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<br /> :`— 1. P�ya�ent ot Princlpal.lakrat�pd Late C6ary{e. Borrowcr siwli pay whcn due tho princfpal of.and iotercat on.
<br />--�,,,� -_ — tha debt cvl�nr.ed by Ihe Notc and lote charges due under the Natc. --
<br /> _ , Z. �yauth�y�ymentr of 7lwxes�IneurAO��e aad Other C h a r�tes. Borrower shell include in cach manthly pnymrnti
<br /> � • Q
<br /> "��`" together wi�h tha ptincipal and inte�eat as set forth in the Note on dany late charges,on installment of any (p)t�ucea a n d
<br /> �� :; �:,,� epocid esseastnents bvied or to be I�vied ugainst 1he Roperty.(b)leaxhold payments or ground rcnls on the Property,and
<br /> ...
<br /> -� - (c)prcmfums for inxuronce requirsd by Parograph .
<br /> � Each monthly in�tallment for items (a), (b) ond (c) shall equa!one-twelfth of Ihe annual amounts,as reasonably f'
<br /> ' . t.,��,�;} .. estimiued by Lender. plus en emouot sufficient to maintain an additional balance of not more than ane-sixth of the
<br /> ,,,�:,,�.� estimated�t►ounls. 71ie full annual amount for each item shall be accumulnted by l.ender within a periad ending one
<br /> - ��'�,�:�,�w awnih befure an item would become delinquent. Lender shall hold the amountc collecta!in trust to pay�tems(a),lb)end
<br /> �.� c;:;• ;9:`�t; . (c)before they become delinquent.
<br /> - � �i:i�;._�;,�,: If�t any drt�e the totel of the paymcnts hcld by L.cnder for items (a). (b) and(c),tagethcr wlth�he future monthly
<br /> '�"..�'.•�!:1•_^ ' ,"•��'.,� paymenta for such Items payablc to Lender pdor to the due datcs of such items, ezceeds by moro IhAn ane-sixth the
<br /> _=' s�• °• �� "� estinwted amount of paymenta required to pay such itams when duc,end if paymcnts on the Note orc current.then Lendcr
<br /> ,�:cra:�,�.�.,�
<br /> -,�;,:: • shall cither refund the exass over one-Rixth of the estimuted payments or credit the excesa over one-siath of the estimated
<br /> � 'L��s��� ���''�� paymenn to subsequent payments by Botrower.at the option of Borrower. !f the totnl of the payments mside by Borrower
<br />�� r �` for item(a).(b).or(c)is insufficlent to pay the itcm when due.then Borrowcr shall pay to Lender any amount necessary to
<br /> .�.`'`•�'"''�'` - make up the defkiency on or before the date the item becames due.
<br /> �" •• ps ueed in this Secudty Instrument,"Secrctary"means the S@cretary of Houaing and Urban Development or his or her
<br /> °'°�°� �+ ��� •_, designce. In any year in which the Lender must pay a mortgage inaurance premium to the Secretury,each monthly payment
<br /> _'�n �:i?��: _,;::^;^,� sha11 also includo either: (i)an inatallment of the annual mortgage insurance premium to be psiid by Lender to the
<br />"�`:. ;%:.�,: �" ���„.�:;M�� Secretary, or(ii)a monthly charge instead of a mortgage insurance premium if this Security Inswment is held by the _
<br /> ,c�,, .:.. . �• Secretary. Each monthly installmem of the morigage insurance premium shall be in nn amount aufficient to accomulate the -
<br />,�'' . �..,,... � , � full annual moRgage insurance prcmium with Lender one month pdor to the date the full annual mortgage inaumnce =
<br /> premium is due w the Secretary:or if this Security Instrument is held b�the Secretary,ench monthly churge shall be in an =
<br />- ,. '� ,,.r�••�y^�;:� iunount e�ual to one-twcifth of one-half percent of the outstanding princ�pal balancc due on the Note.
<br /> ^ � � • .. If Borrower tenders to L.ender the fuli payment of all sums secured by this Security Instniment,Borrower's uccount _
<br /> •;,;; `�� � shall be credited wlth the balance remai�ing for�II installments for items (u). (b) and (c) and any mortgAge insurunce -
<br />� a ' ° premium installment lhat I.ender has not become obligated to pay to 1he Secreutry,and Lender shall promptly refund eny
<br /> �.,:x. '• excess funds to Horrawer. immediately prior to a foneclosure sale of Ihe Property or its acquisition by Lender,Borrower's �
<br /> � .. • _, _d,.,,.,-,,.�.;�:.�� account shall be credited with any balance remaining for al I insWllment�for items(a),(b)und(c). �
<br /> • 3. Applicadon of Pnyments. All payments under Paragraphs 1 and 2 shAll be applicd by l.ender as follows: __
<br /> �_. • �� �T,to ihe mortgage insurance premium to be paid by Lender to the Secretary or to the momhly churge by the �
<br /> �,��s-�, ;�M��' S�e�c_re!�inatead of ihe monthly mortgage insumnce premium; �-
<br />_ � .., -' = S�.ta asy iaxcs.�ccia!as:.essmenss.leasehold geyments or groeessd mnts.and firs.tload snd othtr hazand _
<br /> � insurance premiums,asreq uired;
<br /> ' • �Q.lo interest due under thc Note;
<br /> . d ; ',. FOURTH,w amortization of the principul of the Note;
<br /> ` �,to lute charges due under the Note.
<br /> ���. '� " � 4. Fire,Flood t+nd Othe�Hpu�rd Insurance. Bomowe�shall insure all improvements on the Property,whether nuw
<br />� ��- � in ezistence or subscquently erected,against uny huzards,casuulties,und contingencies, including fire,for which Lender _
<br /> . m'`�' . requires insurance. This insurance shall be maintained in the umounts und for the periads Ihat Lender reyuires. Bortower -
<br />� - � � shall also insure all improvements on the Property,whether now in existence or subseyuently erected,agamst loss by floods _
<br /> i� �� � �• to the extent required by the Secre�ary. All insurance shall be cwried wi�h companies uppmved by Lender. 7'he insumnce °
<br /> �► � � ��� policies and any renewals shall be held by Lender und shull include loss payuble cluuses in favor of.and in a form
<br /> ' �" -° ° � acceptable to,Lender.
<br /> ��"' " ' In the event of loss,Borcower shull givc Lendcr immediu�e notice by muil. Lender may make pmof of loss if not __.
<br /> ' `•i��• • �• made promptly by Borrower. Each insumnce company concerned iy hereby uuthorized and dirccted to muke puyment for -
<br /> �.. �, •• such loss dim,ctly to l.ender,instead of to Borrower nnd to Lender jointly. All ur uny part of the insurance proceeds mAy be �
<br /> applied by Lender.ut i�s optian,either(n)to ihe reduction of thc indcbtedness under the Note nnd this Security Instrument,
<br /> �� � �^--�» �• •� first to any delinquent amounts applied in the order in Pomgraph 3, und then lo prepayment of princip�l, or (b) to the �
<br /> ''�s:�.:. ,,.. restoration or repair of the damuged property. Any applicution of the proceeds to the principul shall not extend or poslpone
<br /> I.' • `•- the due date of the monthly payments which ure referred to in F�rngruph 2,or chunge the umount of such puyments. Any
<br /> � , - �, a �+• a excess insurnnce proceeds over sm amount requircd to pay nll cw��umding indebtedness under the Note suid this Security
<br /> �: Instrument shuil be paid to the entiry legally entiUed thcreto. f'
<br /> . ` •� � In the event of toreclosure of this Security Instrument or other transfer of iitle to the F�r+npeny that extinguishes the -
<br /> �. - indebtedness,ull right,title und interest of Borrower in und�o insurAnce policies in force sholl pusti�o the purchaser. °
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<br /> ; �.Q,_ . ,� . 5. OccupAncy, Preservatlon, Maintenance ond Protection oi'the Property; Borrower's Loan Application;
<br /> l.easeholds. Borrower shWl occupy, eswblish,und use the Property as Borrowcr:principal rcsidence within sixry day� _
<br /> '� .,.,f� � after the execution of this Security Instrument and tihall continue u�uccupy thc Pmpeny us Borr�►wer:s principul ros�Jence �
<br /> '�,., for at least one yeur ufter the dnte of occupancy,unless the Secretary detertnines thi.rcyuircment will cau.r•e undue hurdship .�
<br /> ,. ' :1��f'�. . J for Borrower, or unless eatenuating circumstunces exi�t which ure hryond BaRC�wer: contn�l. Borruwer shull notify �
<br /> ° - • Lenders of uny extenuuting circums�ances. B��rrower xhull n��commit wuste or Jextruy,Jumage or substuntiully chunge '
<br /> . � ' the Property or ullow lhe Pmperty to delcriornte,reusonablc weur anJ teur cxcept�J. Lrndcr mc�y inspect the Property if the �
<br /> • Property is vncant or abnndoned or the loan is in det'auh. Lrndcr may tukr reusonuMc uction tu protect unJ prekrve xuch _
<br /> vacant or absmdoned Property. Borrower shull olw be in Jrfuull if BoROwer, during thc loan application proces�,bavr =
<br /> ° •� muterially fulse or innccursite informulion or swtementx 10 Lrnder (or failed to providc Lender with any mutcrial �.
<br /> informatwn) in connection with Ihe laun evidenced by thc Nute. including, hut not limi�ed tu,reprexentu�ions ccNireming �
<br /> " Borrower�s occupancy of Ihe Praperly i4c u princip�l resiiknce. If Ihi.Srrurity h�tiirumrnt iti on a Ic•ruhold,Borro�vcr�hul) �
<br /> • comply with the provisions of the leasc. If Hom�wcr uryuim+fcc�idc a�ihr Pn��ny.�hr Iratichald unJ fcr tiilr+hall not
<br /> be merged unless Lender agrers to the merFcr in writin�. G
<br /> . - 6. Chat�es to Bnrrower and Prntection of l.ender's Rightti in the Prupert�•. Borruwrr�h.►II p•ry ull govcmnxnlul �
<br /> �� or municipul charges,fines und imposition+thut ure nol inrludeJ in ParuFruph 2. Himower.hall pa) Ih�se obligatiun,on �
<br /> �• time directly to the entity which is oweJ thc p�ymcut. If fuilure tu ruy w�iuld uJvcnely attcrt LrnJcr'. inlerc�l in the �.
<br /> " - . Property,upon Lendcr's reyuctit Borrow•er�hall pn�mpUy fumi�h tu Lendrr rcrcipts cvidrncmg thcsc puym�nts.
<br /> '�•.. �e'- ___ - o'u_ ..�... .1.� ..�. .�M.. .n. ....1 F... U... ..M 1 «f..:l. �.......1:..«. ..�M..r f
<br />� �___. - ______-__- _—_ ii o�nivwiT �aua Qv u. ... �,:tj::::..... S:. ..� �:C'.`j.^.:�..... ^y::7.... .y ...»i::�p.. . :7 «.... ...�........... '».^.j. .
<br /> „ covenanls;u�d�greementz ronwined in thi.Srcuriry In�trument,��r thrr�iti a Iegul pnxecding�that mu�+ignitirantly affect �
<br /> �` , _ • Lender's right�in the Property(,uch u.a pnxerding in hankruptry.li�r rundcmnali�m or lo rnli�rcr mv,nr rrtiulatiun.►.
<br /> then Lender muy do und pay whatrvrr i.ncrc�.uq•to pmtrrt thr vulue ol th�F'roperty and Lrndcr's right+in thc Pro�xrt)•. �
<br /> '., induJing payment of taxe+,haiurd imuruncr und uthrr nemr mcntiuned in Paragraph�. �
<br /> . ` Any nmounts disbunrd by LrnJcr onJer�his PuruEruph .hull Ixc�nnc an:�dJitional J�hl uf R��rn�wcr and Ix�rcunJ '
<br /> ' � �� by thix Security Instrument. '1'hcxc amounts�hull Ixar imercst fmm Ihc Jutr nt'Ji�hunement,at thr Natc r��r,and at the c
<br /> . . , opUon of l.ender,,hull be immcdiutcly dur anJ payuMr. '
<br /> 7. Condemnation. Thc procrcd+uf any�ward ur cluim for dunu�gc�,direct or ci,n.cyurntial.in conncciion w•i�h am
<br /> condemnution ur uthrr tuking ol'any pan ut'dir Praprrly.or for runv�yunrr in plarr uf rundcmn�liun.arr hrrrh}�a.,i�n�J :
<br /> ', °� nnd shnll be paid to Lender to Ihc cxtrnt ul'thr full umuunl of the in�kht;Jnrs.thai rcnwin.unpa�d undcr thr Nutr;md ihi.
<br /> Security Instrumrnt. Lender�hall apply�uch pnxced�tu the reduction uf the inJchtrdne..undcr Ihr N�NC and Ihi.Srrunty .
<br /> . : .. Instrument, firnt to uny Jelinyurnt umaunt� applicJ in thr onier pmvideJ in F'�irugraph �. ;�nJ Ihen tu pr.panmcnl ��f �
<br /> . . , :.�.• principrl. Any applicution of the pr�x;red. tu thc prinripul tihall not extend ur �x,.qxmr Ihr dur dat� ut Ilir munthly
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