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<br /> : � 1.Nay�st at E'�I.r€p�1,iaterst aad l.a�tz C'Ao-�e.L3or,awcr�hull pay when due thc priucipal uf, �nd interc�t�n, thc debt
<br /> cvideoced hy�he Note and late charees due under the Note.
<br /> � 2.Ma�t�ly hyiae�ts af T�:a.t�a�n�te�pd Othtt CMsr�e�.Bnrtower shall includc in cach manthly payment,tagethtr wi�t�
<br /> the princiFa!and intereat�set fonh in the NatG and�ny I�te charges. an inste(Iment af any(A)ta�es and spccial assessments
<br /> Ievic<f or to be levicd aj�tnst the Praperty. (b)ltaseh�ld payments or g�ound rtnts on �he Propeny, and(c)premiums for
<br /> insutance required by Para�ph 4.
<br /> 6ach monthly insta!lmttlt for Items(a),(b)and(c)shal)equal a�tr-twtlfth of the annual amaunts.as rcasonably cstimated by
<br /> Lender,plw�n amoune sufficient to m�intaln an additiona!balance of na�mare th#n Qne-sixth of the cstimated amounts.The
<br /> fall annual amount for euh ittm shall be accumulued by Lender within a pedod ending one manth befare an item would
<br /> become delinquont.Lender shall hold the amounts collected in trust to pay items(w��(b)and(c)beforc they becotne deliaquent.
<br /> lf�t any time the total uf the paymenta held by Lender fQr itrms(a).(b),and(c).together with the future monthly payment�
<br /> for such item�payable to Lender prior to the due data of such items,exceeds by moro than one-si�th the estimated amou�t of �
<br /> . psyments required to pay such items when due.and if payments on the Note are carrent,then Lender shall ei�her refund thr
<br /> , exoaa over one•sixtA of the estimated p�ymente�r credIt the eaca�over one-sixth af the estim�ted paymenta to subsequent
<br /> payments by Borrower. at the aption of Borrower. lf the total of the paymenu made by Borrower for item(a). (b),or(c)is
<br /> , inauffkknt to pay the item when due. then Borrower shW pay to Lender any amount necessary to make up the deficiency on or
<br /> + 6eforc the date the ite�a becoma due.
<br /> ! As used in thia Security Instrument, "Sectetary"meam thr Secreta �of Ho��sin�and 1'�ban Development oe his or her
<br /> ! desi�nee.Most Securlty Instruments insured by the Secretary aro msured uuder proKra�„s whic�.-equtre advance payrnent af the
<br /> entire mort�age insur�nce premium.lf this Security lnstroment is or wac insured under a program which did not tcquire advance
<br /> t p�yment of the ontire martgage insurance premium,then each monthly payment shall alsa include olther:(i)an installment of the
<br /> annua)mert�e insurance premium to bc paid bg Lender to the Secretary. or(ii)a monthly charge instead of a mortgage
<br /> , insurulee premium if this Security instrument is held by the Sccretary. Each monthly instaliment of the mongage insurance
<br /> premium shdl bo in an amount sufficient to aecumulate the full annual mortgage insarance premium with Lendet one month
<br /> ; pdor to the clate the fuU annual morigage insurance premlum is due to thc Secretary.or if thls Security Instrument is held by the
<br /> Secretuy. qch monthly char�e shall be in an amount equal to one•twelfth of one•half percent of the outstanding principal
<br /> b�lance due on the Note.
<br /> If Horrower tenders to l.ender the full payment of all sums secured by ihis Security lnstrument.Borrow•er's account shal!be
<br /> , credited with the balance remuning for all installments for items (a). (b) and �c) and any mortgage insurance premium
<br /> � installment that Lender has not become obligated to pay to the Secretary.and Lender shall promptly refund any eacess funds to
<br /> , Borrower. Imtnediately prior to a fareclosurt sale of the Property or its acquisition by Lender, Borrower's account shall be
<br /> credited vrith any balanct remaining for all installments for items(a),(b)and(c).
<br /> ; 3. AppYe�tlo�ot Psrse�ts.All payments under paragraphs 1 and 2 shall be applied by Lender as follows: �
<br /> EIRS'i'.to the mortgage lnsurance premium to�e paid by Lender to the Secretary or to the monthly charge by the Secretary �
<br /> ' iastead of the monthly mortgage insursmce premium,unlas Borrower pald the entire mortgage insurance premium when this
<br /> � Security Instrument was si�ned;
<br /> ' .'S� O DN .to any wces.special assessments,leasthold payments or ground rents,and fire,flood and other hazard insurance :
<br /> piwuuuiv,�royuirpi; . -
<br /> �$Q.to interest due under the Note; - _
<br />- .___ = FAIiT�'i'1.1. �w�.^'l�S���9R.^.f Z.�:L j`a:iSii�i"y�t3i ttic'i:Ciic: -
<br /> �,to t�te chuges due under the Nou. �
<br /> 1•Fi�s.Flood a�M Otler Hazard luorance,Borrawer shall insure all improvements on the Property,whtther now in existence ' -
<br /> or subscquently erected.ag�inst any hazards,casuaic'ses,and contingencies,inctuding fire, for which Lender requires insurance.
<br /> This insurance shall be maintained in the amounts and for the periods that Lender requiros. $orrower shall also insure aU '��
<br /> improvements on the Property,whaher now in euissrnce or subsequently erected,against toss by floods to the eatent requ'ued by .�.�
<br /> the Secretary.A1)insurance shall be carried with companirs apFroved by Lender.'Phe insurance policies and any renewats shall
<br /> be held by Lender and shall include loss payablc clauses in facor of,and in a form acceptable to,Lender.
<br /> In the event of loss,Borrower shall give Lender immediate notice by mail.Lender may make proof of loss if not made prompt-
<br /> ' iy by Borrower.Each ins�rance company conamed is hereby authorized and directed to make payment for such loss directly to ;
<br /> Lender.instead of to Borrower and to Lender jointly.All or any part of the insurance proceeds may be applied by Lender,at its t
<br /> optiou, either (a)to the reductioa of the indebtedness under the Note and this Security instrument, �rst to any detinquent
<br /> unounts applied in the order in Paragraph 3.and then to prepa�ment of principal.or(b)to the restoration or repair of the
<br /> damaged property.Any application of the proceeds to the principal shall not extend or postpone tho due date of the monthly
<br /> amountr Wuired oe ref ea�ll outstandazagaph 2,or change the amount of such payments.Any excess insuranee procceds over an :�
<br /> a1 P y ng indebtedness under the Note and this Security Instrument shall be paid to the entity legal-
<br /> ly entltled thereto. '
<br /> ln the event of foreclosure of this Security Instrument or other transfet of title to the ProFeny that eatinguishes the in-
<br /> debtedness,all right.title and interest of Borrower in and to insvrance policies in Porce shafl pass to the purchaser.
<br /> : S. Praervatloa a�d Maiatemaece of t6e Property�I,raubolds. Borro�xer shall not commit waste or destroy. damage or
<br /> substantially change the Propesty or allow the Property to deteriorate,reasonable wear and twr excepted. Lender may inspect
<br /> the property jf the property is vacant or abandoned or the loaa is in defautt.t,ender may take reasonabte action to protect and
<br /> preserve such vacant or abandoned pcoperty. If'this Securi[y Instnunent is on a leasehold,3orrower shall comply with the provi-
<br /> sions of the lease. lf 8orrower acquites fee title to the Propen}.the teasehold and fee title shall not be merged unless l.endet
<br /> agas to the merger in writing.
<br /> E.Giu�es to Borrower a�d Protectloa ot Le�der's W�bts ia tYe Pmperty.Borrower shall pay all governmental or municiga!
<br /> , charges,Pmes and impositions that are not included in Paragraph 2.Borrower shall pay[hese obligations on time directiy to the
<br /> entity wh3ch is owed the payment.If failure to pay would adoersely affect Lender's interest in the Property,upon Lee�der's re-
<br /> quest Bonower shall promptly furnish to Lender recripts evidencing these paymenis.
<br /> if Bonower fails to�n�ice these payments or the pay�nents required by Paragraph 2,or fzils to perform any other covenants and
<br /> agreements coraains:d in this Security Instrument,or there is a legal proceeding that may significantly affect Lender's rights in ` T—�'
<br /> the Propeny(such as a proceediag in banktuptcy,for condemnation or lo enforce laws or regulations).then I,ender may do and '
<br /> . pay whatever is netessary to protect the value of the Nroperty ar.d Lender's rights in the Property,including payment of taxes,
<br /> haratrd insurance and other items mentianed in Paragraph 2.
<br /> Any amounts disb�rsed by lender under this Paragraph shall becon�e an additional debt of Borrower and be secured by thes �
<br /> Security Instrumtnt. These amounts shall bear iR?erest from the date of disbursement, at the Note rate,and at�he option of
<br /> Lender,shall be immediacely due and payable. «
<br /> � 7.Condemefdoe.The proceeds of an,y award or cl�im For d��rages,direct or consequcnt�al,in connection with any condem- �.
<br /> naiion or othtt taking of any part of the Propeny.or for conveyance in place of candemnat�on,arc hercby atis�gned anci shaU bc �,
<br /> paid to L.ender to the extent of the full amou�t oP the indebte�iness that remains unpaid unc�er the Note and th�.Secunt y In,tru- A
<br /> enent_Ler.d=r shs!!s�pty s;tch p:a;ce�s�othe ieducliv�i uf ihc indebteciness under che hiote and tni��ecunly Instrumenl,firct to �
<br /> any delinquenE amounts applicd in the order provided m Para,graph 3,and then to prepayrnent of principal. Any applitation i�t
<br /> the proceeds to the principal shall n�t eMtend or postponr the due dale vf Ihc monthly paymentti, which are referreJ to ,n .
<br /> Paragraph 2,or ch�nge lhe amc•unt of such paymentc. Any excesa procee�s over an amount reyuireJ tu Tay a{I nu��I�nd�nK in
<br /> 8cutedness u��eier tl�c tia�e and this Security Instrumcnt chall he paid tn ihe cntit) legally rnUtic�1 therrtv �
<br /> d. Ftes. Ltndcr may ct�Elert fetti and rhBtECS BUlllutVCl} I�y ihe tie�:rian
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