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Home My WebLink About1855 . ~ ~ . ? I ~ l.~.li ;nunthl~ in,t:il;m~ni i~~r ~tenu ~al. Ibl, an~i l~l,hall ryual ~~nr-t~~~U~h ~?t ~hr .innual anwunt,, a~ ir:n~~nahl) ~,tiinatr.l i,~ t rn:lri. {~lu, a? amuunt .ufti~i~nt tu maintain an a~l~litional balanc~ ut nu~ nu~r~ th:in ~ nr-.i~th i~l thr r,timate~l anu~unt,. ( hr t~ill annual :?n?.~unt t~~r ca~h itrm,h;tll br a~::umulat«! h~ l rn~ler ~~ithin a prri~~c1 rn~iii~~.,n~ m~,nth hrt~~rr aii i~rm ~~uul.l h~.~~mr.irl?n~~uent. l~n~ler ,hall hu1~1 the anu~u~~U ~ullr~[r~1 in Uu~l lo pa) itrm~ (:fl. Ib). a~~~l 1~) hefur~ thr> b«umr ~lzlinqu~nt. II .it an~ timc th~ t~>tai.~t the ~,a~ni~nt~ held b~ l.encler tor item~ ia), th), an~l (~1, t~~g~thrr ~~ith the iuture munthl~ ~~a~ment, ,u~h itrm, ~,,~>ahl~ tu l~n~itr ~~ri~~r tu the dur d.ites ul',u~h itcm,. c~~~z:1~ h~ m~~re than ~~ne-,i~th th~ e,timate~l amuunt ~,t 4,.i~ni~nt, rryui~c~1 tu ~~i~ ~urh itrm, ~~hcn ~lue, an~i if pa~n~ent~ ~in thc Nute arr ~urr~nt, th~n l.cnd~r sh:~ll ~i~h~r r~iun.l ihr u~~r on~-,i~~h ~~1 th~ e,timatre! ~a~ment. ~~r ~rc~fit the e~~~s~ ~~~cr ~~n~-,ixth ut the L~timated {~aym~nts t~~ suh,~yi?~~~t E,.i~mrnt, h~ t3~irr~~+~er, at th~ u~tiun ul E;urro~~rr. I1 thr total ut the pa>m~nu maclr hy Burro~~er tur i~~m (al, (b), or in.ulli~ien~ tu F~.i~ thr it~m ~~hen .fue, then Burm~~cr ,i~all pa~ ~o Lencler an~ amount nr~~~~ar~~ to make up thz drti~i~n~~ ~,n ~~r hrtur~ th~ ~iat~ th~ it~m be~omr~ ~fue. u,«i in thi, S~curit~ In~trumcnt, ..Se~ret.ir~~., means the Se:retary ut Huu,ing an~i Urhan t)~~rlopment ur his c~r h~r .I~,i~:n~~. \t~~,t Se~urit~ In~truments in~iire~l b~ the Se~rrtar~~ are in~ure~ una~r programs ~~hirh ;~quire ad~an~e pa~ment ~~f tf~r en[ire m:~r[gagr in~ur.~n~e premium. If this Securit~ liutrum~nt i, ur ~~as insured under a program ~~hirh did i~ot require a.1~ an~e pa~ mrnt ot the ~ntire murtgage insurance premium. then ca~h monthl~~ pa~~ment shall abo include either. (i) an in~tallment ~~f thr annual niurtgage insuranre premium to be paid b~~ Lender to the Se~rrtar~, ~~r (ii1 a monthly~ charge instcad of a mortgage in,uran~e rremium if thi~ Se~urit~~ lnstrui»ent is held b~ the Sec;retar~~. Each manthl~~ installment of the mortgage insurance ~u~n~ium ,hall he in xn umuunt ~uffirient tu a~rumulate the i~ull annual mortgage insuran~e ~remium with Lender ane month ~~riur t~~ the efate th~ fuU annual murtguge in~uranre prettlium is due to the Se~retar~, ur if this Se~urit~ Instrument is held h~ [he Se.:r~tar~~, carh nx~nthl~ ~harge shall be in an amount eyual to onr-t~~elith ol une-halt ~xr~rnt ut th~ outstanding princi~al halanre due un the Nute. If t3urre~~~er teizdrr~ to l.ender the futl pa~ment of all sum~ 5e~?ircci by this Se~uri[y Instrument, t3urro~~er'~ ac~o~~nt ~hall h~~ ~reJited ~+ith the halan~e remaining for all in~tailments fur items (a). (b), an~1 (cl and an}~ mortgage insura~~ce premiunz in,taflment that Lender has not be~ome ubligated to pay to the Secretar~~, and l.ender shalf promptl~~ refund an~~ ex~ess i~und~ i~~ Borru~~er. lmmediatel~~ priar to a tore~losure ~ale of the Yropert~~ ur it~ arquisition b~~ Lender, Borro~cer's a~~ount shall h~ ~rediteei ~~ith an~~ balan~e remaining far all installments for item~ (a), (h), and (c). 3. Application oi Pa~ments. All pa~~ments under paragra{~hs 1 and 2 shall be applicd by Lender a~ follo~~~s: First, to the mortgage insurance premium to be paid b~ Lenc3er to the Secretar~~ or ta the monthl~• char~e by the Secretar~ instead of the monthl}~ mortgage insuranre premium, unless Borro~~~er paid the entire mortgage insurance premium ~shen this Securit~~ lnstrument ~~~as signed; Secand, to any taxes, special a~~es~men[5, lea~eh~~ld payments or ground rents, and iire, tlood and other hazarc! insurance pr~miums, as required; Third, to interest due under the Nate; Fourth, to amortization of the prinripal oi- the tiote; Fifth, to tate rharge~ ~1ue un~ier the Note. 4. E'ire. Flood and Other Hazard Insurbnce. Borro~~~er shall insure all impro~~ements on the Propert~~, ~+hether noH iii ~~istrn~e or subseyuently ere~ted, against an~• hazards, casualties, and contingencies, includi~~g fire, for ~~hich Lender reyuires in~uran~c. This insurance shalf be maintained in the amounts an~i for the periads that Lender requires. Borroti~er shall aiso in,ur~ all impro~ements on the Propert~~, ~~hether no~v in existenre or subseyuently ererted, against toss b~- fioocis to the exten[ - r~yuired b>' the Se~retarp. All insurance shall be carried ~~~ith rompanies appro~~ed by l.ender. The insuranre poliries and an~~ <<n~~~als shall be held b~• t.ender and shall include loss pa~~able clauses in fa~~or of, and in a form acceptable to, Lender. I In the e~ent of loss, BorroH~er shall gice Lender immediate notice by mail. Lender may make proof of loss it not made ' prumptly b~• Borro~~er. Each ~nsuranre compan}~ eoncerned is hereby authorized and directed to make payment for such loss ' ~lire~tly~ to Lender, instead of to Borrow~er and to Lender jointly. All or any part of the insurance proceecis may be applied ~ h~ Lender, at its option, either (a) to the reduction of the indebtedness under the Note and this Security Instrument, first to .u~~~ cielinquent amounts applied in the order in Paragraph 3, and then to prepa~~ment of principal, or (b) to the restoration ~ ur repair of' the damaged property. An}~ applitation of the proceeds to the principal shal{ not extend or postpone the due date ~ uf the monthly pa~ments «~hich are referred to in Paragraph 2, or rhange the amount of such payments. An~• excess insurance E~roceeds o~er an amount require~ to pay all outstanding indebtedness under the Note and this Securit}~ Instru?nent shall be € ~~aid to the entit~• legally entitled thereto. f ~ In the e~ent ot foreclosurr of this Securit~~ Instrument or other transter oi title to the Propert~~ that extinguishes the ~ ~nciebtcdness, aU right, title and interest af Borru~~er in and to insurance policies in f~orce shall pass to the purchas~r. ~ g 5. Preser.ation and Maintenance of the Properh. Leaseholds. Borro~+er shall not commit ~~aste or destro~•, damage or ~ ,uhstantiall~ ~hange the Property or allow the Property to deteriorate, reasonable H~ear and tear excepted. Lender may inspect E ~h~ ~roperty if the propert~• is vacant or abandoned or the loan is in default. 1_ender ma}~ take reasonable action to ~rotect ~ a??d presene su~h ~arant or abandoned property. If this Se.:urit}~ Instrument is on a leasehatd, Borro~~~er shall compl~~ ~~ith ' ~hr pro~i,ions of thc lease. If Borrow~er aryuires fee titlc to the Propert}~, thz leasehold and fce title shall not be merged unlcss ~ I~neler agrees to the rnerger in ti~riting. ~ ~ 6. ('harges to Sorrower and Protection oi [xnder's Rights in the Prapert}. Borro~~er shail pa>~ al; go~ernmental or municipal ~ ~liarges, fines and impositions that ar° not included in Paragraph 2. Borro~~er shall paj~ these ohligations on time directly to , ~I~~ ~nut~ «hich is oHed the pa}~ment. [f failure to pa}• u~ould ad~~ersely affert Lender's interest in the Propert~~, upon Lender's rryue,t k3orro~~er shall promptl}~ turnish to t.ender receipts e~idencing these Pa~ments. If l3orro~~er fails to maE:e these pa>inents or the payments reyuired b~~ Paragraph 2, or fai15 to peri~orm an~~ other ro~enants ' and a~reernents contained in this Security Instrurnent, or there is a legal proceeding that n~a~ signili~antl~~ affe~t Lender's right~ ii~ ti~e Property (such as a proceeding in bankruptr~~, for condemnation or to enforre la~~s or regulations?, then Lender ma~~ ~i~ an~i pa}~ ~+hate~er i5 ne~rs~ary t~ protect the ~alue of the Property and Lender's right~ in the Propert~•, in~luding ~a~ment ~~t ta.~e~, hatard insuranre and uther item~ Ili~il[lOfll(~ in Paragra~h 2. > An} ame~unt~ eli5bur~e:1 by~ L~nder under this Paragraph ,hall he~c~me an adclitional cteht e~f Burru~~er anc~ b~ se~urcd ~ 't~~ tl~i~ St~urit~ In,trument. The~e amounts shall bear interest from the date ~~t cli.bur~en~~nt, at the Notr rate, anct at the ~ „~~uun uf I.en~i~r, ;hall b~ imrncdiatel} due anei pa}ablr. ~ 7. ('ondemnation. The pruceeJ, of ai~~~ a~~ard or cl•.:im tor damage,, dir«t or ro:~,e:ytiential, in conne.tion ~~ith an~ ~ ~uridrm?.ation or other ~aking of any par! of the ~'rc~pert~, or lor ~onse}~ance in {~la~e of conclemnation, are hereb~ a~5igne:i t ~~nd tihall be naid t~~ Lrnder to the extent ot the iuil arnount of the indebtedness [hat remains unpaid ur.der the Note and thi, ~ S«urit~ in~trurncnt. I.ender shall appl~ such proceeds to the reduction ol~ the inJehteclne~s under the Note and this Security In,trum~nt, fir~t to an~ delinyuent amuunts an~liec! in thc order {~ro~ided in Paratira~~h 3, and then to prepayment af prinripal. ~~~e : ; o p ~75 ~~.8~5 aoo~ ~~c, . , - ~ _ _ _ - - w :;~W