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<br /> l. Payment ot Prlacipal,lnterest and 4ate ChArye. Borrawer�hell pay when due the principal of,and interest on, �`���
<br /> �` ih:,da�i�vidcncad b�the!�Iote snd lste clsarges dae under th�Nnr.
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<br /> ���y:L�:� 2. Mont6ly paymente ot 7lnaes,Insuronee wad Olher Cbwges. Borrower shall include in euch monthly paymen�, --
<br /> � • . , together with the pdncipal and intercst as sct forth in the Note and any late charges,un instollment of uny(n)taxes and —
<br /> ,�.
<br /> • .. ..�-' special assesaments levied or to be levied against the Property,(b)leasehold puyments or Qraund renu►on�ho Property,and
<br /> . ., "'�`�''`�'".�+`' . (c)premiuma for inaurance required by Paragraph 4.
<br /> " °���'-��•�'°�"� Each mc►nthly installment for itemg (a),(b)end(c) shell equal one-twelfth of the ennunl amounts, as rea.4onAbly �_-_-
<br /> � estimated by L.endcr. plus an amount sufficlent ro melntaln an additlonal balancc of not morc than onc-sixth of the
<br /> ��••'.- � esdmated amounts. Thc full annual amount for each item ahall be accumulated by Lendcr within u periad cnding ane
<br /> � �����il;�'S.�'�,7�!,i(.':.... E�:;:_=•��--_.
<br /> � Bc^:�h... �s r�..• month before an item would become delinquent. Lender shall hold the wmounts cullcetral in I�uxt to puy items(a).(b)and
<br /> : �;'` �°.r k�°• (c)before they become d�linqaent. - -_--
<br /> If at any dme thc total of the paymenta held by Lender for items(a),(b)axl (c).together with the future mon�hly
<br /> _�-�; ..,�-.�..�: •����• �.� °.
<br /> .• ••.+ • . K. m payments for suc h items paya b le to I.en der prior to t h e due dates o f auc h items. excce ds by morc �han one-s ix t h t he ��_�__..
<br /> .___ • �' � estlmated amount of payments required to pay such items when due,and if puyments on the Notc are current,then I.ender =�•,--.�-m��
<br /> - � .�, ahall either refund the excesa over one-sixth of the estimated payments or credit tha excesx over one•sixth of Ihe estimated "
<br /> payments to subsequent payments by Borrower. at the option of Borrower. If the totol of the paymenta made by Borrowsr `.�.'�
<br /> _� •� for item(a),(b).or(c)is insufficient to puy the item when due,then Borrower shall pay to Lender any runaunt necesrary to ��x�,�,_
<br /> �. � meke up thc deficiency on or before the date the item becomes due. -_.��-
<br /> �' � ' Aa used in thia Securit lnsuument,"Secretary"means the Secretury of Housing and Urban Qevel4pment or his or her -+r�.•-.� ,
<br /> _',_; � � designee. In any yeaz in wh�ch the l.ender must pay a mortgage insurance premium to Ihe Secretury,each monlhly payment ��,:,�j-,;,_..�
<br />-=-�:�� � - shal l also include either: (i) an installment of the unnuul mortgage insurancc p�emium to be puid by l.en d er to t he
<br /> -���' ____� .. _ • Secretary, or(ii) a monthly charge inatead of a mongage insurance premium if Ihis Security Insuument is held by[he �''=J=
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<br /> Secretary. Each monthly instaliment of the mortgage insuranee premium shull be in an amounl sufficient to accumulnte the �"'� -
<br /> '_:�,� _ __ _ � full amival martgage insuiance premium with Lender one month prior to the datc the full unnual murtguge inAUrnnce �,,,�`'_. •�Y
<br /> � � premium is due to the Secretary;or ii this Sr�:u�ity InsUUment is held by the Secrctury,cuch manthly churge shall be!n an �n
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<br /> ;__ � amount equal to one-twelfth of one-half percent of 1he outstanding princ�pal balance due on the Note. r
<br /> - ' ; r. If Borrower tenders to Lender ihe full eyment of all sums secured b this Securit Inxlrument, Borrowerx accaunt °"�"r �
<br /> ':%;. P Y Y '"�°�T =:
<br /> ° - shall 6e credited with the balance remaining for ell installments for items(a),(b) and(c)und any mortgage insurunce .��:,�
<br /> " 1 , premium instellment th�t Lendcr has not became obligated to pay to the Secretary,und Lendcr xhall prompdy refund nn� ''• `
<br /> : � . � • . excess Funds to Borrowcr. Immediatcly prior to a foreclosure sale of the Piroperty or its ucyuisition by Lender,Borrower a _ --•- -
<br /> _ ' account shall be credited with any balance remuining for all installments for items(a).(b)und(c). _-�=-
<br /> � ° PP 7 P Y , BrnP pP Y �����
<br /> 3. A Iicallon of Pa ments. All a ments under Para hs I and 2 shall be a lied b Lendcr us follow!c: �---�:_
<br /> ' F1RST,to the mortgage insurance premium to be paid by Lender to the Secre�ary or to�he monthly chorgc by Ihe ����'Y
<br /> .:. � .
<br /> � Secre instead of the monthly mortgage insurance premium; L '`
<br /> _,7��'� . - �,to any taxes,special assessments.leaschald payments or graund rents,and�re,flood end ather hazard Y .�
<br /> _ - ''- ,,_ ;.' insurance premiums.t�reyu►rcd: ,_' •, '
<br /> THIRD,to interest due under the Note; „_
<br /> ° • , O� I RTF�,to umortization of the principal of the Note; ��
<br /> �Qj{,to late charges due under the Note. �'��`�"�-
<br /> • 4. Fire,Flood and Other Hazard Insurance. Borrower shall insure all improvcments on the Propeny,whether now �;���,�;__
<br />- • in existence or subsequendy erected,against uny hazards, casuulties, and contingencies,including fire,for which Lender = - _
<br /> _ requires insurence. This insurance shall be meintained in the amaunts and for�he periods lhut Lcnder rcyuires. Borrower �"-�
<br /> � shall also insure all improvements on the Property,whether now in existence or subsequently erected,uguinst loxx by floodx µj•� ,�=�T
<br />-- . to the extent required by the Secrctary. All insurance shull be carried with compunies npproved by l.ender. The inxurunce �;
<br /> licies and an renewals shull be held b l.ender und shull include lo�s n able clauses i� fuvar of, und in u form ��° , }�,
<br /> ` � • a�ccepwble to,Lender, y P y --
<br /> •- �" ' ' . '•`�`."' In thc event of loss, Borrower chall ive Lender immediute notice b miiil. Lender mu make roof of losti if not '• ;�
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<br /> - ' mnde prompdy by Borrower. Each msurnnce company conccrned is hereby Authonaed nnd d1�ected to muke paymen�t'or „,t�-; "'-
<br /> - � " such loss direcdy to Lender,instead of to Bortower und lo Lender jointly. All or uny pun ot�he insurunce proceeds muy lx �- `-L �
<br /> applied by Lender,at its option,either(n)to the rcdu�tion of thc indebtednesx undcr thc Note und this Security Instrument, - .
<br /> �,�' . ,. � first to any delinc�uent amounts upplied in the order in Purugruph 3, and ihen to prepayment of principul,or(b) to thc r�t�.��
<br /> �,'•• ,. restoration or repair of the damnged property. Any upplication of the proceeds to Ihe pnncipal shull not extend or�+c�.tpone �.
<br /> ' the due date of the monthly payments whicB ure referred to in Par•rgruph 2,or ch•rngc the amount uf�uch puymentx. Any �a;`_'° '~ i
<br /> „ excess insurance praceeds over an umount myuired to puy all outslunding indebtednexx under thc No1e und thix Srwrity ,,}��,;�:
<br /> . n Instrument shull be pnid to the endry Icgally cniiNed�hcmto. �"_;J;���__:
<br /> In�he event of foreclosure of�i�is Security Instrumcnt or uther trunsfer of tiUe to Ihr Property thut extinguishex the ''
<br /> '° • indebtedness,ull right,title und interest of Bnrtowcr in and a►insurancr pulirics in f��rce�hull pu.�to the purchuser. `�;;`-'�;=°;
<br /> '' „ 5. Occupancy, Preservetlon. Maintenance and Protectlun oP the Pruperty; Borrower's I.oan AppllcAllon; •��
<br /> . Leaseholds. Bonower shall occupy,estublish, und u,e thr Propcny u� Borc�iwer: pri�xipal rc.idence within sixry duyx - - ___
<br /> afcer the execution of this Securi�y Instrument und shull continuc�u occupy thc Pm�xny us eom�wer ti principal rrtiidence ,-. - -
<br /> for at least one yetu after the date of occupuncy, unksr the Secretury Jetennines Ihis reyuirement will ruuse undue hurdship ==�=:TF_°.
<br /> . ., - for Bormwer, or unlesx extenualing circurtisluncex exist which arr tx�yomt Borrower'x comr�il. Borrower shall notify �'"•`�'�� -'
<br /> Lenders of nny extenuating circumtitanc:es. Borrower xhall not commit wa,le or de��roy,damu�;c or xubstuntially rh;utgc "
<br /> � ' , the Property or nllow the Propc:ny to detcriomlc, rcu+onublc wcar and trar rxrepted. LcnJrr muy in.�xct thr I'ro�xny if thc •
<br /> k '� Property is vacant or abandoned or the lo:u�i�in ckfuult. Lender muy�ukc rru�onuhle uctiun a�prutcct und pro.crvr�urh �
<br /> � vacant or abundoned Propeny. Borcower shall ul+u hr in Jefuult if Borriiwrr,JurinE thr I�ian upplicution prvxr+.,guvc
<br /> muterially fultie or inuccurute infomisuion or siaicments to l.endrr I�x t]�ilyd to pr�iviJe LrnJer wi�h uny muteriid �
<br /> information)in cunncai�m with thc luun rvidenrcJ hy�hr N��tr. inrludin�.nui n�x Iimi�cJ tu, rcprc.rnlu�ion.�unrcming
<br /> , Borrower's occupuncy of the Pmperty u�u principal rr+idrnrr. If thi�Scruriry In+innnrnt i+�,n u Ira.chald, H�►rruwrr.hull
<br /> � comply with!he provisions of thc Icasc. If Borruwcr acyuirc�tir tiUr lo thc Nru�xrty, thr Ira�rhulJ nnJ f'rr IiUc�hull n�H , .
<br /> " be mersed unless Lendcr agn�es tu the mrrger in writinE.
<br /> 6. Charges to Borrower and Protectiun of I.cnder's Ri�hts in thr Pruperty. Hurruwcr�hall pay ull guvrmmrnlul
<br /> or municipul charge�,fines nnd impoxitions�hat ure niN includrd in Para�raph 3. Burruwer+hall pay �he�e ubli�;atium�m
<br /> ' time direcdy to the en�iry which iti owrd tlx puymrw. If I�ailurc t�� pay wuulJ ad�•cr�rly affrc� Lendcrti intenr�t in thc
<br /> Property,upon Lcndcr's rcyucxt 8orrowcr shall pmmptty tiimixh lo LcrHlcr rccript�cvidrncing thrtic paymcnt�.
<br /> " If Bunuwcr f•rilti w m•rkc thc,c pa�•mcntti or thc paymrnt� rcyuirrd hy F':v,itzr:�rh ?, nr I:�il� ti, perti�m�any athrr
<br /> �
<br /> _ __..._.—, --, covenanis anu agrcrmcma cumuincu in ini�"accuriiy in�trumcnt.or�ncR i�a icgai pnxccuing�iiai nmv�igninc;uuiy aiicc�
<br /> . Lendcrti rights in the Property lsuch a. :� pnkcrJin� in banl�rup�cy. fur rundrmuuliun ur�u rnl�urer luw,ur rcg�d�uiuo�l.
<br /> � thcn Lcndcr may do and puy whatcvcr i.necc�tiury io pr�►tcc��hr valuc ul'ihr 1'nryxn�.mcl Lrndrr'.righlti in�hc I�ro�xny. ,
<br /> " including puymenl of tuxex,huiurd inxurancc und athrr ilem.mrnliimrd in Purugraph...
<br /> Any umount�disbursed by Lcndcr unikr thi+f'uragraph.hall hccuntr�n +Nlditiunul drhl��t'Nurruarr and Ix.�•currd
<br /> � , by this Securiry Instrumcnt. Thcsc amciun��+h;�ll Ixrur intrrc.t fn�m thc du�r uf di�hur.rmrnt..n thc Nu�r ratr,and a�thc
<br /> „ opuon oi[.ender,�haii ne i�mneJiuleiy.iur uuJ puya�fr.
<br /> 7. Condemnalion. The procecd�of uny uwurd�tt rluim ti�r dam�igr+.Jirerl ur r�m+rqucnliul,in runncrliun wilh any
<br /> condemnation or othcr tuking of nny part uf thc PmEx ny.ur fi�r canvcynnrc in pinrr��f r�mJrmnnliun,ure hcr�h��;u.i�nrd
<br /> • :�nd shall be paid to Lendcr to the rxlcnt of dx t'ull amount of the iixlrhleJix+,thal remain,unpaid undrr thc Nulc and thn
<br /> Securiry Instrument. Lender shull apply such prcxeed,to the nductiun�if the inJeMednr,s undrr thr Nuir and thi.tircurn��
<br /> � Instrument. firxt tn uny Jclinquent amowuti applicd in the urdcr proviJcd in Paragr.iph 3. und Ihcn to prcpaymrm ul
<br /> . principal. Any appliration of�hc pra-ceds ti� tlk prinripal ,hull nrn rxtcnd �x Ex�.qxmc �lir duc Jutr u(thr monthh
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