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<br /> -,„ l. P�yiaeat of Priudpsl.latcrat aad Lote ChwrQe. Borrowa�Iwll pvy when due the p1rio o.�imerest on,
<br /> : �he debl evlrcnced by the Note and latc chugcs due under the Noto.
<br /> -:�., 2. Mootbly payaenW ot 7bxn,Inwraace aad Other Cbar�es. Borrower shall include in each monthly pAyment,
<br /> to e�her wlth the principal nnd intereat es set forth In the Note und any lete chargea,nn instellment of any(a)taxe�u�d
<br /> ;.r �pxlW�se�nrnts kvied or W be lavied against tho Propeny�(b)Ie�reehoW paymeul�or�round rentt an ihe PropeRy.aad
<br /> ,�� (c)premlums far insurance requited by Paragrnph 4.
<br /> - Fach monthly imlallment for itema(a). (b) and(c) ahall cyu�l onc-twclfth of the unnuul tunowtts,as reasotwbly
<br /> ' esdmatod by l.ender, plua en amount sufticient co maintain an additlonul belance of not more then one•six�h of the
<br /> '"' esdmated amounts. The t�ll annual amount for each item shall be accumula�ed by Lender within a periad ending ona
<br /> - - .�_-_ � month befon nn ltem would become delinquent. L.ender slwll hoid the omount�collected in tmst to ps�y item�(a),(b)and
<br /> (c)befae they becomo delinquent.
<br /> If at any dme the total of the paymcnts held by l.ender for items (a). (b)and(c),together with tho future monthly
<br /> � -���' payments for such itenu payable to Lender prior to the due dates of auch itema, excads by mot+e Ihan one-sixlh the
<br /> �'-`� estimaud umount of puymenls�qujrul to pay such items when due.und!f pa ments on Ihc Note are currznt,lhen I,ender
<br /> �'i"""�``'^�''�`� shsdl either refund the eacess over one-aiath of the estimated paymenta or c�t the eacesa over one-siath of the esUmated
<br /> - ;:�c-�.._� pa
<br /> ��ti%������ fo ir�tem(a).(b),�or(c)is i�nsuffic eni to pay the item�whenidue,then Bomnwer ehall pay totLender any amount ocxe�wary to
<br /> ��;_-;� make up the deficiency on or before the datc the ilem becomes due.
<br />---—����'•.r� As used in�his Security Inswment."Secretary"means the Secnetary of Housing and Urban Devclopment or his on c�r
<br /> ��� designa. In any year in which the L.ender must pay a mortgage insurance premium to the Secretary,each monthly payment
<br /> —_�;�,;;;,,�,r ehall also include either. (i) an inslallment of the annua! mortgaga insurance premium w be paid by Lender to the
<br />-�� �---- Secreuuy.or(li)a monthly churge instead of a mortgage insurence premium if Ihis Security Instrument is held by the
<br /> 3� �, :���'�:..�;:t�" Sec�tary. Psch monihly installment of the mortgage insurance premium shall he in an amount sufticient to eccumulete the
<br /> �Y ' � . full annual mortgage Insurance premium with l.ender one month prior to the date the full annual mortgage insurnnce
<br /> - ��`~'�� ' � ' p remium is dae ta the Secret u ry;or if this Security Instrument is held by the Secretary,each monlhly ch�rge shall be ia an
<br /> - M1��,.--.=;.--=�-:�••-� �;--a� wnount equal to one-twelfth of one-half perccnt o f the outstnnding princ ipal balance due on the Note.
<br /> •-.�:��-•�; •:-��� � !f Borrower tendeB to Lender the full payment of nll sums securcd by this Security Instrument.Borrowers account
<br /> ��-d� ��A�-� •�•� �"�` shall be credlted with the balance remaining for all installments for items (a), (b)and(c) and any mortgage Insurance
<br /> :;,3�,:;:1•�.� � ' pnemium inslallment that L.ender hax not become obllgated ta pay to the Secrctary,and Lender shall promptly refund an
<br /> �„�.
<br /> -'•� ��'`' :'st^� � excess funds to Borrower. Immediately prior to a forecbsure sale of the Property or its scquisition by Lender,Bormwer
<br /> .ti�Sn.'bs�•:e•!rrxt'
<br /> �.:•�,��„r�, ,�,_,,,,.,.,;,; . account shall be emdlted wi�h eny balance remaining for all in4tallments for itema(a),(b)and(c).
<br /> _ 3. Ap'ication of Pnymenta All payments under Paragraphs 1 end 2 shall be applied by Lender as follows:
<br /> _� '1�'� '� � to Ihe mortgege insurance premium to be paid by Lender to the Secretery or to the.monthly charge by thc
<br /> --i:"�"`'r�''"'...: '''--� 5ecne t a ry instead of the monthly mortgage insurance premium;
<br /> . .;.;a�G�':r.;�' SF�O�I A.to an y wxes,s p e cial assessments.leasehold payme�ts or ground renle,and fire,flood and other hazand
<br /> �.�.rl�,.��:.� _.,. insurence prcmiums,asrequir�ed;
<br /> -•�.� , . , a' �,to intercst due under the Note;
<br /> =--� ' � FOURTH,to amo►tization of the principal of the Note;
<br /> =•�` �,to late charges due under the Note.
<br /> '. `� �= 4. �ire,Flood And Other HAZard Insurance. Borrower shall insure ull improvemenGS on the Property,whether now
<br /> ��. in existence or su�q uently erected,against any hezards,casualties,and con�ingencies,including fire,fur which Lender
<br /> �'•i. .' ' requfres insurance. 't'�is insurance shall be maintained in the amounts and for�he periads that Lender requires. Borrower
<br /> � �,� ,.,r,.�,.„., , � shall also insure all improvements on�he Roperty,whelher now in existence or subsequently crected,against loss by flaods
<br /> w the extent required by the Secretary. All insursince shAll be curried wi�h companies approved by Lender. The insurance
<br /> - ,w, , policies and any renewals shull be held by Lender and shull include loss payable clauses in favor of. and In a form
<br /> _ • acceptable to,Lender.
<br /> ' In the event of loss, Borrower shull give Lencler immediate notice by mail. Lender may mnke proof of loss if not
<br /> � `��- • " made promptly by Borcower. Each insurnnce company concemed is hereby uuthorized and directed to mak�payment for
<br /> � � �;,y,.,: such loss directly to Lender,instend of to Borrower und to Lender joindy. All or any part of the insumnce proceeds may be
<br /> '�+• ,�. ,., applied by Lender.at its option,either(a)la the reduction of the indebtedness undcr fhe Nate und this Security Inshument.
<br /> d`' first to any delinc�uent amounts applied in the order in Parngroph 3, nnd thcn to prepayment of principal,or (b) to the
<br />�: � � ����� restaration or reparr of the damuged property. Any upplication of�he proceeds to the principnl shull not Cxtend or postpone
<br />— � j± the due ds►te of the monthly puyment�which sue refcrred to in Purngruph 2, or chUngc the umount of such payments. Any
<br /> ll:� • p.,
<br /> A�. ' •t" ��, y� �,� excess insurance praceeds over nn amount reyuired to pay all outstunding indebtedness under the Note and this Security
<br /> - •- c. .." , �� " insdument shall be pnid to the entity legally endUcd thereto.
<br /> In the event of foreclosur+e of this Security Inslrument or other tmnsfer of title to the Propeny that extinguishes the
<br /> � � indebtedneas,All right,title and interest of Borrower in und to insurunce policies in fnrce shall pa�s to the purchaser.
<br /> '!4' -::���� S. Occupancy, Preservation. Maintenance and ProtecNon of the Properly; Bor�ower's Loan Applicatton;
<br /> :� I.easeholds. Borrower shall occupy.estublish,and use the Propeny�.+eorrowerk principal rcsidence wi�hin sixty dAys
<br /> -'" ;;,.,,,, , + � 1 after the execution of this Security Instrument and shnll cominue to occupy the Propeny us Borrower's principul residence
<br /> _�, . ,�.. ,� for at leact one year nfter the date of accup;uicy,unless the Secreuuy detertnines this reyuircment will c�use undue hurdship
<br /> :�. „ for Bortower, or unless extenuuting cirrcurrixtances exist whi�h urc beyond Borrnwer's contml. Borrower shull notify
<br /> �.. Lenders of nny extenuuting circumxtances. Borrower shall not cammit wuzte ar destroy,dumuge or substnntially chnngr
<br /> � the Propeny or ullow the Propeny to deterioratc,resaonable weur und tcur exceplcal. Lender muy mspect the Property if the
<br /> , Property is vacnnt or ubandoned or the lo:u�i�in detaull. Lender may take reusonable uction tu protect and p�eserve s�ch
<br /> � ° vawnt or abandoned Propr.ny. Borrowcr.hull ul�o he in Jcf'uuU it'Borrower,during the loan application process,€uve
<br /> � , muteriall�r false or inaccurute informatian or slutcments tu Lender (or tail�d lo providc L�nder with uny materiul
<br /> _ , infortnauon)in connection with thr loun evidenceJ by ihe Nute,including, hut no� limi�ed to,rcpmscntations conceming
<br /> ' Borrower�uccupancy of the 1'ropeny n�u pnncipal residence. If thi,5ecurity Instrument is un u Ieuxehuld,Burrowrr.hall
<br /> . comply with the provixions of the Iru�c. If Borrower aryuim�frc tiNe ti�thr PruFxny,the IcatieholJ und fre title shull not
<br /> � be merged unless Lender ngrecs to thc mcrgcr in writinF. �
<br /> �, � • 6. Charges to Borrower and Protcrtion of l.ender's Ri�hls in the Pruperty. B��m�wrr shall pay ull govemmrntul
<br /> . ` or municipal charges,fines und impositians thnl ure not inrludeJ in ParaEruph 2. BorroNrr shull pay thexe obligutiom on
<br /> • " time directly to the entity which is owed the paymrw. It'failurc ta pay would udvcrzely utTert LrnJcr ti interest in the
<br /> f' Property,upon Lender's rcyucst Borrowcr tih•rll promptly fumi�h tu Lcndcr rccciptti cviJcncin�Ihe+e payment�.
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<br /> �_ __�._,_- _ ___ :z If Borrower fuils to muke these paymentti or Ihe puymrnl�reyuind hy P�arukruph �, �rc t'uils to Ex:rfortn uny othcr
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<br /> .. covenunts und agreemenl�ront•rined in thi�Sccurity n�lrument,ur t crr i. a cgu pr�xce m�t ut muy+igm �cant y a crt
<br /> • Lenderk rightti in the 1'rupe;rty I�uch u�u pnxcrJing in h;uikruptcy,for cundemnalion or to cnforce lawr or regulations),
<br /> '. then Lender may do ond pay wlti.�trvcr iti nccr�+ury lo protcct 1hc valur of thr Nropert�•and Lendcr's rights in the Pmperty,
<br /> �,. " inrluding p�yment uf t:ute�,hoiard inwruncr und i�thcr ilcros memioncd in Pura�raph 2.
<br /> Any+�mounts ditibuned by Lendrr unJer Ihi+ Pnrugraph.hull Fxcome mi additionul Jrht uf Barrowcr anJ be scrurcJ
<br /> w, .. by Ihis Security Inslrument. Thcsr umounts shull fnar imemst from ihc dute uf dishunement,at the Note rute, and ut thc
<br /> option of Lrnder,shull he immcJiutrly Jue unJ payablr.
<br /> 7. Condemnatbn. 'I'he praeeJs of wry i�wurJ ur cluim tiir dumagew dircct��r romcyucntiul,in cannerliun with uny
<br /> ' condemnation or�nhcr lakin�of uny p•rn of thc Pn�perty,ur 1'ur ronvrvuncr in place of rondrmn:�tiun.�rc hrrchy u.si�nrJ
<br /> � a��� und shull be puiJ to Lender lo thc extent uf thr t'ull umiwnt uf Ihc indrhtrJne,s thut nmain.unpaiJ under thc Notr�nd thi.
<br /> - Security Imtrument. Lcnder sh�ll�pply,urh pnxrcJ.lo Ihc reJuctiun��f the inJebtrJrn�+unJcr the Nutc anJ Ihi�Scrunry
<br /> ' Inxtrun�ent, tirx� to uny delinyuent umnuntti upplicd in Ihe �►rcicr providrd in �'unitiruph �, unJ thrn tu prcpaymcm ��f
<br /> .. principal. Any application of ihr pnxced� Io Ihc pnnripul .hull nu� �xtrnJ ur��slpone thc due du�r uf thc nronthly
<br /> . ;t,
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