|
..��f`�Ytiu�.y,r,�-^. -- lµt�i���_ ■i--�• n• �w�� . -.— __-..
<br /> r ;�aw W4.-.�� N�ff' r� ��'1. rt�'��'j'...
<br /> �
<br /> .. .•
<br /> • ' y _' ".��."—
<br /> _ �'.��.l' . ..q� ." ... . �,.. ..
<br /> .. '� I .J.fi � .
<br /> • .� y.. •]'-.
<br /> . f _. ° -
<br /> -•1t`_ Si:�eri�0YiYlQihklYa.f� �
<br /> - 92- 106511
<br /> " 1. P�yment o�PrindpAl,InkreW Aad LAte Cha�e. Botrower�h�ll pay when due the principal of,�nd inte�o�t on,
<br /> _ ._ '--� — - �M+rkhr evl�n�nd by�ha Nute ancf lete charges due under the Note.
<br /> 2 Moathly psya�ent�ot7l�ures,lnnurance and Other Chw�ge9. 6orrower shall include in each monthly p�ymsnl,
<br /> : �'•�'i•^�{'" together wiW tho pdncipal and inurcat as set forth in the Note and eny latc charges,an lnstallment of any (A)texee and
<br /> �:�_ . ' .�� . apeci�l assessments levled or to be lavied againat the Property.(b)leacehold pnymenw or Qround rentr on the Property.�nd
<br /> -��•� (c)premiums for inaurance reyuired by Paragraph 4.
<br /> Fach montlily irwaUment for itema (a). (b)and (c) ahell cqual one-twelfth of tha unnual amounts, as reaconably
<br /> esdmated by Lender, plus en wnount sufticient to meintain en additionsl balance of nw moro than one•eixth of�he
<br /> esdmated amounts. The full anaual amount for each item ehall 6e accumulated by Lender wkhin a periud endin one
<br /> � s�,, month beforo an item would become delinquent. Lender shall hold the amounts collceted in truct to pay items(a),(b�w�d
<br /> ;y�'°.s:�:.i.• (c)bcforetheybecomedelinquent.
<br /> ---��--��•�" If et any time the totel of the paymenta held by Lcnder for itema(a). (b)and(c),together wlth the future monthly
<br /> !.� payments for such items payable to Lender prior to the due dates of auch items. exceeda by more Ihen one-sixth�he
<br /> �t,�. ,. estimated amount of payments required to pay such items when due,and if pa ments on the Nou are current,then Lender
<br /> ,�"+;` _"? shall cither refund the eacess over one-sixth of the estimated payments or�t Ihe cxcess over one•sixth of Ihe estimated
<br /> _ -�•°•y!'-��'�n.. payments to aubsequent payments by Borrower.at the option of 9orrower. If the totel of the payments made by Borrower
<br /> -��-�f'';'' ';•'.`�, � ' for item(a),(b),ar(c)is insufficient to pay the item when due.then Borrower shall pay to Lender any amount necasary to
<br /> "�' „, make up the deflciency on or before the date the item ixcomes due.
<br /> � � t.... . ,., ��
<br /> �;R,;,�_ �••4�� � As used in this Secudty Instrument,'�xretary means the Secretary of Housing end Urban Davelopment or his or her
<br /> ��Y'- dcsig�ee. In any year in which the l.ender must pay a mortgage insurance premium w the Secretary.each monlhly pAyment
<br />,=-•."�� • -' ;�� ahall also include either: (i) an installment of the annual martgage insurance premium to be paid by i.ender to the
<br /> - : �i i�'"rr"s?='��'R�.., ; Secretary,or(ii)a monthly charge instead of a mortgege inaurance premium if this Security Instrument ia held by 1h�
<br /> d •.' �� ':� Secrctary. Each monihly installment of the mongege insurance premium shall be in an amount sufficient ta accumulate the
<br /> ," , � full annual morigage inaurance premium with Lender one month prior to the date the full annual mortgage insurance
<br />,.��•,. ' o , • premium ia due to the Sectetary;or if this Securlty lnstrument is held by Ihe Secretary,each monthly cherge shell be in an
<br /> amount equal to ane-twelfth of one-half percent of Ihe outatanding princjpal balance due on the Note.
<br />�,}�. �. .� �� °` �' ° If Barrower tenders to Lender the full payment of all suma secured by this Securfty Instrument. Borrower�s eccount
<br /> • ; o,�._•'-'•?�� shall be credited with the b�lance remaining for all tnatallmenta for items (a), (b) and (c)and any mortgage insurance
<br /> " "'``;� �in• ' premium tnstellment thet Lender hex not become obligated to pay to the Secretary.and Lender shall promptly refund en�r
<br /> . �� , . ; .� excess funds to Borrower, lmmediately prlor to a foreclosure sale of the Properry or its acquisition by Lender,Burrowor s
<br /> J �� • ° account shell be credited with any bolance remuining for all installments for items(a).(b)and(cl.
<br /> �;�� . �y�,��,._,�, 3. A lication ot P�yments. All payments under Paragiaphs I and 2 shall be npplied by Lender as follows:
<br /> �to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the
<br /> � ''i ` �1 ' � Secre instead of the monihly mortgage`nsurnnce premium;
<br /> ° —:`�`�"".`''�_"�`==;`° ta �to any ta�es,speclal assessm¢nts,Icaschutd paymcnts or ground rrnts,and fls�e,flood aad other hszard
<br /> ,.n 0, insurance premiums,asrequ�red;
<br /> � �Y� �� �.to interest due under�he Note;
<br /> , FOURTH,to amoRization of thc principnl of�he Note;
<br /> �' � '� �.to late charges due under the Notc.
<br />"' " ' ,'}„ `" 4. Fire,I�'lood and Other Hazortl Insurence. Borrawer sh+�ll insure all improvements on the Property.whether now
<br /> -�.: in existence or subsequently erected,a ainst any hazards,cusuulties,end contingencies,including fire,for whicb Lender
<br /> ' • �`+**' ,: • , • requires insurance.
<br /> This insurance shal be maintained in the umounts and for the periods that Lender requires. Horrower
<br /> � , • shell also insure all improvements on the Property,whether now in existence or subsequently erected,ugainst loss by floods
<br /> i�' • �� to the extent required by the Secretary. All insumn¢e shall be carrfed with companies approved by Lender. The insurance -
<br /> . • . • .�*t policies and any renewals ahall be held by l.ender und shall irn:lude loss payuble clauses in favor of, end in a form
<br /> `� � occeptable to,Lender.
<br /> ��- � � � " .. In the evenf of loss,Borrower shall give Lender immediute notice by mail. Lender may make proof of loss if not
<br /> ' ��� •?�a� made promptly by Borrower. Each insurunce compnny concemed is hereby authorized und directed to make payment for
<br /> �t�..n ��:j����te:•;. . �: such loss directly to Lender,inslead af to Borcower und to Lender joindy. All or uny purt of the insurnnce proceeds muy be
<br /> �• ••• >• applied by Lender,at its option,either(u)to the reduction of'the indebtedness under the Note nnd thix Secunty Inswment.
<br /> � r� ��-�; . first to any delinquent amounts bpplied in the ordcr in Puragruph 3,and then �o prepuyment of princfpal. ar(b) to the
<br /> ':�;�: • �� .� restoration or repwr of the dwnaged propeny. Any�pplicution of thc proceeds to the principal shall not extend or postpone _
<br /> �" .;,t'. the due date of the monthly payments which nre mferred to in ParaFmph 2,or change the umount of such paymems. Any
<br /> - •� 6 �� excass insurnnce proceeds over an umount required ro puy all autstanding indebtednexs undcr the Nota and this Security -
<br /> •�`. • �' "' Inswment shall be pald to the entity legully cntiNed thereto. .
<br /> `� � ° � „ In the event of foreclosure of thia Security Instrument or other trumfer of titic ai the Pirupeny thul extinguishes U�e
<br /> �T'' indebtedness,all right,title and interest of Borrower in and to insur�nce poliriec in force xhull puss to the purchaser.
<br /> t�'s°•. 5. OccupAncy, Preservation. Mainlenonce und Protection of the Property; Borrower's Loan Applkation;
<br />.,�, , �. .�.:..'
<br /> � f a lxasehoWs. Borrower shall occupy,estAblish,�nd use the I'roperty us Bortoweri principul residence within sixty days
<br /> , ' '_�',� „ after Ihe eaecution of this Securiry Inxwment ond shall cantinue to ocrupy the Propeny i�c Bormwer's principal residence
<br /> �^ � ..•�x for at leust one year after the date of occupancy,unless the Secretury determines thix n�quirement will cuuse undue hurdxhip
<br /> '_, �`�'�•" " for Bortower, ar unless extenuuting circu►rists�nces exist which urc bc:yond Borrowrr+ control. Borrower shull natify -
<br /> `""''�„ Lenders of nny exlenunting circumswnces. Borrower shull not commit wuste or detitroy,dumage or substuminlly change
<br /> • . , ' the Property or ullow the Property to dehriorutc,Ruzimnble wcur und teur cxceptrJ. Lendcr may inspect the Prapetty if the -
<br /> � . Property is vacant or nbundoned or the laun is in defuult. Lender muy tukc routionuble action to praert and prcserve such
<br /> vucunt or abundoned Propeny. Borrawer shull ulso he in defnult if Borrower,during thc luan upplic��ion procexs, �tuve -
<br /> �' � „ materially fulse or inuc�umte information or s�utemcnt. to LenJer (or failyd to praviJe Lender with any mutennl -
<br /> infarmotion)in connection with the loan cvidenreJ by the No�c, including, bw not limited w, rcpre�e:ntu�ions runceming
<br /> . •� BorrowerS occupancy of 1he Property us u principal re+idrnre. If�hi.Srcurity In.uum�n�is on+�Ira+ehold.Bom�wer shull
<br /> • •� comply with the provisium of thr Iea�c. If Bortuwrr ucyuire,fcr iiUc�o�hr�ro�xny.thr lea.chold und fcc title shull not
<br /> ' 6e merged unlexs Lemfer ugrce�to�he mrrger in writing.
<br /> ! 6. Charges to Borrower and Protertbn of'Lender's Rights in thc Properl�•. BomiK•cr.hall pay all gnvrmmcntul
<br /> or municipal charges,finez und imposition�thut urr not incluJed in Pura�raph 2. Burn�u�cr�hall pay these��hligu�iom an
<br /> limc direcUy to the enlity whirh is owrd the puymcut. If fuilurc a�puy woulJ udvcnely +d'f�ct Lcndrr: imere.t in�h�
<br /> { J~ Propetty.upon Lender's�Nyuc,t B�ircowcr�hull promptly fumi�h t��Lendcr rrceipl+rvidrnring tlx.c paymrnl�.
<br /> "__._ _ Z` __�.._.. •�'�' tC t]__"""_ f.:l_ ._ _.1...L_`_ __"___ ... �....:�.! L.. M1.�...�....L "1 ..� 1'..:1.- �.. .u.I:..... ..w.. ..�{w�
<br />. . . _.-__. u uvuvwc� �au� w wana uwa� payu�wQ:.vi aii�: j�ujn��iu.• ��a�w��u a.� .0 ut;.u�.0 �.... .u....... �r.,�...�u. .. � .....
<br /> �•— covenunts und ugrcemcnts rontuincd in this Seruriry Imtrumrnl,ar thrrr i.a legal pr�xredin�that muy+i�nitiruntly ut7ect
<br /> , LenderL rights in the Propeny I�uch ii.a pnxeeJing in hankruptry, for:ondrmn•rtiim ur�i�rnlimr lu�����r ngulatiun+l.
<br /> then Lender muy do and pay whatevcr ix necessary•to protrrt the valuc of�hc Hniprny•rnJ LrnJcr's ngh��in�he ProFxrty.
<br /> including payment of tuxc+,hword in.urunce und aher itrmti mcntiuned in F'LrUEr•rph�.
<br /> Any umounts disbuncd by Lcndrr unJer this F'uru�raph.hull Ixcumr:ui adJiti�mul Jrbt uf H��m���rr:mJ hr.�curc�l
<br /> � � by thi+5ecurity Instrument. 7'tk�e umount++hall lkar mtrrc,t fram thc Jutr at'di.hunemenl, at thc Notc ratc,and at Ihr
<br /> option ol'Lcndcr,�hall tx immcdintely Jur und payaMc.
<br /> 7. Condemn�tion. Thc pnxcrJ.of ar►y uward��r cluim t��r dumagc.,dimct��r cun.eyuential,in cimnertion x�ith•rny
<br /> condemnntion or othrr tuking of uny p�n of the Ruprrty.ur 1i�r ronveyanre in plarr uf r�mJrmnati�m,urc hrnh�• a+�itinev
<br /> , , and�hall t►c paid to Lcnder ro thr rxtcnt of�hc full umount ot'thc indebtrJnc��lhut rcmuin�unpaid undrr thc Notc anJ Ihi.
<br /> Srcurity In.trumcnt, Lender shull upply tiu�h pnxeeJ.h�Ihr ndurtiun uf thr inJrMedne„unJcr Ihr Nute and Ihi�5rcurit�
<br /> . Instrumcnt, fir�t to uny delinyuent umoum+ upplied in thr nnier pro�•iJrJ in P.►rugraph ;, and thrn 1u prcpaymcnt af
<br /> . ,. �- r�r ` principal. Any npplirution uf'Ihe pnxeeJ. to the prinripul +hall n�n rxtrnJ ur Exnt�xme thr dur dutr at"thr munthly
<br /> �
<br /> q3,er:�q�p�,c,•,�
<br /> �
<br />
|