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<br /> 98- 1c��.�ss � �
<br /> ry� If thc amounts hcld by Lendcr for Escrow Itern�excced the amounts permitted to be heid by RESPA. Lendcr ry
<br /> •� shall nccount to Borrower fur the excess funds us required by RESPA. If the amounts of funds held by l.ender at any
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<br /> time ar4 nnt sufficient ta pay the Escrow Items when due,l.cnder may natify the Borrower and require Borrower ta ,�,__._
<br /> makc up thc shortagc ag permittcd by RESPA. _.'�='~
<br /> The Escrow Funds are pled�ed a.� additionul security for all sums sccured by this Securiry Instrument. If .,�-5:
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<br /> Bonawer tenders to Lender the Qill puyment of�ll such sums,Bonower's acc�unt shall be credlted wlth the balance ,,�,:�»..
<br /> remaining for all instullment items(a),(b),�nd(c) and any mortgage insurance premium installment that L.ender has �,��"
<br /> not become oblisated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower. _ _
<br /> � lmmediately prior to a foreclosure sale of the Property or its acqufsition by Lender, Bonower's account shall be '�.'
<br /> , 1 credited with any balunce remaining for all installments for items(a),(b),and(c), _
<br /> '� 3.Appllcation of Payments.All payments under paragraphs 1 and 2 shall be applied by L.ender as follows: .
<br /> . �yc�,to the mortgage insurance premium to be paid by I.ender to the Secretary or to the monthly charge by the _
<br /> . i Secretary instead of the monthly mortgage insurance premium;
<br /> , eS,g,o�¢. to any taxes,special assessments,leasehold payments or ground rents,and fire,flood and other hazard ___
<br /> � insurance premiums,as required; `�--•
<br /> �� �j�,to interest due under the Note;
<br /> ' ou , to�nortization of the principal of the Nae;and
<br /> "'� F,�1,to late charges due under the Note.
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<br /> �;• 4.Fire,�loud and Other Hazard Insurance. Borrower shall insure all improvements on the Properry,whether _ '�-
<br /> . now in existence or subsequently erected, against any hazards.casualties,and contingencies,including fire,for which ;;,�� �v
<br /> „ �� Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that l.ender _
<br /> � requires. Bonower shall also Insure all improvemems on the Property, whether now in existence or subsequently
<br /> erected, against loss by floods to the extent requircd by the Secretary. All insurance shall be carried with companies
<br /> approved by I.ender. The insurance policles and any renewals shall bc i►eId by i.tindcr and sh�l2 include lass gayablP _� __
<br /> clauses in favor of,and in n form acceptable to,Lender. ` _
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<br /> � In the event of loss,Borrower shall give I.ender immediate notice by mail.I.ender may make proof of loss if not :-.. _ ��--
<br /> made promptly by Borrower. Each insurance company concerned is hereby authorized and directed to make payment �==
<br /> % for such loss directly to Lender, inscead of to Borrower and to L.ender jointly. All or any part of the iasurance � �_
<br /> � proceeds may be applied by Lender, at its option. ei�her(a) to the reduction of the indebtedness under the Note and � �_
<br /> � this Security instrument, first to any delinquent amounts applied in the order in paragraph 3,and then to prepayment
<br /> of principal, or (b) to the restoration or repair of the daznaged Property. Any application of the proceeds to the �"
<br /> �� principal shall not extend or postpone che due date af the monthly payments which are referred to in paragraph 2,or
<br /> �, change the amount of such payments.Any excess insurance proceeds over an amount required to pay all ouutanding
<br /> � indebtedness under the Note and this Security Instrument shall be patd to[he entity legally entitled thereto. _
<br /> �'� In the event of foreclosure of this Security Instmment ar other transfer of title to the Property that extinguishes =-�
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<br /> _ the indebtedness, all right, title and interest of Boaower in and to insurance policies in force shall pass to the _
<br /> � purchaser. �'
<br /> � S. Occupancy, Preservation, Mai�tenance and Protection�f the Property;�orrower's Loan Appl(cation; �l'_ .
<br /> , Leaseholds. Borrower shall occupy,establish,and use�he Property as Bonower's principal residence within siaty �.,
<br /> ,j�' days after the execution of this Security Instrum�nt(or within sixty days of a later sale or transfer of the Property) _
<br /> ° and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of �_. ___
<br />• occupancy, unless I.ender determines that requirement will cause undue hardship for Borrower,or unless extenuating ��-�
<br /> • '� circumstances exist which are beyond Borrower's control. Borrower shall notify I.ender of any extenuating „e�, . _
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<br /> circumstances.Borrower shall not commic waste or destroy, damage or substantially change the Propeny or allow the ;:�7R
<br /> Property to deteriorate,reasonable wear and tear excepted. Lender may inspect the Property if the Propeny is vacant � ,�,£,
<br /> or abandoned or che loan is in default. Lender rnay take reasonable action to pro�ect and preserve such vacant or
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