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<br /> l. Pqymenl o!Prtncipal�lntereat and Late Chary�e. Borrower shnll pay when due tho prjncfpel of.and interart on,
<br /> the deM ev idenced by�he Nou ond late chuges due undcr the Note.
<br /> 2. Montl�Iy pAyment�of'1lnxes,lnwraace and Olher Chs�es. Borrower stwll Include in each monthly payment,
<br /> . - ' � '' togethcr wilh the principal and interest os set forth in ihe Nate and any late chergcs,an instaliment of any(a)tnxes and
<br /> '. .; epecial s4seurtaenta levfed or w be lavied egeinst the Property.(b)kacehold payments or ground nnts on tfu PropertY.and
<br /> '� -- ' • 4=�'�`�.�� (c)p�mlums for in�urance required by Paregtaph A.
<br /> — - - . .- .....,,�.�_
<br /> �. � Y F.ach monthly Inctallment for items(a),(b) end (c) shall equnl one4welflh of the annual amountv, as reasonab y
<br /> esdmatod by Lcnder, plus nn amount Rufflcicnt to malntain an addit�onal balance of not moro than one-sixlh of the
<br /> "• ° ,�r estimated amounts. The full annual emount for each item shall be accumulatcd by Ixnder within a period ending onc
<br /> - � �` � month before an item would buome delinquent. l.ender shall hold�he amounta collected in uust to pay items(a).(b)and
<br /> �, • r.'�;� ;. (c)befoa thay becomo delinquent.
<br /> .°"" If at any tlme the tdol of�he peymentx held by Lender far items (a),(b)end(c),tagether with the futurc monthly
<br /> �'"�;�•. �•�.r paymenta for such ilems puyable to l.ender prior to the due dates of such items,exceeds by more thun onc-sixth thc
<br /> • .•:.>ti. ..:._ .� estimated amount af payments required to pay Ruch items when due,and ii pa menta on the Notc nre current,then l.ender
<br /> - ;«;:`' '" mr , shall either afund tho eacess aver one-sixth of the eatimated payments or c�t the excess over one-siath of the estimated
<br /> �. paymen►s to subscquent payment�by Qortowcr.at the option of Borrower. If thc tatal of the payments madc by Bortower
<br /> A
<br /> , � for item(a),(b).or(c)is inaufticient to pay the item when due,then Borrower sF�all pay to Lender uny amount neceasary lu
<br /> '—`` " . ""°' �" �,� make up Ihe deficiency an or before the dwte the item becomes due.
<br /> 1 w^ U•�� � Ae uced in�his Security 1naUumont."Secretary"means the Secretary of Housing and Urbun Development or his ar her
<br /> ��;�:�..,..y�:.,.:� :.•at., ' dcsignec. In any year in which the Lcndcr muat pay a mortgage insurance premium to the Secretary,each monthly payment
<br /> �1�-r,.:,;�;,_ ���;s:�:�.,,. shell also include eilher. (il wn installment of the annual mortgage insurance premium to be paid by Lender to the
<br /> v:��„%:Y.' ,.�.r�� Secretary� or(ii)a manthly charge instead of a mortguge insura�xe pren�luin if this Security Instrument is held by the
<br /> ...;-F-- Secnetery. Each monthly installment of the marigage insurance premium shall be in an amount sufficient to accumulate the
<br /> � " full ermual martgage inRUrance premium with Lender one monlh prior to the date the full annual mortgage inRUrance
<br /> premium is due to the Secretary;or if this Security Instrument is held 6�the Secretary.each monthly charge shall be in An
<br />"-s ,. . amount equal to one-twelflh of one-helf percent af thc oulxtending princ�pal balance due on thP Notc.
<br /> •� • If Borrower tenders to Lender the full payment of nll sums secured by this Security Instrument,Borrower's account
<br /> i*,,�.. ' � shall be credited wi�h the balance remoining for all installments for items (a),(b)and (c)and any mortgage insurance
<br /> . � • . ' °•�� premtum inetalLnent�het Lcndcr has not became obligeted ta pay to the Secretery,and Lender shal!promptly refund any
<br /> '�� , eacess funds to Borrower. Immediutely priar to a fureclosure sale of the Property or its acquisition by Lender,Borrower's
<br /> __ ,i account ahall be credited with any balnnce remuining far all installments for items(A),(b)and(c).
<br />:; . , � �,t�':; , �,.;;�, 3.Ap Ilcatbn of Paymenta All pnyments under Porngraphs I and 2 shall be applied by Lender as follows:
<br /> ,. to ihe mongage insurunce ptemium to bc paid by Lender to the Secrelary or to the rnonthly charge by the
<br /> � 'f .i.,,3��•_ Secre mstesd af the monthly mortguge insurnnce premium;
<br />_ = i"'-=-'-''_- � - ,R ��to�ny tax�,spxis!asses.smersts.leasehold paysnents or gro��nd tenw,and fire.flood and other hazard
<br /> , insurance premiums,a�required;
<br /> TH1RD,to intrrcat due under the Note;
<br />_ ' �OUR77�.to s�mortization of the principnl of the Note;
<br /> - ° •� �,to la�e chargea duc undcr the Nde.
<br /> 4.Fire�Flood And Other tlazard Insurwnce. Bonowcr shall insure ull improvements on the Property,whether now
<br /> �'� • in existence or subsequently erected,ngainst uny hwurdx,CASUUI11Cfi� ar�d contingencies, including fce,for which Lender
<br /> ' rrquires insurance. This insuronce xhall be muintaiixd in the omounts nnd for the periods thut Lender requires. Borrower
<br /> • • shall s�lso insure ell improvemeniti on the Property,whether now in exi�tence or subsequently erected,ngninst losx by floads
<br /> . � to the extent required by the Secrctury. All insurancr shull be curried with companies approved by Lender. The insurance
<br /> • •� �� •� policies end eny renewuls shull lx held by Lendcr und shull include loss puyable cluuses in favor of, and in a fortn
<br /> � , accepteble to,L.ender.
<br /> [n the event of loxs,Borrower shull givc L.cnder immcdiutc notice by muil. Lender may muke proof of loss if not
<br /> �"• ,,,�,. � � mede promptly by Borrower. Euch insurnnce ccxnpany concemcd is hereby authorized and directed to mnke pnyment for
<br /> such loss directly to l.ender,inxi.ead of to Rurrower wKl to Lender Jnintly. All�r uny part of the insurance proceeds may be
<br />�' � applied by Lender, at its option,eithcr(a)to Ihc rcJuclion of tlu indebtcdncss under the Note and this Secunty Instrument.
<br /> ��`. �•w tirat to an delin uent amounts v lied in Ihe u�dcr in Pnra ru h 3. und then to re a ment of rinci al,or(b) to the
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<br /> '�;.-.- .. .. . restoratfon or repair of the dnmuged property. Any upplicatiun ot the proceeds to the pnncipal�hall not extend or pos�pone
<br /> i ' � the due date of the manthly puymen�x which nre refeRed to in Purugruph 2,or change the umount of such pnyments. Any
<br /> • " ? excess insuronce proceeds over un amount rcyuircJ lo pay ull i►ulslunding indeMedness under the Note a n d t his Security
<br /> - lnstrument shall be paid to the entit�legally entiUed thercto.
<br /> �• In the event of foreclosure ot �his Serurity Inti�rument �►r��thcr trunsier of tidc to the Propeny thut extinguishes the
<br /> ,;� . � � indebtedness,all right,title und imerex�of Bortower in und to inwrunre policies in force shnll puss to the purchuser.
<br /> ' �� S. Occupancy, Preservation, Mointenunre and PrutectbM of Ihe Prnperty; I3orrower's Loan Applicatian;
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<br /> �' � Leaseholds. Barower shall cxcupy,etiwblish,und u�c the Pro�xny us Bonowcr;pnncipal residence within sixty dAys
<br /> � after the eaecution of this Security Imlrumcnl unJ,hull c:mtinue io�►crupy the Property us Borrower's principul n:sidence
<br /> , for at least one year afler the dute of nrcupancy,unlc�s Ih�tircmtury detcrniine��his reqwrement will cuuse undue hludship
<br /> �,,.;�� ° h " for Bomower, or unless extenuu�ing circurri+�uncr. rzi,� which ure tkyond l�orrowers rnmrol. BoROwer xhnll notify
<br /> ' Lender�of any extenuuting circum�tnnces. Rurniwer�hull nui c��niuii�wu�tr ur Jeti�r��y,dumnge or subxtuntially chunge
<br /> the Propeny or allow Ihe Propcny to dctcriomte,rcaumublr wrur mtd trur exr�pled. LenJer muy m�pect the F'roperty if thc
<br /> . �: _ Propeny is vucnnt or nbundoned or Ihe loan i,in defuult. Lrnd�r may takc nu�nnaMr uctian to pmtect and prcurve such
<br /> vacant or abandoned Property. Borrower xhall altin Ix in drl'uul�if Hurn�wer,Jurin�Ihc luun upplics�tion prcxetis,guve
<br /> .;�i.. mnterinll� fulse or inarcurutc mfortnution or ,tu�rmrnl. h� I.�i�lrr I�rc t'uilcJ d► pnrvidc L.cnder with uny material
<br /> informapon)in connection with Ihc I�i:�n cviJrnred hy the N��Ir, inrludinti, hut nut Iimi1�J to, reprerentutions concerning
<br /> �' �� Borrower s occupancy of the I'rop�ny u�u principul re+iJrnre. If'Ihi.tiecuriry lo+trument is on u le:�uhold,Borrower shull
<br /> - r;: ' -. � cumply wilb the p�uvi,iu�ts.it thc It.�.�. !f l3urcuucr:t�quirc:,frr tid� tu thc 1'ru{�rrt)•.ihe Ica,rhold und fee tiUe shall not
<br /> be merged unless Lendcr aFrccs to thc«kr�ecr in wi i1inN.
<br /> 's 6. CharRes to Borrower und Protectlon of I.ender's Rluhlx in the I'roperl}, flurrowcr shal)pay ull govemmental
<br /> or municipal charges,fincx un�imposi�ion.thut urr nui includc�l in F'��,i�!ruph?. Hurrowrr+hull puy thc�c ablig•rti��ns a►
<br /> ; time dimcdy to Ihc cntity whirh i�oweJ thc paymenl. If lailurr in puy wuulJ udvrr+cly ull'rct Lrndrrz intcrest in Ihc
<br /> �� Propedy,upun Lendcr ti rtyuc+t Burruwcr�hul!prumpUy fumi,l��u Lrn.ler rrrript�cvidcncing thr.r puyments.
<br /> -- - ------ -- �t�.. . G.Y.. �.. ..L»A... n�. r�hw .,n�..�u. n�.wirnd h� lh�rnun�nh ? �lf 1�ill�ti �o narform unv uther
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<br /> covenunts unJ ugrcenxnt.rontuined in�hiti Srcuriry In�trumrnt. „r Ihrrr i.+� Ie�;+d pr�xecdinE thul m��y signific:mtly��ft'ect
<br /> Lcnder� rightti in the Pro�xny I�uch o.o pr�xreding m hanl�ru��try. t��r rondeam:nion ur 1���nfi�rcc luws or nngulaliunsl.
<br /> ° . then Lcndcr muy da und p•ry whutevcr i,nccc..ary tu pru�rrt ih� v�du�ul�h� H���xn�•+md Lrndcr',rights in thc Pru�xrty.
<br /> including payment ottuxcx,haiurJ imurunrc und o�hrr i�rm.mcntiun�d in Puragr:>t>h...
<br /> Any amounis ditibuned by l.endcr under Il�iti I'uru�n�ph�ht►11 ixc��mr;m;ktciitiunul deht of Burt�►wcr unJ b� srrumd
<br /> by this 5ecurity Instrumenl. '1'he�r um�wnt�.h:dl Ixur m�rrc.l fnxn thr dwr�d d��huncmcnl,i�t�he N��tr rutr.und ut thr
<br /> r option of Lendcr,shall bc immcdiutcly dur smJ puy�iMr. �
<br /> ' 7. Candemnatton. 'I'hc pra:rcds uF uny ux•ard or clui�n for dauu��r.,.hr.rt ur rumcyucmial.in r�mncction wi�h any
<br /> . condemn�tion or othcr tukin�:ul uny p:�n uf Ihc Pn�Exny,ur t�or c�xwry;mcr ui pl,�rr uf r�mdrnma�iun.urc hrrrby a,.igncd
<br /> . and shall bc puid to Lendcr to thc cxtcnt of thc full umouw ot ihc iudrhtrdur,.Ih;u rrnwm.unpmd und�i thc Nutc and this
<br /> Securiry Inslrument, Lender shull upply such pnxecdti tu Ihr rc.lucnun al Ihr inJchleJne+�wiJrr Ihr Notr+md thi�5ecurity
<br /> • ,, Instrument,fint to uny delin��uen1 umounl� opplicd ii� thr ur�lri pn�viJ��d iu 1'.ir,��:r:iph �. :�nd Ihrn tu prrpaymcnt of
<br /> � principal. Any upplicatiun ot lt� pnx�rJ.r �o �hc prinripul �h�dl n��� .xirnd ur �x►tirywnc thr Juc Julc uf tlk monthly
<br /> a �/ti�pr:.�f�f'.�erv �
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