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<br /> • 1,Paymeui G::iriacip�l, I�terest�ad i.ate C:�nr�, i3a�ra�ver shal!pay whcn duc the�rincipal oY�a��oEres��ehe debt
<br /> evideaced by thr Note and laec charg�s due undcr the Note.
<br /> 2.Mo�tMh l��e�b ot Ta:a�I�sMra�ce s�d Ot�er CMancs.Botrower shal)include in each monthly pay ment.together with
<br /> � the principal and lntecGSt�s set fonh in the Note and any late chuQes, aa instaliment of any(a)tAaces and speci�l assessments
<br /> levied or to be levied ajainst the Property� (b)lr�,sehold payments or grnund rents on the Froperis�and(c)premiums foi
<br /> in�urance required by P�ryraph 4.
<br /> Fach monttdy instWme�t for items(A).(b)�nd(c)shall equ�l one-twelfth of the annual amoun�s,as reasoaably estimated by
<br /> Lender.plus an amount sufficient to muntain an�ddItian�l balance aF not more than one-sixth of the estlmated amounts.The
<br /> f�ll mnwil amoune for tach item ahall lx accumutAted Dy Lende� w3thin a period ending one month before an item woald
<br /> . become delinquent.Lender ahall hold the amounls collected in trust to pay items(a).(b)and(c)before they become delinquent.
<br /> if at iuiy timo the total of the payments held by Lender for itema(a).(b).and(c),together with tBe future monthly paymenis
<br /> � far such items payable to Lender prior to the due dAtes of snch ltems.exceeds by more than one-sixth the estimated aruount of
<br /> ' psyments requiced to p�y such Items wAen due,and if payments on the Note are current,thea Leader shal)either refund the
<br /> ' e�over one-sixth of the esdm�ted payments or credlt the excess over onasixth of the estimated payments to subsequent
<br /> i payments by Horrower,at the opHon of Borrower. If the tots►1 oi the payments made by Bonower far item(a),(b).or(c)is
<br /> ; insufficient to pay the item when due,then Bonower shall pay to Lender any unount necessary to make up the deficiency on or
<br /> befort the date the item becomes due. .
<br /> Aa used in this Security inslnimeat, "Secretary"means the Secretary of Nousing and Urban Development or hls or her
<br /> ' dtsijnee.Most Secudty l�struments insured by the Secretary aze insured under programs tivhich require advance payment of'the
<br /> , entire mott�a�e insurance premium.lf this Security Instrumcnt is or was insured under a ptogram which did not require advance
<br /> ; payment of the entire mortgage lnsurance premium,[hen each monthly payment shall also include either:(i)an instellment of the
<br /> • annu�l mort�e insunnce premlum to ix paid b�+Lender to the Secretary,or (ri)a manthly charge instead of a mortgage
<br /> ; insuru�ce premium if this Security Instrument is held by the Secretary. Each monthly installment af the mortgage insurance
<br /> Preminm sha11 be in an amount sufficient to accumulate the full annual mortgage 9nsuranee premium wlth Lender one month
<br /> � prior to the date the fuU annua!morigage insurance premium is�lue to the Secrctary.or iF this Security Instrument 9s held by the
<br /> i Seeretary,qch monthly charge shall be in an amount equa!t�one-twelfth of oAe-half percent of the outstanding principal
<br /> balance due on the Note.
<br /> ; If Borrower tenders to Lender the full paymen4 af all sums secured by this Security Instrument, Bomower's account shall be
<br /> : credited wlth the balance remain9ng for all instalimtnts for items (a), (b) and (c) and any mortgage insurance premium
<br /> ' ; installment thai Lender has not become obUgated to pay to the Secretary�and Lender shall promptly refund any excess funds to
<br /> Borrower. Immediately prior to a foreclosure sale of the Property or lts acquisition by Leader, Botrower's account shall be
<br /> • credited with any balance remaining for all installments for items(a).(b)and(c).
<br /> : 3. AppNcatio�o!Psrmeet�. All payments under�ragraphs 1 and 2 shall be applied by Lender as foUows: .
<br /> . EI$$T.to the mortgage iasurance premium to be paid by Lendtr to the Stcretary or to the monthly charge by the Secretary
<br /> instead of the month3y mortgxge inswance premium,unitss Barrower paid the entire mortgage insurance premium when this
<br /> ' Securlty instrument was signed;
<br /> �CQ,_„Q.to aay taxes,special assessments,leasehold payments or ground rents,and fire, flood and other hazard insurance � �
<br /> premiuma,as required; i ;
<br /> � T�.($p.to lnterest due under the Note; ; � -
<br /> FJU°_Ti�,ta�ssartiz�tlon csf ii�c principaZ;,�'iiia Nvte: - -
<br /> -- 3'1 C 't 3,to tate cnarg�s due under the Note. -
<br /> � 4•�+��d aad Otl�e�Hazard Iesara�ce.Bonower shall insure all improvements on the Property,whether now in existence
<br /> ' or subsequeatly erected,against any hazards,cas�.alties,and contingencies,including fire,for which Lender requires insurance.
<br /> This insurance shall be maintained in the amo�ats and for the periods that Lender requires. Bonower shall also insure all
<br /> ; itnprovements on the Properry,whether now in eaistence or subsequently erected,against toss by tloods tv the extrnt required by
<br /> . the Secrctary.A11;nsurance shall be e�rried with companies appro.ed by Lender.The insurance policies and any renewals shall
<br /> be held��Ltnder and shap Include dass payable clauses in favor of,and in a form acceptable to. Lender.
<br /> , In the event of loss,Horrower shall give Lender itnmediate notice by mail.Lender may make proof of loss if not made prompt-
<br /> � ly by Bonoaer.Each insurance company conceraed is hereby authorized and directed to make payment for such loss disatly to
<br /> � Ltnder,instead of to Bonower and to Lender jointly.A11 or any part of the insurana proceeds may be applied by Lender,at its
<br /> , option,either(a) to the reduction of the indebtedness under the Note and this Security Instrument, Srst to any delinquent
<br /> : amounts applle�S in the order in Paragraph 3, and then to prepayment of principal,or(b�to the restoration or repair of the
<br /> ; damaged propeny.Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly
<br /> � payments whlch aze reftrred to in Pazagraph 2,or change the amoant of such payments.Any excess insurance procads over an ;:��
<br /> amount requ9red to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legal-
<br /> ty entiUed thereto.
<br /> In the event of foreclosurs of this Security Instrument or other transfer of title to the Property that extinguishes the in-
<br /> debtedness,all right, t�tle and interest of Bonower in and to insurance policies in force shall pas,to the purchaser.
<br /> S. Preser��don and Mti�tenance ot t6e Property, i,��seholda. Bonower shall not commit waste or destroy. damage or
<br /> substantialfy ehange the Property or allow the Propeny to deteriorate.reasonable wear and tear excepted.Lender may inspect
<br /> the property if the propeny is vacant or abandoned or the loan is in default.Lender may take reasonable action to protect and
<br /> ; preserve such vacant or abandoned property,lf this Security Instrument is on a Icasehold,Borrower shall comply with the provi-
<br /> sions of the lease. lf Borrower acquires fa title to the Property, the leasehold and fee title shall not be merged unless Lender
<br /> • agrees to the merger in writing.
<br /> 6.C1u�a to Borrower aed Protectloe of Leeder's Rig6ta in the Property.Bonower sha?]�ag all governmental or municipal
<br /> , cba*�ss,fiaes and impasitions ti�at are not included in Pazagraph 2.Borrower shaU pay these o�;igatioas on tlme directly to the
<br /> entity which is owed the payment.If failure to pay would adversely affect Lender's interest in the Property,upon I,ender's re-
<br /> quest Borrower shall promptly furnish to Lender receipts evidencing these payments.
<br /> If Bonower fails to make these payments or the payments set�u3red by Paragraph 2,or fails to perform any other covenants and
<br /> � agreements contained in this Security lnstrument,or there is a legal proceeding that may signi�cantly affect Lender's rights in " �
<br /> the Property(such as a ptoceeding in bankruptcy.for condemnation or to enforce laws or regulations).then Lender may do and �
<br /> pay whatever is necessary to protoct the value of the Property and Lender's rights in the Propeny,including payment of taxes,
<br /> hazara insurance and other items mentianed in Paragraph 2.
<br /> Any amounts disbursed by lerder under thls Paragraph shall become an additional debt of Borrower and be secured by this !
<br /> Security lnstrument. These amovnts shall bear interest from the date of disbursement. at the Note rate, and at the option of
<br /> Lender,sha11 be immediately due and payable.
<br /> 7.Coidesssqon.The proceeds of any award or claim for damages,direct or consequential.in connection with any condem- �L
<br /> L nation pr other taking of any part of the Praperty�or for conveyance in place of condemnation,are hereby assigned and shall be
<br /> pala to Lender tp the extent of the full amount of the indebtedness that remains unpaid under the Ivote and this Security Instru- n
<br /> ment. Lender shall apply such proceeds to the reduction of t he indebtedness under the Note and this Security Instrument.f�rst to ��
<br /> any drlinquent amounts applied in the order provided in Paragraph 3,and then to prepayment of principal. Any application of
<br /> the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which are referred to in ' �!
<br />• Paragraph 2,or change the amount of such payments.Any excess ptoceeds over an amount required to pay all outstandinu in- �_
<br /> debtedness under the Note and this Sccurity lnsuunrent shall be�aid to the enury legally entitled thereto. �
<br /> a. l�ea. I.ender n�ay colleci fees and charges authorized by the�ecreiary.
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