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<br /> - -�-- - Each manthly in��t�llmcnt far itemc IAI,lh),and�c)shall equul ane-twcifth of the unnunl amaunts,u s rcasonably cstimat
<br /> . � ,- .• � . •-•. ny I.ende�,plu�on nmount sui'ficienl to maimain un Additlonol b�iancc at'na� murc�hun��nc•cix�h uf�iic esi{mutcd atnaunts. �-=--�=----•- �--
<br /> The full unnuai amount for each item shull he accumula�ed by Lender within a{xrluct rndinp unt manit�beforc un item wuuld - -- ---
<br /> '�'" "� bccame dctinqucnt. I.ender siwll hold�hc amounta callected in�rust�o pay i�ems la►,tb),anci�cl bePore tFaey bccome dclinqucn�.
<br /> �';'�`'�F � ^. If al any timc th¢�otal of the pwyments held hy 1•ender`�r itema Ia1,Ib1,And lcl.toacihcr with�he future monthl���u+Yment�
<br /> Wr such itemo puyabk�o Lender prfor to ihe duc dates of such itemti.ctcccds by marc�han anc•six�h �hc etiUmutcd amoum
<br /> � • �f payments required lo pny such ilemi when due, und ii paymeot�on�he Note are currrm,then Le�►der shull eiiher rcfuoJ
<br /> :•�-,-�--.,r^„�.,;, the ex�css over one-sixth of thr estimnted p�yments ar credU �he excass over one-cixlh of�he es�imated p�Ymenls t�subsequem T
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<br /> .. ,•;.:,.�3;f�.�,.,;;;�,;,�;� payments b��Borrowcr. at the option af Barrower. If the totol af the puymcnts mpde by Norrower far it�m tu),O.��� �
<br /> :r���.� ��, �:��. i�insufficfent ta puy the Item when duc,then Borrower ahpU pay ta l..ander any amaun�necessery to rnoke up the deiiciency
<br /> ��- on or bcfore the datc t he item becomes due. _
<br /> °� . • As used in this Security Instrument. "Secretury"mesns�he SeeretAry of Housing and Urban Development or his or her __
<br /> �-"=�"� designee.Most Secu�ity Inslruments insured by the Sec�etary are insured under progrAms which require udvance puyment of �_ __
<br /> `�'��"^��,. thc cntire mortgage insu�ance prcmium. If this Secu�ity Instrument is or was insured under e prog�am which did not rcquire _
<br /> -�=�i�y�.2�it�' "� " ent shall also inciude ei�her:(i)an installment �, : -�-__�--�—
<br /> —_—`_�� adwance payment of the entire mortgage insurance premium,then eACh monthly paym
<br /> �.�._-� of the annual mortgaga insurance premium to be paid by Lender to the Secretary,or(ii)a monthly cAarge instead of a mortgage
<br /> -�!:„:� �, insurance premium if this Secu�ity Instnement is held by the Secretary.Each monthly installment oP t he mongage insurance i.y^
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<br /> ��'` �'•'' °°' ��• premium shall be in an amount sui'�cient to accumulate the iull a�nual moneage i�surance p�emium with 4ender one�nonth _. _
<br /> - ' • prior to the ds�te the full annual mortgage insurance premium is due to the Secretaryr,or iP tl�is SecuritY Instrument is held ���,;r:�,�.,_____
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<br /> , . by the Secretary,each montMy char�e shall be in an amount equal to one•tweli'ch of one-ha�f Pe�cent ot the outstaaelin�Pri�cipal
<br /> . - . balance due on the Note. ' - -�T._,
<br /> � If Bo�rower tenders to Lender the full payment of all sums secured by this Security Instrumeat.Barrower's account shall �:.4_ �
<br /> ' be credited with the balana remaining for all inscallments for items�aA,it+T�.and(c)and any iea.�ngage insurance premium _
<br /> � ' • inseallment that Lender has not become obligated to pay io the Secretar��,and'L����tr shall prom¢��1�•refund any excess funds ��' ��`••.,�'•�,;;.-�
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<br /> ' �;,;`; . ' to B�nower. Immedlately prior to a foreclosure sa le a f t he Proper ty or i t s oc q u i s i�i o n b y L e n d e r�Borrower's account shall �:.:��r_�;—'
<br /> � '"`"� be eredited with any balance remaining for all installme�Y�for items(a),(b), anul qc1.
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<br /> ' ��'""'�'`ati; �'� 3. AppUcntioa of Ps�ymeats.All payments under paragraphs I and 2 shall be applied by Lender as follows: �,�,,---
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<br />' ' a:-:'" . .ti;Ys First.to the mongage insurance premium to be paid by Lender t��zh�Secretary or to the monthly charge by the Secretary ,.,�;,�•
<br /> , '�,, ��l; ' instead of the monthly mortgage insurance premium,unless Borrower paid the entire mongage insurance premium when this c 4�
<br /> � �'��w. Security Instrument was siQned; ��! ` . �'=-
<br /> ° --= .;��� . Second,to any taxec,special assessmoms,ieasehold payments or ground rents,and fire,flood and other hezard insurance ��`���� �
<br /> - -_ _ �"—,��'.;.: premlums, as rzquircd; ���-w�:�_:sa�:_-
<br /> ' � ' ''''�� Third.ta�interest due under the Note:
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<br /> Fourth, to amortization of the principal of the Note; ��'"�"`t�`�''�
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<br /> , ' Fiith,to late char�es due under the Nate. ,°'�r'
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<br /> ;�•;, •;?��:••r 4.Fire� Flood wad Olher Hau�rd Insurnnre. Borrower shall insure all improvements nn t�P Property.whether now in , . �� ,.�i��s
<br /> ° • ���'� existence or subsequently erected.against Any hazards,cacuahies,and contingencies,incluAing fire,tor which Lender requires ,�;.,�,:;��;:�.;.
<br /> .� , '•:t insurance.This insurance shall be maintaincd in the amounts and Por the periods that Lender requires. Borrower shall also �. `,� �t .:'
<br /> 4't'�' � ;�, insure all improvements on the Property,whether now in existence or subsequently erected,aga+nst bss by floods to the extent , _.
<br /> '•'����',.`• ' required by the Secretary.All insurance sha11 be carried with companies approved b}�Lender. The insurance policies and any ,r ` „, �
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<br /> . ;.,�s�, renewals shall be held by Lender and shall include loss payable clauses in favor of,and in a form acceptable to, Lender. ` ' •
<br /> ,:�1•' In the event of loss. Borrower sha�➢give Lender immediate notice by mail. Lender may rn�hke proof of loss if not made � „ �' �; ._ , �
<br /> ��;,, ��;�'f:��;;�� promptly by Borrower.E.ach insurance company concerned is here�y Avthorized and directe�J to mak e payment for such loss �•:,r,�' ;,�.�_
<br /> :•,:�;/•;;�;%��h'{;,,����5•�� d�rectly to Lender.instead of tm Borrower nnd to Lender jolntly.AD or any pan of�he insurance proceeds may be appiier! •.•,
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<br /> •° ,•:vr t���'�-��.,s bv Lender.at its option, either Qa)eo the reduction of the indebcedness under the Note and lhis Sec�rit�I�ns�rument.firs[ia . ��,,��,:
<br /> '$•';��''`c�,�•;;�'.t`�,,: ar�y delinquent amounts ap�;i�d in the order in Paragraph 3, and then to preptt}memi of principal,or(�*�tc� the restoration �,�-�i;s;, � +�,rK=_:,,_
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<br /> , or repair of the damaged propeny.Any application of the proceeds to the principa��ha]D not extend or postpone the due date !;�. '.1 •
<br /> ' • ':' '•��`� of the monthly payments whtch are reirrred io in Paragraph 2. or change the amount of such paymen ts.Any excess insurance ��'!•,�
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<br /> •. ��,�,;y�;:t��,•, :�; proceeds over an amount required to pa}•ai!outstanding indebtedness under the Note and tt�is Secority Instrument shall be 1,�
<br /> ' ` /;;';�':;�r �:.¢�.�..-;; paid to the entity legally entided there�o. s���:
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<br /> �}?,;:;: •�• In the event of foreclosure of this 5ecuritc Instrument or o�her transfer c�6�iilc to the Property that extinguishes the ,;
<br /> � '"•" ti' � indebtedness,all right. title and interest of Borrower in and to insurance policies in Porce sha11 pass to the purchaser. �� ;,��
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<br /> . ���•'•••� 5.Preservplioa an�Mafuteownce of t4e Property,Leaseholds.Borrowcr shall not comr.ni� wast e or destroy.damage or �`,
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<br /> ' ��.. substantially change the Property or allow the Prrpeny�o deteriorate,reasonable wear and tear excepted. Lender may inspect
<br /> . ' '?;' �' � " the property if the properly is vacnnt or abandonrd�r�hc loan is in default. Lender may take reasonable aw"tion to protect f
<br /> ' �_.,,..�,;•._,^,; and preserve such vacant or abandoned pmperry. If Ihis Security Instrument is on a leasehold. Borrower shaGl comply with t
<br /> �- .� the provisions oP the lease.l f Borrower acquires Fee�itle to�he Property,the leasehold and fee i979e sFiall not be merged unless (' .
<br /> ' ' ' : Lender agrees to the inerg�r in writing_ � �
<br /> 6.Charges lo Borrower and Prolection oi Lender's WR81s in Ihe Propert�•.Borrowcr shall pa>�all governmentAl or municipal �
<br /> charges, fines and imposi�ions that are not included in Paragraph 2.Borrower shall pay tl�ese oblig�tions on time direr:tly ro `
<br /> the entity which is o�ved the payment.l f failure to pay would adverscly affect Lendcr's interest in the Property. upon Lender's
<br /> request BorroNCr shall promptly furnish to Lcnder receipts�videncing thcsc payments.
<br /> '� If Borcower faHs to mnke t hese pa}�mems or thc paymems requircd by F'uragraph 2,or fails to pertorm any n�her covenants
<br /> � and agreements contuined in this 5ecurity Inst�ument,cir there i+a Irgal procceding�ha�muy signi�cantly affect Lender's rights
<br /> r__ _..a�........:..«... �....nPnr.•n�ALL•��r revuln�ioncl.then Lender may
<br /> � -- -- • in the Property lsuen as a proceeciing ii�i•u��wiuF,�.;. �u� :��....����............ ..._......-- --
<br /> ' � ' do And pay whatever is naessary ta pro�c�:t thc vuluc af�hc Property and Lender'�rights in thc Propeny,in�luding payment
<br /> � of taxes, hazard insuram�e and other i�cros mentioncd in I'a�agraph Z.
<br /> , �� ; • Any amounts disbursed by Lendrr under this ParaFraph +hall bccumr an addition�u�c�ebt u(Horrowcr and be s�tiured
<br /> ' by this Secutity Instrument.Thesc amounts sht�ll bcar interc�t (rom thc datc of disbnnnr�a�m. at e he No�c ratc,and at the
<br /> - � option of Lender,shall be immediately due and payable.
<br /> . 7. Condemnolion. The praceeds of�ny award ur�loim for damages, dirrct or�onset�uential.in conneclion �cith any
<br /> � condemnation or other taking of nny part of the Property,or for conveyc�nce in place o(c��ndemnation.are hereby assigned
<br /> and shall be paid to Lender�o the extent of the full amoum o1'the indebtedness:hat remaias::unpaid under tl�c Nutc and thi�
<br /> . ,i y Security Instrument. Lender shall apply such pro�eeds to the r��du�tion uf the indeMedness under�he ti.�te and this Security
<br /> . i Instrument.first ta any delinquent amounts applird in�he order provided in Paragraph 3,and then��pre,�aym�nt oi pnncipal. 1
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