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Home My WebLink About0054 l;i:h m~,nthl~ in,t.ilimrnt Iur itriu, ~a). Ihl. :~n~11~1 ~hall eyual un~-t~«~Itth ul thr annua! am~~unt~, r~a,un:ihl~ r.un~.itzcl i~~ t rn~i~r. ~,lu. ar ,imuun~ ,utfi~i~nt tu n~aintain an acl.litional balan~r ut nut m~~rr th~?n ~ n~-.i~th ~~t ~i~~ e~timat~~l ,im~~unt.. I hr tull .innua! amuunt t~,r ra~h itrm ~hall b: ~~~~umulate~l b~ l encl~r ~~ithin a~~~riocl rn~fin~ un~ month hrturc an it~m ~~~~ul~l ";~~,ni~ ,1~1?ne~?~rnt. l<ncl~r ,hall hula th~ amuunt, ~ullr~ted in trt?.t tu {~a~ it~m, la?, (b). ,?ncl 1~) hrti~re thr~ be~un~r ~i~linyurnt. If ,~t an~ tim~ thr t~~tal uf thr ~a~m~nt~ h~lei b~ Lender for it~m~ (a?, lh), and t~l, togethrr ~~ith the future munthl~ ~~a~ment, t,,r .u~h itrm~ E,:i~ahle t~~ Lencl~r ~riur tu th~ ~lue ~a[~~ ot~ tiurh item,, ~~~~eci~ h~ mare than ui~~-~i~th the ~,timated amount ~•~1 ~~a~m~nt~ rr~~uired tu {~a~ .urh it~m~ ~~h~n due, ancl il pa~m~nt, un th~ Note ar~ :urr~nt, thrn Lendcr ~hall either rrt~und ~ hr ~~~c.~ u~er on~-tii~th ~~f th~ i~timateel ~a~ ntent~ c~r rreclit the ez~e~s over ~~~~-~ixth uf ~he c,timated pa~ m~nt~ to tie~b~cyuent ~~a~nunt, h~ f3urn~~~er. ~u th~ option c~t l3urro~~er. It the tatal ot the ~a~~ment, ma~le b~~ Borro~~cr for item lal. Ibl, ur (r) i. in,ufli~i~nt tu ~a~ th~ item ~~i~en e1ue, then Borro~~er shall pa~~ to Lender an~ amuunt neces~ar~~ to make u~ the deficirnr~ ~~n ~~r hef~~re Ihe tlate the ilem he~ume~ due. u~ecl in thi, Sc~urit~ Ins[rument, ..Serretar~•.. Ill~iillti Illl Secretar~ ot~ Huusing and Urban Ue~ela~?rnnt ur his or her .i~~.iLne~. ~1u~t Srrurit~ Intitrument~ in~ured b~• the Serretar~~ are insured under pro~:rams ~?~hich reyuire ad~ an~e pa~~ment oi' ~h< <ntire mortgagc insuranre {~remiu?n. It' this Serurity Instrument is ar ~~as in,ured under a program ~~hirh d~d not require a~i~an~e E~a~~ment of the cntire mortgage intiurance premium, then earh monthly pa~~mcnt shall atso include either. ti) an installment ~~t thr annual n~ortgage insuranre premium to be paid by 1_ender to the Secretar~•, or (ii) a monthly charge instead of a mortgage ~n,uranre ~remium if this Serurity Instrument is held b~~ the Secretar~~. Each monthl~~ installment of the mortgage insi?rance E~remium ~hall be in an amount suffi~ient to a~cunjulate the full annual mortgage insurance premium ~cith l.ender one month E,ric~r to the date the iull annual mortgage insuranre premium is due to the Secretary, or if this Se~urit~~ Instrument is held t~~ tt;e Secretar~~, each monthl}~ rharge shall be in an amount equal to one-t~~~elfth of one-half percent of the outstanding prinripal halance due on the vote. It~ t3orro~~cr tenders to Lender she full {~a~•ment of al1 sums secured b~~ this Security Instrument, Borr~~~er's arrount shall h~ rredited ~~ith the balanrr remaining for all installments for items (a), (b), and (c) and any mortgage insurance premi~m in`tallment that Lender has not become obligated to pay to the Secretar}~, and Lender shalt promptl~~ refund any excess funds ~u {3orro~~er. Immediatel~- prior to a foreclosure sale of th: Propert~~ or its acquisition b~~ Lender, Borro~~er'c account shall h~ credited ~~~ith an}• balance remaining for all installments for items (a), (b), and 3. Application of Pa~~ments. All pa~~ments under paragraphs 1 and 2 shall be applied by Lender as follo«~s: First, to the mortgage insurance premium to be paid b~~ Lender to the Secretary or to the monthly charge by the Secretary in~tead of the monthly~ mortgage insurance premium, unless Borro~~~er paid the entire mortgag~ insurance prcmium ~~•hen this ~«urity Instrument ~~~as signed; Second, to any taxes, special assessments, leasehold papn~ents or ~round rents, and fire, flood and other hazard insurance I nremiums, as required; ~ Third, to inte:est due under the Note; Fourth, to amortization of the principal of the Note; ! Fifth, to late charges due under the Note. ~ ~ ~ 4. Fire. Flood and Other Hazard insurance. Borro~~~er shall insure all impro~•ements on the Propert~•, ~~•hether no«~ in j ~~istenre or subsequently~ erected, against any hazards, casualties, and contingencies, including fire, for H~hich Lender requires I in`urance. This ir~surance shall be maintained in the amounts and tor the periods that Lender requires. Borro~~~er shall also i in,urr all impro~ements on the Property, whether now in existence or s~bsequently erected, against loss b~~ floods to the extent i reyuired by the Secretary. All insurance shall be carried with companies approved b}~ Lender. The insurance policies and any ~ r~ne~~~als shal( be held b}~ Lender and shall include loss payable clauses in `avor of, and in a form acceptable to, Lender. ~ In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made f ~ ~romptl}~ by Borro~~~er. Fach insurance company concerned is hereby authorized and directed to make payment for such loss ~ ~iirectl~• to Lender, instead of to Borrow~er and to Lender jointly. All or any part of the insurance proceeds may be applied ; 1~~ Lender, at its option, either (a) to the reduction of the indebtednes~ under the Note and this Security Instrument, first to ~ ~~n~ delinquent amounts applied in the order in Paragraph 3, and then to prepayment of principal, or (b) to the restoration j ~.,r repair of the damaged property. Any application of the proceeds to the principal shall not extend or postpone the due date ~ ~~i the monthl~~ payments which are referred to in Paragraph 2, or change the amount of such payments. Any excess insurance ' ~~roceed~ o~~er an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shaU be f ~~aid to the entity legally entitled thereto. € ~ [n the e~~ent of foreclosure of this Security Instrument or other transfzr of title to the Property that extinguishes the ~ in:.lebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to the purchaser. € ~ 5. Preservation and Maintenance of the Property. Leaseholds. Borro~~~er shalt not commit H~aste or destroy, damage or ~ ~ubstamially change the Property or allow the Property to deteriorate, reasonahle wear and tear excepted. Lender mav inspect ~ P ~he property if the property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect ~ ~ird presen~e such vacant or abandoned praperh•. If this Security Instrument is on a leasehold, Borrower shall comply with ' ~he provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless ~ L~nder agrees to the merger in writing. ~ 6. Charges to Borrower and Protection of Lender's Rights in Ihe Propert~~. B~rrow~er shall pay all go~~ernmental or municipal ? ~harges, fines and impositions that are not included in Paragraph 2. Borrower shall pay these obligations on time directly to x ihe entitp ~~~hich is ow~ed the pa}~ment. If failure to pay would adversely affect Lender's interest in the Propert~~, upon Lender's request Borro~ser shall promptly furnish to Lender receipts evidencing these payments. If Borro~er fails to make these pa~•ments or the payments required by Paragraph 2, or fails to perform any other covenants ~ind agreements contained in ihis Security lnstrument, or there is a legal proceeding that may significantly~ affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender ma~~ tio and pa}• whate~~er is necessary to protect the value of the Property and Lender's rights in the Property, including pa~~ment ~~f taxes, hazard insurance and other items mentioned in Paragra~h 2. An~• amounts disbursed b~• Lender under this Paragraph shall become an additional debt of Borro«er and b~ secured hc this Security Instrument. These amount, shall bcar ir.terest from the date of disbursement, at the Note ratc, and at the c~~tion of Lcnder, shall be immediatel}~ due and payab!e. E 7. Condemnation. The proceeds of an~~ a~~ard or claim for damages, direct or consequential, in ronnectior ~~ith an~~ :~~ndemnation or other taking of an}• part of the Property, or for conveyance in place of condemnation, are hereb~~ assigned ar~d shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under ihe Note and this S~;curit~~ Instrument. Lenuer shall apply such proceeds to the reduction of the indebtedness under the Note and this Securt}~ I.~strument, first to any~ delinquent amounts applied in the order pro~~ided in Paragraph 3, and then to prepayment of principal. Paxa l oJ a ~Q4I ~J ~ V ~ V~ # - - , z k.>- .r.. ~ ~ w':~~.~~~~}~`~"'-'~-~