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<br /> � °� ' � �- � 92— sosss2
<br /> :�,r 1. P�ymeat ot Prlacip�l�Iatercst and Lwle Clur�e. Borrower�hWl pay when due the pdncip�l of,w�d intereat an,
<br /> Ihe debi avi�enced by tho Natc and luo chugea due undcr Ihe Nnte. �
<br /> � 2. MontAly paymenb of 71u�cw,Launace pnd Olber Chary�er. Borrower ahall include in each monthly payrtaent, —
<br /> �• • �, together with the princiP�! w�d interest as set fotth in the Note and br►y late cbarges,un in�tallment of any(a)taxes �nd
<br /> � . � '� ' spocial assessmenta levied or to be leviod again�t the Property.(b)leasehold payments or ground rent�on the Property� aad
<br /> ' ^- (c)pnmiums for insurance required by Parn�ph 4.
<br /> - F.�ch monihly installment for items (a). (b) and(c)shaU equal one-tweifth of 1he annua! amounta,as reasanably
<br /> ':-��=.`J "� caiimated by Lender. plus an amount sufficient to maint�in an additional balance of not morc thon one-sixth of Ihe �_
<br /> ' ,�'l .�� e�mated amounts. Tho full aMUal emount for each item shall be accumulated by Lender wlthin u period ending one
<br /> monlh before an item would bccame delinquent. L,ender alwll hold the amounts collected in truct lo pny iume(a).(b) and
<br /> ;�+,�'.,q�?:���: ' (c)befo�+o Ihey 6ecome delinquen�
<br /> If at any dme�he total of the paymenls held by Lender for i�ems(a).(b)and(c).tagether with the future monthly
<br /> �^•-�+ pnyments for such ftema payable w Lender pdor to the due dates of such items, exceeds by mo�s than one-sixlh Ihe
<br /> ��, , � estimeted amaunt of paymenta required to pay such items when dua,and if pa menta on the Note nre curnent.then Lender
<br /> ��--�_���•-�----� shnll either refund the excess over one-sixth of the estims�tai payments or�t the eacess over one-sixtfi of the estimaled
<br /> � �'�`�'.°�,::_''_�a pnyments lo subcequem paymenta by Bormwer,ut the option of Bomower. If the total of the payments made by BoROwer --
<br /> �,�,, � �,�;' for�tcm(a),(b),or(c)is insufficicnt to pay the item when dae,then Borrower shall pay to Lendcr any amount necexwry to
<br /> •—��'�°'�`�.'°��= _ . mako up the det�ciency on or beFore the date the item becomes due. '
<br />�:!;:�"'• ����', .-.:��': ,-_ As used in this SecuritZ Insuumeot,"Secr+etary"means the Secretary of Houaing and Urban Development or hia or her
<br /> � designee, In any year in wh�ch the Lender must pay a mortgage insurance prcmium to the Secretury.each monthly payrnent
<br /> 14�..v(M:.:�.` .
<br /> ►3 � shall also include either. (i) un inswllment of Ihe annuel mortgage insumnce premium to be paid by Lender ta ihe
<br /> __ '�►''��'�� Sec�etery.or (ii) a monthly charge instead of a mortgage insurance premium if this Security Insaument ia held by �he
<br /> --- �, L�+-'."���!", Secrctary. Each monthly installment of the moRgage inaurence premium ahall ba in an amount sufticient to accumulate Ihe
<br />:=`'� '��� ' � ' "" full annual moRgage lnaurance premium with Lender one mnnth prior to the date[he fuli annual mungage inaurance
<br /> - ";'��-:�;��� .:r�. i � Y� �_.
<br /> . premium is due to the Secretary:or if this Securfty Instrument is held by the Secretary,each monthly charge shall be!n an �`
<br /> � ' �� �"�`��'""�' wnount equal to one•twelfth of one-half percent of the outstendfng principal balance due on the Note.
<br />•• �''' � ° If Borrower tenders to L.ender�he full payment of all sums secured by this Security Instrument,Borrawer's accamt
<br /> ' ' � ' `" ehall be credited wilh the balance remeining for ull installrnents for items(a),(b)and(c) and any mortgage insurance -= -
<br /> `.y � premium inatellment that L.ender has not become obligated to pay to the Secretary.and Lender shall promptly refund any
<br /> �� �, '�': r``��' ��• exce�s funds to Borrower. lmmediately prior to a foreclosure sale of the Properry or its ucquisitian by Lender.Borrowa�s �~,
<br /> " .'� account shell be credited w11h any bdance remuining for all installments for items(u),(b)and(c).
<br /> 3. p �kation ot Pwymenis. All payments under Paru$rephs 1 nnd 2 shall be applied by Lender as follows: a:'�=
<br />= : . .� ' �to the mortguge insurance prem�um to be paid by Lender to the Secretury or to the monthly cbarge by the
<br /> � �•�+ Secre instcnd of the monlhly mortgage insurance pr+emium;
<br /> � °,1 '.�' � ��.to any texes.special a.4sessments.Masehold payments or ground rents,and firc,flood end Wtier hazard �"°
<br /> ,._ ,;+�„ ';. ,�,t insurance premiuma,as requircd:
<br /> �° .,,�.� � �jg�,to mterest due under Iha I+fuin: °
<br /> � � f��g�{,to amonization of the principal of the Note:
<br /> ' 8,,,� � • �.to late charges due under the Notc.
<br /> 4. Fire,Flood and Other Ha�rd[nsurance. sorrower shnll insure all improvements on the Property,whether now
<br /> in existe�ce or subsequently erected,ngainst any huzards,csuualties.ancl contingencies,including tire, for which Lender
<br /> �•' � '+ , . , ' `�`' . requires insurance. Thia insurnnce shell be muintumed in Ihe amounts ond for the periods that Lendcr requires. Barrower =
<br /> ' ;�, ., �'"= shall also insure all improvemems on the Property,whether now in existence or subseyuently erected,against loss by tlaods �.,_
<br /> ro the extent required by the Secretnry. Al)insurAnce shall be curried with compnnies npproved by Lender. The ingurance � -_�
<br /> � '''`�'�� ' `� policies and nny renewals shall be held by I.ender and sholl include loss payable clauRes in favor of, und in u fam
<br /> � acceptable to,Lender. _ _
<br /> � ' • • '^ In the event of loss, Bortower shall give Lender immedinte notice by mail. Lender muy meke prouf of loss if not ��
<br /> ,- ., _ • ��� , made promptly by Borrower. Each insumnce company concemed is hereby authorized and directed to muke paymentfor
<br /> y°. ' such loss direclly to Lender.insteud of to Borrower and to Lender,iointly. All or nny part of the insurance proceeds may be
<br /> ��' epplied by Lender,at its option.either(u)to the reduction af the indebtedness under thc Note and tbis Security Insuument. � �
<br /> ,'%� °�* '• first to any delinquent amounts applied in the order in Pa�z+gn�ph 3,ond then tu prepayment of principul, or(b)to�he
<br /> -` ^'f'' � •� restoration or repa�r of the dnmaged property. Any upplication of the proceedw to the principal shall not extend or postpone
<br /> �• '��"'" ,� the due date of the manthly puyments which nre referred�o in Paragraph 2,or change the umount of ruch payments. Any ��`�``
<br />'�� e,� �� , , excess insuronce proceeds over an amount required to puy all outstunding indebtcdncss under the Note and this Security ____
<br />� Inatrument shall be paid to the entity Iegully entitled thereto. �~'
<br /> • •• In the event of foreclosure of Ihis Security Instrument or other trnnsfer of titic to the Property that extinguishes�he <<.�'`_
<br /> �- � � indebtedness,all right,�ide and interest of Borrower in und tu insurance policies in force shall puxs w the purchoser. �•'•
<br /> ". �� S. Occupancy. Preservation, Maintenance and Prolecdon of the Property: Borrower's Loan Applicntton; ��
<br /> �."�� Leaseholds. Bortower shall occupy, establish,vnd use�he Pmperty u� Borrower's principul residence within sixty doys �=--
<br /> � efter the execution of this Securi�y Instrument and shull continuc to�xcupy the Property as Borrower's principal residence
<br /> ,`"1� . for at least ane year ufter the date of occupuncy,unletis the Secretury detenrnnc.this rcyuirement wiU cuuse undue hardship �=•.
<br /> '� for Borrower, or unless extenuating circurristances exist whirh an: Ixyond Borrowerti c�mtrol. Borrower sh�ll ndify '�:''
<br /> , �_,•._t
<br /> . .,-?;.t. % � Lenders of nny extenuating circurnstunces. Borrower shall not commit wust�or de.truy,dumuge ar substantially ch.•w�e
<br /> ' o Ihe Propeny or ullow the Propeny to deteriarute,reusonuble weur and Ieur exccpteJ. LenJrr muy m+pec�the Praperty if Ihe
<br /> � _ pr+opeAy is vncnnt or abandoned or Ihe lu:u�is in defuult. Lendcr may txkc rcationuMc action to protert nnd pmscrve �uch
<br /> � vacunt or ub�nJoned Prupeny. Borrower shull nl�o be in dcfuult if Rorrower,during thc (oan applicution proress, gave �`;
<br /> muteriall� fsdse or inuccurnte infartnution or slatemems to Lendcr I�x 1'�ileJ to pr��viJc l.cnder with uny mutenul ••�
<br /> �;; � information) in connection with tt�c loan evidenceJ by the Note.including,but ncn limited to,rrpresentutions mncernin�! `
<br /> Bomowe�a occupuncy of the Prapo;rty us a principal residenrc. It'thi�Security Instrument is on a Ieusrhold.Borrower �h•rll �
<br /> comply with the provisions of the lea+c. If Burcowcr ucyuirr.fee�idr to thr Pro�xny,thc Ir•r+chuld und fcc title shull not � ..
<br /> " be merged unless Lcndcr:�Erces w�he mcrgrr in writing. �
<br /> . 6. Charges to Borrower and Protertion of l.ender's Ri�ehls in the Propertp. Borrowrr.hall puy ull govemm�mtul
<br /> „ � or municipul ch�rges,finex und impotiiticxiti that urc not inclu�kd in P,�rugruph�. Borrc.wer�hull pay the+e ubligatioti�on �
<br /> + � time directly to thc entity which i�awed the paymcnt. If failurc tc►pay would advenrly affect LrnJcr� intcrc+t in ihe: y
<br /> �, Property,upon Le�xler's reyucst Bortowcr shull promptly furnish tn Lendrr rccriptx�viJenrin�thcse paymrnt,. ,
<br /> If Borrower fuils to mukc lhc�c payments or tlx p�yrnent�reyuircd My Paragrrph �, or ti�il+ to �xrli�rm uny uthcr
<br /> covenunts und ugreements cuntained in Ihi�Security Instrumcnt,or therr i,a legal prorcedinE thut ma .ignitir:uiUy:i(fect
<br /> -- - �'_�_ ..a.. .�......C.«...�.� nr n�uuL�ti�vlcl
<br /> `� ___ - _._ '_ __ � �.
<br /> - _. '— Lender's ri n�s in�ne rro n iwcii�.� n.ti«u���- ��:�.�.����-cc.. ••°_ --° ...°..•:.." .. �
<br /> s P� Y , 1 � 1. )• �..� ..,��................ ... .........._,. ._.. . _. ._�.----- •• -
<br /> � �hen Lender may do and puy whatcvcr is ncrc�sary to prmect thr v;iluc ot the Propehy und Lendrr'.ri�hts in Ihc PmFxYty.
<br /> ; �. including puymen�uf uuccs,hut.uni in�urs►ncc:md othrr itcm�mrntinnrd in Puragruph 2.
<br /> Any amounts dizbun�d by Lendcr undrr thi.F'uragraph�hall txcumc an addiU��nul Jrbt ol'Burn�wcr and be+e�urc�i
<br /> •..� by this Securily Instrument. Tlx�r+unountr�h�ll Ixar imenst f'mm thc dutr ot'dizbuncment,at the N�nr rutr,unJ�t the �
<br /> • option of Lender,shull lx immedia�ely due und puyuble. .
<br /> 7. Condemnation. Thc procecd�of w�y uwarJ or claim fc�r J�m��;r,.dincl ur run�ryurntiul,in cunncrtion aith any
<br /> . cundemnatiun or other taking of uny pan of the Property,or tirr rimvraanr�in plarr ot'cundrmnanun.ure hrrehy a.��gn�d
<br /> •. ond shnll hP paid ro LenJer tu tlxr exlcm uf thc full amouni uf Ihr indr�IrJn�.�Ih:�l rcmainti unpaiJ undrr thc Nutr•rnd ihiti
<br /> ' ,. . 5ecuriry Instrument. Lender.hall apply xurh pnxeed.t�,�hc rcductiun ul'thr inJrh�rdn�.�unJer thr Nutc and this J�cunly
<br /> ' Instrument, fint to suiy Jelinyucnt umount, •rpplied in ih� ��rder pravidrd in F':vaEraph �, unJ thcn tu prepuyn►�m��f
<br /> • � ' . principal. Any applicntion nt'thr pnxecJs lo th� principal,hall �x►t rxlcnJ ur �x�.t�xmr Ihc Juc Jutr ul thr mvixhly ,
<br /> ��a,er:���J����er,� t
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