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<br /> ' 1�r�jli��Vl����1�����Cils��I�Y W1C�.Y�(st. SV��uwCi attall pNy wuc�1 uUr Uti�ii{ii�{�Ui�Ulltj UI(CiCS�UO� �fiC MCOI
<br /> evidenced by the Note�nd late char�es due under the Note.
<br /> 2.Me.Nr1�►hyAtllb Of'��XH.twruce ud Otticr C�ute�.Bo�rnwer sbW include la eacA aaoathty�,aymeat.to�ether with
<br /> � the pdecip�l and interat a�xt forth in the Not�and any l�te chu�es.�ui inst�ilment at amy(�)t�uces�nd special assessments
<br /> kvied or to be kvled ajainat the Froperly� (b�leuehold paymente or�runnd rents on the Property, ttnd(c) premiums for
<br /> insur�ace required by Puajraph 4.
<br /> Bach moethly installment fo�itema(�).(b)�nd(c)sh�ll equal one•twelfth af the uiauv amounu,a+reasonably estimated by
<br /> ' Lenda,pins an amount aufficieat to maint�in an�►dditlonal balance of not more than one-s�ctA of the atimxted amounts.The
<br /> !ul!annua!uuouat fo�each itrm shall bi accumuuted by Lender withIn a perlad endin�one month before an item would
<br /> beoome delinquent.l.ender sh�ll hold tbe�mounts callected ia trust to pay items(a).(b)and(c)before they become delinquent.
<br /> If�t any tjme the totai of the p�ymena held by Lender for items(a),(b).and(c).to�ether wlth the future monthly p�yments
<br /> , for sucd 9tem�payable to Lender pdor to the due dates of such Items.eaceeds by more than one-si.rih the wtlmated amount of
<br /> p�ymmts required to p�y sucd iteau whea due. and if payments oa the Note ue cuReat.then Lender shall either refund the
<br /> � eaow over one-:ixtb of the aticaated psymrnu or ccedit the axcas over one-sixth of the atim�ted pnymenta to subsequent
<br /> � p�yment�by Horrpwer�at We optioa of Horrower. lf the total of the psiymonts m�tde by Bonowtr for item(a),(b),or(c)Is
<br /> � insufficieat to pny the ltem when due,then Honower shall psy to Lender siay sunount necessary to make up the deflclency on or
<br /> before the date tbe item becoma duc.
<br /> .As wed 1n thb Securlty Instrumeat, "Secretuy"mean�the Sectetary of Housin�and Urbs�n Developmcnt or his or her
<br /> daipix.Most Security Instrumenu i�uured by the Secretuy uG in�ured under pro�ms which requIre advance payment of the
<br /> ; entire a►ort�ase inswuwe premium.If thls Sesurity Instrument is or w>ts insured nnder a program whlch did not require advance
<br /> payment of the entire monsa�e insuruue premlum,then each montlily ps►ymenl shall also include either:(i)an installment of the
<br /> ' � annwl mortp�e ia�uiana premium to be paid by Lender to the Secretary,or(ii)a monthly chatrge instad of a mortgage
<br /> ; 9a,:-.:.;.rs�pr�u:uta it'this°..:ti:ri:; :�^ir.�^�nt;s�etu'J�ihc uca;iciuy. nxc;,monialy instAIiment of the mortgage insurxace
<br /> prcmiam ahW be ln u►araount suf�fcient to�ccumul�te the full annual mortgAae insurance promium with Lender Qne month
<br /> . ' prior tu We d�tte the lull annu�l mort�e insurance prcmium is due to the Secretuy,or if this Securlty Instrument is hetd by thc
<br /> Secretuy,ach monthly chu�e shall be in an amount equ�l to one-twelfth of one-half percent of the ouutanding princip�l
<br /> . balana due on t6e Note.
<br /> , lf Horrower tenden to Leader the fuU payment of aU sums secured by thla Security Instrument,Borrower's account shall be
<br /> , c�edited with the balance remainina for �11 installmenu for items (a), (b) and (c) anc� any mortgage insurance premium
<br /> installment Wst Lender has not become obUgated to pay to the Secretary,and Lsnder shall promptly refund any excess funds to
<br /> BonoNer. lmmedialely priar to a forcctoswe sAle of tha Property or its acquisitlan by Lender, Borrower's account shall be
<br /> i credited with any balaace rem�ning for aU iastaliments for items(a), (b)and(c).
<br /> : 3.AMMc�tbu ot Pq�b.AU p�yments under puagraphs 1 and 2 shall be applied by Lender as follows: �. �
<br /> � Fj$�'r,to the mort�ge insurxnce prenilum to be paid by Lender to the Secretary or to the monthly charge by the Secretary '
<br /> instesd of the monthly mort�e insurance premium,unlas Borrower paid the entire mortgage insurance premium when this
<br /> Secunity Instrument was sipi�ed; � `
<br /> . = °���i6�uj:isiiei,apa,hai asscssmenia�tasehoiu paymenu ar grvunci rrnts,an�ftlC,1i0od AtIA Oitllt hBZSt'd insurance . i- �
<br /> pteaduma.ts requlred; � t,.-=-
<br /> ��$�,to interest due under the Note; t ,�"-
<br /> F_ QURTI,�. to amortiutioa of the principal of the Note; __
<br /> �j,to l�te c6u�a due under the Note.
<br /> 4.Flne,I�7ooi ud Ottier Haraed Iwraa�e.Borrower shall insuro all improvements on the Property,whether now in existence �
<br /> or subxquendy etected,a�ainst any huuda,casualtles.and contingeacies,including fire,for which Lender requires insurance. ,�
<br /> • This insw�ance sh�ll be maintained �n the amounu and for the periods that Lender requira. Borrower sh�il also insure all -
<br /> > improvements on the Property,whether now in eaistence or subsequently erected�agaiast loss by floods to the extrnt required by "
<br /> ; the Secrctary•All insunuice shall be curied wlth wmpanies approved by Lender.The insurana pollcies and any renewals shaU
<br /> ; be held by Leader and shaU include loss payable clauses in fa�or of,and in a form acceptable to,Lender.
<br /> � In the evsnt 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 insurance compAny conceraed is hereby suthoriud and directed to make paymrnt for such loss directly to
<br /> Lrnder,instead of to Boaower and to Lenda jointly.All or any pxrt of the insuruice proceeds may be applied by Lender.at Its
<br /> optioa,eiWer (a)to the reduction of the indebtedness under the Note and this Security Insuument. first to any delinqueat
<br /> , unounts applied in the order 9n Para�aph 3,and then to prepayment of principal, or(b)to the restoration or repair of the
<br /> duaatal ptoperty.Any appliqtion of the proceeds to the princlpal shall not extend or postpone the due date of the monthly
<br /> p�yments wluch are referred to in Partgraph 2,os change the amount of such payments.Any excess insurance procads over an Y
<br /> amount requ9red to pay aU outatanding indebtedness under the Note and this Security lnstrument shall be paid to the entity legal- .;��
<br /> ly entitkd thereto.
<br /> In the event of forccloswe of this Security Instrument or other transfer of tide to the Propeny that extinguishes the in- . � �
<br /> debtedaess�all rlght,dde and interest of Bonower in and to insurance policies in force shall pass to the purchaser.
<br /> S. Praerradoa ud Maiateunce o!the Prope�, Leaeehotd�. Borrower shaU not commit waste or destroy, damagc or
<br /> substanHally change the Ptoperty or allow the Property to deteriorate.reasonable wear and tear exapted. Lender may inspect
<br /> the property if the property is vacant or abandontd or the loan is in default.Lender may take rcasonable action to protect and
<br /> preserve such vacant or abandaned propeRy.If this Saurity Insirument 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 fee title shall not be merged unless Lender
<br /> agrees to the merger in writing.
<br /> 6.CIu�to Borrower�wd Protectloa ot Lender's W�ts fn t6e Property.Bonower shall pay all govemmental or municipal
<br /> ch�rges,fines and impositions that are not included in Pazagaph 2.Bonower shall pay these obligations on time directly to the ,
<br /> entity which is owed the payment.If failute to pay wauld adversely affect Lender's interest in the Property,upon Lender's re-
<br /> quest Borrower shall prompdy fumish 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 covenants and
<br /> . agreements contained in this Security lnstrument,or there is a legal proceeding that may significantly affect Lender's rights in r-- ___-
<br /> the Property(such as a proceeding in banlwptcy,for condemnation or to enforce laws or regulations),then Lender may do and
<br /> pay whattver is necessary to prottct the value of the Property and Lender's rights in the Property,including payment nf taxes, '
<br /> hazard itssurance and other items mentioned in Paragraph 2.
<br /> Any amounu disbursed by lender under this Pazagraph shall become an additional debt of Bonawer xnd be secured by this '
<br /> Security Instrument. These amounts shall bear interest from the date of disbursement,at the Note rate, and ai the optian of
<br /> Lender,shall be immediately due and payable. «t
<br /> � 9.Coedemnstion.The proceeds of any award or clain�for damages,direct or consequential,in c�nnection with any condem- �
<br /> nation or other taking of any part of the Property.or for conveyance in place bf condemnation,are hereby assigned and shall be
<br /> paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instru- `�`
<br /> ment.Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security lnstrument, �rst to ~
<br /> any delln ucnt amounts a lied in the order rovided in Paza ra h 3,and then to re a �i
<br /> 9 PP P g p p p yment of principal. Any application of
<br /> the ptoceeds 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 aanount of such payments.Any excess proceeds over an amount reyuired to pay all outstanding in- 'r
<br /> debtedness under the Note and this Security lnstrument shall be paid to the cntity legally entitled thereto. '�
<br /> B. Fets. l,ender may collect Pees and charges�uthosized by the Secretary.
<br /> Puge 2 nJ 4
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