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<br /> _ Y_ � 1. A�yment ot Principd,lakrW aad Late Charge. Borrower aholl ps�y when due tho principal of.and intcr��t on, _
<br /> thc debt cvidenccd by the Nate and latc charges due under the Mote.
<br /> � �z 2. M o n t h l y p�yments ot 7bx e s,Insurance Aud Other C h a r�te9. Bomnwer sh�ll includo in each monthly pnyment,
<br /> ,' '�:�`°���� i,'�!�' together with the principal and intor+est as set forth in the Note an dany late cherges.en instollment of any(a) twces and
<br /> • special a�sesamenta Ievied or to be levied ageinst the Property.(b)leacehold peymenw or�round rrnw on tho Propetty.uid
<br /> P. -�' � (c)premiums for in�urance Rquired by Paragraph 4. �
<br /> �:h monthly inatallment for items(a),(b)and (c)ahall equal one-twelflh of the annual amounts.as reasonably
<br /> + estimaud by Lender, plus en Amount sufflcient to mainlain an addidonul balance of not more then one•sixth of the
<br /> � estimated amounts. The full annual amount far each item shall be accumulated by Lender within a periad ending one
<br /> - ��R.n,a�.r�a.� month 6eforo an item would become delinquent Lender shall hold the amounts collected in iruat to pay items(a),(b)wul
<br /> e4 ,d�"�`'� (c)befote thcy become dclinquent.
<br /> - �--� Y - If at any time thc total of the pwyments held by Lender for items(a),(b)and(c), togcther wlth the fu�ure monthly
<br /> �}�"�`r r` ents for such items a able to Lender priw to the due dates of auch items, exceeda by more thar�one-aixth ti�e
<br /> ,r..�. �_ .�' PaYm P Y
<br /> -- '^'�•-�- esWnated amount of payments requited to pay such items when due,and if payments on the Note are current,then I.ender -
<br /> �"�'�''�"=`'y- shell either refund the escess over one•sixth of the estimated payments or credit Ihe excess over one-siath of the est�mated
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<br /> '' paymenta to subcequent paymenta by Bo�rower.at the option of Borrower. !f the total of the payments made by Borrower
<br /> e :,. � for ltem(a),(b).or(c)is insufficient to pay the item when due,then Bornower�siwll pay to Lender any amount necessary to
<br /> °�'`•`' '� moke up 1he deficiency on or befon the date the item becomes due.
<br /> � ''�,,-. . ,.. �' ��
<br /> '� ��-�-•;• . . As used in thia Sacunty Instrument, Secr�etary"meana the Secrctary of Housing and U r bari D eve lopment or h is or her
<br /> ���;l�;.x:�,�`�i'�-r.;. deSlgneo. in any year in which the L.ender must pay a mortgege insurance premium to the Sec�+etary,each moMhly payment
<br /> V�,;L.-: � �. _'_;,_ shell also include either. (i) an installment of the annual mortgagc insurance premium to be paid by Lender to the
<br /> ,;.-;_ � . . � "'° ° '� �•; Secretary, or(iij a monthly eharge instead of a mortgage insurance premium if this Security Instrument is held by the �
<br /> - " • �� � , � Sxretary. Each montbly installment of the mortgage inaurance premium shall be in an amount sufficient to accumulete the
<br /> . �' °�`�� � �`'' fu0 annual mongage insurnnce premium with Lender one monih prlor to the date the full annual moRgage insurance
<br /> � ' p►emlum is due to dte Secretary;or if this Security Instrument is held b�the Secretary,each monthly churge ehall be in an _
<br /> _ , ' amount equal to one-twelfth of one-half percent of the outstending prfncipal balance due on the Note.
<br /> ' .. '�"�� if Borrower tenders to Lender the full payment of all sums secured by this 5ecurity Instrument,Borrowerh account
<br /> �� ' � shnll be credited with the balance remaining for all installments for items(a),(b)and (c) and any mortgage insurance —_
<br /> ;' ��° pr�emium instaltment that l.ender ha.g not become obligated to pay to the Secretary.and Lender shell prompqy nefund any _
<br /> , � ,: h'� excess funds to Borrower. Immedistely prior to a fonrclosure sak of�he Properry or its acquicition by Lender, Borrower's '
<br />- • �• - •� aceount shall be credited wi�h any balence remaining for all ins�allmen�.4 for items(a).(b)and(c). ___
<br /> .: 3. Ap�lication ot Psiymenta All payments undcr Paragraphs 1 nnd 2 shell be applied by Lender as follows: _Y
<br /> •• � FJg�Z,to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the
<br /> • F�•� '��r� Secretary instead of the monthly mortgage insurance p�emium;
<br /> -_ ,,k.�., -_- ��g,:a any ssxes,specis!assessmenss leaschold payments or ground rents>nn�1 fi�e,fkx+d end�cher hazard
<br />. . �:=�� . �.�-�'= insurance premiums,asrey uired: _
<br /> . THIRD,to interest due under�ha Note;
<br /> . .. ' " F�OI!-I�,to amortizadon of the principal of the Note;
<br />' • �,�. :: �,to late charges duc under the Note.
<br /> `''�� • 4. Fire,Fload and Other Hozard Insurance. Borrower shall insure all improvementx an�he Property,whether now
<br /> =`��,�: ° � in existence or subsequently erected.o�ainst any hazards,casuullies,+u�J cw�tingencies, �ncluding rre, for which Lender =
<br /> , • `�" o� ''� requires insurance. This insurance shall 6e maintained in the umounts und for the pedods that Lender requires. Borrower �_
<br /> •• � r� shell also insure ell improvements on the Property,whether now in existence or subsequently erected,agninst bss by floods
<br /> � � "' to the extent required by the Secretsiry. All insurance shall be cnrried with companies npproved by Lender. The insurance •�
<br /> � . , . , policies and any renewala shull be held by Lender und shall include loss pvyable clauses in favor of. ond in a form ►��
<br /> ... � ...
<br /> �� acceptable to,Lender.
<br /> `�-� '�-�_'` �� ' In Il�e event of loss, Borrowcr shull give Lender immediute notice by muiL Lender mny make pmof of loss if not `
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<br /> made promptly by Borrower. Each insurnnce compuny concemed ic hereby nu�harixed and directed to make payment for
<br /> ��.• •-;��+�• • " such ioss dir�ectly to I.ender,instead of to Borrawer und�o Lender joindy. All or any part af the insurwrce proceeds muy be
<br /> ;,;;.,..�- applicd by Lcnder.ut its option,either(a)to thc rcduction uf�he indebtedness undcr the Note�nd this Security lnsdument, ��_
<br /> � '�;,,....... first to eny delinquent umounts applied in the order in Narngruph 3,und then to prepaymcnt of principal,or (b)to the ,
<br /> � . �; restoration or repair of thc damaged property. Any applicution of thc proceeds to the pnncipul shull not extend or postpone -.-..
<br /> �` ' the due date of the manthly payments which are rcferred to in Parugruph 2,or chunge the amount of such payments. Any ___
<br /> excess insurance proceed4 over an umount reyuired to puy nll autstnndmg indebtedness under the Note and this Security ►�-
<br /> ' Instrument shall be pAid to�he entity legally entiUed thcreto. '
<br /> , ' . !n the event of foreclosure of thix Security lnstrument or other trunsfer of�iNc tu Ihe Property that extinguishes the ��
<br /> !-, .� indebtedness,all right.tide and interest of Borrower in und tn insurance policieti in force xhall pu�s�o the purchaser. •__
<br /> '-� � � � . . S. Occupancy, Preservation. Muintenance and Protection oP the Property; Borrower's l,oan Application;
<br /> . ., _ I.easehdds. Borrower shall occupy,estublish, und uxe ►he Propeny uz Bormwer;pnncipul re+idence wi;afn sixty duys r_
<br /> � nfter the exewtion of this Security Inxtrument und shall continue to c�ccupy tht Pmpeny us Borrower�principal residence -�
<br /> � :•� ° " for at least one year ailer the date of occupancy,unlers the Secretary detertnines ihi�rcyuirement wfll cnuse undue hurdship E`
<br /> '�� for Botrower, or unless extenuating circumstuncex exi�t which are beyond Borrowcr's comml. Borrower shall notify `"'
<br /> ° Lenders of any extenuuting circumstnnces. Borcower shull nc�t commit wux�r or de+lniy,Jumage or substuntiully change �I
<br /> . the Property or ullow the Property to dereriora�c,reusonuble we:u und tear excepted. Lender may in�pect the Propeny if the �
<br /> • Property is vuctu�t or ubandoned or Ihe loan is in defuuh. Lrndcr may takc reasonablr uctiun�o protect und preserve such N:
<br /> �� vacant or ubandoned Property. Bonower shall also lx in defuult if Borrower,during thc luan upplicution process, �uve �: `
<br /> � � materially fnlse or inaccumte infurmutinn or slulements Io LenJer (ur faileJ to pruviJc l.enJer with any muterial
<br /> ' ' informution)in connection with the loim evidenccd by thc N�itc,inrluJing,but nu� IimiteJ to,repn:sentutionc concernin�e �
<br /> Horrower 5 occupancy of the Prc►perty as u principal re+idencc. 11'Ihis Scrurity In.trument i.on u Irusehold,Barcower�hall ,
<br /> • comply with the provisiom of the leu.e. If Borrower acyuires fee iiUc tu�hr ProExrty,thr Iea.ehold und fce title.hull not �
<br /> be merged unlcss Lcndcr agrces lo the mrrgcr in wriling.
<br /> i • 6. CharRes to Borrower and Protection of Lender's Rl�hts in the Property. Burrowcr�hull pay ull govcmmcntul !
<br /> or munieipu)churges,fines;►nd impoxitionti thut urr not inrludeJ in Purugraph 2. Bormwrr shuil pay the�e ohliguli�ms on
<br /> '- , time direcNy tu the enlily which i� oweJ the paymrm. If failure tu p:�y woulJ aJversely uffect Lender�intcresl in the ,
<br /> I'roperty,upon LendcrE reyue.t Burcowcr shull prompdy fumish to Lrnder rcceiptx evidrncing thrse paymenls.
<br /> __ tP R....�........ :o:l.� �.. mn4..�hA.a n•wm.+n1• ��r Ih.• nnvm�•ntc n•nuir�•d hv p:�r:�vrnnh ) nr f�:�i�♦ tn tw•rtnrtn :mv nth�•r
<br />- r.= — -._ r_�.._..'_ '. ..._ r_�.""'. . .
<br /> covenunts und agreements ronmined in thi.Srrurity Inurumcnt,or Ihere ix a legal prcxeedin�;Ihiu may:igniticantly af'fect
<br /> Lender's rightx in the Rvpeny(+uch us u pnxeeding in h;u�kruptcy. tirr cundrmnatiun or tci rntimr luwti or mgulation.l, i
<br /> then Lender muy do�nd puy whulcvcr is nece+�ury to prutrc��hr valuc ot'Ihr Propeny unJ LrnJcr:riEht�in thr F'roExrly, ,
<br /> � including payment of tuxes,hsuurd in+urunce und other itrms►nentionrJ in Purugruph 2.
<br /> • Any amounts disbuncd by Lendcr undcr thix P•rraEraph�hall Ixcomc un;►dJitiimul Jcht i�t'Bi�rn�wrr and tx srcurcd
<br /> ..�- - by this Srcurity lnstrument. The�c t�m��unr�.h:ill M•ar inten�t fmm thr dale al'dishur.rrmnt,ut thc Nutc rair. and ul thc
<br /> ophon of Lcnder,shull br immediutely due anJ puyuble.
<br /> 7. CondemnAtion. The praeeds ol':my uw�rd ur rluim t'or dutnages.dircct ur cnmryurntiul,in cunnectiun with any
<br /> rondemnution or othcr tuking of any pan uf the F'roprhy.ar tirr canve�•ancc in plzrr uf rundemnutian.urc hercby as�ignrd
<br /> und xhall be paiJ to Lender to Ihe extent al'thc t�ull antount uf thc inJ�btcdnr,.thut rcmain.unpaiJ unJcr thc Nut�unJ thi�
<br /> _�.�_ Serurily Inxtrument. Lender tihull upply.uch pnxeed.tu the mductiun��f the indch�cJne.,unJrr dic Nute unJ Ihi.Srcurity
<br /> " • - '' Instrument, firtit tn uny delinyuent am-�unts upplicd in the onlcr pro�•idcd in !'ara�raph i, and Ihrn tu pmpuymrnt uf
<br /> r principal. Any applicntion of thc pnnccds to thc principal shall not rxtrnd or ��.tponr thc dar J:Uc n(thc monthly
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