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<br /> ---- TO(3ETHBR W1TH all the improvements naw ar heresdter erccted on the property, and ail wsements, right�,
<br /> - ----=_�=-�-� appurte�wtrcc�. rcnt�.ruy�ltiea,minerol.oil and gax rfyhts�i pmfity,wutcr rjgh��and atuck And all fixwreq nuw or hereuAer e
<br /> "�"'`�'°-�`'n'"�',Y"� p+ut of the propcny. All rcplacements end wdditions shall �IRU bc euvcred by �his Security I�wtrument. All af the for�e�oin�i�
<br /> ,�,��,� rcferced ta in thlr Security It�Itument a�Ihe "Propeny.,•
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<br /> , =�'...,,��,� BORROW�R COVENANT3 that Borcuwcr ie lawfully scised nf thc cs�utc hcreby convey.cl ru►d hu.�the right tu grant and -
<br /> ---�-° rnnvey the Pr�Ferty and thst the Pro�rty fs unertcumhrre�, except !'or ett:umbrunces af recarcl. Borm+.e-rr warrent9 nnd wil! �
<br /> ���.� • ,� ,��" defend genernlly the NUe tn the Property a�0inst ull cluimx wxf demandc.isubject to any encumbmnces af record.
<br /> , _. ,. 1.Payment of Princfpnl, Interect And I.pte Clwrge. &irrower shull puy when due the priocipal uf,w�d interes�on, the
<br /> ^ debt e�fdenced by the Nae und late char�es due under the Note.
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<br /> �`�`�:'� r�,�r. 2. MGnthly Payments ot Tpxes, lasu�nce and Other ChprQes. Borrowcr shull inrlude in each monthly payment,
<br /> ���" ' together with the principal und interest a.c set forth in the Note und any latc chargec,un instAllment of uny(a)taxe.r•und speciW
<br /> �--' ;.� •��-r •.• ° assessments levied or to be levied ugainst the Property. lb) lensehotd puymems or ground r+cnts on the Propeny, und (c)
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<br />.- - ?..��L��;,,,. prrmiums fi�r in�urrixe requimd bY paragroph 4. _
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<br /> �'; �`"°"""` Each manthly ins�allment for items(�►. (b),wid(c)shall equal one-twelfth of the annual umaunts,as reuconably estfmated -
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<br /> ` . �� ,,,; ..•, ; � by Lender,plus an amount sufficient to mainwin su�additionel balance of not more thnn oue-gixth of the estimated umounts.The
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<br /> �'':��.;v;,�'•: full annual wnuunt for each item ahall be accumuluted by Lender within a period ending one month befare an item wauld
<br /> _ -- ' ' • - hec�me delinquent. t.ende� shall hold the amounts rnllected in trust ta pay items (a), lbl. and (c) before �hey become
<br /> :i,�.,�; :,r: ����(';� delinquent.
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<br />��"���'"�''•'`� If at en time the totul of the a n�ents held b Lender Por itcros (a). (b►, und (c), to ether with the future monthl
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<br /> •- � payments for�uch items puyuble to L.ender prior ta the due dutes of such i�ems,exceeds by more d�un�ne-sixth the etitimAted -
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<br /> ��' �° ' amount of payments required to pay such items when due, ond if payments on the Notc are current, Ihen I.ender shall either _
<br /> " 4•� .� rePund the excess over one-sixth of the esiimated payments or credit the excess over one-sixth af the estimated payn�eots to °
<br /> �"''' ''``�� subsequent puyments by Borrower,at thc option of Borrowcr. If the tatal af the puyments made by Borcowcr for item(n).(b),
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<br /> or (c) is insufficient lo puy the item when due, then Borrower shall pay to lxnder any wnount necessary tu make up die
<br /> � • � � deficfency on or before the date the item becomes due.
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<br />'j:;� .' ._�a_, As used in Ihis Security lmtrutnent, "Secretary" means the St.•crettuy of Housing aiui Urbun Devclopmem or his or her
<br />_=�f " � , designee. In uny year in which the L.ender mu�t pay a mortgage in�urance premium to the Secrewry,each monthly payment _
<br />_,``; shall al.w include cieher: (i)an ins�ullment af Ihe unnual mangugc insuruncc premium to be paid by Lender to the Sec:rewry, ur _
<br /> � �� (ii) u monthly churge instead of a mortgage insurunce premium if thi� Security Instrument is held by Ihe Secretary. Each =
<br /> ' � monthly instullment af the mortgage insurance premium shull ix:in un amount sufficient to accumulute the full annual mongage
<br />�`:;;'' d .. : insurance premium with l.ender one month prior to the dute the full annunl nxmgage in.rurnnce premium iti duc t�i thc Secretury.
<br /> �;,; � :. ur if this Security Inswment is held by �he Secretnry, euch mor�hly charge shall 6e in an anwunt equal to une-twelQh of
<br /> ' � `�� , .�' ` one-half percent of the outstanding principal balunce due on the Note.
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<br /> = -°' •°� �• �• If Borrower tenJen to Lender the full puyment of ull sums xecured My this Securi�y Instrument, Borrower'�uccount sh�ll
<br /> '"' ' ` ^ br creditecl with the balance remaining For ull in,�allments ti�r itemx (a), (b), und (c) und any mortgage insurancc p�emium
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<br /> _ • c;'�. instellment thAt I.enJer hu.+nol bc:come obligateJ w pay to the Secmt:�ry,antl l.ender shull promptly refund uny excesti funds to
<br /> ': � � Borrower. (mmediutel�• prior to u foreclosure tiale af the Property ur its ucyuisition by l.ender. Borrower's aecount shall be °
<br />_ �,hi�"' credited with any balancc remaining for all instullmentc f'or itemx(ul, Ib),und tc1.
<br />_� . .. ' 3.Applics�Uon of Paymenta.All payments uncier purugruphs I und 2 shull he upplied by L.ender as follaws: -
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<br /> � �, :� First, to the m�ings�ge insurunre premium to Ix p:�id by Lcnder to 1he S��cretury or to the mnnthly charge by the Secretary =
<br /> • ° „ instead of thr monthly mungagc inyurancc premium;
<br />= � • .. � , SeconJ,t�►uny�axes, zpeciul us,estinxnts,leu+ehold payment�ur gruund rents,unJ firc, It�xxi and other huzard insurance =
<br /> ' � � premiums,us required;
<br /> . � 'p Third,to imerrst Juc undcr thc No�c; -
<br /> �' Fourth,to umortii,ulion of thc principal ot'thr Note: -
<br /> • - FiAh,to late churges due under the Nnte. -
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