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<br /> - - --- l. Payweat o/Princip�l•Inkrat AaA 1.Nte l:d�e. �sorrower Riwli pay whrn��iw�nuw.�p�vi�ww ifu�.�c:»r•n. -
<br /> the debt awfdenced by Ihe Nde and latc chwges duo u�der thc Notc.
<br /> � 2. Monthly pwyments of lyxes,Inwrance�nd Olher Chpryies. Bortower shall include in each manthly payment,
<br /> - together wilh tho principal And intRest as set fmth in the Note andany late charges.an instaliment of any (a) taxes and
<br /> ° - �pecial usesunents levied or to bc levkd agAinst the Prapeny,(b)lea�chold paymenw or grawid ront�on�he Property.�nd
<br /> -- (c)premiums for inaurancc rcquircd by Pruugrc►ph a. �-
<br /> Erch monthly installmrnt fa items So).(b)and(c)sh�ll�qual one-twelfth of�he nnnuul amourNe. as reason�bly
<br /> esdmatod by Lender� plus an amount suFficient to maintaln en additfonal balance of na mw�e than one•sfxth of the
<br /> erdmatod amounis. Tt�e full annwl �unour�t for each item ahall be accumulated by Lender wlthin a period ending one
<br /> • -�� "' �' � ' month befon an item would becomo delinquent. L.ender s�hall hold the anounts collec�«i in trust w pyy items(a),(b)and -
<br /> �"°`-�u,�'t�;�y;:� (e)befare tl�oy bocomo dolinquent.
<br /> - ��d_��-�•x---- lf at any tlmc the total of ihc payments held by Lender for items(a).(b)and(c),tagether wilh the future monlhly
<br /> ------_.���,�� payments for such items payable ta Lender prim to the due detes of auch fams,exceeda by moro then one-sfxth Ihe _
<br /> estLnated amount of Qayments reqnircd ta pay such items whcn due,and if pa ments on�he Notc erc cument.then Lender
<br /> ���xr�•-:;a;<:�4_�� shell either refund the excess overone•sixth of the estMated payments or c�t the excosa over one-sixth of the estimated
<br /> -, payments to subseyuent payments by Borrower,at the option of Borrower. If the total of the payments rnede by Borrower
<br /> —.�:k�'•�1:f.�� for ltem(a),(b),or(c)!s insufticient to puy the item when due.then Borrower ahall pay to Lender eny unount necessary to
<br /> ����;:��s��r;°�� make up thc deticiency on or befo�e thc date the item Ixcomea duc.
<br /> °�s��:_��',' As used In�hjs Secu�ity Instrnment."Secretary" means the Secretary of Housing and Urban Development or his or her
<br /> - �'�,�,- ,.,; ,:aa� designee. In any year in which tl�o Le�der must pay a moRgage inswance premium to the Secretary.earh monthly payment
<br /> �� , ahall also include elther. (i) an Ine�teliment of the annwd mortgage insurence p�mium to be paid by Lender to the __
<br /> - A '�� Secretary.or (ii)a monthly charge instead of a modgage insumnce prcmium if this Secudty Instrument is held by the
<br /> _��-�k-�'-"1�'u'�-�' '`.''_.• Secrctary. Eaeh m�mhly inntellmrnt of the mortgage insurance prcmium shall be in an amount sufticient w accumulate 1he -
<br /> � full annual moMgage inaurnnce premfum with Lender one month prior to the date thc full annual mortgage insurance M'
<br /> ' � �� pnmium is due to the Secretary;a if�ia Security insinament is held by the Secretary.each monihly charge shall be in an �
<br />"' o d .--�' . '� � amaunt equal to one-twelfth of one•half percent of the outstanding prfncipel bAlance due on the Note.
<br /> " t- •, . , `;; If Bonower tenders to Lender the full payment of all sums secured by thiR Secudty Inetrument,Barower's account _
<br /> � `�` shall be credited wflh the balance remaining for ell installments far items(a), (b)and (c)and any moRgage insurence "'
<br /> � • . „�. .,�� premium instaliment that Lender b�.s nut become obligated to pay to the Secretary,and Lender shall prampdy refund any f
<br /> � - . '� o x c e s s f u n d a t o H o r r o w e r. I m m e d i n t c l y p ri o r t o a f o r a l o s u n e s a l e o f t h c P r o p e r t y o r i t s a c q u is i t i o n b y L c n d e r.B m r o w e rRs
<br /> � �+ account shall be cr+edited with any balmce remaining for all installments for items(n),(b)and(c). __
<br />- 3. A licat[on ot Paymenta All payments under Pnregrephs 1 and 2 shall be appUed by Lender as tol luws: __
<br /> '� ,..,.,��k�.,.. .• �to Ihe mongage insurance premium to be paid by Lender to the Secretary or to U�e monthly charge by the _
<br /> - �:_:,,r;�a....,,.�?s�%:_,•_ Secr+etary instead of the mon�hly mortgage insurance prem�um; -
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<br /> ., S�CQND.to any taues,apeciel assessments.I�asehold payments or ground renta.and fi�e.flood anci aher heaorci °
<br /> �• insurance p�emiuma,agrequxed;
<br /> � � '- • �j�p.to interest due underlhe Note;
<br /> ,,,..,:. FOURTH.w amortization of Ihe principal of�he Note;
<br /> ' ° gJ�,to late charges due ueder the Note.
<br /> ` � �� . 4. �ire,Flood and Other H�zard Insurance. Bonower shall insure ull improvements on the Propeny.whether now
<br /> ;�- in eaistence or subsequently erecud,against nny hazards,casual�ies, and contingencies,including fire. for which Lender
<br /> .. "' requires insu�ance. This insurance shall be maintained in the umounts and far thr pe�iads thet Lender requires, Borrower
<br /> : shell also insure all improvementson �he Property,whether now in existence or subsequently erected,ngainst toss by floods _
<br /> �� to the extent required by the Secretary. All insurancc shull be carried with compunies approved by Lender. The insurance �_
<br /> ,� � M-�{, '_�;�.��..� policies and any renewals shall be held by l.ender and shall include loss puyable clauses in favor of, and in n form _
<br /> ; =-- - •,..� acceptable to.Lender. "�
<br /> . In the event of loss, Borcower shall give Lender immediutc notice by muil. Lender n�uy muke proof of loss if not !-
<br /> ��� ' - r••• . • made promptly by Borrower. Each insurance comps�ny concemed is hereby uuthorized and directed to make payment for �"
<br /> ���.. •• Ruch loss directly to Lender,instetd of to Borrower and to l.ender jointly. All or uny part of Ihe insurance proceeds may be
<br /> " " � a lied by Lender,at its option.eilher(u)to the reduaion of the indebtedness under the Note and this Security Instrument,
<br /> �' �rst to any delinq�uent amounts applied in the order in Pamgruph 3, and then to prepayment of pr.��ci�al. ur (b) to the =
<br /> - •� ' • r+esroration or repair of the damuged property. Any upplicution of�he praceeds to the principal shull na extend or postpone __
<br /> •• ' `,. the due dote of the monthly puyments which ure referred ro in Purugruph 2.or change thc amount of such paymems. Any
<br /> " ' excess insurance proceeds over �+n arnount required to puy all ow+tunding indebtedness under the Nate and this Security -
<br /> � d Inswment shull be pnid to the entity legally enuticd tlxrclo. �=
<br /> In the event of foreclosure of tNia Security Instn�ment or other trunster of title to the Property that extinguishes the -
<br /> ` - ' indebtedness,all right,title nnd interew of Borrower in und to inxurunre pnliciex in force xhnll pusx to�he purchoser, _
<br /> � ,r�:� . S. Qccupancy, Preservatbn, Mafntenaece and Protection of the Property; Borrower's Laan Appllcat(on; :
<br /> ' Leaseholds. Borrower shall occup�,estnblish, smd use Ihe Properly us Borrower's principal residence within sixty days �
<br /> : , nfter the execution of this Securitr Ins�rument und shall conlinue to occupy�he Pm�xny us Bom�wer's principal residence
<br /> ' • -,,�k,,;,,• ' for at least one yeur ufter the dnte of acupancy,unless the Secretury detemiineti Ihiti rcyuirement will cau�e undue hurdship
<br /> , for Borrower, or unless extenuuting circurristuncex exi�t which ure beyond 8orcawer'x rontrol. Borrower shull natify �
<br /> ° • Lenders of uny extenualing circum+tunces. �orrower shall nut commit waste�ir Je.troy, Jamage or suhyt:m�iully rhunge E
<br /> ' the Propetty or s►Ilow the Property to de�eriorule,rcasonable wcur anJ teur rxccptrd, l.cndcr m►�y inspect the Propeny if the �
<br /> � F'roperty is vucant or ahandonec�a thc lo;m is in dcfault. LenJcr muy�akc rcntionnble actiun to protect nnd preserve such C
<br /> vacunt or abandoned Propc:ny. Borrower shull ulxo hc in default iF Aorrowcr.JurinE thc luun upplicution process, guve .
<br /> �. . materinlly f►+Ise or inaccurate inforniution or slatcments tu Lcndcr lor tuilcd to pruviJc L�nder with any materiul �
<br /> • infortnotion) in connection with �qe loan evidenced by the Notr.induding,but niK IimiteJ to, representa�ions roneeming ;
<br />° • • - Borrower�occupancy of the I'roperty us u princip+il rexidcnre. If�hi+Srcurity In,trumcnt is nn a Ieusehciki, [iorrower shull
<br /> � ' . comply with the provisions of the k:�sc. It'Borcowcr uryuin� Icc tillc tn thc F'ro�xny,Ihc Icuxrhold and fee tille shull not .
<br /> ' be merged unless l.endcr ugrce�to the mcrgcr in writinF.
<br /> � ' ' 6. Char�es to Borrower nwd Protertion uP l.ewder's Ri�Ghtti in the Property. Borrowcr+hull pay all govemmentul �
<br /> �' or municipal charges,finex und impcisitions thut urc n��t inrluded in P�rograph 2. Borrowrr.hall pay thecc obli�;alion+on
<br /> r � time direcdy to the entity which is uwed thr puymcn�. If failum w pay wuulJ uJvrnrly uftcct Lcnder'ti intrmst in the '
<br /> �f . , Properly,upon Lender's reyuest Borrciwcr xhull promplly fumish to Lendcr rrcci�t�rviJcnring Ihcrc payrnents.
<br /> `-- �� -- � __-_? If[3arravrcr faiL•; to rnakc thc:;c pay�n�cnt:, or ih: paymcnt; r�yuu;.a oy� t aragrapn ::.or faii�: to pertc�rm any tet!tcr
<br /> � covenunts und•rgreements rontui�ced in thi.Securiry In�trument,ur thcre i.a Icg�d pnxeeJing thut mu� significanlly vffect
<br /> Lenders rights in the Propeny (such a+ u pr�xeeding in b:ml�ru�iry. ti�r rundemnutiun ur a�rntirrcc aws or regulutiunsl.
<br /> ' then Lender may do und puy whukvcr is neressary to protccl thc vuluc nf thc 1'ropcny und Lender i rights in thc Property, �
<br /> ' including payment of tuxes,hur.a�d inwrancc smd athcr items mcnliun�d in Paragruph 2. (
<br /> -._ ------- - -- .1ny�tttounts d'istrurscd b;; Lcndcr under tlti�P��r:�t�rnph�hnll Iw•rnm�an:idditi��nal dcM�if'Bi�rruwcr m�J Fx,crurcd
<br /> � `� by Ihis Security Instrument. These umounts.hall brar intcnst frorn thc datc of di.burocmcnt, ut thc N�HC rate, and at thc
<br /> I t,• uption of Lender,shull lx immediately due unJ puyubk.
<br /> 7. Condemnatbn. The pracceJs of:my uwurd ur cluim for dumages,dircct or runxrqurntiul,in runnrctian with�ny
<br /> �+ condemnution or othcr tuking nf'uny p•rrt of the Propcny,ur ti�r convevanrc in pince of cnndcmnatiun,are hercby ux.igneJ
<br /> tmd shnll be puid to Lender to theextent of the full umount of the indc�►teJnexr thvt remainti unpaid undcrlhr Ncitr;►nd this
<br /> Securiry Instrument. Lender xh�ll opply such prcxeeds to the reduction uf the inJebtednes�undcr the Nute und this Srrurity
<br /> • Instrument, rrst to uny dclinyuent umount, applird in the urcler pruviJrJ in Para�raph 1, anJ then lo prepuymcm uf
<br /> � 1 '"`� �' prinoipal. Any npplirs�lion of tMe proceeJs to the principal �hull n.x extend ��r �wst�xinc thr Juc Jule of the munlhly
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