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<br />� � 97� i�2',��� � � � �. ; .
<br /> ,� If the amounts held by Lender for Fscrow Items exceed the aznounts permitted to be held by RESPA, Ixnder �
<br /> shall account to Borrower for the excess funds as required by RESPA. If tiie amounts of funds held by Lender at any [
<br /> j time are not sufficient to pay the Escrow Items when due, Lender may notify the Borrower and require Bonower to ' � ;
<br /> make up the shortage as permitted by RESPA. � , ' ° _
<br /> The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If E • ,.
<br /> Bonower tenders to Lender the tull payment of all such sums,Borrower's account shall be credited with the balance . . , :' � ��� :
<br /> remaining for all installmeut items(a),(b),and(c)and any mortgage insurance pmm9um installment that Lender kas , ,__ _'
<br /> no[ become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower. . , �r.'`
<br /> , Immediately prior to a foreclosure sale of the Property or iu acquisirion by Lender, Borrower's account shall be , .'.. `"t"`
<br /> ctedited wiih aDy balance�*++aining foT all installme�lTS for iiems(8),(b).and(c)_ ' . z
<br /> .. �"�.
<br /> 3.Application of Payments.All paymenu under paragraphs 1 and 2 shall be applied by Lender as follows: . " �r'����'"�'°�
<br /> •�rt`..; , .�
<br /> First.to the mongage insurance premium to be paid by Lender to che Secretary or to the monthly charge by the . - -----• -
<br /> Secretary instead of the monthly morcgage insurance premium; ' . ` � � �r�`'-
<br /> � Second,to any taxes,special assessments,leasehold payments or ground rents.and fi,re,flood and other hazard :, _�t-��
<br /> insurance premiums,as required; ` . , . �
<br /> Third.to interest due under the Note; ..' .X�``�_`��
<br /> �:
<br /> ou to amortization of the principal of[he Note;and • �'��-
<br /> Fi ,to late charges dae under the Note. ` � �� "f .
<br /> 4.Fire,Flood aad Ot6er Hazard Insurance.Borrower shall insure all improvements on the Properry,whether . ��
<br /> a.
<br /> now in existence or subsequendy erected.against any hazards,casualties.and contingencies,including fire,for whic h . ,,•_„� :•�,�� _
<br /> Lender requires insurance. This insurance shall be maiatained in the amounu and for the periods that i.eader - • � -�:_�"'. �
<br /> requires. Borrower shall also insure all improvesnents on the Property, whether now in existence or subsequendy • • -�.. ��
<br /> erected,against loss by tloods to the eatent reqnired by the Secretary.All insurance shall be carried with companies �� "� -
<br /> a p p r o v e d b y L c n d e t. The iASUrance policies and an y renewals shall be held by Lender aad shall include loss payable ` n � � �
<br /> � clauses in favor af,and in a form acccptable to,l,ender. '�x-. � �`
<br /> �t:� .'
<br /> In the event of loss,Boaower shall give Lender immediate notice by mail.Lender may make proof of loss if aot : :�,,�, �`
<br /> made promptly by Boaower.Each insurance company concerned is hereby authorized and directed to make payment '��.�.
<br /> for such loss dire�tly to Lender, instead of to Borrower aud to Lender jointly. All or any part of the insurance �?� `
<br /> proceeds may be applied by Leader,at its option,either(a)[o the reduction of the indebtedness under the Note and ` '� • �
<br /> �- • • �� ,
<br /> this Security Insuument,firsc to aay delinquent amounu applied in the order in paragraph 3.and then to prepayrnent ' ;�,�;.: � .:��A
<br /> .•��,;. -.::.�
<br />� of principal. or (b)to [he restoration or repair of the damaged Property. Any application of the proceeds to the :...,� . �..:,•Y. _�•
<br /> principal shall not extend or postpone the due date of the monthly paynaena which are refeaed to in paragraph 2,or '�"'�' "`''��:_
<br /> change the amount of such paymencs.Any excess insurance pmceeds over an amount required to pay all ouutanding . �_ �' � `^'r' " ":
<br /> � indebtedness under the Note aad this Security Insuument shall be paid to the entiry legally entided thereto. ;...t��`x�'.j�±�
<br /> In the event of foreclosure of this Security Iastrument or other transfer of title to the Property that extinguishes '� ----- _--
<br /> the indebtedness, all rigt►t, title and incerest of Bonower in and to insurance poli�ies in force shall pass to the ,.'���.,� �e'�—
<br /> purchaser. - {_
<br /> 5. Occupancy, Preservation, Malntenuece aad Protedion of t6e Property; Borrower's Loan Ap�►llcation; . .-�.T��,._`
<br /> Leaseholds. Boaower shall occupy.establish, and use the Pro�crty as Eosmu�r's principal residance within sixty . •� �;:�• -
<br /> , days after the eaecution of this Security Instrument(or within sixty days of a later sale or uansfer of the Property) . • -
<br /> and shall continue to occnpy the Property as Bonower's principal residence for at least one year after the date of ' �,,
<br /> occupancy,unless Lender detercnines that requirement will cause�ndue hazdship for Boaower,or unless extenuating ,�'��,.;;,�._-. . .�,
<br /> circumstances exist which are ond Borrower's couuol. Borrower shall noti Lender of an eatenuatin •'� �-• � '`
<br /> bey f5+ Y S .<���-•.•..t. .wr�.; '
<br /> circumstances. Borrower shall not commit waste or desaoy,damage or substantially change the PropErty or allow the `� '.•�;'. � . �.�
<br /> Property to det�eriorate.reasonable wear and tear excepted. Lender may inspect the Properry if the Property is vacant • , � .
<br /> or abandoned or the loan is in default. Lender may take reasonable action to protect aad preserve such vacant or : . " '�' . �
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