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<br /> �-�° 1. P�yaneut of Priacipal.lntere�t and Lrte CA�r�e. 8orrowa chall pay wben due 1ha principal of.and intenat on,
<br /> ` -- -- - ��<< -- the debt evldenced by tbe Nde ond late charges due under 1he Note.
<br /> �.-; •� Z. Moatbly paymenq of 7bxea,InwrAace aad Olber CAar�. Horrower shall lncluda ln each mon�hly paymenb
<br /> Wgether with the principal nnd it�tercst es set forth in the Note and any late charge»,an inswllment of any(a)�aues and
<br /> on the 4nd
<br /> y ta or �+enta .
<br /> n
<br /> , ev a ai rt the b leaehoW �'oP��Y
<br /> o be 1 kd n
<br /> _ samenta lovied r to .( ) Br�
<br /> -- .-. h �5J A . �C�i�Ill{ma for insurance�qufrcd by ParaKraph 4. ��m �� _.
<br /> - . F.�ch monthly instAliment for itoms(a). (b) and(c) shall equd onc-twclfth of the annual amounta.as neasoru�bly
<br /> •' � esdmated by Lender, plus en amount sufficient to maiotain an udditional balanca af not more then one•six�h of the
<br /> esdm�tod amounts. T h e full ennual amount for each item shall be accumulated by I.ender wlthin a period ending ane
<br /> "' ` month before An item would become delinquent. i.endor ihall hold�e am�tuna edfectcd ln uust to pay itema (o).(b)and
<br /> -- _ -��.` .:�;;e-� (c)before they become deiinquent.
<br /> �..a y���r-• � If et any tlme thc total of�he payments held by Lender for items (e). (b)and (c).tagether with�he futurc monlhly
<br /> '�``"' '` „` payments for such items payable to Lender prior to the due dates of euch items, eaccedr by more thsin one•siath the
<br /> Fsr-�,:'�,1}w;, '
<br /> �— _______�_...,;3;�; esdmated umaunt of payments required to pay such items when due,and if pe ments on the Note are cumenb then L.ender
<br /> ��_ • shall cither�efund the excess over one-sixth of the estima�ed paymrnts or c�t the excess over one-slxth of iha estimated
<br /> '��;;,, payments to subsequent payments by Borrower,at the option of Botrower. lf Ihe tatal of thc payments madc by Borrower
<br /> � for item(a),(b),or(c)is insufficient to pay the ilem when due.ehen Borrower ahall pay to l.ender eny emount rucexsary to
<br /> � �`% melce up the deflcie�cy on or before the date thc item becomes due.
<br /> � .� •-,�.�,�,;�°., Aa used in�his Securiry lnstrument,"Secretary"means the Secretary of Housing and Urban DevelopmeM or his or her
<br /> 't�t�•�+�_: designee. In any year in which�he I.ender must pay a mortga�e insumnce premium to the Sea+etary,each monthly payment
<br /> � ;'s'Lf`��:��;�f,'�•`• shall also inciude either. (i) en inatallment of ehe aru�ual mortgagc insurence premium to be paid by Lender ro the
<br /> - _� ----�.T.------
<br /> u�`�-T-";'�, �'� Secretary.or(ii)a manthly charge instead of e mongage insurance premium if th�s Security Inslrument ia lxid by t e
<br /> � 'r� • � Secr+etary. Each monthly installment of the moAgage inaurance premium shall be in un amount sufFlcient to accumulate the
<br /> �°�'' ' " � full annual moAgage insurence premium with Lender one month prior to the date �he full annual mortgage insurance
<br /> r,,,,,,;.: � .; prcmium is duc to the Secretary;or�f this Security lnstrument is held by the Secretary,each monthly charge shall be in an
<br /> . �.. . . .,.,....::
<br /> .. ,�.,t. amount equal to one-twelfth of one-haif percent of the outatanding princjpal balance due on the Note.
<br /> ••. =' •�`• If Borrower tenders to Lender the full payment of all sums secured by this Secudty Instrument.Borrowerk account
<br /> -�1.,, '���,.,,�s; shall be cmdited with the balance remeining for all inslallments far items (u). (b) end (c)and any mortgage insurence
<br /> -- p�emlum installment that L.ender hes not become obUgated to puy to the Secretary,end Lender shall prompUy refund any
<br /> ��'� � � "', eacess funds to Barrower. Immediately prior to a forcclosure sale of ihe Property or its acquisition by l.ender.Borrower`s
<br /> " - . � account shell be credited with any balence remainiog for all ins�aliments for items(e).(b)and(c).
<br /> � � •�� �` � 3. A Iicadon of Payments. All payments under Paragraphs I and 2 shall be applied by Lender ns follows;
<br /> . � ' .,. ' �to the mortgage insurance pr�emium to be pald by I..ender to the Secretary or to the munthly charge by the
<br /> ___.. ^.,.�,��;y �_`l����_ Secrc lnstead of the monthly mortgage insurance premium;
<br /> ti`` - -- �g�,ta any taxcs,spccia!as�cssmetsts� leaseltalc!paymenu or groussd s+e�tts.and fire.flood and other hnznrd
<br /> �i° nxurance premiums,asreq uired;
<br />- " IRD,to interest due under the Note;
<br /> .,_ . ��}i,to amortization of�he principal of the Note;
<br /> ��?� �,to late charges due under the Note.
<br /> � ,;,;�'� q. Fire,Flood and Other Hazard Insurance. Borrower shatl insure all improvements on the Property,whether now
<br /> ' � :'� in exis�ence or subsequently erected,ngainst nny hnznrds,casualties,ttnd cantingencles, including fire,for which Lender
<br /> ' �"1' ` requires inaurance. This insurance�hell be maintained in the amoums und for the perjads that Lender requfres. Borrawer
<br /> ' �' shall also insure all improvements on the Propeny.whether now in eaistence or subsequently erected,against loss by floods
<br /> ° n�., � to the extent required by the Secretnry. All inaurance shall be curried wi�h companies approved by Lender. The insurance
<br /> . �� •� -"� policies and any renewals shall be held by l.ender und shull incldde loss puyuble cluuses in fovor of, and in a form
<br /> .�.� acceptable to.Lender.
<br /> •"�''"'�� -���-s-�`-'� In the event of loss, Borrower shnll give I.c�mler immedinte naice by muil. Lender mWy make proof of loss if not
<br /> �� : • " �...,:� mede promptly by Borrower. Fatch insurnnce company concerned is hereby uuthorized und directed to make payment far
<br /> ��• ' such loss directly to Lender,instead c,f to Borrower and to Lender jointly. All or�ny part of�he insu��nce pra:eeds may be
<br /> f�' - � applied by Lender,et i�s option,either(u)to the reduction of'the indebtedness under the Note und this Securiry Instrument,
<br />�:• • ' - •:��.� • frst to any delinc�uent umounts applied in the order in Parngroph 3, and then tu prepayment of principal,or(b) to the
<br /> T • restorution or repwr of the JamGged property. Any Applicntion of the praceeds to the principal sh+�ll not extend or postpone
<br /> I- ' - the due date of the monthly payments whirh vre referred�o in Purugmph 2.or chunge the amount of such pnyments. Any
<br /> ,� • �' excess insurance proceeds over an amount rcquired to puy all outs�anding indebtednegs under the Note end this Security
<br /> Insuvment shall be paid to the emity Icgully entitled Ihereto.
<br /> • In the event of foreclosure of this Security Instrument or other trunxfer of�itle to the Property that extinguishes the
<br />'�`,4 indebtedness,ull right,title and interest of Borrower in und to insur�nce policies in force tihall pass to the purchuser.
<br /> ,:,�t+�• � � S. Occupancy, Preservotion.Maintenqnce and Protectlan of Ihe Properly; Borrower's Loan AppNcatlon;
<br /> ' ' � I.easeholds. Bornnwer shnll accupy,estublish,nnd uce the Pmperry as Borrowerti principul residence wi�hin sixty days
<br /> ` s "°:• � after the execution of this Securiry Instrument and shall continue tooccupy the Propehy as Borrower;principvl residence
<br /> • '' S�"� for at leust one year ufter the dute of accupancy,unlexs the Secre�ury determines thi+requin;ment will cuuse undue haudship
<br /> . , - .ablP�`ry:.;.
<br /> � r for Bomower, or unless extenuutin�circwristanccs exist which ure t�eyand Borrower's contrul. Borrower shall notify
<br /> , Lende�s of any extenuuting circum�tunces. Borrowrr tihall not commit wutite or Jestroy,dumuge ur xub�tuntinlly chunge
<br /> � � the Property or ullow the Propeny to deteriorute.rcusonabk wcur und teurexcepted, LenJcr m+iy inspec�the Property if the
<br /> � . ' ` Piroperry is vucnnt or ubandoned or the lo;ui is in defuult. Lcnder may takc rcu+onublc uc�ion ro pmtect nnd preserve such
<br /> vacunt or ubnndoned Propeny. Borrower xhull nlso hc in defuult i(Borrower. durinE Ihr loun vpplicu�ion pr�xetis,�uve
<br /> � materially fulsc or inuccurute informution or stutements lo Lender lar fuiled lo pruvide Lender with uny mnlerial
<br /> information)in connection with the loun evidem:cd by the Notr, includinF,but not IimitrJ to,reprr.r•entutions cimceming
<br /> Borcower ti occupancy of the Prc►perty us u principal rexidenrc. If this 3ecurity Ins�rumcnt i�on u Icutiehold.Burrower xi�ull
<br /> � comply with the provisions ot'the Iea�c. If Born�wcr uryuirr�fec tidr to�hr Pro�xrly.�hr Icusehnld und fee title shall na
<br /> d be merged unless Lender ugree+to thc mcrgcr in writin�.
<br /> , 6. Char�es to Borrower and Protecliun of Lender's Ri�hts In the Pruperty. Burcuwrr shull puy ull govemmental
<br /> •' � or municipnl churges,finex and impositinns that are nut inrluJed in Pura@ruph 2. k3��rcu�vrr.hull pay these ohligutiom on ;
<br /> . time direcNy to the cntity which is owed thc payment. If f'uilurr in �uy would ud��cnrly ut'f'rct Lrnder+ intcrost in the
<br /> �
<br /> Propeny,upon Lender:s reyucst Burrnwcr shull prompdy fumish tu Lcndcr rcceiph�vidcncing thr�r payments.
<br /> _ _ _ ��__+L' '__�L•�'_ei �t n t..•1.. ..n..�Aa ..�.� .�6.. ..�.� .wl 6 U.. h '1 FnJ. �.• rinr�n mw nthnr
<br />, _.___._ �1 uV��vviN IPi�.�i ti�.�.�.li::�.... ::. � �.»j:::�.... ::�»:.. ..! :�.�._:�::�... �.:�� ..... .. �:� "' �
<br /> � ^ covcnnnts und ugrecmcnts contuincd in this Srcurily Instrumcnt,ur Ihcrc i+ a Ic�;ul prcxrrding thut ms�y significantly uffcc�
<br /> • Lender� rights in the Properly(surh us u pnxecding in bunkruptry,f�.r ronJrmnatiun or io rnti�rcc I�iw,or rcFulution��, '
<br /> ° then Lender muy do u►x1 puy whutevcr is necc,xury�n protect�hc vuluc of thr Ruprny und LrnJcr�rights in the F'roperly.
<br /> " including puyment of tuxcx,huiunl insurnnce anJ othcr items mentinned in Para�;rnph 2.
<br /> • Any sunountx disbur�ed hy Lendrr undrr thix Pura�;ruph �hull h�rc�mr an udditiunul Jebl iN'Born>w�r und be securcJ
<br /> hv this Securitv Instrumcnt. Thexr am�wms .hul l tkar mtrrc.t frvm Ih�Jutc ot'disbunrment,ut thr Notc rute,und ut the
<br /> �� optiun of Lcndcr,shull hc immediu!cly duc unJ puyublr.
<br /> 7. Condemnallon. The procceJs of ony uw:ud ur rluim fur Ja�nu�cs,dircct or ran�ryucntiul,in rimncction with uny
<br /> , �, �• condemnution ur other tukinF�d'any pun of the F'ruExrty,ur for ccmveyuixr in plucr uF candrmnution,ure hereby assigned
<br /> ' �td shuU be pnid to Lendcr to�hc cxtcnt iif thc full um��unt ot'Ihe indcbteJncx,Ihnl rcmuins unpaid undcr tlk Notr und thi.
<br /> � •,� Security Insuvment. Lender shall upply such prorcedti tu thc r�rJuctiun uhhc indrhtcdne,s unJcr the Nute and this Scrurity
<br /> � � � Instrument, fir.�t to uny dclir�yucnt umountx upplicd in thc ordrr pn.viJcd in Puru�rnph 3, und thro to prcp•rynunt of '
<br /> . F •...'� ; principal. Any upplicntion af the pnxeeds to the principul shall n�it r�trnd or puztpnnr thc Jue Jatr uf the munthl��
<br /> . . qa��r'n�d�•,�.e�u
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