|
_' ' �� �if[A�Y � �___ -
<br /> - l � .
<br /> . . • . �\�1':'.�.' ��'.__--_
<br />. " �'� _ . .+�'��. �1� . . .. . _.� :r.� �..
<br /> ����
<br /> _- ��� g2-- 1o�zz:�
<br /> 1. P�y ptent ot Prindpnll,Iatera�t aad L�te ChArQe. Borrawer�hall psy whea due Ihc prfnclp�l of.�nd intere�t an.
<br /> - tbe debt evi�enced by the Note and IAte cl�arges due under the Note.
<br /> 2. MoatblY payment�of 7tucee,Insuraeee Apd Olber Cb�rgea Bortower slull include in each mon�hlY�wyment.
<br /> _� wgell�er with the principal and intereat es set forth in thr Note andany Iste chuge�,an installment of any(a) toxes and
<br /> �' — specid aaiessments levial or w be levied againat the Property,(b)leaaehold p�ymenu or�mund ronu on the Property.md
<br /> � _ ---- ----� (c)premiums for insurance required by Auagraph 4.
<br />,,• Each monthly L�stellment for items(a). (b) and (c) sholl equal onc-twclfih of�ha AnnuAl amounu, �s reasonably -
<br /> esdrtuted by i,ender� p!us an am�wnt sufficient w maintain an addidonal balu�ce of not moro then ane•rialh ot Ihe
<br /> est�uted iunounts. The fuU a�ual amount for each item shell b�eccumulated by L.ende� wiUiin a pedod ending ane
<br /> month before an item wouW become delinquent. l.ender shall hold the omoants collocted in trwt to pay itenn(a),lb)uid
<br /> --_—��+�� (c)before thay become delinquent. -
<br /> _ ___ —_—.._— lf at any time the total of the payments Field by Lender for itema(a),(b)end(c).together with thc futuoe monthly
<br /> __ __ --�---- payments for such itema payable ta i.ender prior w the due dates of such items,eacceds by more than one-sixth�he
<br /> --- "e"'°��''"""'� �ted amount of paymenta ra�uired topay such items when due.and if pv ments on the Note rJC current,then Lender
<br /> --- �'�� shell either nfund the cxcess over one-sixth of the estimated payments or c�t the eacesx ovcr one-sixth of Ihe estimated
<br /> ���� paymenta to aub�equent payments by Bnrrower,at the option of Borrower. !f the toul of thc payments mede by Borrower
<br /> �i��;� for item(a).(b).or(c)is insufficient to pay�he item when due,then Horrower sh�ll poy w Lender any emount nxesw�ry to
<br /> _'--=•��"-��'�� make up the deficiency on ar before the date the item becomea due.
<br /> ���;��;�,;.;. Aa w�ed in this Securit�Insaumenr."Secrctary"means the Secretary of Housing and Urban Development or his or her
<br /> _ _ _ dosignee. In any year in wiuch the Lendor muat pay a mortgage insurance pnmium to the Secretery,eo�:h monthly poyment
<br /> u�— shall also include either: (i) an inslallment of the annual mortgage insu�ance prtmium w be paid by Lender to�he
<br /> v ;jr�.�a=.�,y--•�;`:'::;�� Secretary,or(fi) a monthly charge instead of a mongage insurance premium if thu Security instrumen� ia held by the
<br /> �f'�a;;� Secretary. Each monthly insteUment of thc mortgage insurance premium shall be in an amount sufficient to accumulate the
<br /> —=--�=�r full annuvl mongegz insurence premium with Lendcr one month prior to�he datc the full annual mortgAge insurance
<br /> �i,°�•�'j,.�<-` �� � � premium is due to the Secrctary;or if this Security Instrument is held by the Secretury,each monthly charge�hall be in an
<br /> ��;.'�`��- '•""� •' wnount ual w one-twalfth of one-half percent of the outstanding principal balance dde on the Note. -
<br /> t�.�: '.��;�.r.:a, :. • W
<br /> • ..��:�::•' lf Borrower tenders to I.ender the full payment of all suma secured by this Secudty Instrument,Borrower'�account
<br /> �,,��,� �• shall be credited with the balance remeining for all installments for items(a),(b)end (c) and an mongage inaurance
<br /> if. . . � fi�.�.,^
<br /> -�.;��:.,m;`�+� ,< premlum instellment thet l.ender hes not become obiigeted to pay to the Secretary.ond Lender shal prompdy r+efund an�r
<br /> = ��_ '""'.�` axcesa funds to Borrower. Immediately pdor to a foreclosure sale of the Propeny orlts acquisition by Lxnder,Brnrowers
<br />-���"�''� ' account eha116e credited wilh any belance remaining for all installments for i�emx(a),(b)and(c). -
<br /> .l. . . �t�.J.: '
<br /> ;� ?��.,.rEa<;>,'•i�''��'' '. 3. ApplkAHon of P�yme�fa. All payments under Paragraphs 1 end 2 ahall be applied by Lender as follaws: -
<br /> '' ���,to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the
<br /> -- '` .w,.,. ,, Secre inatead of 1he monthly mortgege inRUrance prem�um;
<br /> — '-F;��.;.-;-=t1i.--=;.;�n= ��.to any tsues.special asscssmcros,lcasehold payments rn gronnd ressts,snd fire.flood anc!ather hnzeai
<br /> _�-.�z`• � �-; . �.�.. , insurance premiums.asrequired;
<br />�;�' �,to interest due under the Note;
<br /> -__. ,, ' , �.to amonization of thc princlpal of 1he Nwe;
<br /> : ,;,._, . ._. , ,W late churges due under the Note.
<br /> `qG,. 4. Fire,Fload and Other Hw�rd Insurance. Borcower shell insure all improvements on the PropeAy,whether now
<br /> _' �: � in existence ar subsequently erected,againat any hazards,casuulties. and contingencies, including fire. for which Lender
<br /> requires insurance. 'fhis insurance shall b,,muintuined in the amounts and for the periads that l.ender requircs. Borrower
<br />--- •'"` " _ � shall also insure all improvemenis on the Property,whether now in existence or subsequently erected.against bss by Floods
<br /> — � to the eatent rcquired by the Secretary All insurance shull be carried with companies approved by Lender. The insurance _
<br /> - r"'"""" "'t� ,�w:� po l i c l e s a n d a n y r e n e w a l s s h a l l be held b y Lender and shull include loss pa yabk clauses in fuvor af, und in a form -
<br /> "� �.' .,:, acceptable to,Lender.
<br />� ' • `5 �� ^ In the event of loss, Borrower shall give Lcnder immediute notice by mnil. Lender mAy muke proof of loss if not
<br /> ;�.t.;::LL.` '�a= made prompdy by Borrower. Each insurance company concemed is hereby nuthoriud and directed to make payment for
<br /> w��� • -• auch loss directly to L.ender,instead of to Bonower and to Lender jointly. All or aciy purt of the insurance proceeds may bc
<br /> .� ..,
<br /> ' ;r:'" ° " ' applied by Lender,at its option,either(a)to the reduction of the indebtedness under the Note und this Securiry Instrument,
<br /> :� '� first to eny delinquent amounts applied in the order in Parugraph 3.and Ihen to prepuyment of principul,or (b) to the
<br />--- :+�.. restoration or repair of 1he demeged pr�perty. Any applicution of the praceeds to the principul ghall not extend or postpone
<br /> ,_ � ' �� . the due date of the monthly payments whkh ure rcferred to in Ps+rugruph 2,or chunge the amount of such paymeMs. An,y
<br /> � '���;; excess insurnnce proceeds over an wnaunt reyuired to pay all autstanding indebtednexs under�he Note and this Security
<br /> -�_� • „ lnsuument shall be paid to the entity legally enuded�heneto. -
<br /> �� ,,,� .. � In the event of foreclosure of this Securi�y Instrument or other trunster oi title w the Property thc+t ex�inguishes the
<br />_ !k:, indebtedness,all right,title and interest of Borrower in und to inrurunce policles in force shall pucs to the purchnser.
<br /> '� .�i��•_ ' ` . .� S. Occupancy, PreservAtion, Maintenance and Pratectton of the Property; Borrower's I.oAn Appllcwtbn; _
<br />_-- : �,�:_�� Les�sehalda. Borrower shall occupy,establish, and use the Propeny as Borrowcr's principul msidence within xixty days
<br /> ���"' after the execution of this Security Instrument und shnll continue to orcupy�hc Propeny us Bortnwer�principal residence
<br />_�` ..'��, " for at leest one year ufter the date of accupancy,unless the Secretary de�ermmeti this rcquirement will cuuse undue hurdship
<br />_� r for Borrower, or unless eatenuating c:ircumstances exist which ure beyond Borruwer: control. Borrower sh�ll notify
<br /> � ' .N,,•;}�'., Lenders of any eatenuating circumstnncex. Bormwer shull not a�mmit wuue or de�troy,dumuge or sub+tnntiully change
<br /> -- . • the Property or ullow the Property to deterioru�e,reaxonable wcur nnd teur excepted. Lender muy inspect the Propeny if the
<br /> ' Property is vucunt or abandoned or the loan is in defuult. LenJer muy tukc n:usonublr uction to pmtect�nd preserve such
<br /> .. vacant or abandoned Property. Borrower shull nlxo t►r in defuult if Borrowcr,during thc luun application process, guve
<br /> .� materiall�r false or inaccurnte infortnution or .wtcments lo LenJer lor fuiled to pruvidc Lcncler with uny muteriul
<br /> informauon)in conncction with the loun cvidenced by the Natc,incluJing,but not limitcd to,represcntutians conccming
<br /> � � Borrower's occupancy of the Property a�c u prinripul residence. If�his Scrurity Instrument is on a Icuxehold.Borrower shull ,
<br /> ti — � compiy with lhe pruvi�iuu+uf Ihe lcr.r�. If[iorrou•cr acyuimti fec titic tu the Propcny,Ihe Ieasehold nnd fee 1itle•hs�ll n��
<br /> , be merged unless Lender agrees to the mcrgrr in writing.
<br /> 6. Charp�es to Borrower ond Protection of Lender's Rights in the Property. Burmwcr xhall pay all guvemmentul
<br /> � � or municipal charges,fines und impo.itian�that urc not included in Parugr�ph ?. Borrowcr shall pay the,r nbligmi:ms on
<br /> '' • time directly to the entity which is�wed Ihr payment. If f�ilure to pay wi�uld :idvrrs�ly ufCect Lenderz imcrest in thc
<br />,, � ,,, y. Property,upon Lender�rcyuext Borrawer xhull prompdy fumi�h t��Lcncler rcceipts evidcncinN�hcse payments. _
<br /> "' '�"�' _�".�_ .A.. ..�.. .�.1 6.. Ix..-�.nr.nl� '1 r Fuila t�� w.rfnm� unv .tih.•r �
<br /> --r„ _-__ __ "_ _......_.._... .... ........... .......: .. .._.
<br />._.� __�+__._._ - !1 OUIIVw21 Ip11J iv�Tiant u��,m. Nu�u��uw v. •u. �.u�.u....., .�.�..........� ......�...r.. _. ... .�._... r_.._.... �.� _.
<br /> u . ^ covenants and ugreemcnts cantuined in this Secunty Instrument,ur there i.a Icgul pnxceding thut muy.ignifirandy uffec�
<br /> Lender�rights in the Property(such:�s u pr�xreding in hankruptcy, for condemnuli�►n or u�enfon:e Is�ws ar re�ulution�).
<br /> • " � then Lender may do and puy whutever is neressury t��protcct the vulue oT tlk ProExn�und Lcixlcr's rights in thr F'ropcny,
<br /> • , including puyment of tuxex,hcu•.rvd insuruncc und othcr itemx mcntia�cd in Paragruph...
<br /> � Any nmounts disbuned by Lender under Ihis Purugruph+hnll he�c�xnr un :xtditiunul Jeht uf Bunuwer:uid tx�ecurt�d
<br /> •� � � .. by this 5ecurity Instrument. Thesc umounts shall bcur interctit from thr date uf di.bunemcnt,ut the Nc,te ru�r, and ut thc
<br /> . nption of Lender,shall be immediutely due und puyublc.
<br /> 7. Condemnation. The proceeJs af uny uwurd or cluim for JamuEcz,dinct orrun�cyuentiul, in connctiti��n with uny
<br /> , c�ndemnntion or other tukinR ol'uny purt nf the Property,or for conveyunre in plu�e uf cundr�nnutiun, un hen by us,ignrd
<br /> • � and shull be puid io Lender to the extent of the full amount uf thr indeblydt�x.thu�nmuins unpaid undrr�he Nute und�hiti
<br /> ` Security Instrument. Lender shall upply tiuch proceeds to thc reuuction of the inJchteJnrs,undcr�he Nu�e smd this 5ccurity
<br /> Instn�ment, fint to any delinyuent urnount� upplicd in the ��rJer providcJ in Purugraph .�, and Ihcn lu prrpaymem o(
<br /> . � �'"fi%"� �� principal. Any applicution of the proceeds to the principal �hull not cxtend ur p�►stpimr thr duc du�c of thr mumhly ;
<br /> !�.� •
<br /> � � ����x�•:�/a i�ux�•��
<br /> t
<br /> .t •
<br /> �
<br />
|