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<br /> If the amounts held by Lender for Escrowr [tems exceed the amounts permitted to be hetd by RESPA, Lxnder ' .� . ` ' -
<br /> sLall account to Borrower for the excess funds as required by RESPA. If the amounu af funds held by Lender at any .
<br />. time are not sufficient[o pay the Escrow Items when due. Lender roay norify the Borrower and require�orrower to < . •'�
<br /> -r make up the shortage a�permiaed t�y RFSPA. }i - -- ----. . .
<br /> The Escrocv Funds are pledged as additional security for all sums secured by this Security Insmiment. If • � � _
<br /> Borrower tendeis to Lender the full payment of all such sums,Borrower's account shall be credited with the balance � . �
<br /> remaining for all ins�tallment items(a),(b).and(c)and anY mortgage insurance premium installment that Lender has ' � •. �
<br /> not become obligated to pay to the Secrerary, and Lender shal! pmmpdy refund any excess funds to Borruwer. � _+� `
<br /> Immediately prior to a foreclosure sale of the Properry or its acquisiuon by L,ender, Borrower's account shall be , , . _
<br /> eteditetl with any balance remaining for all installments for items(a).(b).and(c)• � • .
<br /> � �' 3.Applicakton of Pay+neuts.All payments under paragraphs 1 and 2 shall be applied by Lend�r as fallows: • ,-r��
<br /> First,to the mortgage insuzance ptemium co be paid by Lender to the Secretary or to the montWy charge by the ' �: _. �
<br /> � Secrer<uy instead of the monthly mortgage insurance premium: ' `��'�=
<br />' :, Secon to any taxes,sPecial assessments.leasehold papments or �-f.'�`'��.,--
<br /> ground rents,and fire,fload and other haiard ' , t.i�.:.-,.. �_"
<br /> - -I ���nr.e.p�.��.5��r��t� _ �:?{4..A y .
<br /> T,�'rd.to interest due under the Note; �.�" j
<br /> � Fou- ,to amorti��on of the principal of the Note:and � * '`" �
<br /> c. -�
<br /> Fifth,to late cbarges due under the Note. ' •
<br /> �- 4.Fire,Fgood and Other Haza�rd Insurance.Bonower shall insvm atl unpmvements on the Property.whether ''„- _� '�-_
<br /> . � now in existence or sabsequendy erec[ed,against any harards,casualaes,and contingencies. including flte,for wluch : � � i,�_�
<br /> � L.ender requires insurance. This ins�ranrx sball be maintaine�l in the amonnts and for the periods tUai Lender . ,y
<br /> ,�"' requires. Boaower s6a11 also insure all improvements on the Property. whether now in existence or subsequently _ _ � � �� �•�'� �-
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<br /> erected,against loss by floods to the extent requiced by the Secretary. A l l insvrance s h a l t be carri e d wi t h comp�rues . :a'''°�'� '..
<br /> approved by Lender.The iasurance policies and any renewals shall be held by Lender and shall include loss payable --- � `, , _
<br /> - clauses in favar of,and in a foim acceptable to.Lender. � �" '� ��
<br /> In the event of loss, Borrower shall�ive Lender immediace nodce bq mail.L.ender may make pmof af loss if not ' ' �:s .r "�-•
<br /> ,.�; made prompdy by Bormwer. Each insuiance company concernai is hereby anthorized and directeci�ta make payment ...:r„�„',,,;, ": a
<br /> for sach loss directly to I.ender, instead of to Borrower and to Lender jaindy. All or any part of the ins�uan:e _ . �.�a�•'=
<br /> , pmceeds may be applled by Lender,at its opuon,either(a)to the re�tucdon of the indebtedness under the Note and �. ---� � "
<br /> this Security Insumnent, first to any delinquent amounts applied in the order in paragiaph 3. and then w prepaymeni � '!�, ,,� —'
<br /> � '. � af principal, or (b)to the restoration or repair of the damaged Propertp. Any applicadon of the praceeds W ttte � � �' ' __
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<br /> � principal shall not extend or postpone the due date of the montLly payments which are referred to in paragcaph 2,or „ +��'_
<br /> �� c5ange the amount of such payments. Any excess insivance proceeds over an amount reqwred w pay all outstandiug ,�;
<br /> � indebtedness ander the Note and this Securiry Instzmment sl�all be paid w the endty legally entitled thereta. � $`.--;�
<br /> y In the event of foreclasure of tUis Sewriry Ins�ument or other aansfer of dde to the Property that extinguishes " "
<br /> � " the indebtedness. all right, tide and interest of Borrower in and to insurance policies in force shall pass to the �*:�,;.•�: <<=�
<br /> . . � purchaser. —- --- -
<br /> 5. Occupancy,Preswvation,Maintwtance aad Protectian of the Pmperty; Borrower's Loan Applicatlon; � -"""-�-
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<br /> Lease3iolds. Borrower shall oa.�upy,establisl�. and use the Property as Borcower's principal residence within sixty '���� �`"�''-_
<br /> . •��,:�.:a.��„�
<br /> � days after the execuuon of this Sewrity Instcument(or with+n sixty days of a later sate or transfer of the Property) ��c �� _
<br /> ;., and s9aU coatimie w occupy the Property as Borrower's prirn�ipal residence for at least one year after the date of . �� -" _
<br /> occapancy,ualess I.ender deteimines that requirement will cause undue hardship for Borrower,or unless exteuuating �'"�,:��
<br /> circumstances exist which a:e beyond Borrower's control. Borrower shall notify Lender of any exoem�ating � ., z � r=-
<br /> �' circamstances.Borrower shall not cammit waste or desuoy.damage or sobstantially change the Property or allow the � : ,�^--�*^�
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<br /> • Property to deterionte. reasonable wear and tear eacepted. Lender may inspect the Property if the Property is vacant __� - -.,.s-.—
<br /> �� or abandoned or the loan is in default. Lender may take reasonable acdon to protect and preserve such vacant or '�������
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