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<br /> ! 97-- 1105'�1. ,.:_a..: `
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<br /> If the amounts held by Lender
<br /> for Escrow I[ems exceed the amounts permitted to be�d by RESPA,Lender '�;r�`'
<br /> � shall account[o Borrower for the excess funds as required by RESPA. If the amounts of funds held by I.ender at any .__ _.
<br /> time are not sufficient to pay the Escrow Items when due, Lender may aotify the Borrower and require Bonower to
<br /> make up the shortage as pe r m itt e d by R E S P A. ��_
<br /> The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If __
<br /> Borrower tenders to L.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 mortgage insurance premium installment that Lender has
<br /> not become abligated to pay to thc Secretary. and Lender shall promptly refund any excess funds to Borrower.
<br /> Immediately prior to a foreclosure sale of the Properry or its acquisition by I..ender, Borrower's account shall be ,i
<br /> credited with any balance remaining for all installmenu for items(a).(b),and(c).
<br /> 3.Application of Payments.All payments under paragraphs 1 and 2 shall be applied by Lendcr as follows: --
<br /> '�S, to the mortgage 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 /> �g�,to any taxes,s�ecial assessments, leasehold payments or ground rents, and fire,flood and ot6er hazard _
<br /> insurance premiums,as required; -
<br /> �,to interest due under the Note;
<br /> �ourth,to amortization of the principal of the Note; and
<br /> i�1 ,to late charges due under the Note.
<br /> 4.Ftre,Flood and Other Hazard Ingurance. Bosower shall insure al1 improvements on the Property,whetner _
<br /> - � now in eaistcu�or subsr,�uensl�ere�ted,agAincc any hezards,casualties,and contingencies,including fire,for which
<br /> Lender requires insurance. This insurance shall be maintained in the amounts and for che periods that i.ender �
<br /> , requires. Borrower shall also insure all Improvements on the Properry, whether now in existence or subsequently �,
<br /> erected,against loss by floods to the extent required by the Secretary. All insurance shall be carrled with wmpanies
<br /> approved by L.ender.The lnsurance palicies and any renewals shall be held by I.endor and shall include loss payable
<br /> clauses in favor of,and in a form aceeptablc to,Lender.
<br /> In the event of loss,Borrower shall give L.ender immediate notice by mail.l,ender may make proof of loss if not
<br /> made prompcly by Borrower.Each insurance company concerned is hereby authorized and directed eo make payment
<br /> for such loss directly to i.ender, instead af to Borrower and to I.ender jointly. All or any part of the Insurance F,:-
<br /> proceeds may be applied by I.ender, at its option, either(a)to the reduction of the indebtedness under the Note and �.
<br /> this Security Instrument,first to any delinquent amounts applied in the order in paragraph 3,and then to prepayment ��
<br /> of principal, or (b) to the restoration or repair of the damaged Propeny. My application of the procads to the `
<br /> � principal shall not extend or postpone the due date of the monthly payments which are referred to in paragraph 2, or _
<br /> change the amount of such payments. Any excess insurance proceeds over an unount reyuired to pay all outsawdinb �--=
<br /> indebtedness under the Note and this Security Instrument shall bc paid to the entity legally entitled thereto. ��,�
<br /> In the event of foreclosure of this Security Instrument or other transfer of title to the Pcoperry that extinguishes ----
<br />� the indebtedness, all right. title and interest of Borcower in and to insurance policies in force shall pass to the ��•
<br /> � purchaser. �~'
<br />- 5. Occupaacy, Preser'Ation, Matntenance and Protection of the Property; Borrower's Loan Application; ��:-_
<br /> � �,
<br /> I,easeholds. Borrower shall occupy, establish,and use the Property as Bonower's principal residence within sixry �� _
<br /> days after the execution of this Security Instrument(or within sixty days of a later sale or transfer of the Property) �•:
<br /> and shall continue to occupy the Property as Borrower's principai resldence for ac least one year aRer the date of `r`v�
<br /> occupancy,unless Len der determines that re quirement will cause tuidue hardship for Borrower, or unless extenuating '•'����--
<br /> " circumstances exist which are beyand Borrower's control. Bonower shall notify Lender of any extenuating �,:F s__;_
<br /> circumstances. Bonower shall not commit waste or destroy,da�nage or substantially change the Property or allow the �.`� _,a��
<br /> Property to deteriorate,reasonable weaz and tear.°.xcepted. L.ender may inspect the Property if the Propeny is vacant .���::
<br /> or abandoned or the loan is in defautt. L.ender may take reasonable action to protect and preserve such vacant or ' •.�.�,
<br /> � �-4R(NEl�seoai.o� PaOe 3 of 8 ������+
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