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<br /> ' B�RROWER COVENANT'S that Borrower is lawfully scised of thc cssutc hcreby convcycd and has thc right to
<br /> � grant and convcy the Property and that the Pro�erty!s unencumbered,except for encumbranc:es of recard. Borrawe:r � ,
<br /> warrants and will defend generally the title to the Property against ali clalms and demandc,subJect to any encumbrunc�:s =
<br /> af rccard. _
<br /> THIS�ECURITY INSTRUMENT corabincs unlfarm cavcnants for nxtional usc and non-unifarm cavenants with __
<br /> limitcd vurlations by jurisdlctton tn constitutc a unifarm scc:urity in.ctrumcnt covcring rcul prapercy.
<br /> UNIFORM CQWENANTS. Bonower and Lender cc�venant and agree as follows: • �-
<br /> 1. Payment of PcL�dpAl,Inu�rst and Lata Chu�e. Bonower shell pay when due the prtncipal of,and lnterest � �� . ����:_-•
<br /> .�_;�
<br /> •- on,the debt eWdenced by the Note and Iate charges due under the Nate. =°;-_
<br /> • ° 2. Monthly Paymcnt of'lhu�.Insurancc,and Othcr Chargcs. Bonowcr shall includc;in cach monthly payutcnt, .���`
<br /> r=
<br /> together with the principal and interest as set fonh ta the Note and any late charges,a sum for(a)taxes and special �___
<br /> assessments levied or to be 1cWed against the Property, (b)leasehold payments or ground rents on the Property,and 't_�'�"-�
<br /> (c) premiums for insurance requited under paragraph 4. In any year in which the L.ender must pay a mongage •.�
<br /> insurancc premium to the Secretary of Housing and Urbaa Developmeat("Secretary"),ar in any year in which such ' '•`_�
<br /> premium would have been requtred if Lender still held the Securiry Instrument,each monthly payment shall also .-
<br /> include either: (i)a sum for the annual mortgage insurance premium to be paid by Lender to che Secretary,or(ii)a •�
<br /> monthly charge Instead of a mongage insuraace premium if this Security Instrument is held by the Secretary, in a __
<br /> r�:asonable amount to be determined by the Secretary. Except for the montWy charge by the Secretary,these items --
<br /> � are called"Fscrow Items"and the sums paid to Lender are caUed"Escrow Funds." �
<br /> L,euder uiay,at any time,collect and hold amounts for Escrow Items in an a�regate amount not to exceed the •
<br /> ma�dmum amaunt Wat may be required for Horrower's escrow accouat under the Real Fstate Settlement Procedures ,,�;,��
<br /> Act of 1974,12 U.S.C.§2601 et seq.and Implementing regulations,24 CFR Part 3500,as they may be amended from >� •.°
<br /> time to tIme("RESPA"),except that tbe cushion or reserve permitted by RESPA for unanticipated disbursements or � �
<br /> � + disbursements before the Banower's payments are available in the account may not be based on amounts due for the ,":'�'�:
<br /> mortgage insuranc:e premium. ...
<br /> .� If the amounu held by Lender for Escrow Items exceed the amounts permitted to be held by RF.5PA,I.ender shall -��
<br /> . account ta Bonower for the excess funds as required by RESPA. Ii the amounts of funds held by L,ender at any time - .,,
<br /> � are not sufficient to pay We Fscrow Items when due,Lender may notify the Borrower and re,quire Borrow�r to make .�� � . .
<br /> t. up the shorta e as rmttted b RESPA. `'`"s �`�''
<br /> fi Pe Y 'j�e= ..:•,���
<br /> The Escrow Funds are pledged as additional secudty for all suips secured by this Secudry InsuumenG If Bonower j : =�
<br /> = tcndcr�ta I.cndcr the fuU paymeat of a!!such sums,BQno�Qr's H�COUnt shell hP rse.�ited with the balance remainine ,.� ''��
<br /> , for a111nstaUmenc items(a),(b),and(c)and any mortgage insurance premium instaUment that Lender has not become �' ���b"
<br /> " g p y tary,and Lender shall rom tl refund an excess funds to Borrower. Immediatel rIor i� !i,�
<br /> obli ated to a to the Secre p p y y Y P
<br /> to a foreclosure sale of the Properry or its acquisition by Lender,Bonower's account shall be credited with any balaace � "u:-
<br /> remaining for all installmeats for items(a),(b),and(c). ��•"
<br /> , 3. Applleatton of Payments. All paywents uader paragruphs 1 and 2 shall be applied by Lender us follows: '�� `�._
<br /> FIRST,to the mortgage insurance premium to be paid by Lendet to the Secretary or to the monthly charge by the �z :,� -
<br /> Secretary instead of the montbly mortgage intiurance prerafum;
<br /> SECOND.to any taxc�,special assessmcnts,leasehold payments or ground rents,and fire,Aood and other hazard -
<br /> insurance premlums,as requlred; °'� ��
<br /> " THIRD,to interest due under the Note; �
<br /> FOURTH.to amortt�ation of the prIncipal of the Note;aad
<br /> �
<br /> � FIFTH,to late charges due under the Note. ���.
<br /> ' 4. Fire�F]ond and Othcr Herrrd Iasaranoa. Borrower shall:Insure aU improvements on the Property,whether .,,�,�,.�.
<br /> ;�'• now in existeace or subsequently erected,agatnst any ha7ards,casuulties,sud contingenctes,including tUe,for which -- _ _
<br /> � r Lender requ�res insurance. Thts insurance shaU be maintained tn the amonnts and for the periods that I.ender � ':t�__�
<br />- ' rcquires. Borrower shaU also insure ail improvements on the Property,whether naw in extstence or subsequently �.___ _
<br /> �'�� erected,against loss by floods to the extent required by thc Secretary. Ali insurance shall be carried witb companies `...�"`_'�A�
<br /> � approved by Lender. The insurance palIcies and any renewals shaU be held by Leader and shall include loss payable `{:::�:.�
<br /> �,'-°-__--
<br /> ' c1_2us�In Pevor�f,and in a form acceptable to,Lender. •�a ��-_-==
<br />_ In the event of loss.Bonower shap�ive Lender immediate notice by mail. L,ender may make proof of loss ff not �;�����'�`".
<br />; made promptly by Bonow�er. Each insurance company oonr.e;rned is hereby authorized and directed ta make payment �� •,; '•`-_�'`•,,;�'='•
<br /> for such loss directly to Lender, instead of to Bonower and to J..ender jointly. All or any part of the insurance y"�;.„.•'.��`;",.`.;. •
<br /> _ , proceeds may be applied by Lender,at its option,either(a) to thc reduction of the indebtedncss under the Note and � • ' ..
<br />_. � this Sccurity Instrument,first to any delinquent amounts applied in the order in paragraph 3,and thcn to prepayment
<br />— ( of princtpal,or (b) to the restotation ur repaIr of the damaged Praperty. Any application of the pror,ceds to the .,
<br /> � principal shall not extend or postpone the due date of the tnoathly payments which are referrcd to in paragraph 2,or
<br /> � change the amount of such payments. Any exccss insurancc;proca:eds over an amount required to pay all outstanding
<br /> i indebtedness under the Note and this Securlty Inscrument shall be paid to the eatity legaily entitled then:to.
<br /> - � ln the event of foreclosure of this Securiry lnstrumcnt or othcr transfer uf tttle to the Prupetry that eutInguishcs
<br /> the Indebtedness, ull right, title uad interest of Borrower in and tn insurancc policies in iorce shall pass to the
<br /> ! purchascr.
<br /> - � 5. Oceupancy, Presecvatlon, Maintenance and Protectioa ot thc Property; Borrower's Loan Applicutioa;
<br /> ! LeaS.SCSholds. Botrower shall occupy,estsblish,and use the Pruperty as Borrower's principal residence within sixty days
<br /> saftrr thi•rvnrnHnn nf thic G+a�ur{tv incfrumnnt!nr autthin cirtv davc nf u latrr caln nr trancfi+r ttf thr.Pmncrtvl and shall � _
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<br /> , c:ontinue to occupy the Prc�pe:rty us Borrower's principsl rwidence for at Ieast one year after the date of occupuncy,
<br /> . unlcss Lcndcr detcrmincs that rcquircmcnt will c::ausc unduc hardshtp for Burrowcr, or unlcati cxtcnuating
<br /> circumstana;s exist which are bcyond IIorrower's �rontrol. Burrower shall notify L�;nder of any cxtenuatIng �
<br /> N«Knsxn-r�tn u�u�or•ntusr r.� s .
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