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<br /> • 1. P�yresl ot PdNCip�l.I�tert�t�nd Late CM�ne. Bottowet shell paY whCn due the principal of,c�nd interest on,thr_dcbt
<br /> evidtnced by the Note and I�te chsrQes due under the Note.
<br /> Z.Mo�t1f'!'aywnb ot Tutn,�iur��ce�i O!leir C�u�.Borrower shall inclada ln each monthty payment,together with
<br /> � the principtl�nd i�terat a�set forth in the Note and any late�har�es�an inst�llment of any(�)ta�ces and specla!assessments
<br /> levied or to be levied apinst the Property. (b)leasehald payments or ground�ents oa thc Propeny, and (c)premium9 for
<br /> , Insursnce roquired by puaaraph 4.
<br /> Each moathly instaWnent for itema(a),(b)and(c)shdl equ�l one-twelfth of the annusJ amounts,as reasonably estimated by
<br /> l.ender,plw an amount sufdcltat to maintain an additionul balance of not more than one-sixth of the estimated amounts.The
<br /> � full�nnual amount for ach item ah�ll be accumulated by Lender within a pedod endiag one month before an ltem would '
<br /> beoome delinquenl.Lrnder sha11 hoW the amounW collected in trust to pay items(a),(b)and(c)bofore they become deGnquent.
<br /> lf at u�y time the total of the p�yment�held by Leader for itema(�t),(b)�and(c),together wlth the tuture monthly payments
<br /> . foT such items p�yabk to Lmder prior to the due dates of such Items.txceed�by m�rc than one•sixth the estimated amount of
<br /> p+�yments required to pay such items wheo due. and if p�ymenta on the Note ue cucrent, then Lender shall either refund the
<br /> � txoas over one-si�th of the estimated paymcnts or credlt the excess over onasixth of the estimated payments to subsequent
<br /> p�yment�by Horrower.at the option af Borcower. If the total of tl��pay�nents made by HorroHer for item(a),(b).or(c)is
<br /> insuffklent to pay the itcm whsn due,thea Bonower shall pay to Lender any iunount necessxry to make up the de�ciency an or
<br /> before the date the item becomes due.
<br /> � As used in th'ss Security Instrument. "Secretary" meaas the Secretary of Housing and Urban Development or his or her
<br /> ' desi�nee,Most Security instrumeats insured by the Secretary are insured under programs which require advance payment of the
<br /> entirc moct�e insurana prem9um.If thls 3ecurity Instrument is or was lnsured under a program which dld not require advance
<br /> � payment of the eatlre mortgate insurance premium,then each monthty payment shall also include either:(1)an installment of the
<br /> � annual mort�e insurance prcmlum to be paid by Lender to the Secretary, or(ii) a monthly chArge instead of a mortgage
<br /> _—_ �0SI1T�IlCC pfCRIIIIIl1�111J�StCILSiIY IIIStiumeat'L9 held by the Secretalry. FACh m!+nthly inctaJlrp�nt qf t1+��nrsog�;��.���,�
<br /> • prcmium shaU be ia an amount suf�cient to accumulate the full annual mortgage insnrance premium with Lender one month
<br /> pdor io tho date the fuU u�nual mortgage inswance premium is due to the Secretary,or if this Secudty instrnment is held by tho
<br /> Secretary. ach monthly chxrge shall be in an amount equal to one-twelfth of one-half perant of the outstanding principal
<br /> b�lana due on ehe Note.
<br /> If Horrower tmders to Lender the fuU payment of all sums secured by thls Security Instrument,Borr�wer's account shall be
<br /> � credited witri the balana remaining for all installments for items (a), (b) and (c) and any mortgage insurance premium
<br /> . installment that Lender has not become obllgated to pay to the Secretury,and Lendtr shall promptty refund any excess funds to
<br /> Iiorrower. Immedistely prior to a foreclosure sale of the Propeny or its acquisition by Lender. Borrower's account shall be
<br /> credited with any b�lance remAining for aU installments for items(a).(b)and(c).
<br /> , 3.A�pYc�tlo�ot Pqr�e�b. All payments under pazagraphs 1 and 2 shall be applied by Lender as follows: �
<br /> �$$T, to the mort=�e insnrance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary '
<br /> instead of'the monthly mortaade insurance premium. unless Bonower paid the entire mortgage insurana premium when this �
<br /> ' __ �'il�iir'uiSiiiuiic�ii was signed; _ " -
<br /> SECOND,to�ny taxes,special assasments,leasehold payments or ground rents,and fire. f]ood and other hazard insurance --`
<br /> premiums,u roquirod; + �;
<br /> �$Q,to interest dne under the Note; n�
<br /> URT . to amortlzation of the principal of the Note; -
<br /> FiFi'H, to late charges due under the Note.
<br /> 1•Fire�I�lood ud OtLer Hwrd iesura�ce.Bonower shall insure all improvements on the Property,whether now in existence ��
<br /> or substquently erected�against any hazards,casualties,and contingencia,including fire.for which Lender requires insurance. � _
<br /> This insurance shali be maiatained in the amounts and for the periods that Lender requires, Borrower shall also insure all �=
<br /> { improvements on the Property,whether now in existence or subsequently erected.against loss by floods to the exttnt required by
<br /> the Secretary.All insurance shall bt carried with companies approved by Lender.The insurance policies and any renewals shall
<br /> be held by Lender and shall include loss payable clauses in favor of,and in a form acceptable to.Lender.
<br /> In che event of loss.Borrower shall give Lender immediate notice by mail.Lender may make proof of loss if not made prompt-
<br /> • ly by Borrower.Each inswaace compaay concemed is hereby authorized and directed to rnake payment for such loss dircetly ta
<br /> , I.eader,instead of to Boaowes and to I.ender jointly.All ot any pan of the insurance proceeds may be applied by Lender.at its
<br /> , option, either(a)to the reductson of the indebtedness under the Note and this Security lnstrumerst, first to any delinquent �
<br /> ; amounu appliod in the order in Paragaph 3. and then to prepayment of principal,or(b)to the restoration or repair of the
<br /> • damaged property.Any application of th�proceeds to the principal shall not eatend or postpone the due date of the monthly
<br /> payments which aze referred to in Paragraph 2,or change the amount�f such payments.Any excess insurance proceeds over an #
<br /> amount required to pay all outstanding indebtedness under the Note and this Security lnstrument shall be paid to the entity legal- ��
<br /> ly entitlod thereto.
<br /> � ln the event of foreclosure of this Security instrument or other transfer of title to the Property that extinguishes the in- . `
<br /> � debtednas,all right, titte and interest of Borrower in and to insurance policies in force shall pass to the purchaser. �
<br /> S. Praenatlos and M�tenaace of t6e Property, Letu6old�. Borrower shall not commit waste or desvoy, damage or
<br /> . substantlally change thr Prope-¢�or allow the Property to deaeriorate, reasanabte�;ar and tcar excepted.L�der 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 snch vacant or abandontd propeny.If this 5ecurity instrument is on a leasehold,Borrow•er shall comply with the provi-
<br /> . sions of the lease. If Borrower acquiru fee t�tle to the Property,the leasehold and feo title shal!not be merged unless Lender
<br /> • agras to the mergcr in writing.
<br /> 6.Ce�r�ea to Borruxer and Protectioe ot Lendet'�Righls in the Pmperty.Bonower shall pay all governmental or municipal
<br /> chazges,fines and impositions that are not included in Paragraph 2.Borrower shall pay these obligations on time directly to the
<br /> endty which is owed the payment.if failure to pay would adversely affect Lender's interest in the Property,upon Lender's re-
<br /> ' c�uest Borrower shall promptly fumish to Lender receipts evidencing these payments.
<br /> lf Bonawer fails to make theso payments or the payments required by Paragraph 2,or fails to parform any other covenants and
<br /> agreements contained in this Securiry lnstr�*nent. or there is a legal proceeding that may significandy affect Lender's rights in :°_-_°— -
<br /> the Property(such as a proceeding in bankruptcy.for condemnation ar to enforce laws or re�ulations),then Lender may do and •
<br /> pay whetevtr ls necessaty to proteet the value of the Property and Lender's rights in the Property, including payment of taxes,
<br /> hazard insvrance and other items mentioned in Paragraph 2. ,
<br /> Any amounts disbursed by lender ander this Paragraph shall become an additional debt of Borro�•er and be secured by this .
<br /> Security lnstrument. These amounts shall bear irtterest from the date of disbursement,at tlie Note rate, and at the option of
<br /> Lender,shall br immediately due and payable.
<br /> N
<br /> L 7.Candemnatioa.The proceeds of any award or claim for damages,direct or consequential,in connection with any condem- ��',
<br /> nation or other taking of any part of tlie Propeny.or for conveyance in place of condemnation,are hereby assigned and shall bc
<br /> paid to Lender Lo the extent oi thc full amount af the indebteclness th2t remains unpaid und:r the Mote a�d this Secu:ity ln;tru• �
<br /> ment. Lender shall�pply such praceeds to the reduction ot�the indebtedness under the Note and this Securfty Inslrument,firtt to �
<br />: any delinquent amuunts applied in the order provided in Paragraph 3,and then to prepay�ment of pnncipal..4ny application of �jn�
<br /> ti�c procecds to the principal shal! not extend or postponc the duc date of the monthly paymentti, ahich are referred to in 't�
<br /> Paragraph 2,or change thc amount of such payments. Any c!cectis procccd�o�er an amount rcywred to�a}'aU��ut�tandin�in•
<br /> debtedness under the Note and this 5ecuriry Inslrument tihall bc paid I��the ent�t} legally entitled thcreto. �
<br />� 8.F'eey. I.ender may cc,llect feet and chargeti authnrirecl hy the 5c.retary.
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