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<br /> If the amouna held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA, L.ender ; , �f M
<br /> � shail accaunt to Borrotiver for the excess funds as required by RESPA. If the amoun[s of tunds held by L.ender at any �� _ .
<br /> time aze not sufficient to pay the Fscrow Items when due, Lender may notify the BoTrower and require Borrower to 4
<br /> � make up the shortage as permitted by RESPA. 4 � � � ,
<br /> The Escrow Funds are pledged as additional securiry for all sums secured by this Security Instrument. If 4.'
<br /> Borrower cenders to Lender the fiell payment of all such sums,Borrower's account shall be aedited with the balance , ;
<br /> remaining for all installmeat items(a). (b).and(c)and any mortgage inSUrance premium instaliment that Lender has . .
<br /> noi become obligated to pay to the Secretary, and Lender shalt promptly refnnd any excess funds to Borrower. , , . . � `
<br /> , '.�:.
<br /> Immediazely prior to a foteclosaue sale of the Property or its acquisition by I.ender. Borrower's account shall be . • ,�,�;_�:_
<br /> credi[ed with any balance remaining for aU instaUments for items(a).(b?,and(c). .., . .,._-.,",--
<br /> 3.Appllcation of Payments.p►11 paymenu under paragraphs 1 and Z shall be applied by Lender as follows: , ,�,�,,_;•:;: _
<br />� Fiis to the mortgage�n�+*�^_ce premium to be paid by Lender to the Secretary or to the monthly charge by the � . �; . , �-�
<br /> ,:—
<br /> gecretary instead of the monthly mongage insurance premium: . �•�
<br /> assessments,leasehold a ments or und reau,and fire,flaod and other ha7ard �" ~� ':�'
<br /> � Second.to any taxes.special P Y �T0 .. �
<br /> .� insurance premiums.as required; f ..-� .
<br /> -j .:. �L,,:�
<br /><..i Third,to interesc due under the Note; , � . _�:,, ��
<br />;;� Fo�,rth>to amortization of the principal of the Note;and ;��'�--�'.j�
<br /> • � i th,to late charges due under the Note. . :
<br /> �.r�
<br /> �,�ire,Ftood aad pther Hazard Insurance.Borrower shall insure all improvements on the Property.whether . ,_ �, '� " _.
<br />' � now in existence or subsequendy erec[ed,against any hazards.c�sual[ies,and conrinSencies,including fire,for which : ' • � � :�.`�i� �
<br /> . � I.ender requires insurance. T6is insurance shall be maintained in the amounu and for the periods that Lender ,• •
<br /> uires. Borrower shall also insnre ali improvements on the Property, whether now in existence or subsequendy `'-'�`''� •`��
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<br /> . ¢rected,against loss by floods to the extent required by the Secretary. All insurance shall be carried with companies .
<br /> appmved by L,ender.The insurance palicies and any renewals shal!be held by Lender and shall include loss payable _ ;��� ��r ��� —_
<br /> clauses in favor o f,an d in a form accep t a b le t o,L e n d e r. _ _ �`#� � ' �' � - ---
<br /> ;... , •� .' �
<br /> In the event of loss,Borrower shall give Lender immediace notice by mail. Lender may make proof of[oss if not ';�;
<br /> made prvmpdy y . .. �." '
<br /> b Borrotiver.Each insurance company concemed is hereby au[horized and directed to make payment � ` �1'�„ ., �
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<br /> • for such toss direcdy to Lender, instead of to Borrower and to Lender jointly. All or any part of the �na�ran� ^.: {�� _ S
<br /> proceeds may be applied by Lender,at its option,either(a)to the reduction of the indebtedness under the Note and •�*�F'�• .�' : —
<br /> - . this Security Insuument,fus:to any delinquent amounts applied in the order in pazagraph 3,and then to prepayment ,. - --� .•t,.t__ �.:•
<br /> � of principal, or (b) to the restoration or repair of the damaged Propert3+• AnY aPP�icaaon of the procceds to the . � �.
<br />: principal shall not extend or postpone the due date of the monthly paymenu which are referred to in paragnph 2,or ?�,�-,. '�"��_�
<br /> �4� � `y/��
<br /> change the amount of such payments. Any excess inswance proceeds over an amount required to pay all ouutanding •.
<br /> • indebtedness under the Note and this Security Instrument shall be paid[o the entity legally enatled t6ereto. . ��;r'� � '��.� �
<br /> Yn the event of foreclosure of this Security Instnunent or other transfer of title to the Property that extinguishes ,-r�".3;� � -
<br /> the indebtedness, all right, tide and interest of Borrower in and to insurance policies in force shall pass to the ,;� . -� ��=�.
<br /> : . purchaser. �;�'�—�
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<br /> S. Occupancy,Preservation,viaintenstnce aad Protertton of the Propeity; Borrower s Loaa Appltcadon; ,,_ ___
<br /> I,easeholds. Borrower shall accupy, establish,and use the Property as Bonower's principal residence within sixry -� •'� �
<br /> . �^� �+,'�'�'�� � f'"�
<br /> days after the eaecution of this Secur::y Ir.�t.:.mr»t(o*�!rithir. sixty �ay�of a later cale or transfer of the Property) � ..:;L��_,._:_.:;•_T-
<br /> : and shall continue to occupy the Property as Borrower's principal residence for at least one year afcer the date of
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<br /> occupancy�uWess Lender determines that requirement will ca�°undue hazdslup for Boaower,or unless eatenuating � : "�'�"�::
<br /> circumstaaces exist which are beyond Boaower's control. Bonower shall notify Lender of any extenuating " ' �"'
<br /> � circumstances• Borrower shall not commit waste or desuoy,damage or substantially change the Properry or allow the .:. ���+•
<br /> t .. � , �
<br /> � Properry to deteriorate,nasonable wear and tear excepted. Lender may inspect the Property if[he Paoperty is vacant
<br /> j or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or —.
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