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<br /> � --� :f:`.e�.:.acs.s r�c�d t; Lcadc:for Es:ro�r !t"^!s r�re�d rhe amounts pertnitted to be hcld by RESPA, l.ender _
<br /> -�•'� shall accour�t to Borrawer for the excess funds as required by RESPA. If the amounts of funds held by Lender at any
<br /> time are not sufficfent ro pay the Escrow Items when due.Lender may notify the Borrower and require Borrower to � �•,;����
<br /> • make up the shonage as permitced by RESPA. � ,, :•` -----
<br /> The Escrow Funds are plcdged as additianal security for all sums secured by this Securiry Instrvment. If � ��
<br /> Boxrower tenders to i.ender the full payment of all such sums. Borrower's account shall be credited with the balance _
<br /> remaining for all installment items (a),(b),and(c)and any mongage insurance premium installment that Lender has -
<br /> . not become obligated to pay ta the Secretary, and L.ender shall promptly refund any excess funds�o Borrower. _
<br /> �. Immediately prior ta a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be
<br /> i� credited with any balatr.e remalning for all installments for items(a),(b),and(c).
<br /> 3. Applicadon of Paymeats.All payments under paregraphs 1 and?.shall be zpplied by Lender as fvllows:
<br /> �,to the mongage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the
<br /> Secretary instead of the monthly mortgage insurance premium; - _
<br /> Secon�, to any ta�ces,special assessments, leasehold payments or ground rents. and fire,floal and other hazard -
<br /> insurance premiums. u required;
<br /> Third,to interest due under the Note; •
<br /> . Fourth, to amortization of the principal of We Note; and `'_
<br /> � �r� g�,to late charges due under the Note. i,a ___
<br /> 4. Fire, Flood and Other Hazerd Iasuraace. Borrower shall Insure all improvements on the Property,whether
<br /> •. .,� }• now in exisrence or subsequently erected,against any hazards,casualties,and contingencles,includia�fire.for which
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<br /> Lender requires inswance. This insurance shall be maintained in the amounts and for the pedods that L.ender �=
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<br /> • - . •°�� requires. Borrowcr �LaII �so ir,sure atl impmvcment�on sl:a Progerty. !'thpLher nou+ in ezistence or subsequently w_
<br /> erected. against loss by floods to the extent required by the Secretary. All insurance shall be carried with cumpanies ^,_
<br /> appmved by Lender.The lnsurance pnlicies and any renewals shall be held by Lender and shall include loss payable ��;_
<br /> clauus in favo:of, and in a form acceptable to, L.ender. �-
<br /> - { In the�vent of loss. Borrower shall give Lender immedinte notice by mail. Lender may make proof of loss if not
<br /> ,.�!;;;s' made promptly by Borrower. Each insurance company concemed is hereby authorized and directed to make payment
<br />-` �� �'� ' for such loss directly to I.ender, instead of to Borrower and to Lender jointly. All or any part of the iasurance _
<br /> ,� .. procads may be applied by L.ender,at its option,either (a)ta the reduction of the indebtedness under the Note and
<br />- . .:�. this Scs:udry Instrument, first to any delinquent amounts applied In the order in paragraph 3,and then to prepayment
<br /> � • • of priacipal, or(b) to the ratoration or repair of the damaged Property. Any application of t6e proceeds to the
<br />'. "' ,.-.' principal shall not extend or postpone the due date of the monthly payments which aze referred to in paragnph 2, or
<br /> -`'"''�''`.'� change the amount of such paymenu.Any excess insurance proceeds over aa amount required to pay all outstandin�
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<br />-i� ; .•.-...� • indcbtedness under the Note and this Securiry Instrumenc shall be paid to the entity legally entitled thereto.
<br /> - .��:.�., In the event of foreclosurc of this Security Instrument or other transfer of title to the Property that extinguishes
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<br /> 4 �.�.�.•-..��. the indebtedness, all right, title and interest of Bonower in and to insurance policies in force shall pass to e _
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<br />_,, . :.� purchaser.
<br />�` " 5. Occupaacy,Preservatton, Malntenance and Protectton ot the Property; Borrower's Loan Application; ___
<br />-- ' " Leaseholds. Boirower shall occupy,establish, and use the Propercy as Borrower's principal residenu within sixty __
<br />-, •e' .'� days after the execution of this Security Instrument (or within siaty days of a later sale or transfer of the Property)
<br />��; �• and shall wntioue to occupy the Property as Bonower's principal residence for at least one year after the date of ��_
<br />�� �=`•-;'• �-� occupancy,unless Lender determines that requirement will cause undue hazdship for Borrower, or unless extenuating .`�_,
<br /> �, *,:-. circumstances exiat which aze beyond 9onower's control. Borrower shall notlfy Lender of any excenuating '"
<br />�' `�t�'� circumstances.Borrower shall not commit waste or destroy, damage or substantially change the Properry or allow the
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<br /> . ��` � Property to deteriorate, reasonable wear and tear excepted.L.ender may inspect the Property if the Property is vacant
<br /> or abandoned or the loan is in default. Lender may�ake reasonable action to protect and preserve such vacant or , .
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