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<br /> BORROWER COVBNAN'�'S thst Bo�x�nwer is lawfully soizo�of the estute hcreby co veyed an e t' grcmt
<br /> und ronvey the Property aad that the Pmperty Ia unencumbe�+ed,except for encumbrsmoes of record. Bocrower warrant�ond
<br /> wil!defend generaUy the dde to the Property ogafnsl ull clr�ims and demanda.subject to any'encumbrance�uf record.
<br /> UIVIFORM COV�TANTS. -�•,
<br /> 1. Poyineat a2 Prclndpal,leetet�..,�"°'t umd btste CharSe. Botrower ehell pay when due the principal of,and interest on. �
<br /> the debt evidenced by the Note and lnte charges due�u�der the Note.
<br /> 2. Monthly Ppyment of Twxes,�nsuewnoe�and Other Chsuges. Bomower ahell include in each mant�ly puymen�
<br /> Wgether wlth the prIn�ipal aad interest as set forth in the Note and eay late charges, a aum for (a> taxes snd special
<br /> asgessments levtod or to be levIed agmiase the Property.(b) leasehold puyments or ground rents on the Property. end
<br /> (e)pnmiuma for inaurance cequired under Perag�raph 4. In aay yeac in wl�ch the Lender must psy a mort�uge insurance
<br /> prepniwn w the 5ecretery of Housing and Ucban Development("Sccretary").or ia aayr year in which such premium would
<br /> huve�zen r�quirect if Lender still held the Securlty Insaumen�eas:h raonthly payment shaU also iaclude either:(i)a sum for
<br /> the aanual mortgage Insurnace premlum W be Patd by Lender to the Secretary,or(ii)a monthty cbarge inatead of a mortgage
<br /> iasurance premium if thia Securtty Inaonuuent ia held by the Secmte:y.in a m.�uuonable araount W be determin�d by the
<br /> S�xreetary. Except for the montWy cherge by the Secsetary.these items are caUed"Bscrow Items"aad tbe sums paid W Lender
<br /> ate called"Escrow Fwtds."
<br /> Lender may.at any tLue.coAect aad hold amaunta for Escrow Items in an aggreBate amouat not w excecd the raaximwn --
<br /> amount that may be required far Bomower's escn►w accouac under the Real Estate SeWement Procedures Act of 1974. 12
<br /> U.S.C.$ 2601 g�g. end imptementiug regulalions, 24 CFR Part 35t10. as t6ey may be araended from dme w dme
<br /> t�h Borrower's payments areC avbailable in�the acoount maY n t b�a based on amonais�du efor the mortgage iasurau pnemium. °
<br /> If We amounts deld by Lender fnr 8acmw Items excx�d the amounts permiueai to ba held by RESPA,Lender shaU deal
<br /> wfth the excess funds as required by RESPA. If We amounts of funds heId by Leaaer at any tirae am not sufficieat to puy the
<br /> Fsc�+ow Items when due.Lender may nodfy tIx Buu�wec and reyuirz Iiarrawcr ta make ug the shortnge or defe�ency ea �
<br /> permiued by RESPA.
<br /> 74�e Escrow Funds aze pledged as additional se�urIty for all aums secured by thia Securlty Iastrumen� Jf Borrower
<br /> unders to Lender the full payment of all such sums.Bormwet s aceount shall be credital with the balance remainin$for aU
<br /> iastailtneat itans(a),(b).and(c)and any mortgage�nswmnce premium inatallment that Lender has noi become obligated to
<br /> pay w the Secretary.end Lender shall pmmptly refund any excess fiu►ds to Borrower. Lmnsdiatcly prior to a famclosuro sale
<br /> of the Pe+opesty or itaacquisidon by Lender. Bormwer's accauat shaU bE credited with aay balonce remai�ng for all -
<br /> iastallmenta for items(a)ib).and(c).
<br /> 3. ApplicatQon o�l���ymeata All paymenta uader Paragrepha 1 and 2 ahail be appHed by Lender av followa:
<br /> gt��,w the moRgage lnsurance prernium to be paid by Lender w the 5a:retary or w the monohly chargo by __
<br /> t6o Secntary Instead of the montdly mortgage ins�uen�premium: `
<br /> �]�� co any texes,special assessmeats. leasehold payments or gound nnts, and fu�a,tloud and other
<br /> � tuance pnm��ums.as ralulrod:
<br /> .ta interest due under tha Ivote;
<br /> w annortlzatIon of die prIncip�1 of the Note;
<br /> w late cbarges due uader tha l�fote.
<br /> A. Fqn,�1ood and pWer Sar�rd Im�.aoe. Bomower shaU inaure ell in►Provemenps oa We Property,whether now
<br /> ip exis�nce or�subse�uently erecced, agafnst any hezenda, casualdes. aad condngencies, inclucling fire. for wUioh i„eader
<br /> �,uires inaurauoe. 'lUis lnsuraaoe shall be malnteined in tho amounts and for thc perIods that Lender req�jres. Borrawer
<br /> shxli also insure aU irapruvemenm on the Fmperty,whetha now�n exisoena or subsequendy era�ed,f►gaiusi loss Ly tloods
<br /> w tt�e extent rcquirod(ry the Secretary. All insuraacx shull bo canied wIth aompauies appr�ved by Lender. 'Iha inewgaa
<br /> policles end any nnewals s6aU ba held by Lender und shall include loss payable clauses in favor of.and In a form aaxptablo
<br /> to,Lentler. '
<br /> fn the event of loss,Bomower shsll give Lender Lnmediate nodce by meil. Lander may maicepmo f of Ioss if aot made
<br /> pmm Uy by Bomower. Each insurauce oompsay concerned is hereby authorized aud dina;ted to make payn►ent for such loss
<br /> �y to Ler�der,instesA of to Hor�uwer c+nd to Lender joindy. All or eny part af d►e inauiaaa pmoeeds may bs�Aplicd by
<br /> Lender.at its opdon.elther(a)w the reductlon of the indebtednesa under the Nou end this 5ecurity Insuvment,fuet ta eny
<br /> delinquent amounts applled in the order In Paragraph 3.and tD�en w prepaymcnt of prtncip�+l,or(b)to We restoradon or Qepair
<br /> of ffie damnged property. Anyappllc�tton of the pmoeeds w the prinoipal sball not extend or postpone tho dae date of tho
<br /> mondily payment�w�ich ere zcfen+ad to in Fara8re9b 2,or chaage the amount of such payme.mts. Aay excess insumnce
<br /> procoods over an amountrequit+cd W pay all outsmnding indebtedness under the Nate and thia Security Ias�rument shaU be
<br /> pa[s!to the endty legafly entitled thereto.
<br /> In the avent of finclosure of this Secur[ty Insuument or other vansfer of dtle to the Pcopenty that extin�uishes the
<br /> indebtedr►ess�all night,tide and interest of Botrower In and to insurana policks iit force shall pass to the purchaser.
<br /> S. Oocupaacy, Prarcrv�tion, Maintenaaoe �nd Prntedion oI the Prolxrii'i Borrower•s Loao Applicatbn;
<br /> Lwsehofds. 8omnwea�xhall occvpy,establish.oetd use the Ptoperty es Borrower's prIne3pal residence withiit six days efter
<br /> t t
<br /> the exerudon af this Secucity Insuwnent and shaU continue to 000upy the as Borrower's principal�est ence for at
<br /> least one year ufter the date of occupanry.unlesa the S deterniines�uirement wUl ca�se iu►due hardship for
<br /> Bonower.or unless extenuattng circumstsnces eacist which aro ond Bmrower's crnttrol. Boirower shaU notify Lendern of
<br /> any dx�enuattng clrcamstances. Boirower shnll rtot commit wagte or destroy.damaga or substend�lly change the PropeKy or
<br /> allaw the Property w deteriornu, reasonable wear and tc��r excepoed. Lender may inspat thc PropeKy if tt►e Prol�enY ja
<br /> vacant or abandoved or tha loan is in default Lender may toke manonabte action to pmoect and preserve such vacant or
<br /> nbandoned Property. Somower shsill atso be in default if Borrower,dwi�►g the loan appUc�tIon process,gave matertally false
<br /> or inavcwrate informaflon or staten�enta w Lender(or fi�led to previde Lender with uny material informadnn)in connect.+on _
<br /> with We loan evldenced by the Nota,indudin$,but aot ltmited�o,representatlons conceming Bornower's occupancy of the
<br /> Property as a principal residence. If thts Secunty Insaument is on a teasehold.Boirower shall oomply with the provlsions of _
<br /> the lease. It Borrower acquires fee Hde to the Propecry.the leasehold end fee ritle shell not be mer�ed anless Lende,r agcees to _
<br /> the merger in wrl8ng. =
<br /> 6. Ch�rges to Borrower and Protcction of Lender•a Rtghts in e6e Pe»perty. Bocrower shal!pay aU governmental -
<br /> or municIpal char�es,flnes and imposidons that sre not included in Pamgraph 2. Borrower shaU pay thesc obligadona on
<br />= tj�dt�l.►m�e�ei�v which is owed the navmen� If fatlure to nay would adversely �'ect Lender'a intemst in ttte -
<br />- Propert�r.upon Lendet s reyuest Bon•ower shall promptty furnish to Lender receipts evidencing these pmyments. �
<br />_ I�Borrower fails to mnke these paymentv or the paymenta required by Puta�raph 2, or fatTs to perForm eny other _
<br />- covenants and e�+eementa conmined ia this Secur[ty insuument,or there is a legal prace�ding that may significandy affect _
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