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<br /> � 1. r�yw�1 ot Prl�ctpai�Inenyt a�d 4�te CMa�e.Ronower shall pay when due the principa!01.and interest on, thc debt
<br /> eti���ceu by �he Atote and late char�es due under the Note.
<br /> � _.Mat�r h�b of Tua,Iwra�a�d Ot�CtiaRp,gorrower shal include in each manthly p�yment,together with
<br /> the prinr^ip�l and interat u aet fonh in the Note and any late chu�es. an instaitment of any(a)taxes and special asses�ments
<br /> levied or ta be kvied a�tiast thr Propcsty� (b)le�chold payment�ur ground rents on the Property. �nd (c)premiums for
<br /> insurance required by Pu�r�ph 1.
<br /> Eaeh manthly insWlment for items(:).(b)�nd(c)ahaD!equal one-tweffth of the annual amounts,as reasonably estimstted by
<br /> Lender,plw an�maunt aufficient to m:intain an�dditlonal baUtna of not more th�n one•si�t6 of the estimated�unaunts.Thc
<br /> Q�t1 aanusi aQwunt for each item shaU Oe accwnulated by Lender within�►period ending one month before an item would
<br /> become dellnquent. Lender shaU hotd the unounts colkcted in trust to pay items(�)�(b)und(c)before they become delinquent.
<br /> It at�ny dme the totd of the payments held by Lender for ltems(a).(b).and(c)�together with the future monthly payments
<br /> for auch items payabk to Lender prior to the due d�ta of such items�eaceed�by more td�n one-si�th the estimAted amount of
<br /> MY��rWuir�d to pay such items when due�and lf psyments on the Note are cnrreat,then Lender shall eithe�refnnd We
<br /> eacess over one•siath of the estim�ted p�ycnents or credit the raccess over one-siath of the estimated paymenu to aubsequent
<br /> paymeaq by Bonower.�t the option of Borrower, lf the toW of the psymeats mAde by Borrower for 9tem (a),(b),or(c)ls
<br /> iasufficient to p�y the item when due�thea Borrower ahW pay to Lender any amount neces.wy to make up the deficlency oa or
<br /> before the date the item becoma due.
<br /> ' As used ia thla Security Instrument, "Secretuy• means the Sccretary of Housing and Urban Development or his or her
<br /> desitna.Most Setvrity instruments inswed by the Secretary are insured under programs whlch require advance payment of the
<br /> entire mort�e insurance premium.If thia Security Insttument is or was insured under a program which did not requirc advance
<br /> paymeat of the entire mortg�e insurance premlum,then�ach ma�thly paymeat shall also include either:(i)an instaUment of the
<br /> annual mortsate inswuice premium to be paid by Leader to tT�e Secretary� or(li)a monthiy chuge inste,ad of A mQat�e
<br /> lnsurana p�mium if thls Security Instrument is hetd by the Secretary. �ach monNly insUtllMent of the mortga�e insur�na
<br /> premium shaU be in an amount sufficient to accumulate the full annual mortgage insurana preiaium with Lender one mont8
<br /> prlor to the date the fuU anaual mortgage insurance premium is due to tha Secretary,or if this Secwity Instrument is hetd by the
<br /> Secretary,each monthly chuge shW be in an amount ec�ual to one-twelfth of one-half perant of the outstAnding pr[ndpal
<br /> b�lance due on the Note.
<br /> I!Borrovrer tenders to Lender the ftr�payment of all sums secured by this Secudty Instrument,Borrower's account s!�all be
<br /> creditetl with the balance remaining for all iastalimeats for itema (a). (b) and (c) and any ir,ortgaRe lnsurance premium
<br /> instalhnrnt that Lender has not baome obllgat�d to pay to the Secretary.and i,ender shall prompdy refund any excess funds to
<br /> BorroN+er. Immedl�tely prior to a foreclosure sale of the Property or its acquisition by Lender,Borrower's account shall be
<br /> cr�dlt�d with anY balance re�naining for aU instaWnents for items(a),(b)and(c).
<br /> 3.AppYcatlo�of Pa�ts,pA psyments under paragraphs ➢ u!d 2 shaU be applied by Lender as foAows:
<br /> E�$�T,to the mortgage insurance premium to be pald by i.endea to the Secretary or to the moathly charge by the Secretary
<br /> insta�td of the monthly mortgage insnrana premium,unless Borrower paid the entire mortgage insurance premium when this
<br /> Security IASUUmeat was s�ned; i
<br /> SECOND.to any taxes.special assessments,leasehold payments or ground rents,and firo�flood and other hnzard inswance � _:
<br /> . premiums,sa ra;nirt�, -
<br /> T.Hj$p.to intenst due under the Note• � i
<br /> _- FAi IR'�Ti�tw w�. `.�r:...�•���i'aiac}ainciWii vi[aC irotC� -
<br /> �,to late charaes due nnder the Note.
<br /> ,:��
<br /> �•��I�7oa1 ud Ottier Hazvd lwr��ce.Borrower shaU insucr aIF improvements on the Property,whether now ia eaistence
<br /> or subsequendy erxtod,against any hazards,casualties,and conti�encies,including fue.for which Lender requires insurance.
<br /> "I7ds insunuia shall be maintained In the amounts and for the periods that Lender requires. Borrowor shall also insure all
<br /> improvements on the Property,whether now in existena or subsequently erected,against lou by floods to the extont required by
<br /> t��SecretuY•All insuraace shall be carried wit6 oontpanies approved by Lender. The insuranoe policies and any renewals shall —
<br /> be held by Lender and shall include loss payable clauses in favor of,and in a form aoceptable to,Lender.
<br /> ia the event of loss,Borrower shall give Lender itamediate notice by mail.Lender may make proof of loss if aot made prompt-
<br /> • Iy by Borrower. Each insurs�nce company conceraed is hereby suthorized and directed to make payment for such loss directly to
<br /> Lender,lnstpd of to Bortower and to Lender joindy. All or any part of the insurana proceeds may be applied by Lender,at iu
<br /> option, either(a)to the roduction of the indebtedaess under the Note and this Security Instrument. first to any delinyuent
<br /> aa►ounts ippHod in the order in paragraph 3. and ctaen to prepayment of principal,or(b)to the restoration or repair of the
<br /> d��B�ProA�Y•Any application of ttte proceeds to the principal shaU aot extend or postpone the due date of ihe monthly
<br /> P�Y�►ents rhich are referred to in parsgraph 2�or change the amount of such payments.Any excess insurance proceeds over an ''��
<br /> amount required to pay all outstanding indebtednas undtr the Note and this Security Instrument shall be paid to the entity legal-
<br /> ly eadtled thereto.
<br /> In the cvent of forectost�re of this Security Instrument or other transfer of title to the Properry that extinguishes the in-
<br /> debtednes�,all right,titte awd interest of Borrowet in and to insurance policies in fora shall pass to the purchaser.
<br /> s• Pr+a�tlo� ud M�i�te�asee of t6e Property, I,easeYo�s,.Borrower shall not commit waste or destroy, damage or
<br /> substaatially change the Property or a1Iow the Property to deteriorate,reasonable wear and tear eacepted.Lender may iflspxt
<br /> �Pr°PMY�f�e Propaty is vacant dr abandoned or the loaa is in default.Leader may take reasonable acdon to protect and
<br /> preserve such vacant or�bandoned property.If this Secnrity Instn�ment is on a leasehold,Borrower shail comply with the provi-
<br /> sions of the IeASe. If Borrower acquires fee title[o the Property,the leasehold aad fa title shall not be rrcerged unless Lender
<br /> ' agnes to the merger in wridag.
<br /> f.C�ea to Borrowv�ed pmtec�ios�t Le�,ki's Ri�v!a t�=prop��.h,,Borrower shall,pay all goverszmentai or municipai
<br /> char�es,fines and imposiuons that are not included in Paragraph 2.Borrower shall pay these obligations oa cime directly to the
<br /> , enrity which is mwed the payment. If failure to pay would adversely affect Lender's interest in the Property,upon Lender's re-
<br /> qusst Bonower shall promptly furnish to Lender receipts evidencing these payments.
<br /> If Borrower fails to make these payments or the payments required by Paragraph 2.or fails to perform any other wvenants and --
<br /> a,gramenu contained in this Security Instrument.or there is a legal proceeding that may signiticantly affect Lender's rights in � �
<br /> L':°P:a.%rrl�($��:s os�P�oc�di�g i��a,�kru�tcy,[ur condemnation or to enforee laws or reguiations).then Lender may do and
<br /> pay whateves is necessary tu protect the value of the Property and Lender•s righu u�the Properiy.including payment of taxa.
<br /> hazard insurance and other items mentione.d in Paragraph 2. ,
<br /> Any amounu disbursed by ltnder under this Pazagraph shall become an addi6onal debt of Bonower and be secured by ihis �
<br /> Security Inasrument.'I'hesr amounts shall bear interest from the date of disbursement,at the Note rate. and at the option af
<br /> Leeder, shaU be irnmcdiately due and pa�yable. �
<br /> � T.Condemeidoa.The ptoceeds otany award or claim for damages,direct or consequential,in connection with any condem- �
<br /> nadon or othcr taking of any paat of the Propeny,or for conveyance in place of condemnation,aze hereby assigned and shall be ¢
<br /> paid to I.ender t�tha extent of the fuU amount of the indebtedness that remains unpaid under the Note and this Security Instru- ti
<br /> ment.Lender shall appfy such proceeds to the teduction of the indebtedness under the Note and this Security Instrument,first to ��
<br /> any delinquent 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 noi eatend or postpone the due date of the monthly pay�ments, which are refcrred to in �
<br /> Parageaph 2,or change the amount of such payments. Any excess proceedc oti�er an amount required to pay all ou►ctanJing i„- '` '"
<br /> df:.bie�re�s us�der ti�c i.totr ano this 5ecurity tnsttument shall be paid to the entity legally entitled thereto.
<br /> 8•�ees. (.ender may collect Eees and charges authorired by the Secretar�.
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