ha�ar�Insurunce. Borrower shall insurc nll improvements on the Propeny,whethcr naw
<br /> in existence oi• subst:quently crected,a�Ainst any hazards,casu�ties,and contingencies,including fim,for which Lender
<br /> _ eequires insurcu►ce. This insurance shall be maintained in the amounts and for the periods that Ltnder requires. Borrower
<br /> shall also insure all improvements on thc Prope�ty,whether now in cxistencc or subsequently crccted,agninst loss by floods
<br />_� ' to the extent required by the Seccetury, All insurance shall be carried�vith cornpanies approved by Lender. The insurance
<br /> �.�i policies and any renewnls shall bc held by Lender and shall include loss payuble clauses in favor of. and in a fom�
<br />= acceptnble to,Lender.
<br />- In the event of loss,Borr�wer sl�all give Lender immcdinte noticc by mail. Lender may make proof of loss if not
<br />__Y • made promptly by Borrower. Each insw�ance company coneemed is hereby Authoriud and directed to make payment for _
<br /> such loss di�cdy to Lender.instead of to Borrower and to Lender jointly. All or uny part uf the insurance proceeds may be
<br />-- , applicd by Lender„nt its option,cither(a)to the reduction of the indebtedness under the Nate and this Securiry Insttument, �
<br />_ first to any dclinquent amounts applied in the order in f'aragmph 3,artd then to prepayment of principal,or(b)to the 4_
<br /> rcstorntion or repair of the damaged property. Any application of the proceeds to the principal shall not extend or postpone �
<br /> the dtie dnte of the monihly payments which arc referred to in Paragraph 2,or change the amount of such paymenu. Any
<br /> - excess insurance proceeds over a�i nmount required to pa}� all outswnding indebtedness under the Note and this Security ��--
<br /> Instrument shall be paid to the entity lesally enntled thereto. e_-
<br /> In the event of foreclosure nf this Security Instrument or other transfer of tidt ro the Propeny thnt extinguishes the
<br /> indebtedness,al!right,title nnd interest of Borcower in and to insurancc policics in force shull pass to thc pvrchaser. G`�-
<br /> . S. Occupunc3, Przserva3ion, :Vialntenance nnd Protection of the Pranerty; Rnrrower'c l.o�n Applfcation: R�
<br />= I.easeholds. Borrower shall occupy,estublish, and use the Property as Borrower's principal residence within sixty days �.;
<br /> after the execution of this Security Instrument and shall continue to occupy the Propeny as Borco�ver's principal residence . -
<br /> for nt Ieast one year nfter the date of occupancy,unless the 5ecretary determines this mquirement will cause undue hardship +"-
<br /> for Bonower, or unless extcnuating circurtistances exist which are beyond Borrower's control. Borrower shall notify
<br /> ~ Lenders of nny extenuating circumstunces. Borrower shnll not commit waste or destroy,dumage or substuntially change .�
<br />"' Uic i'roperty or ullow the Propeny to deteriorate,reasonable wcur and tear excepted. Lender may inspcct thc Property if the
<br /> " Prope�ty is vacnnt or abandoncd or thc loan is in default. Lcnder may take rea�onable action to protect nnd pmserve such
<br /> = vncant or abandoned Property. Boirowcr shnU also bc in dcfault if Borrower,during thc laan application pmcess,gavr.
<br /> - materiall�+ false or innccui-�te information or statements to Leraler (or failed to provide Lender with any material ''
<br /> �� ' informauon)in connection with the loan evidenced by the Note, including,but nat limited to,representations conceming
<br /> •:�+. Borrower's occupancy of the Property as a principal residence. If this Secunty Instrument is on a leasehold,Borrower shall
<br /> - cumyly with che prov�sions of the Icasc. If Borro�ver acquires fee title to the Pmperty,the lcasehold and fee tiNc shall not
<br />'m � bc mcrged unlcss Lender agrees to the merger in writing.
<br />— 6. Charges to Borrower nr.d Protection of Lender's Ri�;hts in the Praperty. Bon�o�ver shall pay ull govemmcntal
<br /> ° or municipal charges,fines:uid impositions that are not included in P:u:�guph 2. Borcower shall pxy these obligations on
<br /> .: time directly to the entity which is owcd the payment. If failurc to pay would ndversely affect Lender's•interest in thc
<br /> M��:.� Property,upon Lender's•request Bortower shnll prom�tly fumish to Lender rcccipts evidcncing thcse payments.
<br /> lf Rnnowcr fails to makc these pavments or thc palrmencs required by Partfirnph 2, or fails to perform any other
<br />_-x � covenants and agreements contained in this Security lnsfrument,or there is a legal proc;ceding thut may si�nificantly affect r
<br /> Lcndcr's rights in ttie Property(such us u proceedin� in bankruptcy,for consiemnation or to cnforce laws or regulations), �
<br /> -�-7 then Lender may do and pay whutever is necess:uy to protect the value uf ih�Propeny anei Leneic,'�,igl���iir tiie;'ropc�ty. �
<br />__ incFuding payment of taxes,ha�ard insurance and other items mentioned in Paragcaph 2.
<br />�� Any umounts disbursed by Lender under this I'arn�raph shall lxcome:zn add�tional debt of Borro�ver and be secured �
<br /> == by t8is Sc�urity Instrumcnt. Thesc�unounts shull beaa intemst from ihe date of disburscment,at the Notc r.�tc,and ut the
<br />-;� � optton of Lcndcr,shall bc immediatcly due nnd payable. i
<br /> 7. Condemnatlon. The proceeds of any award or claim for damabes,dircct or conseyuentiul,in connection with any
<br /> �; condemnation or other tnking uf.my part of the Propeny,or fur cunvcyance in place of condemnation,are hercby us,i�ned •
<br /> ' and shall bc psid ro Lcnder ro thc extent of the full umount of thc indcbtedness thut remains unpai�under thc Note and tliis �
<br /> ? Security Instrument. Lender shall apply,uch pnaceeds to the rcduction of the indebtedness under the Note:uid this Secmiry �
<br />�"�. ° Instnimcnt, first to any dolinyucnt amounts applicd in thc urdcr proviJcd in Paragruph 3, and thcn to prcpayment of �
<br /> "� principal. Any application at the prnceeds to the principal shall not cxtend or pnstpnne the due date of the monthly i
<br />` 1�:
<br /> .,�,
<br /> . �. r��xc�„fa�,.,x���i �
<br />
|