|
„ „ . .. �
<br /> • �
<br /> ..�r.-
<br /> - - -..__. .. . .. . . .. . .. �- - �:�,'-`
<br /> . . .�
<br /> �, � , ,
<br /> l 97- ���49� -
<br /> .,:, ��_
<br /> � If the amounts held by Lender for Escrow Items exceed the announts permitted to be held by RESPA, Lender _
<br /> shall account to Bonower for the excess funds as required by RESPA. If the amaunts of funds held by I.ender at any _
<br /> [ime Is not sufficient to pay the Escrow Items when due, Lender may notify the Bonower and require Borcower to
<br /> make up the shor[age as permitted by RESPA. -
<br /> The Escrow Funds are pledged as additional securiry for all sums secured by this Securiry lnstrument. If
<br /> � Borrower cenders to Lender the full payment of all such sums,Bonower's account shall6e credited with the balance _
<br /> Iremaiaing for all installment i[ems(a), (b), and(c)and any mortgage insurancc premium installment that Lender has
<br /> � not become vbligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Bonower.
<br /> ! Immediately pdor to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be
<br /> • crcditcd wi[h any balance remaining for all installments for items(a), (b),and(c).
<br /> 3.Applicntion of Payments.All payments under paragraphs 1 and 2 shall be applied by I.ender as follows: -
<br /> '�s,to the mongage insurance premium to be paid by L,ender to the Secretary or to the monthly chuge by the
<br /> Secretary instead of the monthly cnongage insurance premium;
<br /> Second, to any taxes,special assessments,leasehold payments or ground rents,and fire. flood and other bazard
<br /> • iasurance premiums,as required; __
<br /> T�i ,to interest due under the Note;
<br /> � Founh, to amortization of the principal of the Note;and
<br /> �,to late chazges due under the Note.
<br /> 4. Fire, Flood and Other Hazard Insurence.Bonower shall insure all improvements on the Property, whether
<br /> � now 1n eaistence or subsequentty erected,against any hazards,casualties,and contingencies, including fite,for which �_
<br /> --.-_____ i.eQ��• r��12rQ� in�nranr�. Thic insuraace shall be maintaiar.d in the amounts and for the pedods that L.ender �
<br /> requires. Borrower shall also insure all improvements on the Properry, whether now in existence or subsequently
<br /> erected, against loss by floods to the extent required by the Secretsuy.All insurance shell be carried with companies
<br /> . approved by I.ender. The insur.lnce policles and any renewals shall be held by Lender and shall include loss payable
<br /> clauses in favor of,and in a forra acceptable to,Lender. -
<br /> In the event of loss,Boi7ower shall Sive Lender immediate aotice by mail. I.ender may make proof of losa if not
<br /> � made promptly by Borrower.Each insurance company concerned is hereby authorized and directed to make payment
<br /> �- ' for such loss dtrectly to L.ender, iastead of to Borrower and to Lender jointly. All or any parc of the insuraace
<br /> proceeds may be applied by Lender,at its option,either(a) to the reduction of the indebtedness under the Note and _
<br /> this Sccudry Instrument,first to any delinquent amounts applied in the order in paragraph 3, and then to prepayment
<br /> of principal. or (b) to the restoratlon or repair of the damaged Property. My application of the proceeds to the m
<br />- principal shall not extend or pastponc the due date of the monthly payments which are referced to in paragraph 2,or -=
<br /> � change tt�e arnount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding =
<br /> � � � indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. �.:
<br /> � � in tLe event of forcelosure of this Securiry Insuument or odier transfer of title to the Property that extinguishes �.__
<br /> ' the indebtedness, all right. title and interest of Borrower in and to insurance policies in force shall pass to the �-._
<br /> �-_
<br /> • purchaser,
<br /> . -= 5. Qkc:��ancy� �:c�e;•vaticn,"Sa::::cn�ce r.a��Pro*.�na e£the�!m;�rt3'i �ormwer's Loan Application: � __
<br /> • Leaseholds. Borrower shall occupy. establish, and use the Prapercy as Borrower's giincipal resideacc within sixty �'�
<br /> : � ' days after the execution of this Security Instrument (or within sixty days of a later sale or transfer�f the Property) �``•
<br /> ' • and shall continue to occupy the Property as Borrower's princtpal msidence for at least one year after the date of _
<br /> - . occupancy,unless Lender determines that requirement will cause undue hardship for Borrower,or unless eatenuating - --
<br /> circumstances exist which are beyond Bonower's control. Borrower shall notify Lender of any extenuating •-
<br /> circumstances.Bonower shall not comrait waste or destroy, damage or substantially change the Property or allow the _
<br /> Property to deteriorate,reasonable wear and tear excepted. I.ender may inspect the Property if the Properry is vacant 3:
<br /> or abandoned or the loan is in default. Lcnder may take rcasonable action to protect aud preserve such vacant or ''=
<br /> ��
<br /> ��4RINE) �9soa� Pape 3 0l 0 Inwa�a:�A�
<br /> ' � .
<br /> __ _ __ I_ __
<br /> . . . -- -.... - .._..,_�..�_.�_ . -...__.. ., _._.. . ._. . . .- -
<br /> „ .. , - - -� .. - � ---.._. . _._ .. . .... _ .. . . . . , . ., _.:r�r
<br /> , , i
<br /> � � _
<br />
|