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<br /> - --;.,�.����,.� i. P�yment oi Priacipal,lntsrest artd Lste CbuBa Brnmwu shaU paY when due the pdnciprl of.wul imerwt m�.
<br /> -..:���;.���,,,��� the dtbt eviienced by the Note and late chorgea duc under the Note.
<br /> 2. Monthly paymenfe of 71Rxea,Insurance and Otder C6argea Barrower ehall include in eech monthly payment.
<br /> _- — wgether with ihe principal And intereat as set farth in the Note and any Iwte clwrgea.an in�tallment of any(a)uucea end
<br /> __ .�..v�"' speciel asscssments levled or to be levled against the PropeRy,(b)lcasehold paymems or gm�u�d rcntc on the PropertS'.+nd
<br /> : (c)premiuma for insurance rcquircd by ParAgroph 4. `
<br /> .a a Bach monthly inctw!lment for items(a), (b) and(c)eholl equal ona•twelfth of the annual amounts.n� reasonobiy
<br /> esdmated by Lender. plus an anount sufffcient to maintefn en additianal balwnco of na mare Ihan �ne•six�h of the
<br /> eadnuted unoun�s. The full annu�l emount for each item ehell be uccumulated by Lender wl�hin a period ending one
<br /> �,,�JB��. monih before rn item would become delinquent. Lender�twll hold the amounts colkcted in Iruet to pay ltems(o),(b)wnd
<br /> �"'�,,,�;,�,�„� (c)befae they bccome deltnquent.
<br /> _.w�,„�.�t�,„;r If at any timo Ihe towl of the pnymenta held by Lender for items (a),(b)and(c).tagether wllh the future monthly
<br /> �;;.•.� p�ymenw for such itemR pwyable to i.endcr prlor to �he due dates of such items,exceeds by mae than one•sixth the
<br />�'s,k,,,,,,e,�;.��� eatlnwted omount af paymenta requirGd to pay euch itema when due,and if pa menta on the Note aro currcnt,then Lender
<br /> ehall either refund the excess over one-sixlh af the estimated payments ar c�t the excess aver ane-sixth of the estimeted
<br /> �`°'�4';,'-P"� pAymerta w aubseyuent payments by Borrower�at the option of Borrower. If the taal of the payments made by Borrower
<br /> ��`''''"' � for item(a).(b).or(c)is Insuft7cie�t to pay th�item when due,lhen Horrower shell pay to Lender any amount necessary to
<br /> —���s�;'��;�;��'V'• make up the deticiency on or 6efore the dete the item becomes due.
<br /> '�: � As uced in this Secudt�Instrumen�"Secretary"means the SecretarY of Houaing and Urban Development or bis or her
<br /> ��' ' designee. In any year in wh�ch 1he Lender must pay a mortgage insurnnce premium w the Secretary.eaeh monthly payment
<br /> - -- —=�=�--. —= ahall ulso include either: (i) an insteliment of the annual mongage lnsurance premium to be paid by Lender ta the __
<br /> -:-� n�?7.;��,���� Secretary,or(ii)a monthly charge instead of a moRgage insumnce premium if this 5ecurity Instrument �s held by 1he
<br /> —��:�T�" Secntary. Each monthly inataliment of the mortgage insurance prcmium shall be in an amount sufficient to accumulate the _
<br /> H•.iA.-�v+..':f'�'�.
<br /> ��r'•� full an�usl mortgage inaurance premium with Lender one month prior to the date the full annual mortgage insurance
<br /> __.�T Y,--,`. . . .. prerntu��i is due w the Sccrctury;ar if this Secudty�lnstnement is h�ld b••t4�e c�'rtta�',e�ch m^nthly cher�w�chall Iw in an =
<br /> - � -� - �`'�""�`'`� amount equal to one-twelfth of one-half percent of the outstanding princ�pel balance due on Ihe Note.
<br /> . ,� ' ° '` �� If Horrower tenders to Lender the full payment of all sums secured by this Security Instrument,Borrowerb account _.
<br /> � ���[i:*�.��� ahall be credited with the balance remaining for all installments for items (a), (b)and (c)and any mortgage insurance --
<br /> �`� .• `" premium instellment thet Lender has not become obligated to pay to the Secretary,and Lender shall promptly nfund an E
<br /> �� ��'�"��'°'" '�'; ' excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisitfon by L.cnder. Bomower� 4
<br /> - � a!iNC�.�':�Mti'L�'• iL. _
<br /> — t„�. .__ . ,�, account shall be credited with any balance remnining for all instaliments for items(a),ib)and(c).
<br /> -•�'� 3. A Ilcation ot Pnyments. All payments under Paragraphs 1 and 2 shall be epplicd by Lender as follows:
<br /> __��.;r� � � � �to the mortgage insurance prem�um to be paid by Lender to the Secretary or to the monthly charge by 1he =
<br /> `l �._• ku �_ �� Sr��P in4teacl of the man!hly mortgage insurence premium; �°
<br /> _ '�,to any taxes,special assessments,leasehold payments or ground reMs.end fire,flaod and other htizzaM
<br /> _ . , d�' inaurance premiums.as required;
<br /> � b �.to interest duc under the Note;
<br /> E(�'�j,w amonization of the principal of the No�e;
<br /> ' � • F,jQ�j.w late charges due under the Nate.
<br />-_ ' ' . 4. Fire,Flood and Other Hazard Insurance. Borrower shall insurc all improvements on the Property,whe�her now
<br />""�,�� ��•�. r. " in eaistence or subsequently erected,against any hazards,casuulties,and contingencies, including fire.for which Lender
<br /> . , requires insurance. This insurunce shall be maintained in the amounts und for the periads thet Lender requires. Borrower
<br /> .::,� ' •- shst!!also insure all improvements on the Property,whe�her now in existence or subsequenNy erected,against loss by floads _
<br /> � ,,, to the extent requited by the Secretary. All insurunce shall 6e civried with companies approved by Lender. The insurance =
<br /> , ,. _..- policies and any renewals shull be heid by Lender und shall include loss pnyable clauses in favor of, and in u form
<br /> " " '�. acceptable to,Lender. -
<br /> .� " In the event of loss, Borrower shall give I.ender immediate notice by mnil. Lender mny muke proof of loss if not _.
<br /> ' ,,r.,.ti made promptly by Borrower. Each insuronce compony concerned is hereby authorized end directed!o make payment for
<br /> �.,t ., such loss direcUy to Lender,instead of to Borrower nnd to Lender joinUy. All or uny pnrt of the insuranae praceeds may be _
<br /> � .�K„� .. •• lied by Lender,ut its option,either(a)to the reduction of the indebtedness under the Note und this Securiry Instrument,
<br />'��� �rst to any delin�uent amounts applied in the order in Puragraph 3,and then tu prepayment of principal,or(b) to the
<br />�'t�-' "" : restoration or repuir of the damaged property. Any applicution of the proceeds to the principnl shall not extend or postpone
<br />',.fi 'R the due date of the monthly puyments wh�ch ure referred to in Par�gruph 2,or chunge the umaunl of such payments. Any _
<br /> � . � • � excess insurunce proceeds over an umount required to puy all outstanding indebtednexs under the Note and this Security �•'
<br /> :« lnstrument shall be paid to the entity legally entitled thereto. -
<br /> ` ' ' In the event of foreclosure of this Security Instrwnent or other trnnsfer of title to the Property that extinguishes the �;.
<br />��,., +� •a� � indebtedness,all right,tide und interext of Borrower in nnd�o insurunre policies in furce shall puss to�the purchaser. �:
<br /> :� �.�� H o.•: 5. Occupancy, Preservntion, Meintens�nce and Protection oP lhe Property; Borrower s Loan Appllcadon;
<br /> • ' • Leaseholds. Borrnwer shall occupy,estublish,and use the Property ux Borcowerk principnl residence within xixty days
<br /> " after the execution of this Security Instrument nnd shull continue to accupy the Proprrty u.r•Borrower's principal res�dence
<br />.�, .� ,.A,i:°, ��; for at least one year ufter the date of occupancy,unletis thr Secre�ury determines�hi+requirement will cuutie undue huniship _
<br /> , for Borrower, or unless extenuating circurristances exi�t which urc beyond Borruwrrx control. Borrower shall nntify
<br /> ` Lenders of suiy extenuuting circumstunces. Borrower shall not commit wu,te or ck�troy, dumuge or substnntially change =
<br /> �� • a the Propetty or Allow the Propeny to deteriorate,reasonable wear und teur excepted. Lendcr m+ry mspect the Property if the _
<br /> + Property is vacant or Abandoned or�hc loan is in defuull. Lender may tuke rcusonuhlc uction to protect and prexerve such =
<br /> � � � vacant or abandoned Property. Bortower shall ulso lx in default if Borrawer,during Ih�loan upplicalion prcxess,guve =
<br /> muteriull� fulse or inuccurate infortnation or slutementti �o Lender (or fuiled to providc Lcnder with uny muterial �
<br /> � informunon)in connection with the loun evidenced by�he Note. including,but not limitrd tu, reprczrntutions �onreming
<br /> Burrower�occupancy of the Property as a p�incipal residence, If Ihi�5ecurily Inxtrument is an a Icusrhold,Borruwer shull �
<br /> �- comply with�he provisions of thc lea�e. If Born�wer acs�uires tcr ti11r to the Pro�xny,thr Ieasehold und fee title shull not F
<br /> � „ . be merged unless Lender ugrces w the mcrgcr in writinF. i
<br /> , , 6. Charges to Borrower und Protectiun uf Lende�'s Ri�hts in the Property. Borrower.hall puy ull govemmrntal
<br /> s�• r or municipal charges, fincs und impositionx that:�re not incluJed in Puragmph 2. Borrowcr shall puy the,e oMligutiun+on
<br /> , P, time directly to the entity which is oweJ thc puymru�. If failurr �n pay w�iuld adv�ncly�aff'�ct Lender'. interc+t in the t
<br /> �. Pmnertv.urx,n Lenderk rewezt Borrower shull nromptiv furnixit lu LenJrr recript.evidenrin�;thc+r payment+. r
<br /> -_- _ - __ - - . If�Borrawer fail+to muke the>c paymcnl+ur Ihc paymen�. nyuircJ by PuraEraph 2,or fail�lo �xrCom� any utfx�r "
<br /> • - covenants und s�greemems contuined in thi.Sc�urily In+trument,ur therr i.:i I��al prcxceding Ihut muy signitic:uu�y uffrr� ,
<br /> Lender's rights in the F'roperty(�uch ux u prixcedin� in h:mkrup►ry.tiir rundemnati�m or to rntorce law�ur rrgulu�iun�l. I
<br /> , ' • then Lender muy do and puy whutcvcr i.necr..ary�u prutect the valuc��f thr Property und l.endcr;rightx in thr I'ro�xny.
<br /> � including payment of tsuceti,hiv.urd insuroncr,md uthrr itrmr mcntiuned in Nur��raph?..
<br /> Any amounts disburseJ ny LenJcr under this Pura�raph�h�dl Ixcomc an addiuonal drht iil'Burruwer anJ tx.rrurcJ
<br /> � by this Security Instrumcnt, These amount�.hall brar m�ercst from thr dute of di,bunemem, at thr Nutr ruic,unJ ut�hr
<br /> apnon of Lender,shall be immediutely due und payuble.
<br /> 7. Condemnatiun. The pnxeeds uf any awarJ or cluim t�ir damaNex,dircct�tt can.cyucntial,in runncrtiun w�ith uny
<br /> � condemnation or other tuking of uny part of the Propeny,ur fur ronveyancc in placc i�f runJcmnution.urc hcrcNy u.�iEn�d
<br /> and shull be paid to Lender tn the extent of thc full umount of the indrbtednes.that rcmuin.unpuid undrr�hr Nute and thi. �
<br /> - � _ Security Instrumem. Lendcr shall apply such pnxecds to 1he rcductiun ot'the inJcbtedncs.unJcr ihr Nute und thiti Srcurity ,
<br /> , Instrumem, first to any delinyuent amuunts upplicd in thc onier provideJ in P.�r.�gr:�ph 3, utxl th�n tu prrpa�mrnt of
<br /> "' .' .° � principul. Any applicalion of thr pracccd, 10 thc principul sh•rll niit cxtcnJ ur p��.tpunc th� dur Jalc ot'thr munthly ,
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