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<br /> ---� 97-110515 -
<br /> If tho emounts held by Lcnder for Escrow Itcros excccd thc amounts p�rmittcd to be held by I2ESPA,Lendcr shall _
<br /> acc:ount w Bonowcr for thc exc�ss funds as rcqu'ucd by RESPA. If thc amounts of funds hcld by Lendcr at any timc • �
<br /> arc not sufCcicnt to pay thc Escrow Items whcn duc,I.cndcr may nodfy thc Boaowcr and requirc Borrowcr to makc up
<br /> dic shortegc as permittcd by R�SPA.
<br /> The Escrow Funds ere plcdged as additional security for all sums securcd by this Security Inswment. If Boaower
<br /> . tenders to Lender the full payment of all such sums,Borrower's account shall be credited with the balance remaina�g for
<br /> all instaUmcnt items(u), (b), end (c) and any mortgage insurancc prcmium installment that Lender has not bccomc
<br /> obligated to pay to the Secretary,and Lender shall prompUy refund any excess fmids to Borrawer. Immediately prior to --
<br /> a foreclosure sale of ihe ProPerty or its acquisition hy Lender,Borrower's account shall be crecfited with any balance .. • _
<br /> rcmaining for all instaxlmcnts for items(a),(b),and(c). • �•>i
<br /> 3,Application of Payments.AU payments undcr paragraphs 1 and 2 shall bc applicd by Lcnder as follows: _
<br /> �,to the mortgage insurance prcmium tn bc paid by Lcnder ro thc Secretary or w thc monthly charge by the
<br /> • Secretery instead of the manthly mortgage insurance premium;
<br /> ��, to any taxcs, special assessments, Icasehold paymenis or grnund rents,and firc,fload and othcr hazard ,.
<br /> � � insurance premiums,as required; - _
<br /> y�,w intcrest duc undcr thc Notc; �-
<br /> � . �y�,to amortizauon of thc principal of thc Notc:and -
<br /> � �,to late charges due under the Note.
<br /> 4.Fire, Flood and Other HAZard Insurance.Borrower shall insure all improvements on thc P'roperty,whether
<br /> -�- no��� iss exi�tCACC 4!3ilITSCS�lI�R!�Y Cr�r[r�,�o�jnr,t any ha�ard�,cacuaiuec;and contineencies, including Cue,for which '°
<br /> Lendcr rec�uires insurance.This insurancc shall be maintained in the amounts and for the periods that Lender requires. -
<br /> Borrower shall also insure all improvements on die Property,whether now in existence or subsequendy erectecl,against ,_
<br /> loss by floods to the cxtent required by the Secretary.All insurance shall be carried with companies approved by L.ender. �-
<br /> ' � The insuranca policies and any renewals shall bt;held by Lender and shall includc loss payable clauses in favor of,and :_
<br /> in a form acccptablc to,Lendcr.
<br /> In thc event of loss,Boaowcr shaU givc Lcndcr immediatc noticc by mail.Lchder may makc prcwf of loss if not '—
<br /> mede prompdy by Borrower.Each insurnnce company concemed is hereby authorized and directed to make payment for - _-
<br /> such loss d'uccUy to Lcndcr,instcad of to Borrowcr and ro i.cndcr}oinQy.All or any part of thc insurancc procccds may
<br /> bc applied by Lendr,r. ut its opuon,cither (a) to thc reducdon of the indebtedness under thc Note and this Se.curity
<br /> Instrument,first to any dclinqucnt nmounts Applicd in thc ordcr in paragrnph 3,end then to prepayracnt of principal,or '
<br /> (b)ta thc restoratian or rcpair of thc damagcd Property. Any appllcation of the procccds to thc pdncipal shall not cxtcnd =
<br /> . or postpone the duc date of the monthly payments which arc referred to in paragraph 2,or change the amount of such �
<br /> paymcnts.Any cxccss insurancc proc;ecds ovcr an amount requircd tn pay alt outstanding indcbtcdncss undcr the Notc =-
<br /> and this Security Instrument shall bc paid to thc cntity legally endded thereto. _�
<br /> In the event of foreclosure of this Security Inswment or other transfer of tidc to the Property that extinguishes the � ° -
<br /> indcbtedness.all right,dUe and intcrest of Borrowcr in and to insurnnce policies in force shall pass to the purchaser. _
<br /> S.Occupancy, Preservetton,Maintenance s�nd Protection of the Property; Borrower's Loan Applicatton; ___
<br />- Leaseholds. Boaower shull occupy,establish,and use the Property as Borrower's principal residence within sizty days ��j'=
<br /> aftcr thc execudon of this Securiry Insuument(or within sixry days of a later salc or transfer of thc Property)and shail
<br /> continue to occupy the Property as Borrower's principal residence for at lcast one year ufter the date of occupancy, -
<br />-, unless Lender determines that requ¢ement will cause undue hardship for Borrower,or unless extenuaung circumstances -
<br /> exist which aze beyond Bonower's control.Borrower shall noufy L.ender of any extenuating circumstances. Borrower -------
<br /> shall not commit�vastc or dcstroy,damagc ar suhstantially changc thc Property or allow thc Yroperty to dcterioratc, �� �-;„_;___.
<br />- rcasonablc wcar and tcar cxccptcd.Lendcr may inspect thc Propeny if 1he Propcny is vacant or abandoncd or the loan is �;�= �
<br /> in default. Lender may take reasonable acuon to protect and pTeserve such vacent or abandoned Properry. 'Y�`'"`!v�_'
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