|
-•S iti- . .,.,.t s af r: i Ara+ t'r ' .� ,r ..
<br /> �!; t •"n•." ''"'•yk�i:�•� s�t..,� �i'r,.�� :'�' �::�r�2 - :.r,=��:, . ,. s
<br /> : .� • _ ..�.,.- -
<br /> .�.��-�� -- - -- - , �....�,. -
<br /> � ______ ._______ __.__.- _..:. ___ '_ ��. '__._._.__ _ .a,,.'n.��..—.
<br /> r.- ---i. .. _
<br /> . � ._ ....:_- -� -..-
<br /> �`.T�ffi3.�:"2 � . .. -..
<br /> _- .-.,..�ry�•:r� ' _-^�M•.wi•.���� •Yn?7T-` __ " .-.-. _—. �
<br />_ ._ '� . .. ,�.eR��,f�'i:+d7�J�+c..J'.:_.f':'' ..., .• ' � ___ .—
<br /> 1 �rliui�lfii�r�+►'
<br /> - l�_..___..
<br /> ,�
<br /> -.�'�?�� ---
<br /> .. -���h:..,..;.��. 92— sosseo �--- -
<br /> - "•' `��� l. Pnyment ot PrinclpW,lntereat and Lpte Char�e. Borrawcr�hall pay when due the principal of,and inter�est on,
<br /> � the debt evidsnced by the Note and latt chazges due under Ihe Note.
<br /> "��. 2. Moat4ly{wyment�ot7laxea Inruraace Aod 01her C�r¢a. Borrower shnll include in each mon�hly paymcn�,
<br /> - -.��,�::��:;::::::,';.- wgdher with the pdneipal end intercst as set fanh in the Note and any Iwte charge�c. +u►in�wlln�nt uf a�iy fa)toxea und � -
<br /> ry special assesaments levied or to be levied egainat the Property,(b)leasehold payments or ground rcnts on 1he PropeAy,and
<br /> • , ,t�,k; ' (c)pramlums for inaurance rcquired by Porpgrnph 4.
<br /> 4�:;__��;�� Each month,y instellment far items(a), (b)And (c) ahall equal one•twelflh of tho nnnual wnounts.as rcnsonably
<br /> - �}� estimated by Lcndcr. plus an amount sufficiant to msiinWn un udditjanal b�Jnnce of n�t mnre than one-sixth of the �,.
<br /> �, "''s$'�"`;• � estimated amounts. 71ie full annual amount for each item ahall be�ccumulated by Lender within A period ending one
<br /> ��',�;;:�•,.,�, �.�,;,�• maith befon an item would become delinquent. Lender shell hold the runounts collected in uust to pay items(a),(b)And
<br /> '�,;..,,*,., ;c,. (c)before they become del inquent.
<br /> �-.�+'�'-�= � -�� If at eny tlme the rot�l of�he payments held by Lender for items (a),(b)and(c),togethcr wfth the future manthly
<br /> _-- -- ,,_,, j,.:y��w�ds Y���u:,S► Et;.ms payablc ia Lactdcr prFor ta tlsr clue clstes of such iterna,e*�K�iR hy mnm rhnn nne.Ai,cth the _---_-
<br /> '°'•�"`"" :..��^ estimated amount of payincnts required to pay such itema when due,and if payments on the Note are current,then Lender
<br /> � J �" shaQ elther reiund tho excess over one-Kia1h of the estimated paymen�s or credit the excess over one-sixth of Iha estlmated
<br /> �_ , °' Y paymenta to subsequent payments by Sorrower.at the option of Borrower. If the total of the paymenta madc by Borrower _
<br /> • for item(a).(b).or(c)is inaufficient w pay the item when due,then Borrower shall pay to Lender any amount necessary to
<br /> ' �, .,,fi _ . � make up the deficiency on or beforc the date the item becomes due.
<br /> �:. „ As ucecl In this Security[nstrument,"Secretary"means the Secretsry of Housing and Urban Development or his or her
<br /> ;�x:::,,:� .. _.�,>:w
<br /> designee. In any year in whicb the l.ender must pay a moAgage insurance pr�emium to the Secrctary,each monthly payment
<br /> : ;�:..,a, ft shall also include either. (1) an inatallment of the annual mortgage lnsurnnce premium to be paid by Lender to the
<br /> i ''� ��„�,; ;. Secretary, or(ii) a monthly chorge instead of a mortgage insurance premium if this Security Instrument ia held by the
<br /> _ �'-��?:s�:� � Secretery. Each monthly installment of the mortgage ineurance premium shall be in an amount sufflcicnt to accumulate the _
<br /> full ennunl mortgage insutance premium with Lendcr ane month prior to the date the full annual mortgage insurance
<br /> _ �; .�,,.,.r .= 1 - premium is due to the Secretary;or if this Secu�lty Instrument is held by the Secretery.cach monthly chuge shell be in an
<br /> -v�;�; . amaunt equal to one-twelfth of one-half percent of the outstanding principal balance due an the Note.
<br /> ��:�� If Borrower tenders to L.ender 1he full payment of all sums secured by this Security Instrument,Borrowerk uccount
<br />_,�.- ,,.T. -• shall be enedited with �he balance remaining far nll installments for items (u),(b)and(c) and any mongage insurance
<br /> x;;.,�` . - pr+emium installment that Lender has not become obligated to puy to�he Secretury,and Lender shall pramptly reiund un� _
<br /> : ,` :., , cxass funds to 8orrower. Immedintely prior to a forecloaure sale of�he Properly or its acquisition by I.ender.Bort�owers
<br />'�.� � �� �' account shall be credited wilh any balance remuining for all installments for items(a),(b)and(c).
<br /> ..__ � . 3._Ap�licadon ot Paymenfs. All payments under Parugmphs I and 2 shall be applied by Lendar as follows: _
<br /> _� , 4 ,' , �g�T to the mortgage insurance pcemium to be paid by Lender to the Secretary or to the monthly chnrge by the
<br /> Secre matead of ti�e monthly mortgage insurnncc premium; - - --
<br /> - =� • �,to any tnxes,special assessments,Ir.aaehold puyments or ground rents,and 6re,flood and other hazard
<br /> '� _ insurancepremiums. asreqwred;
<br /> ,,_- ,-- �($1z,to interest duc u n der the Note;
<br /> J�,to amoeization of the principnl of the Note;
<br /> � o.�,o � - �,to late charges due under the Note. _
<br />' 4. Fire,Flood and Other H�rd Insurance. Borrowcr shnll insure ull improvements on the Pmper�y.whether now
<br />�� "�. o ° in eaistence or subseyuently erected,ugainst uny hazards, casualties,und contingencies,including fire,for which l.ender
<br /> ' ' requires insurance. This insurunce shnll bc mninta�ned in the nmounts and for the periodx tha�Lender requires. Borrower --
<br /> shall also insure all improvements on the Propeny,whether now in exis�ence or 4ubsequently erected,ngmnst loss by floods �`- �-""""
<br /> .•� i_ ° - , to�he ex�ent requircd by the Secrelnry. AU insurunce shall be curried with companies upproved by Lender. The insurance =_
<br /> , polfcies and any renewals shall be held by Lcnder und shull include IOSS payablc clauses in favor of, nnd in n form ___
<br /> " acceptable to,Lender. .,�_.
<br /> �' � • In the event of losx. Borrower shull givc Lcnder immediute notice by muil. l.ender mny muke proof of lo�s if nut
<br /> „� � made promptly by Borrower. Ench insurnnce campnny concerned is hereby authorized und directed to make payment for o _
<br />-_ -... , Ruch luss directly to Lender,insteud of to Borrower und to I.ender jointly. All or uny purl of the insurnnce proceeds mny be ___—_
<br />=LL � .; applied by Lender,at its option,either(u)to the reduction of the indeMe�lne.ti undcr thr_Notc und this Secunry Instrument, i'___-
<br /> first to eny delinquent nmour'x upplicd in the order in PuragroPh 3,und then to prcpuyment of principsil,or(b) to the
<br /> ;`� .� restoration or re uir of tha dama ed ro rt . An n lica[ion ot the nxeedti to the rinci al shall not extend or s ne H'_'�"--
<br /> �, P R P Pe � Y PP P P P P° �P° �---
<br /> the due date of the month ly payments whic are referred to in ParAgruph 2,or chunge the omount of�uch paymen�. Any
<br /> ,� eacess insurance proceed�over un umount required to pay all outstsmding mdebtrdness under the Nate and this Securiry
<br /> _''� � �• Instrument shall be paid to the entity legully entided thento.
<br />�• In the event of foreclosurc e�f this Security Inslrumenl or other trunsfer of ti0c to the Property that eatinguishes the �=- -',
<br /> �. . � indebtedness,ull right,litle und intercst of[iorcower in imd to intiurunce policies in fixcr shall puss to the purchuser. ���t°��
<br /> - 5. Occupancy. Preservation. Maintenance and Protectlon of the Property; Borrower a Loan Appllcnlion; �- �•
<br /> `J�t�. , • ' I,easeholds. Borrower sl�all accupy,estublish,and use the Property us Borrowcr�principal rcsidence within sixry days E:.�-.:
<br /> �� � ,.� after theexecution of this Security Instrument und shull continue to orcupy the Pro�xny ux Borrowerw principal residence
<br />.=:. � ' for at Ieast one yeur ufter thc date of uccupancy,unlexs the Secretury determinc.this reyuirement will cause undue hardship �-.•:�:'�
<br />- ".� �� for Bortower, or unless extenuuting circurristuncex exis� whirh arc beyond Borrower's cuntrol. Borrower shall notify '��+•=
<br /> g Lenders of any eztenuuting rircumtit;►nces. Bortower,hall not commit wu.tc or de�troy,dumuge or substuntiully chunge
<br />;,-1�� the Property or allow the Propeny to Jeteriorute.re:�wnable wcur and�eur cxr�pted. Lc�xler may ms�ct Ihe Property if the _ •-
<br />• ` . Property is vucsint or abandoned or the lo;�n i�in def•rul�. Lender muy wke rcusimublr action to protect und preserve such �';`'
<br /> v:�cant or abandoned Property. Borrower sholl ulxo be in dcfault if Horrower,dmin� �he luun applicution prucess,guve '
<br /> �� materiull� false or inuccumte information or ti�utementz to Lender lor t'ail�d �o pruviJe Lender with any matcriul
<br /> , informauon)in connection with the loan r��idrnced by thr Notc, includin�;, hut not IimitrJ a�,represrntations conceming �
<br /> " Bortower ti accupuncy of the Property as a principul re+idence. If ihi.5rcurity In�trumrnt i�un u Ieusel�i�IJ,Borrower�hull ;
<br /> �, comply with the provisions of thc Icu+c. If Borrowrr ucyuirc� 1'cr tiU�tu thr 1'ru�xny,thc Icai+ch��ld und fcc tidc xhall not ' •
<br /> " V be merged unlr�ti Lendrr a�:rre•Ic�Ihe nurgrr in writinE. �
<br /> � •� 6. Char�es to Borrower�nd 1'rotection of'Lender'4 Riphts in the 1'ropert�•. Burru��er�hull p•ry all Fovemment�l ;
<br /> � , or municipul charge�,fincs unJ imposition��hut;�re not included in Paragruph?. Burruu•rr.hull pay the�r ohlig•r�ions an
<br /> � , , time directly to �hc entity whkh i+owed tix: paymcut. If fuilure to pa}• w�iulJ udvrnrly a(frrt Lendcr: intcre+t in thr .
<br /> � Property,upon LenJer+rcyue�t Borrowcr shall pmmpdy 1'urni�h to Lcndcr rcrcipl�cvidcncinE thc�r paynx nt.. j
<br /> If Borrower fuih tu muke these payment�or thr paymrnl+ rryuired hy 1'uraEraph ?, or fail� to p�Norm any other �
<br /> i, covenants;mJ ugreement�contnined in thi,Sccurity In�irumrnt,ur therc i�a Irgal prcxceJing that may .ignitiruntly uffret
<br /> - , -- Lender's nghts �n the Nn�perty(�uch a.a pnoereuing m aan�rupicy.Iix condemnunon or���enii�rce iuw� ur nguiuiiun.i.
<br /> then L.�:ndcr may Ju und pay whatevrr i�ne�r�rury to protecl the valur ut'Ihe PruFxny anJ Lendrr:ri�ht� in thr Pn��x:ny.
<br /> including payment af tux�s,h:�ard in,urunrr and i�lhcr urm.mcnliu�xJ in P:va�ruph 2.
<br /> . Any nmounts disbu�,ed by LenJcr unJer this Pura�ruph�hall txrnme an addi�iunul drht uf Bum�wer and he.rrurrJ
<br /> � by Ihis Securiry InstrumcrrN. Thesr umuunts�hull txur interest fmm Ihr da�r uf di.hunrmcnt.at thr Note ratr,and a� thr
<br /> . option of Lender,shull b� immeJivtcly Jue unJ puyuble.
<br /> 7. Condemnatinn. Thr pnxeeds u(:uiy uw:ud ur rluim for Jnma�;c.,direct ur ramryurntiul.in ruiuiecuun with an�
<br /> - -" condemnation ur other tukmE ot uny pan ot the Hv{xny,or tor convey•ance m plare ut randrmnau�m,urc nrr�ny.i�,�gnra
<br /> and shall be paid to Lcndcr ta thr ex�rnt ot'thc full umoum o(thr indebtrJnr�.�hut rcmain.unpaiJ unJrr thc Notr ai�J thi,
<br /> 5��curity Instrument. Lender sh•rll upply wrh prcxeeJ.tu the n�duction af thr indrhtrJnr++unJer thr Nutr;mJ Ihi+Srrun�y
<br /> �• Instrument, fint lo uny dclinyucnt umount� applicd in the onlrr pruviJrJ in Puragr:iph ;, and thrn �a prrpa}•mrm ui
<br /> . , ,,� principal. Any upplication of thr prcxeeds to Ihe prinripal tih•rll nat c�ICnJ ��r �x�.t�xmi Ihr dur Jatr of the monlhl�•
<br /> ; • i/hiRr����J p,i�r.�
<br /> �
<br /> 7
<br /> J
<br />
|