|
�.��
<br /> :_�.-- - . .
<br /> , -
<br /> ,;• _ .. .. -- _
<br />� � �'. : 4:i� . ��r .r , �F'ff�s.>-___-
<br /> ��� �� ��1��4� ..J�
<br /> � -
<br /> �_ _ __ .
<br /> a.7 .�
<br /> - 92-- 1OS482
<br /> • 1. Paymmeat of Priactpnl,IotereQt and Late CharQe. Barrowce�hall pay wiwn duo thc pdnclpal of,and inteneK on,
<br /> � �he deb evldenced by Iho Note�nd lata chargea due under the Notc,.
<br /> -- - - --- 2. ManthlY Mya+eots oi'I�er,Inwraoce aad Otber Char�e�. Borrower s}wll include in each manthlY paYment,
<br /> _-- -_ - tag:,ttsar wittt sl:e g�nc#pa!arsd fnter:et ee�et forth�n 11►'Nrnn�rv)eny Iste ch�e4.wn inxlaliment of any(al trxao ond .
<br /> specia!assessmenu�lavled or to be Icvled ogainst the Propeny.(b)Ieacehold paymenta or around rcnta an tho P�upeny,and
<br /> ".��, (c)promlums for innurance requhed by Perugraph 4.
<br /> . . Each monthly instAllment for items(a). (b) and (c)ahall equat one-twelFth of�he annual amounts. �s rca:onably
<br /> -� �*�°� '.;,���° estimnted by Lender. plus an nmount suft�cient ta maintnin an additional balance of not more �han one•sixlh of the
<br /> estimatod wnounte. The fall annual amount for each item slwll be accumulated by Lender within a periad ending one
<br /> month before an item would become delinquea�. L.endcr:hall hold�he amawnts collceted in tnist to pay items(a).(b)and
<br /> � � �R, • (c)t�efore they becane dclinqucnt.
<br /> �'�` �`•>�� lf�t any time the tatal of tha paymenta held by Lender for items(a).(b)and (c). together with the future monthly
<br /> `'�°�--�'� payments for such items payable to Lender pdor to the due dates of such items. exceeds by more �han onc-sixth the
<br /> "� �'�*` eslimated amount of payments required topay such items when due,and if pn mcnts on the Nota cue currcnt,then L.ender
<br /> _. �'����` ' shall either refund the excess over o�-sixth of the eslimated payments or e�t the eacess over one•siath of the extimated
<br /> � ��•_.--:�''���-�:� payments to subr,equent payments by Borrower,at Ihe aptian of Borrower. IF!he total of the paymentx made by Borrower
<br /> ��''�"� - • for item(a),(b).or(c)is insufficient to pay the item when due,then Borrower shell pay to Lender any amou�t necess�uy to
<br /> �t 1,.� :,,� m�ice up the deticiency on or beforc thc date thc item becomes due.
<br /> As u�ed in this Secu�ity Insnument,'Secretary"means the Secretary of Housing and Urbbn Development or hia or her
<br /> '"T-�-"r'� designee. In any yrar in which 1he Lcnder muxt pay a moRguge insurancc premium to 1he Secretary.each monthly payment
<br /> �,x��.��K,
<br /> �,a<.:- .,�:..5,.k,��• shall also include eithcr. (i) en lnstallment of the annual mortgage Insurance premium to be pnid by Lender w the
<br /> :�,` kY9�' Sec�etery,or (ii)a monthly cherge inatead of a mortgage Insurance prcmium if this Security Inswment is held by the
<br /> �_ a:.s �., _ .�.�,°'' Sec�etary. Fach monthly installment of the moRgage insurance premium xhall be in an�unount sufficient to accdmulate the
<br /> — °37'"`' `'� full annual mortgage insurance premium with Lender one month prior to the date the full annual mortgage insurance
<br /> -- . -� '• , �� ~ premium is due to the Secretary;or if this Security Insuument is held by the 5ec�etary,each monthly charge shall be in an
<br /> ;,,,:� P ° � ' wiwant equal to one•twelflh of one-half percent nf the outstanding principal balance due on the Note.
<br />-_--_: � If Borrower tenders to L.ender the full payment uf all sums secured by this Security Instrument. Borrower's eccount
<br /> {�q:.;,^�*�_, shell be credlted wlth the balance r+emaining for all lnstallments for items(a), (b) and (c) and any mortgage insurance
<br />-�� '' �• ' ` premium installment that Lender has not become obligated to pay to 1he Secretary,and Lender shali prompqy refund any
<br /> -- • " , •i•,,�,r_, excess funds lo Borrower. Immediately prior to a fot+eclosure sale of the Property or its acquiaition by Lender,Honowerh
<br /> --. �•`:�• �� •,, account ahall be credited with any balanur,remaining for all ioslallments for items(a).(b)and(c).
<br /> = •• 3. Ap�licatlon ot Pnyments. All paymems under Paragraphs I and 2 shall be applied by Lender us follows:
<br /> �1g�T to the mortgage insurance pnemium to be paid by Lender to the Secret�y or to the monthly charge by the
<br /> �-� • � �;� Secrc rostead of the monthly mongage insurance premium;
<br /> ' ' ' ,.. '� �,to any tezes,special assessments,leaschold paymen�s or ground rents.and flre.flood and otlur haaard
<br /> ��„ ,,,,�,,� insurnnce premiums,os required;
<br /> ;_, - ° ° �j$Q.w mterest due under ihe�iote;
<br />_.;;�; . FOURTH,to amortirsdon of the principal of the Note;
<br /> ,.. F(Q�.to late chargas duc under the Note.
<br />����• �, . 4. Fire,Flood and Other Hazord Insurance. Borrower shall insure all improvemenls on the Propeny,whcther now
<br /> in cxistence or subscquently erected,ugainst any hazards,casualties,and contingencies. including fire.for whjch Lender
<br />-�� �� : r+equires Insurance. This insurance shull be muintained in the umounts and for the pe�iods ihat Lender requires. Bomower
<br /> -���^ shall elso insure all improvemenis on the Property,whether now in existence or subsequenUy erected,ageinat loss by floods
<br /> � to the eatent required by ihe Secretary. All lnsurunce shull be cwTied with companies upproved by Lender. The insurance
<br /> � ' '''" ' policies and any renewals shall be held by Lender and shs►II include loss payable claures in favor of, and in a form
<br /> � " acceptable to.Lender.
<br /> �'• • �'��""� In the cvent of loss,Borcawer shull give Lender immediute notice by mnil. Lender moy make proof of loss if not
<br /> ` _,M,.:. ° ,�"� made promptly by Borrower. Each inxumnce compuny concemed is hereby uo�horized and directed to make payment for
<br /> "' such lass directly to Lender,instsnd of to Borrower und to l.ender jointly. All or ony part of the insurance praceeds may be
<br />;;;" , � ,. � "� I' applied by Lender.at its option,either(a)to the reduction of Ihe indebtedness under the Note and this Secu�ty lnsdumenb
<br /> �'°�''' first to ony delinquent umounts applied in the order in PorngraPh 3, und �hen�o prepnyment of principal,or(b)to the
<br /> 'y ;•} nestoration or repnir of the dwnoged property. Any upplicu�ion of ihe proceedti to ihe principal shall not extend or postpone
<br /> �'" '�k the due date of the monthly payments which are mfened to in Paragruph 2.or chunge the umount of such payments. Any
<br />, ..y� �,,,,. �„ .
<br /> ___� • r�. , excess insurnnce proceeds over nn umount required to pay all outstanding indebtednesc under Ihe Note and this Security
<br /> ':� r;;;' Inswment shall be paid to the entity Ieg�lly entided tinreto.
<br />- � In the event of foreclosure of this Security Instrument ar other tronsfer of tidc to the Property that extinguishes the
<br /> �a--�= � indebtednecs.ull right,title und interest of Borrower in cuzd�n insurunce policieti in furce shull pusx to the pur+chuser.
<br /> �- � 5. OccupAncy� Preservnlion. Maintenence and Protection of the Property; Borrower's Loan AppBcatlon;
<br />__ ; y' � Leaseholds. Barrower shall accupy,estnblish,und use the ProFx:rty us Borrower's principul residence wilhin sixty dnys
<br />:� � " . after the execution of this Security Instrument and xhall rontinue to cxcupy the Pmpeny uti Borrawer i;principul residence
<br /> '� > :.�s.:=� for at leust one year aftcr the dute of occupuncy,unlews the Secret+�ry determinex this reyuirement will cause undue hurdship
<br /> _v� ��'� ' • for Bormwer, or unless extenuuting circurriwtances exist which ur� be}•ond Borrowerti control. Borrower shull notify
<br /> — • Lenders of uny extenunting circumstnnces. Borrower shall no►commit wUS�r or detitroy,dumuge ar substnntiully chunge
<br /> �� thc Property or ullow the Property to deteriornte,reationahlc wear anJ tc•rr exccptcd. Lender muy inspect the Piroperty if the
<br /> . -• Propeny is vacant or ubandoned or the loun is in defuult. Lcnder may �uke musonuble uctian �o pmtect und p�servc such
<br /> �{ vucunt or abundoned Property. 8orcower tihall ul�o be in dcfuult if B�ttrower,during thc luun applica�ion pracess,gnve
<br /> � materiolly false or inaccurate informution or s�atements to l.cnJer (or ti►ileJ �o pruviJr Lender with uny material
<br /> information) in ronnectian with the loun evidenced by Ihr No1r, includinF,hut not limitrd to,rcprexenwtions conceming
<br /> � Borrower's occupuncy of�hc Property us u principul re�id�nrr, II'Ihi�Securily In�lrununt is on a I�utichold, Dorruwcr tihull
<br /> ' „ � comply with the provisions of the Icu.e. If Bom�wcr urquirc.Icr tiUr to ttx I'ro�xrty,�hc Irasehold und fec�idc shull not =
<br /> be mcrged unless Lcndcr ugrees lo Ihe merEcr in writing.
<br /> � 6. Charse!i to Borrower and Protectfon of Lender's Ri�qhts in the Propertv. Bnrrowrr.hall pay ull govrmmrntul
<br /> . '� or municipul churges,tines unJ impinitiunti Ihut urc not inrluJed in Parugraph 2. Burrowcr tihull pay thesr obligation.on
<br /> - 1 time dircctly to the entity whirh is owed the paymrnt. If fnilurc w pay �voulJ uJvcn�ly affcrt Lcnder: intcrcst in the '
<br /> ' Propeny,upon Lcnder's reyucst Burrower tihull prumpUy fumi,h tu Lcnder�rrript+eviJencin�:the.e payment.. -
<br />' '�' If Borrower fails to make thexc paynunts or thc p•rynxnt. nyuircd by P:�rugruph 2, c�r tiiil�to perform uny ollxr
<br /> eovennnts und agreemen�s con�ained in this Srcurity In,trument.��r�hrrc ic u Icgul pnxecdin�Ihut mu�xignitici+nUy uftect
<br /> :� . .
<br />-°•.. i..ender'.s rign[s m me rroperty isucn as u pnxccuing m nm�Krupicy,ii�r cu�nirnmuiiun u� iu rniincr�u�r.�n �rHuiuii��n.i.
<br /> " • then l,ender muy do und p�y whutrvrr is nrrrs.ary tu prutert tlx� vidur��I'thc 1'mperty nnd l.enikr;righlx in Ihc F'roperty, _
<br /> including paymcnt of taxcs,huiard imurunre anJ other items mcntinned in 1'ara�raph 2.
<br /> Any amrnm�s disbuned by Lender unJer ihis Pur:��roph.hall Ixrome an additi�,nal drht of Hom�wer and tx�rrund
<br /> by this Securily Instrument. Thcsc umnuntx�hall bcur mteres�I'n�m thc du�c ot ditihunement,at thc No�r ratc,und ut thc
<br /> � � , option of Lcndcr,shull lx immcdiutcly due und puyahlr.
<br /> " 7. Condemnation. 1'he proe:eeds of tmy uwurd or cluim ti�r dumuges.Jirc�t ur conuyucnti;►1,in cunnectiun wilh any
<br /> . condemnution or other tuking of wiy part of ihe Pn►�xrty.ur for comryunce in pinrr of runJrmnutiun.un herrby u�.i�neJ
<br /> �. - " and shull be paid to LenJer to thc extent of Ihe full amount of�hr inJch�eJnes.thui rrmain�unpuid undcr�hr Nutr anJ thi+ �
<br /> , Sccurity Instrument. Lender tih�ll upply yurh pnxcedx lu Ihr reJurti�m ut the inJrhtrJnc.+under ihr N�itr anJ Ihi.tirrurit�• '
<br /> . Instrument, first to any dclinyucnt umounl, applird in thr unlcr providcd in I';�rugruph �, and Ihrn tu prrpaymrnt uf
<br /> principal. Any upplication of thc prixeeJs w the prinrip•rl .hull nut catend ur Exr,�pune the due Jut. uf�hr munthl�
<br /> r.
<br /> • , i
<br /> ' .� • (/h�g��:,�/Jp��Rr�i
<br /> � I
<br /> ..
<br />
|