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<br /> TOdSTHF.tt W1TH dl tho improvema�u mw ar hereARer eroctai on ihc property. qnd all eaumemr. d8hu�
<br /> �ppu�noen.cenw.myaltia. mineral.ail and gag ri�hts wd prnfits.wAter rights w�d stock an�l sJl Rxtures now or hereaf'ter A
<br /> put of the property. Alt repl�can�ents wd additions ahall alw be wverod by this 9a.�u�ity I�wtnime�u. Atl of the Porc�oiny�i�
<br /> - rcfernd w in this Security lintrwnent ss�hc"Prc�pert�+.••
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<br /> BORROWER COVENANTS that Bomawer is IawFully rci..�of the estau hercby comeyed tud has the riBh�to Brnn�atd
<br /> -T=-._-__;°�=�, convey the Property iud tl�at the Property is unencumbered.exapt for encumbrances of rccord. Born►wer womntr and wlll
<br /> defend Qe�rcrally the titk to the Property a�ainu all claim9 wd demwKl4.subject to any ax.�umbrance�uf rer.�rd. � '-
<br /> =-—=� 1. Payment ot Principwl,intti^est artd I.ate ChorQe.Bocrower shell pay when due tha principal of.and lntarest on.the
<br /> ...,.x:�=:�,- debt evidenced by the Nou and late ciwr�es due under thc Note. �
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<br /> -_ _--:,.._•.a 2. Moatbly Payments dTues� Iasurwnee and Otder Ch�r��. Borrower shall include in euch monthlY PaYment, �;,::'''"
<br /> - - •.-t together with the principal and intcrcst as sei forth in thc fYote ctnd any lute chnrges,an installrnent uf any(a)taxes and special -��"�"_"?".
<br /> __---=4.,'� esccssments levied or ta be levied Agoinst the PropeRy. (b) I�sehald payments or grautd renta on Ihe Property. aad lc) �—�
<br /> i "� prcmiwns for insurw�ce required by para�raph 4.
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<br /> � Each monthly instc+llment Wr items(a). lb),and(c)shall oquel one-twelfth of the annus!amounts,as reasonably estimated —
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<br /> - _- - by Lender,plus an amount sufficiea�to meintain an additional balence of n�u rnore lhan one-six�h of the estimated amounts.The �_
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<br /> - - full nnnual enwunt for each item shall be uccumulated by Lender wfthin a periad emiing one month before an item would —
<br /> .--��-=,i become delinquent. Lender st�ll hold the wnounts collectal in troct W pay items (a), (b). And le) before IFiey bocotne `_
<br /> __.:..�:�-;mw�:,.sa delinquenl. �'�
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<br /> ----_-�?� If at eny time the total oF the payments held by [.ender for item.s(a). (b),and (c), together with the future monthly
<br /> ��.�.:;_� � payments for such items payable to Lender prior to the due dates of such items. exceeds by morc than one-sixth the eslimated `
<br /> i;,�,�,;,,,. amaum of payments requirad to pay such items when due,and if payments an the Note are current, then L.ender shall either i[-�-
<br /> �'��-�°�`" •��� refund the excess over one-si xlb oi the estimated payments or credit the excess over one-siath of the estimated paym�mts to -
<br /> �--�=":'`�`�'`�.'e.-; subsequent payments by Barciwer,ac the option of Barrower.If'ihe total of the peymcnts made by Borrower for item(a), (b), �:_
<br /> - 9 -"� or (c) is insufficient to pay ehe item when due, then Borrower sitall pay to Lender any amount necessary ta roeke up thc __
<br /> �L`�`�"'�`= deGeie�cy on or before the date�he item becomes due.
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<br /> �+�»�;s"� �' As used in this Security Instmment, "Secretary" means the Secretury of Housing and Urban Development or his or ixr �+._
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<br /> --�'_;;�,•.r'�: :_ designce. In any year in which the Lender must pay a mortgage insursince premium to �he Secretary, each monthly payment �as',"-
<br /> ��_:•, •-��� shall also include eith�r:(i)an installment of ihe nnnual mongage insurnnce premium to be pald by[.endcr to the Secrewry.or �
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<br /> ��Q.;,;��; � (ii) u monthly rharge instad of a monguge insurance premium if this Security Instrument is held by the Secretary. Each �„
<br /> =� -.=�°- �;.� monthly installment of the nx�ngc�ge insurance premium sh�ll be in An amount sufficient to accumulate the full unmu�l mongago
<br /> f 't(����._�- insurance premium with Lender ane month prior to the date the full annual martgage insurance premium is due to tha Secretary.
<br /> '"__-���� o� if this Security Instrument is held by the Secretary. each rnonthly charge shall be in r�n amount equal to orre•twdith of
<br /> �+�"�sp ��'�?+'�` ° one-half percent of the outstonding principul balance due on the Note. _-
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<br /> � � if Borrower tenders tu Lender the full puymeat of all sums secured by this Security Instrument,Borrower's accaunt shall �--
<br /> "�`M' '?�+'� ; be creditcd with the balancc renivning for all installmen�s for items (al. 1h1. and Icl and anY mortBage insurnnce prcmium �.
<br /> �;..;�'•� •�-�• installment that I.ender hn.4 no�becume obligated to pay�o the Secretury,w►d Lender shall promptly refund any excess iunds to
<br /> � "'='=rt' Rorrower. Immediately prior 10 a foreclosure sale of the Propeny or ita acquisition by L.ender. Bomawer's account ahall be �- �
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<br /> ::,�•""`' ' c�+edited with any balance remaining fnr all instullments for i�ems(a).Ib>,und Icl. �"
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<br /> -��-,S-y�- ° - 3.Appllration o�Poymats.All paymen[s under paragmphs 1 �u�d 2 shall be applied by l.ender as follows: �::;
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<br /> =���•�'!' ^ First, ro the mortgage insurancc premium to be puid by L.ender to the Secretary or to the monlhly charge by the Secretary ir�_
<br /> ��n`"�"�� ',,,;: instead uf the monthly mm�g�ge insurnnce premium: ��-
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<br /> ;:�� .:,:- �:. ;. Second.to any tnzes.spocial assrssments. leasehuld payments or ground rems. annd tire,flood and other hazard insuramx -
<br /> •� ,.�'�.:;, premiums.su required: �-
<br /> ��' '� �- '' Third,to interest due under thc NWe: �
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<br /> Fourth.�o amoni�tion o(the principal�if the Note: -
<br /> � Fifth,to Is+te charges due under the Note.
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