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<br /> ' Lander may,at any tkne, coliect and hold amounts tor Escrow Itema h an ayprepile amounl not to exceeo the maxVnum ,.;.
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<br /> amount that may be requlred}or Borrowers escrow nccount under the Real Eetits&ettlement Proc�dures Act of 1974, 12 U.S.C. [
<br /> $2601 �ggg,and �nplumontlng repuiatlons, 2a CFR Part 3500,as they may be emended (rom Ilme to Ume("RESPA"), exagpt f��=�•r=
<br /> that the cushbn or reserve permilted by RESPA for unantiCipeted disbursemonts or disbursements before the 8orrowert� ��■;
<br /> Es;�
<br /> payments ere avaflable in the acCOUnt may not be based on 8mount6 due for ths mortqaqe inburance premlum. __
<br /> II lhe amounts held by Lender lor EsCrow Items exceed the emounts permltted to be held by RESPA, L9nder shell account' _
<br /> to Borrower for the 0xcess lunds as requked by RESPA. If the emounts of funde heid by Lander el any time are not suffblent t� --
<br /> . pny the Escrow Items when due. �ender may notily the Borrower end requke Borrower to make up the shortape as permk�ed b Q
<br /> :' � RESPA. �]� -
<br /> ,r�iiM+i"'"�' :
<br /> The Escrow Funds are piedped as edditlonal securfty for all suma secured by thls Secuiry Instrument. If 8orrower tenderl+�+
<br /> ,� ,,, ..:+�•� to Lender the lull payme�t ot ail suoh sums, Borrowere acoount shall be cndRed wkh the b�lance remelninq for all Inst�lmen
<br /> ` Items(a), (b), and (c) and any mortqa�e Insurance prsmlum Instailmsnt th11t Lender tua nd beaoma obllgated to pay to th���
<br /> i Secretary,and Lender shall promptly refund any oxcess lunds to Borrower.Immediatary prbr to a toreobaure sale of the Property
<br /> or its acqulsitlon by Lender,Borrowers account shaN be credked wRh any belance remalnhg br a�k�stalknents for itema (n), (b1,
<br /> ' � and (c).
<br /> � 3. Applicatton of Payments. AII payments under Paregraphs 1 and 2 sha:i be appGed by Lender as tollows:
<br /> First,to the mortyage Insurance premium to be pald by Lender to the Secretary a to tne monYhy charge by the Secretery
<br /> instead of the monthly mortgage tnsurance premlum;
<br /> '� Second, to any texes, special assessments, ieesehold payments or ground rents,snd fire, fl�od and other hezerd
<br /> �;�! insurence premiums,as requked;
<br /> $ Third, to interest due under Ihe Note;
<br /> +:
<br /> � Fourth,l0 Bmorti�tion of the principal of the Note;and
<br /> FIKh,to late charges due under the Note.
<br /> _� 4. Fire, Flood end Other Hazerd Insuranae. eorrowor snau tnsure all Impravements on the Ptoperty, wneenK
<br /> now h exlstence or subsequently erected, 8gainst any harards, casuakles, 8nd oontinpenCles. inoludhg flre, tOr whbh Lender
<br /> � requires insurance. 7his Insurance shall be malntalned In the amounts and for the perbds ihat Lender reaukes. Borrower shU
<br /> �. a�so nsure au Improvements on the Property,whethor now In exlstence or subsequenty erected,agahst loss by floods to the
<br /> extent requlred by the Secretary. An fnsurance ehall ba carrled with oompaniea spproved by lender. The Insurance polblea and
<br /> �, any reneweis shall be neld by Lender and shall Include loss payablu clauses In favor of,and in a torm acceptable to, Lender.
<br /> In the event of loss, Borcower shall give Lender immadiate notice by mail. Lender maY make proof of loss H not made
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<br /> promptly by Borrower. Each insurance compeny concerned Is hereby Buthorized and direCled to make payment lor suCh osa
<br /> directly to tenaor, nstoao of io Bonuwur &fi� iL �and:» �o3rstl�;. All or any pert of tha Insaance Qroceeds may be applled by
<br /> ��. Lender, at its optlon, either (a) to the reductton of the IndebtednesB under the Note and this Securky Instrument, iket to �ny
<br /> delinquent amounts applied in the order In Para9raph 3,and then to prepayment of princlpai,or (b) to the restoratbn or repak ot
<br /> the dameged Property. AnY aPP��etlon of the prxeeds to the prhoipel shell not extend or postpone the due date of tha
<br /> � , monthy payments whbh are raferred to In Parapraph 2, or change the amount of such peyment8. Any excess Ineuranca
<br /> proceeds over an amount requked to Fsy alt outstandinfl Indebtedness under the Note end thls Securfty Instrument shall be peld —
<br /> . to the entity Ieqally entRled thereto.
<br /> In the event of foreclosure of this SeCUrity Instrument or other transfer of tBle to the Property that exlhguishes ihe
<br /> hdebtedness,all rpht,title and�nterest of Borrower h and to insurance pol�ies In force sheb pass to the purchaser.
<br /> S. Occupancy, Preservatian, Maintenance and Protection of the Property; Borrower'e Loen
<br /> � , � Application; Leaseholds. Borrower shall occupy, establish, and use the PropeAy as Bortower's principal residence wRhin
<br /> • sixty days after the execution of this Security Instrument(or within sbcty days of a�ater sale or trensfer ot the Property) and shell
<br /> conthue to occupy the Property as Borcower's principal resldence for at Ieast one year efter the dflte of occupancy, unless —
<br /> Leoder determines that requirement wlll cause undue hardship for Bortower, or unless exteiwatinD ckCUmstances exist whbh are
<br /> boyond Borrowers control. BorroK'er Shell nolly Lender of any extenufltlnq Clroumstances.BortOwer shall not Commlt waste or
<br />_ destroy,damage or substantlally change the Property or allow the Property to deterbrate,reasonable wear and tear excepted. —
<br /> � Lender mny Inspect the Property if the Proparty Is vacant or abandoned or the loen is in defauk. Londer may take reasonebls
<br /> �` actbn to protect &nd preserve such vacant or abandoned Property.Borrower shall also be in defeuk N Borrower,during the Iofln
<br /> ; � appNCatbn prxess, gave materiauy faise or Inaccurate hformetlon or statements to Lender(or Ialled to provide Lender with�ny
<br /> mater►al information) in connecllon wlth the ban evldenCed by the Note. Inciudhq, but not�nited to,representations conCemhp
<br /> Borrower's occupancy of the Property as a princlpai resldence. It thls Security Inst�umenl is on a leasehold, Borrower shail
<br /> comply with the provisions of the lease. It Borrower acqulres tee t�t19 to the Property, the leasehold and fee title ShaN nol be
<br /> merged uniess Lender agrees to tho merger in writing. —_
<br /> Fr`
<br /> a 6. Condemnation. The proceeds ol any award or C�a�m for damages, direct or cansequentlai, In connectlon with eny =_-
<br /> . � conGemnatfon or other taking of any pert of the Property, or for conveyance In p�ace of condemnatlon,are hereby fls8lgnod 9nd -'
<br /> shuN be pald to Lender to the extent of the fuY amaunt ot the �ndsbtedness tnat remeNS unpaid under the Note and tAis
<br /> Security Instrument. Lender shall apply such proceeds to the reduCtlon of the Indebledness under the Note and thfs SeCU��ty
<br /> � Instrument, flrst to any delinquent amounts epplled In the order provlded In Paragreph 3,and then to prepayment of princlDal.
<br /> J Any applicatbn of the proceeds to the princ�pal shnll not eztend or postpone the due date of tho monthty payments, which are
<br /> •j referced to In Paragraph 2, or chnnge the amount of such payments. My excoss proceeds over an emount requlred to pay ali
<br /> outstanding bdebledness under the Note end this Security Instrument sheli be pald to ihe e�tity�egatly entRled thereto.
<br /> � 7. Charges to Borrower and Protection of Lender's Rtghts in the Property. sorrower shell pfly all
<br /> aovernmentel or munic�pal charges, fines end rnpo5it�ons that are not included in Parapraph 2. Borrower Shall pay theSe
<br /> � oblgaUOns on time d�rect�y to the Bntily which i5 OWOd lhe payment. If iniWre to pay woua ewersery arieci �ttnuai�o ��i&�o5� .r.
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<br /> i the Property,upon Lender'S request Borrower shell promptly turnish t0 Lender reCefpts evidencing these peyment5.
<br /> � If Borrower fuds tq muke these payments or tho payments required by Paregrflph 2, a It�ils to perform uny other Covenants
<br /> i untl ag�eements contained �n this Securqy Instrument,o�there I5 a leg9�p�oceedfng that rney sgniffCantly aBect Lender's rlghls in
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<br /> I the Prcporty{such as a proceedNg in bankruptcy, far condemnation or to uotorco lawS or re{�ulatfons),then Lender muy do an
<br /> pa; v+hatover fs necessery to proturt Ihw velue of the Property end Lender's rfghts h the Property, I�cluding payment of texes, �
<br /> hnzard hsurance end olher items mentloned in Parugraph 2. �
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