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<br />��,_:`'�`��•� . . BORROWER COVENAN'I°S ttsat Borrowcr ia lawfuUy beftcd af tt�o tatatc hcreby comwyed and has tho rlght ta grunt
<br />�::... �.
<br /> °'' � and wmrcy the Prapcny and that chc Property�a uncncumbered,ezcept for encumbranccs of record. Borrower wem►nu a �,r
<br /> • :* will defend geincally[he dtira to tBe Praperty again�t aA c4►ia�s and demunds.subJect to any encumbrsna�of reoord. �`F_
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<br /> ° } � THIS SECURI'C'Y INSTRU MBNT comblt�rb unlfarm covenants for nadonal usc and non•unffarm covsmnta wlth limlttd �
<br /> veriatlons by juHsdiction to w�tltuta a uultorm secudry iastrumeat cavering real propertY, _
<br /> . � ;�� • m=�
<br />_;.,'; i�� UNIFOAM COVENANTS. Borrower and Lendar oovenant ead agree es follows: of,arnd intereac on,tbe r�
<br /> , 1. Pa�yment ot Princlpl,IIaterest ud I.�te Cb�r{e. Fiorrower shaU pay when duo tho princtpal
<br /> �_�<:
<br /> debt cvklenoed by the Note aad la�e ciwrge8 duo uuder tlse Noce. �--
<br /> 2. Monthiy Paya�ent of Tae+, lis�e�nce�aad �tYe�'C4u�C�. B°rr°�'ar shall includo in each inoathty p8yuxnt+
<br />-�;<''�� �.. � together with the princtpal end Wterat as set forth tn the Nota and aay lato charges,a sum far (a) tax�t and�; �
<br /> .:�.: assessmenta kvkd or to be kvicd ag,ainst thc Properry, (b) ksselsold PaYments or ground rents aa the Prcpercy,
<br />�,,,,, premiuma for tnsuran�o rcqu(reA under paragraAh 4. In ar�'Year in whicb the I.eader must pay a mongago lmutance ��
<br />�� � . � � prcmium co the Secretary of Howing aad Urban Dc.welopment ('Secretary"),or in an�y year in which such presaium wouW c
<br /> pavc bccn rcquired if I.�nder at�ll held the Security Insuument,each monchty payment s1�all alsa Include eitlxr:(1)a sum for
<br /> thc annuul mortgage lnsuranoe pnaiiwn to be paid by I.endcr to tho Secretary.or(U)a monidiy charge iastead of a mortgaga
<br />' imurencx precnium it thia Security Iasvwnenc 1�held by thc SecretaiY+ia a reaaonabl�emount to be decermined by tho
<br /> ��,�;.:. Sectetary. Except for the moathYy eharge by the S�e,cretury.these iums are called"Fscrow Items"and the eu�paid to Lende�
<br />--• � ftfG C811Cd"ESCIOW�IIIdS.~
<br />��:e:,:'' ` L.ender may.at any time,oolkct and hold amounta far Escm�w Items U►an aggregato amouat uot to wccoed the maximum
<br />_��.E amount that may be required for Borioa+�r's escrow aocount uader the Real Estate Settkaxnt Prooaiures Act ot i974.12
<br />�.;:;,"��.� U.�.C. � 2601 et aat. aa�lmpkmenting rEgulationc, 24 CFR Part 3500. as th�Y ►naY b� emendod from time to timo 6
<br />���-� ("RESPA").exoept that the cu�hioa or resetve permitted by RESPA for unanticfpatcd disbwsesnents nr �b��p ecnium.
<br />�►� the Borrower's paymonta am evs�ablo ia tha acoount may not be Uesed on amounis due for the mortp8e
<br />-;;a��.i�� If thc amounts held tsy I.�nder for F�crow Items exaed tlx amatmts permitted to be held by RESPp►. Lender shall
<br /> -^��-;r�;� a000unt to Borrower for theaccas f i w d s as requ i r e d b y F.L�SPA. If the amounts of funds heid by Lender at airy da�e are not
<br /> : .�ty� sufQeknt to pay the Fscraw Itesns when due,L.ender may aotfly the Borrower and ruluire Bon'°wer ta malce up tha abonage
<br /> - ,:_�� as permitted by RESPA.
<br />—:�.—� Tho Fscrow Flmds are pluiged as additioaal eecuriry for all sums sccuced by this Securiry Instrumen4 If Borrawor tendera
<br /> ��_� [O LCIIdC!ttlC I11U�38yimCAt OIQ�I6UCY16WT18,IIorr�wer'a account sUall be crodttal wtch tt�e balanoe remelnin�for aU iagtallmeat
<br /> -~ items(a)�(b)�and(a)end enf' mortgage inaurana premiwn iastellmeat that Leuder has not become obligaud to pay to tho
<br /> `^-'-'���-15u�:� Saxetery�end I.ender sdall prompcty refund any ex�xss funds to Borrawcr. Immalfate�y prLor to u forecbsum salo of tbe
<br />' � Property or ita aoquisitk�a by L.ender,Aorrower's acoauat sbaU t�e cndited with eny belana remaining for all iusteUments for
<br /> --_�� items(aj�(b)�ana(c). hs 1 and 2 ahall be applied by Lender as foUawa:
<br /> - ---- 3, p�l{catioa ot Paymcap. All paymenta under A�S�PLender to tho Socretasy or to the monthly cb�arBe bY the
<br /> __�� k7RST,to thc mortgage is�sucanc� pnmium to be paid bY
<br /> -���� Secretery instead ot tbe mon�hty wortgage insurevoe pnaiium:
<br /> --_- -- �ECQND• to any taxp, apuial esseasmanta. le�sohold paymcnta or gcound rents,aad fire� fbod and other hazard
<br /> - '�'��i incurana promiuu�. as t�qutrcxf;
<br /> -----.,,�,_ �EI[RD•to iatereat dne under the Nate;
<br /> _ - TF� R7H,to amortizatbn of tho prineipal of the Note;and
<br /> ---- �,to Iate charges due uader the Nou.
<br /> - -- - 4. Fire„F7ooi u� O�ier Hua�d Ira�r�na. Borrawer shall insuro all improvemeats on the Propeny.whetl�ec novv
<br /> - in txistenoa nr subsoquent� etxccd,again�t az�}r hazards.caaualtks. end coatingeacLea,Iacluding firo.for at�ich Lender
<br /> coquirea iaaurana. Tlils imurano�shall be meintained In tLe amounts aud for the petiod�trint Lender roquins. Botrowor
<br /> she11 eko icwure a!1 improveaienu on the Property�whethet now ia adstenx or subseRuearly ocecea�,against las by�oodt
<br /> to the extent roquiral by the Se�tatary. All insuranoo shall be carcicd wlth oompe.nies apptaved by Lem�er. The imnrance
<br /> polk�a and acry reaearaLs ahali be held by L,ender and�hall include bss paYabk clauses in fav�or of.end ia a farm aooeptabb
<br /> to,Leader.
<br /> In the avent of 1oss. Borra►MCr ahall g(ve Lender icnmedtnte notloe by maiL Lender m�y meke proof of loes if not made
<br /> pro�►PUY bY Borcower. L�ech antiuranoe oompauy ronoeroed i�Ixreby aatiwrized und diroctai to mare paymtnt for such bss
<br /> ciiroct)y to Lander,iatitead of to Borrw�r and to Lender)olatly. All or any part of the imuranoe pm000cls enaY be aPP�
<br /> by Lender.ut ita opt(on,et►ber(a) to tho r�duction of tha indebtedne�s under tl�e Note and tt�s Socur[ry Imuumoat,5rst to
<br /> any delinquent aawunta appliedln ti�order in paragraph 3.and then co prepaymeat otpri�[pal,or(b)w tht xcst�due
<br /> - or repeir of the damnged Property. AnY aPPllcation of the p�ooeais ta the pctncipel s]f�U not extend ot Po6tPo
<br /> date of the monthly paymenta which are refernd to in paregraph Z,or change tha amouat of such paymenu. Atry�
<br /> _ iwurana proctcds ov�r an eawunt tequlral to pay all outstanding indebtectness under tta Note and this Securlcy Ynstrument
<br /> stall be paid to tho cntity kg,ally endcied themto.
<br /> ,�.� In the eveut ot foreclosun of thfs Securiry Iastrument or other tmnafer of dtk ta the Propercy that cxtingulshes tise
<br /> :=='=�.�� icxlebtodness,all rlght,dtk[►a�d Iaterat ot Borrativer in and to laauranca poUdes in fosoe st�all pass to tho pu�chaser. _
<br /> --�_—�� S. Occuptucy�Pnaen'atbn.Malntenonce and Prote�ilar oI the Propett�;BomoNet's I.o�n Applitatla►i I�eax6old9.
<br /> �:=�� Bnrnnver shall occupy.esublis4 and use the Property as Borrower's principal residenco wlthfn sixty days aft�r tho execution
<br />-_ ---- af thia Secudty Insaument(orw[thln sixry daya of a later sale or transter of tha Property)and shall cont3nue to occupy the
<br /> __-=-�,='- proparty as gorrawer's pr(neipal restclena fur at kast one ywr uRer the date of occupan�y,un{css tha Lender determincs that
<br /> -_u=��� requirement wtll cauae undu�hardsblp tor Borrovver,or unte.ss cxtenuuting circumstanc:a exiat which are b�yond Bottower's
<br /> ss- -- controL Bonower shell noiltgr Lender of any extenuxttng ctircumstenecs.Borc�awer shall not comm{t waste or desvoy,damago
<br /> .=�,��'. or subatantially change thc Properry or ailow the Properry to deterlorate�reasonabk wrsr and tcar acapted. I.endor may
<br /> -`?�r;•'�;,���].� incpcct the Property if t�e Pmperty Is varant or abandoned or the ioan is tn defaulG Lenclser tnuy take reasonabk action to
<br />- --'�;;$� nroraec end nresern such vacant or abandoned Property. Borcower shall also b¢in default if BOrcawer� during the l�a�
<br /> '"`"" �=�� �, appllcadan prooess,gave roaterlally CaLse or inaccurate infom�don or statements to l.�aaer �or iaited co provide i.cndcr wi►u
<br /> _,�=,_,k y*�11
<br /> ���-*°'� emr matortal iuformadon)In wnrRCtion with the k�an e.widenoed by th�Natc,including,but n�t limited to,representsttons
<br /> �=B�r��,.. .. r.
<br />-.-�i•;�;:�;,_ ��.� concarning Bonower's occupanc.y of the Pmperry es a principal residenoe. If this SccuritY Instrument is on a leasehold, -
<br />�-_ ,;:�.: �; w � Bonower ahsill oomply wi�h the provLsioas of the k,�se. If Borrower acqufres fec titk to chc Property.the leasehc�ld and fec
<br /> • � .•Y.: title shnA not be merged unless Lender agcees to the merger in writing.
<br /> _ ' ` � 6. Condemwtlon. The prooeecls of acry awurd or ctatm for damages,direee or ooacequential,in eonneetton with any
<br />•=3-� :_.., 7. wndemnatton or other tek{ngof any gart of the Property,or for aonvayaaca in pince ofcandemnatton,are hereby assign�d
<br /> , , and shall be paid to i.ender ta the eztent of the full amount of the{nciebtedness that remains unpaid under the Note and tt�is
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<br /> =}�<t�CS�+�`'�:� NB8RA.41CA-E�7iA DBBD OF Z1tUST(f196)
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