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<br /> r � Lender may, at eny tlme, collect end hold emoun4s lor Escrow Itema In en aggregate amount not to exceed the maxlmum °—_°_°
<br /> � amount thut may be requlred fur Borrower's esarow aGCOUm under the Real Estate Serilement Procedures Act ot 1874,12 U.S.C. —`��,,_.
<br /> .� .� §pgpl �seg,and Implementlnr�regulatlons, 2A CFR Part 3500,as thay may be amendod Irom timo ta tlme ("RESPA'), except `._�
<br /> thal the cuahlon or reserve permitted 6y RESPA for unanticlpated dlabureements or dlabursemenis before the Borrower's � ' s-%+•�•••r;
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<br />- • payments are avellable In the account may not be based on amounts due 1or the mortgage Inaurence premlum. _ �"�;�-
<br /> I1 the smaunts held by Lenaer for Eecrow Items exceed the amounts permitted to b� held tsy RE3PA, Lender shell eccount � �__
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<br />-� � to Borrower for the excess tunda as requlred by RESPA. fl the emounts ol lunds held by Lender at any tlme aro not sufiiclont to �� -
<br /> pay the Eacrow Items when due,Londer may nodly ihe Borrower and requlre Borcower to make up the shortege ns permlried b� .���A�__
<br /> �`"'�. RESPA. ,.,:.-
<br /> '���"'��� The Escrow Funds ere pledged ae addiAOnal securlty for all auma secured by thla Security Instrument. 11 Borrower tender� '
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<br /> to Lender the full payment o1 ell euch sums, Bortower's account ahall be cred(ted with the balance remalning for ell Installmen�j,� �,�---
<br /> '; Items (a), ib), and (o) end any mortgape Inaurance premlum Installment that Lender has not become obllgated to pay to th� ���
<br /> Secrutar�,end Lender shell promptly retund any excess iunds to Bortower. Immediately p�lor to a lareclosure sale ot the Propert� �:_
<br /> or Its ecqulsitfon by Lender, Borrower's eccount ahall be credited wlih any balance remaining for all Installments for Items (a), (b), �
<br /> end (c). � ?
<br /> ,, 3. Applioation of Paymente.All payments under Paragraphs 1 and 2 shall be applled by Lender as tollows: �
<br /> First,to ihe m�rtgage insurence premlum to be pald by Lender to the Secretary or to the monthly charge by the S�scretery rn
<br /> Instead ot the monthly mortgage Insurance premlum; �D =
<br /> SeCOtld, to any texes, spectal essessments, Ieasehold paymonts or ground rents, and tire, flood and other hezard �T; _
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<br /> Insurance premlums,as requlred; "T' -.
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<br /> � Thlyd, to Interest due under lhe Not�• i*� �,
<br /> � Fou�th,to emortizatlon of Ihe principal of the Note, and �' —'
<br /> Fifth,to late charges due under the Note. �
<br />� 4. Fire, FIOOd and Other Hezard Inaurance. Borrower shall insure all improvements on tho Property, whether I
<br /> now In exlstence or aubsequenity erected, agalnst any hazards, casuslties, and contingencles, Inciuding flre, for which Lender
<br /> - requires Insurnnce. Thls Insurance shell be malnteined In the amounts and for the periods that Lender requlres. Bortower shall �
<br /> also Insure all Improvements on the PropeAy. whether now in exlstence or subsequently erected, agalnst loss by 4loods to the Q
<br /> extent requlred by the Secretary.All Insurance shall be certled with compenles approved by Lender.The insurance policles snd �
<br /> ., any renewals shall be held by Lender end ahali Include loss payable clauses In tevor of,and In a form acceptable to, Lender.
<br /> In the event of loss, BoROwer shail glve Lender Immedlate notice by msll. Lender may make proot of loss (f not made O
<br />__,__.__= promotly by Borrower. Fach Insurance company concemed Is hereby authodzed and directed to mnke payment tor such loas
<br /> direclly to Lendor, Instead of to Borrower end to Lender Jointly. All or any part of the insurence proceeds may be applled by
<br /> Lender, at its option, either (a) to the reduction of the Indebtadness under the Note and this Securily Instrument, �rst to eny
<br /> � delinquent amaunts epplled in the order in Paragraph 3, and then to prepayment of principal,or (b) to the restoretion or repalr of _ _ _
<br /> the damaged Properly. Any appYcatlon of the proceeds to the principel shall not extend or postpone lhe due date of the
<br /> __ . , monthly payments which are relerred to In Peragreph 2, or change the amount of such peyments. Any excese fisurance
<br /> '' • proceeds over an amount requlred to pay all outstanding indebtedness under the Note and thls Securlry Instrument shall be pald
<br />�'` to the entity legally eM(Ued thereto.
<br />- In the event o1 foreclosure of thls Securiry Instrument or other transfer ot title to the Property thet eMingulshes the
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<br /> Indebtedness,ell right,title and Interest of Borrower In and lo Insurence policles in force shall pa�s to the purc aser.
<br /> 5. Occupancy, Preservation, Maintenance and Protectlon of the Property; Borrower's Loan
<br />� '"'"` "' AppllCatlOn; LeesehOidB.Borrower shall occupy, establish, end use the Property as Bortower's principal residence within
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<br /> � ' � sixty days atter the execution oi thls 3ecudty Inatrumont (or within sixty days of e later sele or transter ot the Property)and shall .
<br /> cantinue to occupy the Propsrty es Borrcwer's principai resldence for at least one year after the date ot occupancy, unless
<br /> � Lendcr detertnlnes that requlrement will cause unaue hardship for Borrower,or uniess axtenuattng circumstances exist whlch ere
<br /> � beyond Borrower's control. Bortower shail notify Lender of any extenuating circumstances. Borrower ahall not commit waste or
<br />��:: — destroy, damago or substantlally change tho Properry or ellow the Property to detedorate, reasonebla wear and tesr excepted.
<br /> � .� ^ � Lender may Inspect the Property if the Property Is vacant or ebandoned or the loen Is In default. Lender may take reasonable �__
<br /> actlon to protect ond preserve such vacant or ebandoned Property.Borrower shaU also be In default i(Bortower, durfnp the loan
<br /> • ••- appllcation process, gave meteriaqy talse or Inaccurate infortnatlon or statements to Lender(or felled to provide Lender with any
<br /> material Intormatlon) In connection wilh the loan ovidenced by tho Note, Including, but not Iimited to,representetlons conceming —
<br /> Borrower's occupsncy of the Property as a princlpal resldence. I( thls Security Instrument Is on e leasehold, Bortower shall �
<br /> ° comply with the provislons of Iho lease. It Borcower acqulres fee IfUe to the Property. the leasehold and fee title shall not be -- --
<br /> ° .� merged unless Lender agrees to the merger In writing. _-
<br /> 6. COttdem118t1o11. The proceeds oi eny award or clalm for damages, direct or consequenlial, in connectlon with any _
<br /> � condemnatlon or other laking oi eny part o1 the Property,or for conveyance in placo of condemnation,aro hereby esslgned end -__
<br /> shall be pald to Lender to the extent of tha tull amount of the indebtedness thet remalns unpald under the Note and thls
<br /> Secu�ity Instrument. Lender she�apply such proceods to the reduction of the Indebtedness under the Note and thls Security .
<br /> Instrumenl, lirst to any dclinqucnl amounts applied In the ordcr rrovided In Peragreph 3, and then to prepayment of pdncipel.
<br /> , Any applicatlon o1 the p�oceods to the principel shell not extend or postpone the due date ot uie montl�ly paymenis, whfch are
<br /> ' reterred to In Peregraph 2, or change the amount c� such paymenls. Any excess proceeds over an amount requlred to pay all
<br /> I outstanding indebtedness under ihe Note and this Securiry Instrument shell be peld to the entity legalty entftled thereto.
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<br /> ' 7. Charges to Borrower and Protectlon of Lender's Rights tn the P�operty. Borcower shall pay an
<br /> _J .G.,. ..� i....�.�a.,.� i., no.�mr,n � Rnnnwar ahall nnv these
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<br /> � govemmentet or t�Unicipai Gfltlf(�Cb, m�ca a�w n��Nvo�.����o .��... ��� ��. ...-.-_.,_ ... .__o.-�• - -- . .
<br /> I obligutions on tlmo dlrectly to tho entity which I5 owed the payment. If fallure to pay would adversely aHect Lender's Interest In �
<br /> I the Property.upon Lender's request Burrower shall promptly fumish to Lender receipts evidencfng these payments.
<br /> � Ii Borrovrer fails to maka these peyments or the payments required by Paragraph 2, or fails to perlorm any other covenants
<br /> � and agreements containod in this Securi2y Instrument, or there fs t+Iegal proceeding thut mny slgnificantly etlact Lender's rights in
<br /> the Property(such as e proceeding in bankrupicy,tor condemnatfon or to enforce �aws or regulatlons�, 4hen Lender may do and i
<br /> pay whatuver is necessery to protecl the valuo oi the Property and Londer's rights in the Property,Including peyment of taxes,
<br /> hazard insuronCe and olher items mentioned in Paragraph 2 �
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<br /> ' fS073.1MG(9:96) ��J� a o'� I
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