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<br /> 90-°�9.023�2
<br /> • l.lh�mest u!rtNclpat,lAtetest ted I.atr Glur�t. 8orrowcr shall pay�hen duc thc principal af,and intetes� an,lhe de6t
<br /> e�idenced by the Note�d lete char�es dua uncIer the Note.
<br /> 2.Mod�hy�q of'�u[a�Iwrw�ce R�d�tler Ciu�e�.Borrower shaU inrlude in each moathly payment.together with
<br /> (� the principal and tnterat rs set forth in the Note and sn�r Izte charges,an inst�llment oF nny(a)ta�es and specia!assessments
<br /> [ levied or tp be kricd�i�st the Proporty. (b) Iwehold payments or ground rents on the Ptoperty, anA(c) premiums fs�r
<br /> insuranoe requited by Paryraph 4.
<br /> B�ch monthl�r�nstaliment for itam�(a)�(b)�nd(e)shail equa)one-twelfth of the annual amounts,as reasonably cstimated by
<br /> Lenae�r.p�w aa amount sutficient to maiat�in�n�ddition�l balance of not mora than one-sixtd oi the estimated amounts.The
<br /> fult aanuai emount for eacb item ahall be accumulsted Dy Lender witAin •period cndin�ane manth beforo an item would
<br /> baome delinQuent.Lender shall hold the�tmmounts colkcted in trust to pay icem�(a),(b)and(c)before they become delinquent.
<br /> lf at�ny time the total of the p�yment�held by Lender for items(a),(b�.and(c).together with thc future monthly payments
<br /> . for such Qtem�psyable to Lender prior to the due d�tes of such items,eaceeds by more than one-si�th the estimated amouat of
<br /> . paymmts required to p�y sach item�when due, and if payments on the Note ue current,then Lender shall either reiund the
<br /> aass over one-sixth oF the r:stimated p�yments or credit the excess over one-sl�cth of the atimated payments to subuquent
<br /> paymeats by Borrower.st the opt�on of Borrower.If the total of the paymenu made by Borrower for item(a).(b).or(c)is
<br /> ; insufticieat to psy the item when due.thea Borrower shall pay to Lender any amount necessa�y to mAke up the deficiency on or
<br /> beforc the date tde item becomes due.
<br /> As uxd in this Security Iastrument, '•Secretar}" means the Secntary af Housing and Urban Develogment ar his or her
<br /> daijna.Mo�t Secudty Insiruments lnsured by the S�ecretery are insured under programs which reqnire sd�-ance payment of the
<br /> ; entita mortj�e insurance premium.If thls Security Instrument is or was Insured uader a program which did not requlre advance
<br /> pspment of the eatire�aorttqe insuruice premium,then each monthly payment shall stiso include either:(9)an installment of the
<br /> anawil mortp�e insurance premium to be paid by Lender to the Secretuy. or(i�a monthly charge inscead of a mortgs�ge
<br /> � inaunu�premIum if this Secudty lnstrument is held by the Secraauy. Each monthly lnstallment of the mortgage insurance
<br /> � pranium s6aU be in an amount sufflcient to accumutate the fuU'�nnual mortgage insurance premium witd Leader one month
<br /> ° prior to the date the fuU annual mon�age insur�nce premium is due to the Secretary,or if this Secudty Insteurnent is heid by the
<br /> '. Secretary, ach monthly chute shall be in an amount equal to one-twelfth of one-ha1P percent of the outstandi
<br /> n8 Principa)
<br /> ' b�laace due on the Note.
<br /> If Borrawer tendera to Lender the full psyment of all sums secured by this Security Instrument,Bonower's account�all be
<br /> credited with the balance remainin� for all installmenu for items (a). (b) a�d (c) and any mortgage insurance premium
<br /> ; lnstallment that Lender has not become obUgated to pay to the Secretary,and Exnder shail promptly refun�any exceu funds to
<br /> BorroMer. Immediately prior to a toreclosure sale of the Propeny or its acquisition by Lender,Borrowes's accou�t shall be
<br /> � credited with�ny bal�nce remaining far all installments for items(a). (b)and(c).
<br /> � 3.A�pikado�of Pa�me�b.AU g�ents undet paragtaphs 1 and 2 shaU be applied by Lende�as follows:
<br /> � F1RST, to the mongaae insurance�emium to be paid by Lender to the Secretary or to the monthly chugt by the Seeretary �
<br /> instad of the monthly mortg�ge insurance premium, unless Borrower paid the e�tire mortgage insurance premium when this
<br /> � SecurIty lnstrutaent was signed;
<br /> � SECOND,to any tucs.speciai assessments,leasehold paymenu or ground rents,and fire,flood and other hazard insurance �
<br /> - -� pr�stit:ms,as reguirtd; ' -� °
<br /> , �j$Q.to interest due under the Note; -
<br /> , FOUR H,to unortintion of the principal of the Note; ;_•_
<br /> _ _` tl�j3f. to iate cnu�es due under ti�e tvote. . _
<br /> 1.F1ne,�lood ud Ofier H�sud Liaeeasca Borrower shall insure all improvements on the Property,whether now in oxistence -
<br /> or subsequently erected,agalnst any I�a,ards.casualties.and contingencies,includiag fire.foa which I.ender requires insurance. !
<br /> ' This lnsurana shall be maintained io chc amounts and for the periods that Lender requira. Borrower shall also insure all -
<br /> � lmprovemenu on the Praperty.whethes now in existeaoe or subsequently erected,against loss by f7oods to tRe extent requir�d by
<br /> the Secretary.All insurance shall be carried with companies approved by Leader.The 9nsuranct poGcies az:d any renewals shall
<br /> be held bq Lend'r and shall ittclude loss payablc clauses in favor of, and in a form accepta�le to,Lender.
<br /> In We tveat of loss,Borrower shall ecr Lender immedlate notice Cy mail.Lender may make proof of loss if not made grompt-
<br /> - Iy by Borroww.Each insurance compac�ey concemed!s hereby aut�oriud and dIrected to make payment for such loss directly to
<br /> Lender.instead of to Borrower and to I.ender jointiy.All or any part of the insurxnce procecds may be applied by Lender,at its }
<br /> opdon, dther(a)to the codurtion of the indebtedness under the Note and this Security Instrument, first to any delinquent
<br /> i uaounts applied in the order in Para�aph 3,and then to prepayment of principal. or(b)to the restoration or repair of the
<br /> � d�maged property.Aay applicadon of tbe proceeds to the Drincipal shalt not extend or postpone the due date of the monthly
<br /> _ payments which nre referrod to in Patagraph 2.or change the amount of such payments.My excess insurance proceeds over an �
<br /> amount required to pay all outstanding fadebtedness under the Note and this Security Instrument shall be paid to the entity legal- ���
<br /> ly enatlod thereto. -
<br /> In the event oF forectosun of t6is Security lnstru�ent or other transfer of title co the Propeny that extinguishes the in-
<br /> debtednas,aU right.title and intereu of Bonower in and to insurance policies in force shall pass to the purchaser.
<br /> S. Prrser�atlo� asd Malrte�a�ce ot the Property, LeasehoMls. Borrower shall not coa�mit waste or destroy, damage or
<br /> substaatialiy ehan�e the Proptrty or�Ilow the Propercy to deterioratt,reasonable wear and trar excepted.Lender may inspect
<br /> the propaty if the DroperEy is vacant or abaadoned or the loan is in default. Lender may take reasonable action to protect and
<br /> . preserve such vapnt or abandoncd propeny.If this Socurity Instrument is on a teasehold,Borrower shall comply with the provi-
<br /> stons of the lease. lf Borrower acquires fa title to the Property,the irasehold and fa title shaU not be merged unlas I,ender
<br /> . aRas to the mergtr in writtng.
<br /> — . : 6,fisne,s�n AnFr�►*r�r�!i!�t!sS.��!@f i.w����R�•,�„L9�R��e Pro�sY_HQS:eWer sh:..��gsy s!1 goeernsr.satat ar r.suni.^i�:
<br /> . el�ar=es,fines and impositiona that are not includod in Paragraph 2.Bonower shall pay these obligaGons on time direcdy to the
<br /> � entity which is owed the psyment.If failure to pay would adversely affeet Lender's interat in the ProDeny. upon Lender's re- •
<br /> quest Bonower shall pramptly fumish to Lender reaipts evidencing these paymenu.
<br /> If Borr�wer fails to make thae paymen�s or the payments required by Paragraph 2,or fails to perform any other covenants and
<br /> a�reements oontained in this Security[nstrument, or thtre is a legal proceeding that may significantly affect Lender's rights in �--`——�-
<br /> the Properiy(such as a proteeding in bu�kruptcy.for condemnation or to enforce iaws or regulationsj,then Lender may do and '
<br /> pay whatever is nocessary to protect ihe v�1ue of the Propeny and Lender's rights in the Proporty.including payment of ta�ces.
<br /> huud insuruue and other items mentioned in Pazagaph 2.
<br /> Any amounts disbursed by lendrr under this Paragraph shall become an additional debt of Borrower and be secured by this �
<br /> Security Instrument.These wnounts shall bear interest from the date of disbursement,at the Note rate,and at the option af
<br /> Lender.shall be immediately due and p.ayable. �
<br /> L 'f.Co�desqtio�.The proceeds of any awazd or elaim for damages.direct or consequential,in connection with any condem-
<br /> nation or other taking of any part of the Propeny,or for conveyance in placc of condemnation,are hereby assigned snd shall br
<br /> paid to Lendcr to the txtent of tht full amount of the indebtedness that remains unpaid under the Note and this Security Lnstru- 'y
<br /> _ meni.[.ender shall apply suchprocetds to the reduction of the indebtedness under the Note and this Security Instrumem,fircr ro �
<br /> - any dNinquent amoanta aDplied in the order provided in Paragraph 3,and then to prepayment of principal. A ny application of �jp�
<br /> the ptc�ceeds to the principal shall not extend or postpone the due date of the momhly payments, which arc rrferrcd to �n , .R
<br /> Paragraph 2,or change lhe amount of such payments. Any excess praceeds over ari amount req�ired to pay a11 outseanding in• ,_, '
<br />_,__= debtedness under the Noie and �his ticcunty Insirument chall be paid to thc entity 9egally ent:tled thereto.
<br /> a. Fees. Lendet may cotlect fces c�nd charges authoriaed by the Secretary.
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