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<br /> 1. Puy a�t�at Pris�ip�l,lphrat wd Late Ch�a Borrower�hall pay w7rcn due�he principal of.�nd inter�ct on.
<br /> the deb evldenood by the Note a�d lue charQes duo under the Note.
<br /> :, i MoalhlY Wl�la of 7Lxer.l�unnn�ad Olher Chartey. 8orrower shall ynclude in exh maathlY paYmen�
<br /> togd6er with the p�incip4l mtd interest as set fonh in the Nut�andany IAto charges.nn instAllment of any(A)laues w�d
<br /> specid�aseaaments bvied or to be levied ag�lnst�hC P�openy.lb)kuehoW payment�or�our�d rcnts on tho P�openy.and
<br /> +�• � (c)prcmiums fo�i�uurancc rcqulred by Puagnpi�4.
<br /> r F.�ch monthly instaliment for items (e). lb)wid(c)ahall equal ano-lwelfth of ihe unnual umounta,as rcacorwbly
<br /> ..�:..::: �� ' eatim�tod by Lendcr. plus an unou�t iu/'f'lcient tu mnintain an additional balance of nd more than ane-sixth of�hc
<br /> -��n � �• -^ esprt�tod wrwunts, 77ye fu11 annual amount for eoch item shall be accumulpted by Lcndcr withio u pedod ending one
<br /> , ..;:. month beforo An item would become dellnquent. Lender shall hold�ho wnou�t�collectod in tnwt to pay items(a).lb)and
<br /> �F '` (c)befaa they 6ecame delinquent.
<br /> •— � If at nny time�he towl af the ps�yments held by L.cnder for items(u).(b)ond(c),together with�he futurs monthly
<br /> — ���''"'� paymenw i� auch items payable w Lrnder prior ta the due dntea of such items, eaceeds by more than one-sixth the
<br /> '� `;,�?,°y� estlmatod amount of payments rcquired topay such items when due,and if pn ments on tho Note ore cumcn�,then Lender
<br /> _ _ss;�_�,�_____, shall e;Uur refund the eaass aver one•sixth of tha esdmated payments or c�t the excess over one-sia�h oi the estimated
<br /> -- -��_-_��;� p�ymenta to subsequent paymentsi by Borcower.at thc opdon af Bortower. If thc total of the paymentR made by Borrower
<br /> ��,�,,-..- for item(a),(b),or(c)is i�sufticient to pay Ihe item when due,then Bormwer shall pay to Lcnder anY amount txxcauuy to
<br /> �'N..F�•.`•�1' ���deficiency an or before the date the item becomes due.
<br /> �. 'i:a�.''.l'. .
<br /> � z-<-� As uced in thia Security Instrument,"Secretary"means the Secretary of Housing and Urban Development m his or her
<br /> � .. . � desi�e, In any year in whicb the Lender must pay a mongage insurance premium w the Secretary.euch manthly payment
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<br /> 4....;:�.�:��. shall also inciude either. (i) an installment of the annual mortgage insurance premium to be paid by Lendcr to the
<br /> ,., Secrcuuy,or(ii)a monthly charge instead of a mongage Insurance premium if�h�s Security Insuument is held by the
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<br /> � Sec�etary. Fach monthly instaliment of Ihe mongege insurnnce premium shnll be in an amount sufficient to�ccumulate the
<br /> ___ __ _._ __. .. ,, fulf annual mortga�e insuran��e premium with I.ender onc montli prior to the date the full annual moNgage inaurance
<br /> '`a�•-�`�Y} ptemium ia due to ihe Secretary;or if ihis Security lostrument is held by the Secretary,euch nwnthly charge shall be in an
<br /> —�'' timewnt equal to one-twelflh of onahalf pcnent of the oulstanding pdncipal bnlance due on the Note.
<br /> �� ' � ` If Borrower tenders to l.ender the full payment of nll sums secured by this Security Instn�ment,Borrower�account
<br /> � � ;'•°� shall be ct+edited with the balonce rem�ining t'or all installments ior items (u), (b) und (c) and any mortgage insurance
<br /> ° ''�, premium installment thet l.ender has not become obligated to pay to the Secretary,and Lender shall promptly refund any
<br /> �.�� � excess fiu�ds Tn Borrower. Immediately prior to a foreclosure sale of the Property or its acquisitton by l.ender.Borrower�s
<br /> ;,��� . " � . ` •, o�xount shall be credite�!wlth any b�lance rem a jning for a l l ins t e l lmen ta for i t e m s(a),(b)a n d(c).
<br /> et
<br /> _�� ;, : .R:�,�,'�� ' 3. Ap IlcnNon ot Poyments. All payments under Parngraphs 1 and 2 shall be applied by Lender as follows:
<br /> -.-W=� �to the mortgage insurnnce pnemium to be paid by Lender to the Secretnry or to ihe monthly chsuge by the
<br /> `'s+ •` . �M � Sec�e inste u d o f t h e mon t h ly mortgege insumnce pre mium;
<br /> _--: � __ • - te .to any taxes.special assessments,Icasehuld payments ur ground rents.and fire.fload and wher hazard
<br />_° ?- � insurance premiums.ssreqmrcd;
<br /> --_ '^'i":�"`::�---:='_- �,to:nttrest due under the NcWe:
<br /> -__��� � , � . , FOURTH,to amortizationof the principul of the Note;
<br />___.:'. � •„ �,to late charges due under 1he Note.
<br /> .���._ _T.— , 4. Fire,Flood and Other Hazard Insurence. Borrower shull insure alI improvements on the Property,whether now
<br /> `� in ea istence or subsequendy erected. agui�st un y haxards,cosuulties. und contingencies, including fire,for which I.ender
<br /> '-_� � requires insurance. This insurance shall be mAin�ained in the umounts and for the periods that Lender reyuires. Borrower
<br /> � � �: _. shall also insure ull improvements on the Propeny,whether now in eaiuence or subtequently erected,nga�nst loss by flaods
<br /> _s' to the extent rcquired by the Secretary. All insurance shull be curried with companies approved by Lender. The insurance
<br /> ' ., �� policies and any renewals shull be held by Lcnder and shall include loss puynble clauses in favor of,and in u form
<br /> _ . . .�a•;w. ecceptable to.Lender.
<br /> T-- -� In the event of loss,Borrower shall give Lender immedinte notice by mail. Lender may make proof of loss if not
<br />�r " �m-�•� made prompUy by Borrower. Euch inwrcinee company wncemed is hereby uuthorized nnd directed to make puyment for
<br />-�.., " -� - such loss directly to Lender,insteud of to Borrower and to Lender jointly. All or uny part of th�insurance proceeds may be
<br />'',;' " � applied by Lender,ut its option,either(a) to the rcduction uf�he indebtedness under the Note�nd this Security Instrument,
<br /> '.�°.�-" �� � firgt to any delinquent umounls ApplieJ in the onler in Parugrnph 3, und then to prepayment of principal, or(b)to the
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<br /> =+.�r•. ,� restoration or repmr of the dnmuged property. Any applicution of�he proceed�to the principal shull not extend or postpone
<br /> a. �,& the due date of the monthly puyments which ure referred to in Purngruph 2,ar chunge the umount of such payments. Any
<br /> • � excess insurunce proceeds over su�umount required to pay ull ou�s�cmding indebtednesx under the Note and this Securiry
<br /> � ;•� �� Inswment shall be paid to the entity tegolly entitled thereto.
<br /> � �� In the event oP foreclosure of this Security Instrument or other transfer oi'title to the Property that cxtinguishes the
<br /> �, ,�•�.+•�= , indebtedness,all right,tidc and inceresi of Borrower in und to insunmce poliricx in i'orcc shall pasx to the purchz+ser.
<br /> ' ` 5. Occuppncy. Prese�vation, Maintenance and Protection oi' the Propertv; Borrower's Loan Application;
<br /> • '� x.+.s�� _�. ,' L.ea.geholda. Borrower rhall cecupy.�ytublish,und use the Property us Barrowerti principul residence wi�hin sixt�days
<br /> • • ~�"Y'�•�� t+fter the execution of this Security Insuurnent w�d shull continue�o occupy the Propeny us Brnmwer!�principal residence
<br /> � ��^ xx for at least one yenr ufter�he dute of occupuncy,unle�s the Secrctsuy determines thi�reyu�rcment will cnuse undue hurdship
<br /> '�� ' " � � for Borrower, or unless extenuating circurtistances exist which are be:yond Borrowcr� control. Borrower xhall notify
<br /> ., , ; Lenders of an y extenuating circums[unce�. Bortower shall nat commit wuste ur destroy,Jumuge or subatantially chnnge
<br /> ' the Property ar nllow the Property to deleriorute,rca�onnBle wenr nnd te:v excepteJ. Lender muy mspect the Property if the
<br /> �:�:,•.�. PropeRy is vncnnt or abandoned or the loan is in defuult. Lender may take rcux�mablc action to protect und prezerve such
<br /> vacnnt or abundoned Property. Borcawer shall ulx�+be in default if Borrower, during thr loan applicution process,Ruve
<br /> •��^ y' materially falsc or inuccurute inform�iion or stutemenls �o LenJer (ur 1'ailed la provide I.ender wilh :my materiitl
<br /> -�- , informAtion)in connection wilh the laan evideneed by the Notr, including, hut not limited ta.reprexentations conceming
<br /> . Borrower's occup�nry af the Property uc A prinripid rexidence. If thi,Secunty Instrument i+on u Ieu+ehold,Bormwrr shull
<br /> - comply with the prov�s�om of the levtie. N Borci�wcr ucyuircti frc titlr to thr !'ro�xrty.�he Icuxehold und fee tidr shull not
<br /> : be merged unlesti Lender ugree�to Ihc nxrger in writing.
<br /> r � 6. Cha�es to Borrower and Protectiun uf Lcnder's RiRhts in the 1'roperty�. Burro��•er�hall pay all govemmrntnl
<br /> �' or municipal rharges,tines und impa�ilions thut urr not inrludcJ in Paragraph 2. Burrnwer shall pay theu oNliEatii►ns un
<br /> . �, � time direetly to the entity which is awed Ihe payment. If (uilure tc�pay woulJ advcnrly ui'f'ect Lender:intere.t in thr
<br /> t Property,upon Lender's reyuesi Bormwcr �hull promptly furnish a�Lerxlcr rcceipt.cvidcncing thesc payment..
<br /> If Bonuwer fails to ms�ke tlx�e payments or thr puyments Rquircd hy ParoFruph ?. or fail� t�►{krform uny uther
<br /> � � a covenunts und agreements contained in thix 5rcurity Instrument,ur lhrrr is u legul prcxeeding that may�i�niticuntly uffe�t
<br /> �e..ae..•.:..wQ�..r6.. Pr.,�,.�N�/curh m:� nnx•ccdinn in h:uikruntcv. ti�r cundcmnulwn or tu cnti�rcc law.ar rcgulatiom),
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<br /> . then Lender muy do and pay whatevcr is necc�sury w protecl thr valuc of ihc{'ro�xrty and LrnJcr:ri�ht+in the Pmperty.
<br /> including pnyment of tuxes,hnzurd intiurunce und other itemti mentioned in f'ua�Eruph 2.
<br /> . Any amounts disbuned by Lender undcr thiz ParoFraph tih�ll txramc:►n udditional Jcht af Bom���•rr and txr�ecund
<br /> t •. by this Security Insqvment. Thexe s�nwunts,hull beur intcresi from thr datc��f di,bunement,at thc Ni�tr ratc,and at Ihe
<br /> opuon of Lendcr,shnll be immcdintely duc and pay�ble.
<br /> , 7. Condemnation. 'f'he proceeds of uny awurd or cluim ti�r Jumagc+,dircct or runseyuentiul,in connection with any
<br /> condemnation or ather tuking of uny part of the Propeny,or for ranveynnce in place ul cundemna�iun,arr hrr�hy rxsigneJ
<br /> ' . „ sind shall be pnid to Lender tn Ihe extent of�he full:►mount of thr indebteJin:s.tl�u►rrmuins unpaid under dic Nutr aixi lhi.
<br /> Security Instrument. Lender shall upply xurh proceeds w the rcductiun ot'the indrhtrJne..undrr the Nute•rnJ thi.5rcunt�
<br /> � Instrument, first to any delinquen� amounts applieJ in Ihe or�dcr pro��ided in F'�aragruph 3, anJ then tu prepaymrnt ��f
<br /> . `; .� A principal. My applicntion of the pmceeds to the principul shull not extend ur poupunc �hc duc d�tr ut �hc monthly
<br /> - i puKe:nr J�xn�
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