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<br /> �0-�--�02330
<br /> • 1.P�y�e�1 ot Frirlctyt}.l�terdt sad I..nte GMsr�e. Horrowcr shall pAy when due the principal af,nnd interest an,tttc dcbt
<br /> evidenced by the N�te�nd I�te chargee due under the Note.
<br /> 2.Mo�tlly P�y�li of T�xe�.ias+�n�ce u�d QtMer CM�rse�.Borrowcr shall includ�in each monthly payment,togethcr wi�h
<br /> ('�' the p�incipal�d interat its set fnrth in the Note and any lace chu�es,an installmenc of any(a)taxes and sp�cia!asses�ments
<br /> i Ir�iec!or to be Ierlrc! aQainst thc PsupeMy.(b) Iruehald payments or graund sents on the Praperty. and(c)premiums for
<br /> in�uramce ceauiral bY Puas�aph 4.
<br /> Eich monthly lrut�tllmtat for ltems(a).(b)and(c)sha11 equ�l one-twelfth of eh�annual amounts,as reasonably cstimated by
<br /> I.eader,plu�an amount sufiicient to m�ih;ain u� additianal balance of not more than one•seuth oP the estimated amounts.Thc
<br /> futl Rnnuai unount for each item shall be accumultted by L.ender withia a period ending one month before an item would
<br /> become delinqurnt.Lender sAall hold the amounts coUected in trust to psy items(a),(b)and(c)before they become delinquent.
<br /> If at any dme the total o!the psyment�held by Lender for items(a),(b).+uid(c),together witA the futurc monthly paymcnts
<br /> for sucd items payable to Lender prior to the due d�tes of such items�eaceeds by moro than one-si�eth the estimated amount of
<br /> ps�ymeats required ta pay such Items when due.and if payments on the Nate are current,then Lender shaU either refund the
<br /> eaeess over one-si�th of the atimated p�yments or crcdit the excas over one-sinth of the estimated payments ta subsequem
<br /> psymeats by Bonower.�t the opdon of Borrower.If the total of the pay�ments made by Borruw�r i'or item(a).(b),or(c)is
<br /> lnsufficirnt to pay the item when due,then Borrower shaU psy to Lender any�mount nccessary to make up the defiziency oa or
<br /> before the dtte the Item becomes due.
<br /> � As used in this Secudty Instrument�"Secreta�ry"means the Secretary of Housing and Urban Development or hls or her
<br /> daignee.Mast Security Instruments insured by the Secretary are insured under programs which require advance payment of the
<br /> eatire mong�e iasurance premium. If this Security lnstrument is or was insured under a program which dld rtot reqt�ire advance
<br /> payment of the entire mongaae insurance premium,then each monthly payment shall also include either:(i)an installment of the
<br /> annual mort�e insurance premium to be paid by Lender to the SecretAry, or (ii) a monthly charge instead of a mortgage
<br /> insura�x premium if this Security Instrument is hetd by thr Secretary. Each monthly installment of the mortgage 9nsurance
<br /> premitun shill be ln an unount sufPcient to accumulate the full annual mortgage insurance premium with Lender one month
<br /> prior to the d�te the fuU�anual mortgage insurance premium is due to the Secretary,or if this Security Instrument is held by the
<br /> Serretary. each monthly ch;uge shall be in an amount equal to one-twelfth of one-half percent of the outstanding princigal
<br /> balance due on the Note.
<br /> If Borrower tenders ta Lender the full payment of all sums secured by this Secudty Instrumsnt.Borrower's account shall bc
<br /> credited with the balance remalning for all installmeats for items (a), (b)and (c) aad any mortgage insurance premium
<br /> insuWnent thit Lender hu not become obligated to pay to the Secretary,and Lender shall promptly refund any excess funds to
<br /> • 13ortower. Immediately prior to a foreclosure sato of the Property or its acquisition by Lender� Bonower's account shall be
<br /> credlted with any balance remaining for all instaliments for items(a).(b)and(c).
<br /> 3.AopBcaHo�o�rsyme�v.All payments under paragraphs 1 and 2 shall be applied by Lender as follows: �
<br /> FIRST,to the mangage insurance premium to be paid bp Lender to the Secretary os to the monthly charge by the Secretary �
<br /> instad of the monthly mortgage insurance premium,untess Horrower paid the entire qnortgage insurance premium when this
<br /> Security Instmment was signed;
<br /> . • .�t'� .�Nn,t�any taxes,special a�< «ments.[easehold paymenis or ground rents,and fire, flood and other hazard insurance '
<br /> premiwas, As required; -�_
<br /> THIItD. to interat due under the Note; .`��
<br />` � FOURTH,to atnortindon nf the rftincinal nf�he Tlnt�-
<br /> ' �, to late chugts due under the ilate. �
<br /> � •
<br /> 4.Firi,I�7ood a�d OtUer Hwrd Iawnsce.Borrower shall insure all improvemenu on the Property.whether now in existence =
<br /> or subsequently etected,against any hazuds.casualties,and contingencies,including fire,for which Lender requires insurance. � `-
<br /> This insurance sh�ll be maintained in the amounts and for the periods that Lender requires. Borrower shaU also insure all
<br /> ' imDrovementa oa the Property.whether pow in existence or subsequently erected,agairest loss by floods to the�xtrnt reyuired by
<br /> i tho Secretary,A11 insnrance shall be carried with companies approved by Lender.The insurance policies and aay renewals shall
<br /> � be held Dy Lender and sh�ll include loss payab;e clauses in!'avor of. and in a form acceptable to,Lendcr.
<br /> In the event of loss,Bonower shall give L.ender immodiate notice by mail.Lcnder may makc proof of toss if not made prompt-
<br /> • ly by Borrower. Fach insuranae mmpany concerned is htreby authorized and directed to make payment for such toss directiy ta
<br /> Lender,instad of to Bonower and to Lender jointly.AU or any part of the insurance proceeds may be applied by Lender.at its
<br /> opuon, either(a)to the reduction of the indebtedness nader the Note and this Security Instrument, first to any delinquent
<br /> amounts applied In the order in Paragraph 3,and then to prepayment of principal, or(b)to the restoration or repair of the
<br /> damaged property.My application of the proceeds to the principal shall not extend or postpone the due date of the monthIy
<br /> payments whlch are refened to in Paragraph 2.or change the amouni of such payments.Any eacess insurance proceeds over an
<br /> • amount required to pay all outstanding indebtedness uader the Notc and this Security instrument shaU be paid to the entity legal- '
<br /> ly entidtd thereto.
<br /> � In the event of foreclosure of this Security Instrument or other transfer of title to the Propeny that extinguishes the in-
<br /> : debtedness,all right,title and intetest of Bottower in and to insurance policies in force shall pass to the purchaser.
<br /> • S. Pn�esv�tlo�a�d MWteat�ce ot the Propertp, Leaseholds. Borrower shall not commit waste or destroy, damage or
<br /> ; substxatially change the Property or allow the Propeny to deteriorate.reasonable weas and tear excepted.Lender may ins�ect
<br /> , the proDerty if the property is vacant or abandflned or the loan is in def3ult.Lender may take reasonable action to protect and
<br /> •• preserve such vacant or abandoned property.If this Secnrity Instrument is on a leasehold.Borrower shall comply with the provi-
<br /> � sions of the lease.If Bonower acquires fee title to the Property,the leasehold and fec title shall not be merged untess Lender
<br /> � agras to the morger in writing.
<br /> ' 6.Ciu�ea to Eorrower ud Protectfon oi Leeaer'e Ri�hts is the Property.iiorrower shall pay aii governmentai or municipai
<br /> charges�fines utd imposidons that are not included in Peragaph 2.Borrower shal!pay these obligations cin time directl�•to the
<br /> entity w6ich is owed the payment.If failure to pay would advcrsely affect Lender's interest in the Property,upon Lender's re•
<br /> quest Borrower shall promptly furnish to Lender raeipts evidencing these payments.
<br /> lf Borrower futs to make these payments or the payments required by Paragraph 2,or fails to perform any othtr covenants and
<br /> setetm�nis coni?ined in this Security Instrument, or there is a leaal proceeding that may significandy affect Lender's rights in �= __
<br /> the Ptopeny(auch as a proceeding in bankruptcy,for condemnation or to enforce laws or regutations).then Lender may do and �
<br /> pay whatevtr is necessary to protect the value of the Ptopeny and l.ender's rights in the Property,including payment of taxes,
<br /> hazard insurance and other items mentioned in Paragraph 2.
<br /> Any atnounts disbursed by lender under this Paragraph shall become an additional debt of Borrouer and be secured by this ,
<br /> Security Instrument.These amounts shall txar interest irom the date of disbursement, at the Nore rate. and st the option of
<br /> Lender,shzll be immediately dut and payable. �'
<br /> L 7.Co�desutioi.The proceeds of anyaward or claim fot damages,direct or consequentia),in ronnect�on with any condem-
<br /> nation or other taking of any part of the Froperty,or for conveyance in placr of cvndert�nation,are hereby as+iKnrd anJ shall be
<br /> paid to Lender to the extcnt of the full amount of the indebtedness that remains unpaid under the Note and this 5ecurity Instru• d
<br />�- ifiCiit.i.�ix��i 5�aiia}�jsij Si1�.ti('.:L`.^,C.°vS t'�1Z�i�ii.icuilC�iOA Gf ifl� ii��Caht�viit'Si u"v�i: °�=^v:::. '��h:c Cn.....r��In,�r� t firc�[�s ��J�
<br /> h. r..........,...s.... . sn.a....
<br /> any dNinquenl amounts applied in the order provided in Paragraph i,and then to�re�ayment of pnncipal. Any apphrat��n nt �
<br /> ihe ptoceeds to the princip�) shall not extend or postpone the due date of the rnonthly paymentti, xhirh are referred u� �n .
<br /> Paragraph 2,ur change ihe anwunt uf such payments.Any exce�.proceedc n�er an arni�unt reqtnred to r<�y aC��ut�tandine �r,
<br /> dG�tedncss undCi thc'iVOtC iit(1 tiU;Se�uritz lnsiiu,nent +��aii t1C�+n�J lu(he rt�tuy Icgaiiy rut�llrc� Ihctclu
<br /> a.Fets. 1 ender may colle.� fees and chatges au:honred h: rhe tie.retar}
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