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<br /> 1. P�yw�mt of Prlecipd.l�terest aad l.ate Cd�rQe. Borrower ahs�ll�y when duc tha pdncipal of,atid imercst on.
<br /> _ the deb avidencod by tho Nato and Iwte ch�rges duo under the Note.
<br /> - 2. MonWly p�,yaunts o�'hxe�,lnwru�ce�od Olha'C �. Horrower alwll include in each monthlY paYment,
<br /> - - ---- togetha wUh�he pnno�prf wni i�ite�er�u�s�i fur�h in th�:Nutc�any {atc�h�gcs,:uti installment of nny (a)taze�and �
<br /> .. ,�E'�" spocinl ssaesrmcnts bviod or lu be levkd against tho Property,lb)IeasehoW paymentr or�aud ron�un�ho PrWiertY,and
<br /> ,� (c)pr+emiums for incurance requircd by P+uog�aph 4.
<br /> &ch momhty Installment ior ltema (e1� tb)wnd (c) shall cqual onc•�welflh oi the annu�! amount�. wr rea:onably
<br /> • '�' estimued by l.enckr, plus an amuunt suf'f7cient �o moinurin an acidittonol balance af na more than onasixth of the
<br /> °�� �` ` estimated amounta. The full nnnunl emount for each item shall be accumulaled by Lxncler within a per�ad cnding w�c �-�
<br /> month before an item would become delioquent. Lende�chall hold the amountr collxted in trurt lo pay items(A).(b)and
<br /> T_u- (c)befae Q�ey bocixne deli�quem.
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<br /> ���-�-�''�=ti�ii� if at wny dme the total of the poymenta held by L.ender for items(a),(b)and(c).tagether with thc fuwrc monthly
<br /> - — �<•;�;�t:-. �ayr�nsr, for sncls iic.rs:s payatstc ta I.rn�er psios to!4ee due det•• of��Mh it!ma;exorwla hy m�rc thpn one•sixth thc �._
<br /> -- ,---�� csdmated emount of payments requircd to pny such items when due,and iP paymen�R on�hc Notc urc cunsnt,then l.ender
<br /> '�'��.�""`�'� shell eilhet refund the excess aver one-sixth of the ectimuted payments or credit Ihe excess over one-sixth of the ostimated
<br /> - - ��=�;.;N:�'*:��".` payments ro subcequent paymentx by Burrower.at the apiion of Borrowcr. If the tntal of the payments made by Borrower
<br /> .�:�';;`:�,'�' for item(a),(b),or(c)is insufficient to puy the item when due.then Bomower shpll pay to Lender any�nount neeec�ry to
<br /> ��,:,,, � make up the deficiency an or beforo the date 1hc item becomes duc.
<br /> ,� , ,;,,�,, �.;,�,r;;,� As used in thia Secu�ity Inswment."Secr+etary"means ihe Secretary of Housing und Urban Developmenl or his or her
<br /> ��`'"��t��'.�� designee. In eny yeav in which the Lender must pay a mortgage inaurunce premium to the Secretary,each monthty payment
<br /> "'�` shall �Iso include either. (i) an inswllmem of the annuul mortguge insurnnce prcmium to be paid by l.ender to the
<br /> ���=��z.,�:;r Secretuy.or (ii)a monthly charge inatead of u moAgoge insurnnce premium if this Secudty lnstrument is held by !he
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<br /> � 4�.•�•'; .'.*!�v Secretary. Each monthly installment of the morlgege insurnnce premium shell be in an umount suificient to nccumulete the
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<br /> -° full annual mortgagc insuraina premium with Lendcr onc month p�for to the dute the ful! a�nuel mongage insurnnce -.
<br />�`_ ti:,�:;�rh��;�V� ; prcmium is due ta the Secretary;or if this Security Instrument is held by the Secretury,euch monthly churge shall be in an
<br />_ •• , � amount equal to one-twelfth of one-hAlf percent of the outstanding principal balence due on the Note.
<br /> "� •=-� If Bomower tenders to Lender the full payment of ull sums secured by this Security Insuument,Borrowerk account
<br />- " � •`h: shaU be credited with the balance amaining 1'or nll instullments for items(a),(b)nnd (c) und any mongage insurance
<br />-. " ,�.'` "'' � premium installment that Lender has�ot become obligated to pay to the Secretary.and Lender ghell prompUy refund nn
<br /> • ' " � �� excess funds to Bortower. Immediately prior to n foreclosure sale ot the Property or its ucquisition by Lender,Bormwer�
<br /> .��''�� account sball be credited with uny balence remnining for ull installments for items(a).(b)and(c).
<br /> � , } . 3.Ap�licatioa ot PAymenta. All payrnents under Prnragrnphs 1 and 2 shall be upplied by Lender ua follows:
<br /> `�:�,,:: F��T.�o the mortgage insurance premium to be paid by Leuder to the Secretnry or�o the monthly charge by the
<br /> Secre �nstead of the monthly mongAge insurnnce premwm; .-
<br /> � , . �. ���to any taxes.special assessmems.leasehold payments or ground rents,and tire.flood end dher h�.�ud
<br /> " � �� insurence premiums.as required;
<br />_- :;'��i��."-4=,., ;:-�;,_,- �gj��so interest dur under the NotP:
<br />. „ . ' ' � �,to amortizntion of the principal of the Note;
<br /> . ,� •� . ,;�,-��-•��. �,to late chargcs due under the Note.
<br /> � :.:�, q. F'ire,Flood a�td Other Hazord losurance. Borrowcr shull iasure ull improvements on the PropeAy,wtiether now
<br /> t+�r,� � in existence ar subsequently erected,Against uny huzards,casualties,nnd contingencies, including fire,for which Lender
<br /> � ?�:,� � requires insurancc. This insuran:e shall be muintnincd in the umaunts and for�he periods that l.ender requires. Borrawer ___
<br /> � ' � shall also insure all improvemenls on the Property,whether now in existence or subsequently erected,agamst loss by floods �
<br /> ' " � to the extent reyuired by ihe Secretnry. All insurence shAll be cn�ried with compsu�ies upproved by Lender. The insumnce �� " -
<br /> E . " ' T� � palicies and any renewuls shull be held by Lender und shull include loss payuble cluuses in favor of, �nd in a form
<br /> ., � ecceptable to,Lender.
<br /> ��. . , ,�-�; In the event of loss, Borrower shall give I.ender immediate notice by muil. Lender may muke proof of loss if not
<br /> made promptly by Borrower. Each insurnnce company concemed iti hereby uuthurirxd und directed to mnke puyment for
<br /> ,�� � - . ._•' such loss direcdy to Lender,instead of to Borrawer and to Lender jointly. All or any pan of the insurance pra:eedw may be u_—
<br /> ' ',::K;,�3����„. applied by Lender,at its option,either(p)to the reduction��f the indehtP�ines�under 1he Note and this Secunty Instrument. =__
<br /> f" firat to uny delinquent amounts applied ln the��rder in PivngruPh :�,nnd Ihen to prepayment of principul,or(b) ta the
<br /> ^� n;:.r'' � , nestoration or repau of the domaged property. Any upplic�►tion of�he proceeds to�he principal shall not extend or pos�pone __.
<br /> , �• . .;; the due date of the monthly ps�yments wh�ch are referreJ to in Puru�!ruph 2,ur ch�nge the umount of such puyments. Any .._
<br /> .. • ' .. excess insurnnce proceeds over an umoun� reyuired to pny nll outslnnding indebtedness undcr the Note und this Security
<br /> •; Instrument shall be paid to the cntity legally entitMd thereto.
<br />. . M the event of foreclosure of�his Security Insttument or othrr trunsfer of title to Ihe Property that exting�ishes thc �,.1.
<br /> " indebtedness,all right,tiUe und interext uf Borrower in und to insurunce policie�in forcc�hull puss to the purchaser. ��
<br /> • : '.�,. „ .. S. Occupancy, Preservadon, Mainlenance �nd Protectiun oP the Property: Borrower's I.oan Application:
<br /> , I.easeholds. Borrower shull cx:cupy,rstublish,and use the Property�ti Borrower's principul rexidence wi[hin xixty duys
<br /> � � nf'ter the execution of this Securiiy Instrument and shall cominue to<xcupy Ihe Property us Borrower'.s prinripul rcsidence __
<br /> � ,'' '�'� � for at least o�e yearufter thc date of c►ccupancy,unlexs the Secretaq•cletcrmmes thi�n�quirement will cause unduc hurdship ---
<br /> �?.:j;�=^ for Borrower, or unless extenuuting circumstunces exist which an: t+eyond Borrower'ti comrol. datrowcr shull notify �:
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<br /> ., l.enders of any eztenuating circumstunces. Borrower tihall nat commit wustr or drstroy,dumuge or substantiully chungc �- �
<br /> ' the Pmperty or nllow the Propeny to detcrioratc,rcasonuble w�ur und teur excepteJ. Lrndcr may inspect the Property if�he �
<br /> " Property is vacant or ub:mdoned or the lo:ui iti in dcfuult. Lendcr may take rca�onvblr actiim ro pratect und prexerve such �-+V
<br /> , . � � voccurt or abnndoned Property. Bormwer shvll ul�o lx in dr(uult if Borrower,durin�: Ihr luun upplication pnxess,gave h
<br /> � '� mptcriull� falsc or inuccun►tc information or stutcmenls tii Lcndcr (or failrJ ta pnwidc Lcndrr with any matcriul �..,.
<br /> a� • informut�on) in connection with thc In;ui rvidenced by the Notc, including.but nut linuted tu,rcprrxentations corneming �
<br /> � Borrowcr'.s«:cupuncy of�he Prop�:ny uti a prinripal rcxidcnca li thi.Srrunty In.tn�ment ix�m a Icu,ehold, Burn�wer xhull '
<br /> . comply with the prov�sion.of the lea+c. It'Borrowrr ucyuire�frr�idr to thr �'ra�xny,thc Icuschold�nd fec titic shall not
<br /> be merged unless LcnJcr ugrce+tu the mcr�cr in writing.
<br /> .. � � 6. Churgesz to Borruwer and Prutcctlon oP Lender's Ri�hts in thc 1'rupertv. fiorro«•rr shall pay all gvvcrnmcntul �
<br /> . or municipal charges, fine.und impo.ition�that arc nc�t inrludrd in Paragrapli?. Borrowrr,holl pay thetie ahli�;utionti�m
<br /> � time dirccUy to the enti�y which is owed thc p•ryment. If fuilun tu pay wuuld •rdvencly afferi Lcndrr� intrrc.t in �he i
<br /> Property,upon LrnJer's rcqurst Horrower shall prc►mptly t'umi,h to Lendrr rcceipts evidencin��hesr pu�•mrm.. �
<br /> �� . �' �. If Borrowcr fnils to muk�Ihesc payrnen�.or thc paymcnt� rryuircJ hy Narngraph ., i�r t'ail. to pertbrm uny othrr ,
<br /> " covenants and ugreemenis�untuined in Ihis Srcurity In+wmrnt,or Iherc i.a IeEul pnxccJin�IhiH muy+iFnitirandy affect
<br />.±!!�+d= �+-- --- -- - - t...,.i..� .tohr. �n �hP IPr.,mNV�u�rh,�c :�rx�x•rcdine in hankruntrv. tiir cundcmnution ur lu cnforce luw+ur rcl�ululion�l. � .,
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<br /> thcn Lcnder miry do und pay whatevcr i,neceasury tu protcrt Ihc valuc of thr f'ro�xrty smd l.rndcr'.riRhu in thc F'ro�xny, :
<br /> including puymcnt of tuxes,h:�ard in.urunre and uthcr�tem+menti�med in ParaEruph 2.
<br /> � Any amounts Jisbuned by L.endcr undrr thi+Puru�;raph�hall Ixrumr,�n udditiun.�l d�M uf Hurn�wcr anJ Ix ucuRd �
<br /> by this 5ecurity Inslrument. 1'hcse umuunts shull ixar intrrcxt t�r��m Ihc dwr w d�.hurxrmcnt,ut 1hr Notc rutc,:ind at the •
<br /> � �' option of Lender.�hall he immeJiutely due:u�d puyuble. �
<br /> 7. Condemnotion. 'I'hr procceds of any awvrJ or claim tix damagr+,diicrt or cumryucnliul,in runne:ruun wuh any
<br /> --'-� - ' - condemnation or oiher luking��t�my pun ot�he 1'roExny.or ti,r ronveyance in plure oi roniicmnauun.arc hereby a.,iEnc�i
<br /> nnd shull be paid to Lrnder to thc exient of'�he full•rmaunt of�hc indebtcdne.�thut rcmainx unp:�iJ undrr tNc N�nr anJ thi.
<br /> ,. Securiry lnstrumenl. Lender shull apply tiuch pnxreds tu thr rcJurtiun uf thr indebteJnr�ti undrr�hr Nutr unJ thi.Srcurity
<br /> Instrument, tirst w uny Jelinyuent umount� upplird in the urJrr pm�ideJ in Paragr•rph 3. •rnJ thcn to prrpa�mrnl ��t
<br /> • � princ'spul. Any applirulion uf�hr proceed� w Ihc principul .hall nut extenJ ur �wytp�me �hc dur Jate ul tlu m��nthly
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