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<br /> �`_" �.d�1 $4 .
<br /> Each mnmhly instaflmet�t far items(aj.(b).aad(c)shaU equa!one-t�tie[fth ai'chc annual amount�,as reasona6[y estimateci .
<br /> . by�.ender.pfus ar amaunt�uf�cient to maintain an additional balance of not mor�than c�ne-sixth of ehe estimated amounts. � � `
<br /> The full annual amount for each item shalt be accumutated by Lender«�itbin a period ending ane month before an item�t�ouid
<br /> become delinquent.Lender shail hold ihe amounts collected in trust to pay items(a).(b),and(4)before they become delinqv�nt. -
<br /> �� � � lP at any time the tataI of the gayments hetd by Lender for items(a).(b�.and(cl,together«�ith che future mankhly payments
<br /> for suth items payabie to Lender prior to the du•dates of such items, exceeds by more than one-sixth the estimated xmount
<br /> of payments requi.£ed to pay such 9tems when due,and it'payments on the Nate are c�rrent.[hen Lender shalt either cefund
<br /> the excess over one-sixth of the estimated payments or credit the excess over ane-sixtb of tfie estimated payments so subsequent
<br /> payments by Bonower, at the opEion of Bonower. If the total of the paym�nts made by Borrower for item(a), (b), or(c)
<br /> is insufficient to pay the item when due,then Borrower shat�pay to Lender any amount necessary to make np the de�ciency
<br /> � on or before the date che item becomes due. � ,
<br /> As used in this Security Instrument,"S€cretary"me�ans ttte Secretary of Honsing and Urban Development or his or�her
<br /> designte. Most S�curity Insttuments insured by the Secretary are insured under programs which require advance payment of
<br /> the endre mortgage insurance premium. If this Security Ics�rument is or was insured under a program which did not require
<br /> advance payrnent af the ent'ue morigage insurarece premiiun,then each manthly payment shall also include either:(i)an installment
<br /> of the annual mortgage insurance premium to be paid by Lender to the Secretary,or(ii)a monthly charg�inste.ad oF a mortgage
<br /> insurance premium if this Security instrument is hetd by the Secretary.Each monthly installment of che mortgage insucance
<br /> premium shall be in an amount sufficient to accumulate tfte full annual mortgage insurance premium with Lender one month
<br /> prior to[he date the full annual mortgage insurance prEmuum is due to the Secretary, or if this�ecurity Instrument is held
<br /> by the Secretary,each monthly charge sha116e in an amaunt equal to ane-twelfth of one-halt percent af the outstanding principal
<br /> balance due on the Note. • �
<br /> If Borro�er teatd�rs to Lender the full payment nf all sums secured by this Security Insirument,Borrawer's accauat�I�
<br /> be credited with the balance r�ining fo�all installrrt�for items(a}, (b), and(c)and any mortgage iusurance pr�mium �
<br /> insiaWnent that Lender has not�ecome obligated ta�ay ti�.+the Secretary,and Lender shall promptly refund aay excess fund�
<br /> , to Bonower. lmmediately prior to a foreclas-are sale Q�tLe Property or its acquisition by L�IIder, Borrower's account shal!
<br /> be credited wiih any balance remaining for a.[Z i�.nts for items (a), (b), and (c).
<br /> 3,Application oi PAymeats. All payments under��agraphs 1 and 2 shall t�e applied by Lender as follows:
<br /> - First,to the moxigage insuc��.e premium to be paid by Lender to the Secretary or to the monthly charge by the Secrttary
<br /> instead of the monthly mortgage insurance premium,unless Bonower paid the errtue mnrt�;a.ge 9nsurance premium Khc-sY this
<br /> � Security Instrument r�as signed; • �
<br /> Second,to any t�.���,special assessments,leasehold payments or ground rents,and fi��,.ttc�.�and other hazard insurance '.,.;.
<br /> premiums, as requireti; ' �.
<br /> �:f:�,
<br /> Tt�ird,to interest due und�r th:�I�Iote; � �
<br /> Fourth, to amortization of the principKt of the h'ote;
<br /> Fifth, to late charges due under the Natc.
<br /> 4.E7ne,Flood And Olher HAZard Iasumrtce. Borrower shall insure all im�rovements on the Property, whether now in ' �_-
<br /> existena��r subsequentty erected,against any hazards,casualties,and contingencies,inciuding�re,for which Lender requires ,.:�-
<br /> insurance.This insurancc shall be maintained in the amounts anci for the periods that Len�der requires. Borrower shall also .
<br /> insure all imgroveaicnts on the Property,whether now in existence or subsequently erected.against lass by flaods to th��.�:�ent ��
<br /> reyuired by the Secrct,:ry.All insurattce shall be carrled with companies approved by Lender.The insurance policies��!�any . �f
<br /> renewals shall be hetd by Lender and shall include loss payable clauses in favor of, and in a farm acceptable to. Lender. �
<br /> ' In sL*.•:event of loss, Borrower shall give Lender imm�diate notice by mail. l.ender may make proof of loss if not made
<br /> prumptly by Bonower.Each insurance company concer.i�ai is hereby authorized and direct�d cn make payment for such loss
<br /> direcily to Lender, instead of to Borrower ait.d co C,ender;aintly. All or any part af the in�u�:r�:e proceeds may be applied
<br /> � by Lender,at its option, eithe�(a}to the rea�:.:ion of tlT-a;ndebtedness under the Note and tli{�3 5ecurity Instrument, first to �;
<br /> any delinquent�mounts applied in thc order in Para�w;lz 3. and v�?en to prepayment of prin�ipal,or(bj to the restorauon �.�
<br /> � . or repair af the damaged property.Any application of th�:�roceeds t�the principal shall noc e:�tend ar postpone the due date Y--_
<br /> of the monthly payments whieh are referred to in Paragraph 2,or citar.��the amaunt of sueh r�yments.Any excess ins��ance '"�
<br /> proceeds over an act,�ant required tn pay all outstanding indebtednc-�� ��nder the Note and tl:is Security lnstrument �Itr�l1 be �'
<br /> , paid eo the entity legally entitled thereto. � �
<br /> In the event of foreclosure of this Security Instrument or other transfer oi'titte to the Property that extinguishes the
<br /> ; indebtedness, all right,title and interest of Borrower in and to insnrance policies in force shall pass to the purchase�.
<br /> 5.PreservaHon.and Mdetenaace af the Property,l.eASeholds� [3orrower shal!not commit waste or destroy,dama�e or
<br /> subsiantially ch2n��t:;�e Property or allow the Property to deteriorate,reasonabte wear and tear excepted.Lender may inspect
<br /> the propeny if the�aropeny is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect
<br /> and presc�rve such ti�cani 4r abandoned property. ]f this Security Instrument is on a leasehold, Borrower shall comply with
<br /> the provisians of the i�ase.lf Borrowcr acquires fec title to the Property.the leasehold and fee title shall not be merged unless
<br /> Lender agrees to the merger in writing.
<br /> i,
<br /> � d.Chsrges to Bonower s�d['rotcct�►n of Lender's iii�hls in the Property.Borrower shail pay al!governmental or municipal
<br /> charges, �nes and impositions that are not included in Paragraph 2. Borrower shall pay these abligations on time directly to •
<br /> the entitp.which is owed the payment.lP failure to pay would adversely affect Lender's interest in the Property.upon Lender's
<br /> . request Bonawer shall p.romptly furnish to Lender receipts evidencing these payments. �--'-- -
<br /> If Borrower fails to make these payments or the payments required by Paragraph 2,cr fails to perform any other covenants
<br /> and agreements contained in this 5ecurity Instrument,ur there is a legal proceecling that may signdfic3ntly affect Le�ider's rights �
<br /> , in the Property(such as a praceeding in bankruptcy, for condemnation or to enforce IaH�s ar regulations),then Lender may ,
<br /> . �an�!p::y kls::teser i�st.ccssary tcs prtrtect thr vaiur�f Ei�r Prnper[y an�f f.encier's rights in the�rapcny. incfu�ing paym�nt �
<br /> of taxes, hatard insurance and other items mentioned in Paragraph 2.
<br /> � Any amounts disbursrd by Lcrtder under this P3r�graph shaU become an additinnal debt nf Uurrc�tiver and hc sec:urcd
<br /> � L hy this Sccurity Instrument. 'i'hese�maunts shalt bear intrrrst frnm the date oP tli46urscinrnt. at thc N�tc rute, �nd at thc �
<br /> — opti�n nf Lender. s4rall be immediateiy duc and payabte_ r,,,
<br /> _ 7. Gundemn�tion. 'i'hr proceeds of any awatd or claitn fnr dama�es. _ �,,��
<br /> � �. direct or con�rqurntis�t. in amrtrction �ciih any
<br /> cundcmnatian or other taki►�g c�f aiiy parF��f the 1'raperiy,or for c,onvey�ttcr ih ptsce of rondemnati��n,are herehy as�igned f�
<br /> aad�balt bc paid ta !_cncicr tu!hc e�cte�u t�f ihe (ull ant�cint c�f thc indchtcdness thc�t remai�i� unE�aid un�cr thr �tutc au�l thi� �F ��,
<br /> � 5ecurity Irritrument. Lend�r �i�all apply vuch prnceedv t�r the teduction uF thc indchtedne�� ❑n�ter tt�e�:��te and thi` 5erutit}
<br /> 1���trutntnt,firtit to any dclinc�ucnt attitunnf5£�t�plicd ia�fhr ordcr pn►vidCJ in F'��racrci�,P� t,:uic1 thcn tE,�,rc��acmcnt nf�.rm�i�,al.
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