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<br /> � 90--- �.�24�3
<br /> ' i.i'�ye�cet o(Prieclpd� leterrsl�e� L�te l:A�r. Uorrowtr shall pay Hhcn duc��c principai of, and intcrese on,thc dcbe
<br /> .si�sr.::d bY thr Nott anc! latr charees Qtu uhdcr th�Notc.
<br /> � 2.Mont�h��Y�b a/Taaa�I�rnRCe�ed OtAcr G��►�a,Bo�rower shall inrlude in each monthty payment,together with
<br /> the p�inctp�l and interat as set farth in tAc lVate snd any latc char�e�,an inst�llment of any(a) tares and sperta! assessments
<br /> levied or to be levied ajdnst the Property, (b)Ie�►sehold paKtnents or�round rents on the Propeny�and(c)premtums i'or
<br /> insur�nce requircd by P�ryr�ph A.
<br /> Each moathly inst�ltment tor items(s�).(b)and{�)sh�il equ�l ane•twelfeh of the annual amounts,as reasona�ly estimated by
<br /> Lender.ptus an amount sutficient to msinlain�n�dditional bal�nce of not more than one•sixth of the estimated amouats.The
<br /> full annual amount fos each item shall 6t accumulated Dy 4ender within�t period endina one month before an item wouid
<br /> become delinquent. Lender shdl hold the amounts collected in trust to pay items(a).(b)and(c)before they become delinquent.
<br /> If tt any tia�e th'total of the payments held by Lender for items(�)�(b).and(c). together with the future monthly payments
<br /> for such items p�y�ble to Lender pdor to the due date�of such items,eaceeds by moro than one-si�th the estimated�mount of
<br /> payments required ta pay such itrms when due,And if payments on the Note are current,then Lender shall either refund the
<br /> � eacas over^*+e-sixth of the estimated payments or credit the excess over one-aiath of the estimated p�yment�ta subsequent
<br /> psymu►ts by Borrower.at the option of Borrower. If the total of the payments msde by Borrower for item(a). (b),or(c)is
<br /> insuf'i"�cieat to pay the item when due.then Bonower shatl pay to Lender any amount necessuy ta m�ke up the det iciency nn or
<br /> . before the d�te We item becomes due.
<br /> � As used in this Securlty Instrument, •'Secretary" meanc the Secrctary of Housing and Urban Development or hls or her
<br /> desi�na.Most Security lnstruments insured by the Secretaq�are lnsured under programs which requlrr advance payment of the
<br /> entire mort��e ins�nce premium.If thls Secudty Instrnment i�or was insured under a program which did not require advance
<br /> psyment of the entirt mortgage insurance premium,then each monthly payment shall also include either:(i)an installment of the
<br /> annua!mortg�e insurance premium to be paid by Lender to the Secretary.or(ii)a monthly chazge instead of a mortgage
<br /> insurance premium ii ihis Security instrument 9s held by the Secretary. Each monthly instaltment of the mongage insurance
<br /> premium ahall be in u�amount sufficient to accumulate the fuU annuul mortgage insurance premium with Lender one month
<br /> prlor to the date the fuU�nnu�l mortgage lnsurance premium is due to the Sectetary, or lf this Security Instrument is held by the
<br /> Saretary.a�ch monthly charge shall be in an amount equa! to one-twelfth of one-half percent of the outstanding princlpal
<br /> balance due'on the Note.
<br /> If Bt*�tower tendera to Lender the full payment of all sums secured by this Security Instrument,Borruwer's account shall be
<br /> ' credited with the balance rem�ning for aU installments for items (a), (b) and (c)and any mortgage i�surance premium
<br /> � installment thAt Lendor has not become obligated to pay ta the Secretary,and Lender shall promptly refund any excess funds to
<br /> ' Borrower. 1mmMiately prior to a foreclosure sale of the Property or its acquisition by Lender. Borrower's accoant shall be
<br /> credited with any balana remaining fos all installments for items(a1.(b)and(c).
<br /> 3.A'ptla�dos oi P�yme�ts.All payments under paragraphs 1 and 2 shall be applied by Lender as follows: ; _
<br /> • F1RST,to the mortgage insurance premium to be paid by Lendrr to the Secretar}r or to tht monthl�:charge by the Secretar> � '
<br /> instad of the monthty mortgage insurance premium, unless Bonowcr paid the entire mortgage insurance premium when thic
<br /> Sec�uity lnstrument �as signed; ;
<br /> �Q I�D. to any taaes.special assessments. leasehold payments or ground rents,and fire,flood and other hazard insurance ; _
<br /> premiums,as required; _
<br /> ' ��.to interest due under ihe i�tote, --
<br /> _ U T , to uaortization of the principal of the Note; -
<br /> —- - ' �.to Iate¢harges due un�er the Note. � __._
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<br /> �.Flre,Fbod a�d Otier NuaN t�wraice.Bonower shall insure all improvements on the Propetty,�vhether now in existence �
<br /> or subsequmtly erected,against any hazards,casualties,and contingencies,inciuding�iro, for which Lender requires insurance.
<br /> • Th�s insurance shall be maintsuned in che amounts and for the periods that Lender requires. @onower shxll also insure all ���
<br /> imDrovemeats on the Property,whether now in e�istencs or subsequently erected,�gainst loss by tloads to the extent required b� -
<br /> the Secretary.All insuranee shal!be carried with companies approved by Lendtr.The insurance goEec�es and any rcnewais shalC
<br /> be held by Lender and shall include loss payable clauses in favor of.and in a form aaeptable to,Lender.
<br /> � In the event of loss.Borrower sEa:l give Lender immediate notice by mail.Lender may make proof of loss if not made prompt- �•
<br /> ly by Boaower.Each insurance mmpany concerned is hereby authorized and directed to make payment for such loss directly to
<br /> � Lendtr.instead of to Borrovrer and to Lender jointly.All or any part of the insurance ptoceeds may be applied by Lendtr,at its
<br /> a option. tither(a) to the reduction of the indebtedness under the Nott and tfiis Security lnstroment, first to any delinquent
<br /> � amounts applied in ake order in Paragraph 3, and then to prepayment of principal, or(b)tu the restoration or repair of the
<br /> � damaged property.Any applicaaon of the proceeds to the principal shall not ext�nd or postpone the due date of the mo�thty �
<br /> payments which are referred to ia Paragraph 2. or change the amount of such payments.Any excess insuranee proceeds over an ,��
<br /> amount required to pay all outstae�ing indebtedness under the Note and this Security Instrument shall be paid to the entity legal- _
<br /> ly endtled thereto.
<br /> In the event of foreclosure of this Security Instrnment or other transfer of title to the Property that extinguishes the in-
<br /> � debtedness.all right,titie and interest of Borrawer in and to insurance policies in force shall pass co the purchazer.
<br /> S. Pe+aervatlos aed Mdeteauce of the Property� Leasehold�. Bonower shall not commit waste or destroy, damage or
<br /> substaati�lly change the Properep or allow the Ptoperty to deteriorate.reasonable wtar aad tear excepted. Lender may inspect
<br /> the property if the propeny is vacane or abandoned or the loan is in default. Lender may take reasonable action to Drotect an�
<br /> praerre such vacuec 4►abandoned property.lf this Security Instrument is on a leasehold,Borrower shall comply with the pro�i-
<br /> sions of the lease. �f Sorrower acquires fec titte to the Propeny,the leasehold and fee title shall not be merged uniess Lender
<br /> ' agras to the merger in writing.
<br /> _ ' 6.Ci�ar�es to Boerower aed ProtecNoe of Leader's W`6ta in the Property.Bonower shall pay all govemmental or muniripal
<br /> ehatges.fints and imposiuons that are noi inetuded in t''aragraph 2. Borrower shail�ay these ootigations vn time eiireciJy to[ne
<br /> eatlty wtuch is av�rd ihe payment. lf failure to pay would adversely affect l.ender's interest in the Property. upoii Lender's re-
<br /> quest Bonower sFtali'promptly furnish to Lendet receipts evidenci�g these payments.
<br /> If Borrower fails to make these payments or the payments required by Pazagraph 2,or faits to perform any other covenants and
<br /> agreeraents contair.ed in this Security lnstrument,or there is a legal proceeding that may significantly affect Lender's rights in '
<br /> _ the Propetty(suc�as a proceeding in bankruptcy,for condemnation or to enforce laws or regulations),then Lender may do and �
<br /> pay whatever is�teressary to protect the value of the Pro�erty and Lender's rights m t he rropeny. inctuding payment of taaes,
<br /> hazard insurance and other items mentioned in Paragraph 2. ,
<br /> Any amounts disbursed by lender under this Paragraph shall tsecome an additiona! debt of Sorrower and be secured by this ;
<br /> Security lnstn�ment. These amounts shall bear interest from the date of disbursement,at the Note rate,and at th�option of
<br /> Lender, shall be immediately due and payable. �
<br /> L 7.CoademwUoa.The practeds af any award or claim for damagrs,direct ar consequentia{, in connection with any condem-
<br /> nation or othet taking of any part of the Property,or for con��eyance in place of condemnation,are hereby as�igned and•hall be
<br /> paid to I.ender to the extent af the Pull amount of the indebtedness that remains unpaid under the�ote and thi�Sccur�ty[nstru- �
<br /> ment.Lender shall apply such pioceeds to the reduction of the indebtedness under the'.Vo�e aad thi�Security Imtrument,first to tp
<br /> -- any delinquent amounts applied ir►thc ordrr provided in Paragiaph ?,and then tc�prepayment of princiDal. Any application of �
<br /> the proceeds tn the principal shali nat extend or postpone the due date of the monthly paymcnts,whuh arc referrcd to in
<br /> _ Paragraph Z, �r change the amount of sach pay�ments. Any eKCesti proceeds ���er an arnaun►reyu�rcJ tc. p��y all��uT.t.+nd�n�!�n •• •
<br />____-- debtedness under the Nnte and�htc tiec���ity Inctnunertt �hr�l! he^a�d tt�thc en!rt�• !__all� ,nuttec: :her:to.
<br /> __ A. Fees. I..ender may cop:.:t (ers and charFe. auth�:nicd h� �he tic.rc�ar�
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