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<br /> ' �BQRROWAR COVENANTS tt►at Borrawcr is lawfully scised ot the estatc hercby conv��andTi���i�i to
<br /> grant ond convay the Propeny and that the Pro{►erty ia unencumbered, except far cncumbrancca af rccc�rd. Sarrower
<br /> w�rnuite �nd wiit defend gcncraiiy u,a tltle to the Property ag�inst nll claims and demnnda, aubject to any encumbrancca
<br /> af rrrord.
<br /> THIS SECURITY INSTRUMBNT combines uniform covenants for national use and non-uniform cavenants with
<br /> limited e�rlxtiaaA by judsdicdan to conadtate a unifomi aaurity instrument covering real property.
<br /> UNIFORM COV�NANTS. Bonower aud Lender cov�iiant and agru: as fallows: -
<br /> 1. Paya�ait of Principal. Inteiest md LMe Chae�e. Borrower ehal!pay when due the principal of,and iater2at
<br /> on, the debt cvidenced by the Nate and late charges due uader the Notc.
<br /> 2. tAoo�hly Payment of Ta�a.I�r�ooc� aod O�Ler �. BOILOW@I SYL7II !?1C11.14�E Ltf.@2iCI1 IllOIILLIy pA}RIICRI�
<br /> togetb�r. wi.t�a.tQe pri.neipal aaa i:�t�st as s�et foLth iu�he Nor,e a��d an.y tate chacge�s, a swx�, Lor.�a.) ca.x.es�na speczaG
<br /> assc�euts tevi.ed�or. tcr be I.evied a�ainsr, tize Pmgen:y, (b)te�sr�r.Qld Daym,ents or gm+m�i n:aes�u tl�: E"ro�erty.anb
<br /> Qc} irt�:mi»uTS for. i�asuran� c��,:�ir.+ed u�d�:� paragr��h a. (n aory year ia w8:ch the Lxnder must pay a �rcongage
<br /> insuiance premium tv i� 5eciotary OY�OU9jA� and Urban I]evelopment ("3ecretary").or in any year ia which such
<br />, premlum wmuld bave been requlmd if II..ender stUl held the Secwrity Instaument, each monthly �ayment shall also
<br /> inolude sither: {a) a sum for thc annunl mortgage insurance premium to be paici by Leader ia tl�e Secretary. or(ii) a
<br /> monthly charge instead o��mortgage insurence premium if tbls Securlty Instniment is held by the Secrr.tary, in a
<br /> rcasonablc ainount to be dcterm3nod by the Secretary. Bxcept for the monthly charge by the Secreu�ry, these items
<br /> arc cailed "Escrow Items" and the su�ru paid to I.rnder arc cxped 'Escmw Flu�ds."
<br /> I.ender mny.at any tlme, collect and hold amounu for Escrow Iterps in aa aggcegate amount noe ro eacad tho
<br /> m�uclmwn amouat tb�t may bc cequirod for Bormwer'e escrow�ccount under thc Re�l Eatato Sctdenxnt ProcRdurn
<br /> Act ot 1974� 1Z U.S.C.g 2601�q. and Implementinp regulAtions, 24 CAR Part 33Q0,a they m�y be�n�andc+cl fmm
<br /> tirr�e to time ("RESPA"),except th�t the cwhion ur re�erve permitted by RBSPA for unauialpued dl�bunemenu or
<br /> di�bunementi bcforc �hc Horrower'� p�ymcnn are�v�iUble in ihe �acount rtuy noi i►r Lw�J un+�um� due lur the
<br /> nx►rt�+�e Insuruxe prcmium.
<br /> If tha u�xwna held by l.crtdcr for P,�row Itrnu rxcecd thr mwunts pe�mitted ta be held by RESPA, lxndcr�h�ll
<br /> •ccouni to Aorrower [or the eiceu tlandi u requlred by RESPA. If the�nwunu of Pondi beld by l.ender �t�ny tirtx
<br /> ue not wtflciea: to p�y the 6urow Items whrn due. I,encfer m�y no�ify tdc Borrowcr and require Borrower to mvice
<br /> up tbo �Gort�ga n petmlttod by RESPA.
<br /> 'ibe E�crow Fuadi ue pledgod as�dditioa�J saurity for dl suue aocured by thi: Securtty Luuumeat. If Borrower
<br /> tenden to l,ender ttu fuii payment ai�ij�h:wm. Horrowcr s w�uui si�aiI uc ceatlte�t w;tu t�,� i',-.i:t',w t,r--;�n�ag
<br /> for dl i,asnllment items (a).(b),wrd <c)and�ay mortg+8e Insuru�ce premIum insWlmrnt that Lrender has not beoomo
<br /> obli�ued to pry to the Sxreury.�nd I,etxler chall proaoptly refund any exc.css fuads to Borrowa. Immodi�kly prior
<br /> to a foreclosure sale of the Property or it�acquisition by Lender,Borrower's accouat shall be crediud with wy b�lu�ce
<br /> remaiaiag for all instnllmrnta for it�mo (a). (b), �nd (c).
<br /> 3. Appllcaoion of Faymeats. All payments under parigraphs 1 and Z shall be applIed by Lendor ai foltows:
<br /> FIRST. to the rnortg�ge insurance prea�i►un to be paid by I.euder to the Secretary or to the monthly chuge by the
<br /> Secn[uy iastead of the moathly mortgage in�uraaoe prerdum;
<br /> SBCOND, to�ny taxes�special assessmp�ts. lpsehold paymenta ur grous�d :enta,aud t3re,tlood�nd other h�rird
<br /> inaur�ace praniwr�s. as roquirod;
<br /> THIRD, to,intereat due under We hote; , .
<br /> � FOURTH, to�monizatioa of the pr�ncipd of the lvote: and .
<br /> FIP I'H, w lau charges due under tbe Note.
<br /> 4, fr��p� ��t� �� �noae, aorrower sh�11 insure all improvemonts on the Properiy, whether
<br /> now ia exisuxe or subsequently erectod, against ainy hazards. aswitics, aad cnntingencies, 9ncluding fire.for which
<br /> I,ender roqulres inswn�na. 'Ibis insurance shall be maintained in the amounis and for the periods thu I.ender
<br /> requires. Borrower ahall also insure all improveaienta oa the Property, whether now �n exisunce or aubsequently
<br /> erocted. againsc loas by floods to the eateat required by the Scxcetary. All �nsurar�e shalI be carried wIth oompuues
<br /> �ppmved by I,ender. The insuraace policies wd mv rwewals shall be held by i.�nder and shall inciudc lass p�yable
<br /> cluud in fivor of,and in a form acceptable to.Lea:kr.
<br /> In We event of loss,Barrower shall give I.ender immediate nodce by maU. Lender may malce proof of loss if aot
<br /> made prompdy by Borrower. Each insurance company conxrned ia hereby Authorized etrd dlrected to rnaice payaieat
<br /> for sucb toss diroctly to l.ender, instead of to Bonrower rad to Lender jointly. All or aay part of the Insunnce
<br />_ proceeds may be applled by Lender. at its opdon,either (o) to the reducdon of the indebtedness nader the Note and
<br />- th;s Sec�ulty Instnunent, firat to any.dellaquent amouats applied in the order in paragraph 3,and then to prcpayment
<br />= of priacipal, or (b) to the ratonition or repair of the damagod Properry. My applicatiort of the prooeeds to the
<br /> pr�nc[pal ahall not eatend or postpoae t1�e due date of the moathly payments which ue referred to ia pangraph 2,or
<br /> change the amouut of such paycneatu. Any eacess lnsurena pmc.eeds over an amount required to piy all outswidtng
<br /> indebtodness under the Note and thie Secnrity Instrument shail bc paid to thc eatlty legdly eatitled Wcnto.
<br /> in tbe eveqt of foreclosure of this Securiry Instrunxnt or other transfer of tide to the Property that extingulahes
<br /> the [pdebtedaeaa. all dght, tide aad tuterest of Borrower in aad to instat�►ce policte� in force ahall pus w the
<br />- purchnser. .
<br /> S. Oooupmc,y, P�aa�vatlan� M�intemooe nd Pentaxiaa of the Propaty: Boao�va'� Lo�n Applic�oa,
<br />- LeareLoiB�, Borrower shall occupy. eaublish,and use the PropeKy�a Bomower'e priacip�i resldence within sinrydays
<br /> ' n""s._.r_ • /......:�l.l.. .l.►..d•u•nP s tut��as1�n►tr�ncfw� nf fhw prnMrfV� f�tl[�!}la��
<br /> 0I[C!IAC C7KCtlt101t Vi ttli�.7WUtttj staouwaw�u. p.. ......... o.�.>>�....».�. �...... ..�... —'� "-s-^�• —--- -
<br />- continue to occupy the Property �u Borrower's princlpal residencc for nt leut one ycar aticr the date of occuQancy,
<br /> unless Lrndet dMetmines that requirement will cause uudue hardship for Borrower. or unless extenuating
<br /> ' circumttanees exist whtch are beyond $orrowePs control. Borrower shall notify Leuder of any extenuatu►g
<br /> N�RASIUI-PHA DHIlD QP 7R11ST �'
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