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<br /> : �ach monthEy instattment for itcuts(a},(6};ami(c)sfcait-�qual one-t«elfth of the annual amaunts.as reasottabiy�cstim3tetl. , �
<br /> • b�•Leader,plus aa amount suffiaent to inaintain an additionai batance of not,mare than c�ne-sixth of the estimac�amcaunis� '; � � �
<br /> . The full annuat amoant for each item shall be accumulated by Lender�cithin a period ending one month before an itera wattft} '
<br /> , become Qetinquent.Lender shall hold the amounts collected in trust to pay items(a).(b?.and(c)before they become detin�uaet� _ ' �
<br /> � yf at.az�y time the total of the payments held by Lender for items(a).(b)�and.(c),together«ith the fature montt►3y pay�ments � � �
<br /> for such items payable to Lender prior to the due dates of such items,exceeds by more than one-sixth the estimated a�n�+um�
<br /> � of payments sequired to pay such icems when due,and if payments on the.Note are current,Ehea Lend�r stral��thee:re€unti
<br /> `the excess over one-s'ucth of the estimated paymenu or credit the excess o��er one-sixth of ihe estimated payments to subseque�t `
<br /> paymerifs by Bonower.at the option of Borrotiver. If the total of the payments made by 8urrawet for item(a),(bj�ar.(r>
<br /> is insutYicient to pay ihe item when due,then Borrower shall pay to Leader any amount necessary ro make up ehe deficien�
<br /> , ' on or 6efore the date the item becomes due. ,
<br /> As used in this Security.��i�:�u�nt, "Secretary"iti�ns the Secre�aty of.�Iousing and Urban Devetopment oF his or he� � �
<br /> designee.Most Se�urity Instr�ents ins�ed by the Seci��are;irisiai��ii:under programs which requirc advar,ce paycrzent af. � � � � "
<br /> the entire ntortgage insurance pFemium.��.tJus Securiiy Tnstrument:"is or�ras insured under a pragrarn which did not require
<br /> advance payment���he entire zuortgage insaixanre�reauum,thett eaG`e:mbnthiy.�ayment shall also iaclude either:(i)�installment
<br /> . _ of the annual moit�ag�insurance premium Fo be paid.6y�..ender to tIze SeeseGa�;;ar(ii)a monthly charge instead o�a marEgage
<br /> insurance premium if this Sewc€ty lnstrument is 6etd by the Secretary. E.ac�enomhly iastaltment�f the martgage inswance
<br /> premium shall be in an amo�s suf�cient to accumulate the full�annyal morig2tge:insurance premium with Lender one month
<br /> � ; . prinr to the daie the full ann�at mortgag�'�insurance premium is due to the S;,�retary, or if this Security Instrument is hetd �
<br /> -�� by the Secretary,eash rnonthly charge sha�i�1��n an amount equal to one�tcvelfth of one-hatf percent of the outstanding printipal
<br /> - . bat2ace due on the Note. - � - . � • �
<br /> , If 8otrawer tenders ta Le�i€�r tPie fu11 payrneni of a11 sums secured by thns Sgeurity[nstrumenE,Borrower's account shail
<br /> � be credited with the 6atance re�aaining for a11�installments for-items(a), (b), and (c)and any mortgage insnrance premium
<br /> installment that Lender has not become abligated to pay to the Secretary,arid Lender shall promptly refund any excess funds
<br /> ' to Borrawer.•(mmediately prior to a foreciosure sale of the Property or its acquisition by Lender, Borrowec's account shall
<br /> be credited with any balance remaining for a11 instaltments for items(a), (b}�and(c}, �`
<br /> 3. Applicatioa of Payments. All paymenu under paragraphs 1 and 2'shall be appJied by Lender as follows:
<br /> �rst,to the mongage insurance premium to be paid by Lender to Ehe Seccetary or tu the monthly charge by the Secretary
<br /> instead of the monthly mortgage insuranee premium..ualess Bonower paid che taure mongage insura�ce premium when this � ;
<br /> Security Instrument was signed; � .
<br /> t Seca�nnd,to any taxes,specpal assessm:nts,leasehold payments or�ground re�ts.and�re,ftood�c�eiz.her hazard insurance �
<br /> , premi�ms; as required;
<br /> Tfiird, to interesi due under the�fote;; � � - .-
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<br /> Fourth�,to amortization of the principal of the 1Vate; ,
<br /> Fifth,to late charges due under the Note. .
<br /> 4. Flre,Ftood snd Other Hs�rd InsurAnee.Borrower shall�insura aU.impr�vements on the Property, whether now in �
<br /> existence or subsequently erected,against any hazards,casualties,and contingencies,includ�mg�fire,for which Lender rec�uires •
<br /> insurance.This insurance shall be maintained ln the am�unts an�for the periods that Lender reyuires. Borrowcr shall also -
<br /> ; insure all improvemeau on the Proyerty,whether aaw in existence or.subsequently erected,against loss by floods to the extent � •
<br /> � reyuired by the Secretary.Ali ittsurance sha11 be catriec!with companie:v approw�at by l,.ender.The insurance poticies and any �„
<br /> , renewais�shall�be held by I.ender and shall�include lass payabte�clauses:in f���ar of.and in a form acceptable to, L.ender.
<br /> In the event�of tass, 8orrower shall�gi��I.ender immedi�to natioe by mail.Le�der cnay make proof of toss if not made
<br /> , promptly by BorroR�er.�F.ach insurAnce comp�ny�coneerned-ls�h�rabi�authorized and directed to make payment for such loss �. :
<br /> directly to Lender,instead�of�to�8vrro�ver and�to�Lender�aintl�l�Al1 or any �ait of the insurance proceeds may be applied �
<br /> by Lender.at its option.eithtr(a)�to•1i►�reduc�tpn�ufithe��inde1�tddness under r�.s Note and this Security lnstrument, �rst to
<br /> any delinquent amounts applj�d�li��the��ardcr in�Paragrapht�;��nd�then to pregayment of pri�icipal,or(b)to the restoration
<br /> or repair of the damaged property.Any�app�iaation•af�thn:p�oceec��to the principa!shatl no:extend or postpone the due date �
<br /> of the manthlypayments which are referr.es�<to�in�ParagupbiZlor change the amount of such payments.Any excess insurance
<br /> proceeds over an�amount required to pay�11•outstandiHBrindebtedness under t�ae Note and this Security Instrument sfiall be `' � �
<br /> paid to�he entity legalty entitled thereto. . � �
<br /> ln the event of foreclosure of this Seeurity lnsa�rwment or othes transfer af si�ie to tne Propeny that cxtinguishes the
<br /> �. indebtedness,all right, title and interest af�Borrower in and ta inssrance paiicies :n force shall pass to the purchaser.
<br /> S.Preservstlue�ad MaiNte��aa.of the Property.Le9seholds. Borrowcr s�a:z not commit waste or destroy, damage or
<br /> substa�nttally change the Prepercy ar alltltiv the P.roper�3�ta deteriorate;-reasonab;e wear and tear excepted:l;tndei may�insp�ci--�" " �"��"- - ���� � -� ��
<br /> the prapeny if the property is vacant or abandoned ar tf�e loan is en default. Lender may take reasonable action to protect
<br /> , and preserve such c;acant•or abandoned pruperty. If this Security ;r�strument is on a leasehu2d, Borrower shali comply wlth
<br /> the provisions of�i�e�ease. If Borrower acAe�:res fee ti3!e tn the E'ca�erty,the leasehold and tee titte shaE6 aot be merged untess
<br /> Lendcr agrees to t6e merger in writing. ,
<br /> 6.Ciar�es to Borro�rer as�l�'rMe�ctlon a!Leeder's Rig6ts in��e Property.Bortower shalt pay all governmentai or municipal
<br /> charges,fines and imppsitions:'ra�are nat�included in Paragraph 2. #3orrawer shal{pay ti:ese obligations on time directly to
<br /> , the entity which is owed the paysnent. lf failure to pay would adversely aPfect Lender's;nterest in the Prope»y,upon Lender's �_- -r--_
<br /> request Borrower shalf prompify furnish to Lender receipts evidencing these payments. � .
<br /> If Bnrtower fails to make these paymenls or the payments required by Para�;��h 2,or fails to perfarm any othcr ruvenants
<br /> . and ageements containrd in this Security instrument.or there is a legal proreeding that m���i;�nificant(y affect I,ender's rights �
<br /> in the Property(such as n praceeding in ba�kruptcy, for rondemr.�'.son c;r to enforce!aw�,�s regulations),then i.ender may ! �
<br /> - - �an�pay uhatrre;ss neresssfy tu�rutcn.-t fhe vahte af ti�e i�raperr[q and Lep�tr�'s rights in fhe Proprrty:induding paymrnt �
<br />. . oP taxes. haza�d insurance and ather items mentioned in i'aragra�h 2. . �
<br /> � Any�mounts disbursed by Lcnder under this P�ir�graph sha11 become ars additional dcht of $orrotivc� and bc cecurcd. _
<br /> by this Security Instrurrtrnt. 'i'hese amounts shall bcar int�:rest from the datc of dis6urscment. a� the Note ratr: a�Td a� thr
<br /> aption uf t.ender; shall bc immediately dur and payablr. ' ' t�
<br /> T. CoaQcme�lion. 'iiic rcrtccds uf an , �
<br /> p y a�vard or r)uim for dama�.ec, dirtcl ur c�nseyucntial, in conne�tian ailh any r- -
<br /> cnndemnatian r�r�ilhcr raRing vf any patt af Ilie Pruprrty. ar far�cri��ey�ticc i��ptace ut ce�tuismt�:�ticts�.�{t@ IiCtCEtji ii4Gtf:iltl� =� _
<br /> :�i�d sh��l F+c pai�i t��!euder te.the extent vf the fuil amo�tnt c�f.tt�e it�dcMcdne�s thaf rcnt.einti unpaid undr►titic N���r�uui �hi.
<br /> 'i:curity iitictrunietit. 1 rrtdcr shall tippty tiuel�pt�r�;ee�t�ta the reeiuclit.n uf tl►c itidebtednesc u�rilrr �ltr Note and thi4 Se���ii�v
<br />' . . Ir��ttumcnt,f irce tt+�u}dclinUucnt�tne�uutti al,��liedin thcurdcr pra�.itled tn l�,�r;�r.r,i�,ti z,.uut ti�eti t+►prc�:n mcnt t�t �titnu�r�al • . .
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