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<br /> . � 1. tijr�st 4[pri�eip�i,IMh(�elt s�d I.ffe Cifr� Bo[mwex sh�li piy whr�due tbe pci�rCip�t of.;aod intetrri ort. ,` < ,
<br /> - the debt evideacod lry tbe Notc aod We charses dae under dx Na1e. : . ,
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<br /> '` . •2. MMIY�►,�t�e�b af 7i�zes.Lwra�ne a�Ol�er G1�a. Bo�mwa�s1�4 include iu ach monddY P�Y�. �
<br /> _ _�--------- -- -° - llment^of_�nv:fi]_tasec
<br /> �.. apeciai uses.qmenu tevied a w ne kvKd ag�t u,e Ptopcicey,N)1��p�Y�����on ehe Pmpe�ty, --
<br /> tc)Praonuns forins�sa��eq�d bY Ya�agr+ph 4• - . - : - -- .- ,
<br /> F�ch mnnthly inatallment for items(a?,(b)�(c)shall equal.one twelhb of the annual amounts.as reasan+bfY=
<br /> est�tod by LeiWer.pIus�r amaimt s�cieat w maiatain an addmonai balaace of iiat more tha�F�nne-sixd�of tbe
<br /> � estim�t+ed�unomus.,.15e full anoual amrnmt for e�ch item shall be accamWated by Lender within a peiiad eadiea,ane
<br /> mooth beFo�w ite�a waWd`become det`mquau. Leader shatt hotd the amouna wllected in aust ta pay ium�(a).@)and -
<br /> � < (c)befae tbey become delinquent. ' �� � ` � ' ' .
<br /> If at any time the total of t�e payaxntg Txid b�Leader for items ta),(b)and(c�tognber with the futut�e montldY - .
<br /> � PaYmeats for such items payable ta Laider prior to the due daues of soch itemz. exceods by mone than nne-sixth t6e � � �
<br /> � esdtnatad amamt of WY.�u�N�tO PiY such items when doe.9nd�pa9matts oa tha Note ate c�menf.tLdt Lendet
<br /> sha11 eitl�er r�fimd t6e.exass ovecone-sixth of thaeswmated�.ymena ar cRdit ttliee excess over au-si�cth of the sswnated
<br /> PaY����9�PaY���`.Borr�'over,su ti�_vpaa�o��wtr. If the totai af d�e paymeats made by Bo�mwer . .
<br /> for itdm(a).fb),or f�}is jns�:.^iea�w pay the,�vvhaa d�t1�Saaa�es st�all pay to Leader any amount naxss�ry ta �
<br /> matce up the defici�aa or�€ute�he.date the�ai�dt�:::. '.`:�'.:�: �"- � �nd Urban Devela�prtKnt oc bis ar ber
<br /> As used in tTdsS�ity,$�nent,"Sa�aiY"�the�`:iif�ii�i�s!?1S.
<br /> • designea tn any y�ei�� "�,���.�ie�.ender must pay a mactsag���xa il�e Secretary.exb monthly PeY�
<br /> sball aisn indude,�r: (i�.a��Iment�of:tho anucial:.m��s'arsic�premi�m to be paid by.L.ender w th� ,
<br />-_- -- Se�+etary.or(n)a:inontlily�::�astead of a nfoitgage insmr�rx���ra if,this Secunty L�tiament rs 6eld by iht �
<br /> - Sceretary. Fach monthly instaltmeatisf ibe`moi;gage insurauctpremium,s5aT�6e in an�noant sufficirnt to accumut�te the
<br /> __- ...:.� fidl aanual mortgage•insurance�a�i�n witfi.�ate mamth priarti�:fi�e�bte the full annua}mortgage in.s�uance
<br /> -- -- premium is due to�the Se,c�eiaey;os if tl�iis Sebuiiig I�stnunerit is lieM ts�,i�e.�etasy.tacb'monlhly ch�shail l�e in an �
<br /> -_ � u�at oqnal to onc-tweltth of oqe-t�alf percait af tbe oatstand'mS P�;Pa1��'�°.thc Note. .
<br /> � • =�Bamwer undets w Lendea'tbe foll paYment of aII sqms sec�r�d ti�Vbis Se�.*��nsuumeat,Bormwer�s axuwu
<br /> -- ' � slia�.�be c�edited with the balac�m�uning f�aA_mstallmets"ts for iterns(a?,(b?-�i3�(c)and anY moctBaSe insuranct
<br /> Y. �instaUment that l.endes is�twt becoRte obligate�to pay to the Secrctary,�i,ih�der stia7l prompdY nfund any - .
<br /> • escess fwds to Borrower. Immediaieiy�rior to a fur+eclosure sale of the F�perty or iu acquisltion by,Lender.Bor�owa?�
<br /> ' account shall be c�edited witb any batance xeanamjutg for all installments for items(a),(b)and(c).
<br /> - � 3 d Psyefesl�All paymen�s undcr Puagraphs t and 2 shaU 6e a�ppliod by L,ender as fallows: _
<br /> '�s
<br /> � � to the mortgage insurance premium to be pard 6y Lender to the Sec�etary or.to the monthly charge by tbe
<br /> '� Seccetary instead of the moYithly mortgage insurance prem�um; '
<br />- , �Q�p,to any taxes.special assessm.er�ts,leasehald payments or ground rrnts.and fire.flaad and ather haTard
<br /> . ` insutance ptemiums,ag reqnired; •. ,
<br /> ' � . �p,to Bu�sess.dne under the Note:
<br /> �,ta aawrtization of the prineipat of the Note; . :
<br /> - • �,to lau charges due under the Note.. � -� .
<br />_ ,� Fire,l�'tood swd Otber R�zard Insaranca Bonower shaU insure all imprut ec�rats on the Property.wtxther now
<br /> " ` ` ia ezs�e or su uently ereated,against aay ha�ards,cas�ualties,and contingencies;�cluding fine,for whicb Lendcr
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<br /> . -:r teqaiies iasurance_ 'I'his insurance shall be�maintained in tI�amoants and for the periods that Lender requires. Borruwer
<br /> _ • �,�; , shall atso insure a11 impcovements on the Rvpe:ty�.whether now in existence or subsequendy erected,against loss by floods
<br /> to the extent mquired by the Secretary. 4!1 inswance shall be carried with campanies approved by Lender. The insutance
<br />- � policles and an}+ renewals shall be hetd by]xnder and shalI include lass payable clauses in favor of.and � a farm
<br /> ' '-_. acceptable w,I.ender. --
<br /> In the event of loss,Borrower shatl givcs Lender immediate notice by mail. Lender may make proof of tass uf nat _
<br /> made promptly by Borrower. Each insurance company concemed is hereby authorized and directed ta make pay;�:zt for -
<br /> sach loss ditecdy to l.ender.instead of to Borrower and to Lender jointly. All or any part of the insura.*��°►proeeeds may be -
<br /> applied by l.ender.at its option.either(a)to the reduction af the indebtedness under the Note and tlsis Secndty Instiumen� - _
<br /> ' ; fiist to any delinquent amounts applied in the order in Paragraph 3. and then to prepayment af prinCipal.or(b)w the �=
<br /> rtstoratian or repair of the damaged propeny. Any applicatias�of the proceeds to the pnncipal shalt not extend or postpone -_- __
<br /> ' the�,�e date of the ma�thly payments which ue referred ta in Paragrapb 2.or change the amaunt of such payments. Any -__
<br /> � eac�ss insurance proceeds over ai amount required to pay alf autstandmg�ndebtedness uader thc Note and this Security __-
<br /> �• - ' r•� Instrument shall be paid to the entiry legaily entrtted thereto. ' � ~'
<br /> ' ��`� � ln the event of foreclosure of this Secunry Instrument rn other transfer of title to tfie Property[.*�at extinguishes the :.r'��s',��,
<br /> �i • lndebtedness,all right.title and inleresl of Borrawer in and to insurance policies ia force shall pacs to the`putchaser. '
<br /> S. Occup�ncy. Preservation, Maiatee�nce and YrMection of the Property: Sorcawer's i.aan Applicatioa; :�-_
<br />� • Lesi.teholds. Borrower shall occupy.establish.and use th�Property ac Borrawer�pnncipal residence within siaty days �'.�`:.�_
<br /> aftet the execution of this Secruizy fistrument and shall canpnue to derupy the Prope►ty a:Borrower::pr�ncipal residence
<br /> for at ttast one year after the date a`occ�ancy,untess the Secretary determines this requir�-ment witi cause undue hazdship
<br /> � ' ,= for Borrower.ar unless extenuating circamstan;,es exi�t which are beyond Borrawess conuol. Barrower shal) notify
<br /> ; fi.- l.enders of any e�ttnuating circumstances. $orrower shall not commit wa.ne or desaoy.damage or substantially change __
<br /> -" ., the Panperty or altow the Propercy to dctcriorate.reasonable wear and tear exceptrd. Ler:d�r may inspect the Property if the ,
<br /> �';;,_; Property is vacant or abart�oned ar the loan is in default. Lcnder may take reasonable aason to protect and preserve such .
<br /> ' � •�. �`-•'�=• vaca.�s or abandaned Propert}�. 8orrawer sha11 also be in default if Bor.awer. during thr luan applicativn process.gave .
<br /> �'��� mat�riul�y false ar inaccurarc �nfarmation or statemems to l.cnd��r tor faited tn pravide Lendcr with any matenal t.
<br /> ' _ o,,,:�,. informatlon)in ca,�ection with ihe toan evidenced by the Nate.indudin�.but not limited to.representntions ranceming ti , •
<br /> . :� � Borrower's occupancy,of the Fropeny ns n princlpal regidence. !f this Securisy Intitrument is on a leasehold.8ortower shall �
<br /> •�,,__ . ��`'��.,-r._ camply with the prov�a�ons of thc tca�tie. 1f Borrower acquires fcc titte to the Praperty.thc (easchotd and fec title shail not
<br /> •�� �;.'�.�� .. be merged unless l..ender agrees to the merger in writing.
<br />, � ' ;�'��� 6. Char�es to Horrower snQ Pratection ut l.ender's R�ghts in ihe Yropert,v. Bo�vw•c,-r shail pay ali governmental f
<br /> : ..• ;.,:f;=:��` or municipal charges,flnes and impositions that are not Inrluded in Para:raph 2: Borroa�et Sf�,a,E pay these obi�gations on !
<br /> ' :;`"��, time dlrectty to the entity which is owed thv p�ayment. lf fnilure�a pay cc•outd adversely affect i.ender's interest ln the
<br /> . i`_�;���. Property,upnn Lender s�reyuest Borrawet shali gtamptly fumish to Lcnder rereip�s evidencing shege�ayments. E
<br /> � � =:'`'�� `' If Borrower fails to make thcse paymen:s or the payments rcyuired lsy Paragrnph'2.or f�its�tv perform any olher i ��
<br /> ' . •.f.,.;::;��;;:, : eavenants and agreements coatained in th�s 5ecurity Instrument.or�hrrr iw:�Iegal proceeding that may signiflcantly affect j .
<br /> � ., • r: .;:'�`°:.�:-`.�.�. LenQers rights in the Property(such ag a proreeding in bas:fcruptry.for condemnation or to enforce 1•aws or regut��iony). I
<br /> ";�,��,._. then Lender may dn and pay whatevcr is necessary to protcct thc valuc af�he Property and Lender's.rights in the Property. � �
<br /> . '� ; _•t' , including payment of taaes.ha�ard insurance y.3 other uems mentioncd in Pan►gruph 2. , �
<br /> ��� �{,.. r Any amounts disbursed by Lender undera::is Para�r�ph sh�U hrc-nme:u�sd�itiurral deht nf Botrower and be secared :
<br /> . . ;�, .,, by thLy 5ecudty insm�ment. 7bese amounu-a'r.all bear interest frnm the datc af disbursement,at the 1Vnte rate,and at the �
<br /> � � .,,.. - aplion of Lender.shall be immediately due and�aya6ie. ' "
<br /> *�- -• � 7. Condemeation. The proceeds of any a�ard or cL�.;v..^�for damagev,direct or cansequential.in connect}on with any t .
<br /> ' �'l:� . condemnation ar other taking of nny part of th:P:cr�e:t�:.�for conveyance in place of cnndemnation,are hereby�ss��ned =
<br /> � •.�,� . and s6all be paid to l.ender to the extent nf the far,:�_r�s:f of the indebtedness thm rcmains unp�aid under the Note and this ;.
<br /> . , '� . -• .,: �•�__. .� :. Security lnstrument l.ender shall appty suc4e p:oce��s to:he reduction of the indcbtednes.a under the Natr and this Seeuri� ;
<br /> • � -�-r-�-�------- -t�stau.titse 3a su�y amnnnts�ppl�ed �s_t�orAet pmvieiecl in Pnu�graph 3, s+ad thea Eo ment o . '_
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<br /> , princiQal. Any appllcadan n the prareeds to the pnnc's�l sh;�ll not extend or posfpone the due date of the monthiy � ---
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