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<br /> ,. ��� ;. �� �R�o� 9�''� 102688 9�_ 100295
<br /> 8 Ea�:h monthly instuliment for items(a►,(b).suid(c)shall cqua)one-twelfth oP�h�annual amouncs�ps reasonAblY estimued
<br /> 'Sy by Lendcr.plus an amount sufiiclent to maintain an additianpl twlAnce oP not mae�han onasix�h of the esUmated pmounts.
<br /> �.�:':. The full annual amount i'or ea�ch i�em shall be accumulated by l.ender within a perlod endin�one moo�h before po item would
<br /> become delinqucnt. Lender sMall hold thc amount�collected in Irust ta pay items lal,l b),�d(c)b�fore they become delinquene.
<br /> � •�` IP at ony time the tatalof the payments held by Lender for items(ai.(b),and(cl. tagethcr with the future monthly payments
<br /> ior such itemr payable to Lender prior to the due dates of such items.exceeds by rnore than one•sixth the estimAted amaunt -----
<br /> of payments required to pny such items when due.and if pAyments on the Note are cu�rent.then Lender shwll cith�r rePund —
<br /> - ,�� the excess aver one-sixth of the es�imatcd payments or credit the sxcesc over one-sfx�h of the estimated payments to subsequenl �:..�__
<br /> h'''#�5;�;� payments by Borrowe�. at tho option of Borrower. If'the total of thc payments made by Ba�rowcr for itcm(a).(b►,ar(c)
<br /> 4�i �`�'��'`"'� is insui'�cient to pay Ihe item when due,then Borrower shall pay�o Londer any amount nceessary to make up the deflciency
<br /> •- - r�i*%��• oa or before thc datc the item becomes due.
<br /> .�_ ..�.I,YyI�.�_y
<br /> ���;,uy�.�_ As u�ed in this Security Inst�ument,•'Secratary"means the Secretary of Housing und Urban Development or his or her _�
<br /> _ �•±■�f;:���r�_ designec. Most Secud►y Instn�ments insured by the Secretary are insured under programs which require advance payment oi _
<br /> "_ �.�;; :,-,:�. , � the entirc mortgage insurance premium. IP this Security lnstrument is or was insured undcr a program which did not require _
<br /> - -T' �"`�- =---x advance payment of the entire mongage Insurance pretnium,then euch month�y payment shstll also include either.(i)an installment _-__ _______
<br /> _- =�� of the annu�l mortgage insurAnce pnmium to be paid by Lender to tAe Secretacy.or(tu)a monthly c1�rRe Instead of a mortgage __ _
<br /> n�.
<br /> �-�T;; :•,�:�• , ,� � � insurau�ce premiwn if this Security Instrument is held by the Secretary•Each montfhly instal{ment of the moctBaBe insurance __ -..—.-
<br />- ----"�- �.:' '"...°• premium shall be icti an amount sufficient to accumulate the full annual moneage insuramce premium witA 4ender one month
<br /> —..� '°�1''''�""�'�`' � prior to tAe dat�the full annual mortgage insurance premium is due to the Secrrtary. or ii'this Security Instrument is heW
<br /> —:� ;v;.r,,'•`{i„ .
<br /> _ .� . ,
<br />-- '�;:.�z,�:���• ''; %' b�r tde Secret�*Y.rach nwmldy eharse shall be em�an amount equal to one�twr•,�fth oi o�hali'porcer�t af tha outstandin�prina
<br /> ���-"`?��`'' � balaRCe due on the Note. �_ —
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<br /> li'Bortower tenders to Len�c Ihe fuli pavmeut o�'a�0�iams secured by this Secao�icy Instrument.Borcower's account shail �:
<br />-- �t:.; '���'' be crer�uted with the balance rempining for aBl instalime��s for items(a),(b�. and �c1 and any mortgage insuraoce premium ��.--
<br /> ,''''. � instalGanent that Lender has not become obl�ga¢ec�im�pny to the Secretary.and Len�er shall promptly refund any excess fuads �__
<br /> ='?'y'' , b�'• ' to Borrower. (mmediately prior to a forecloswv�sale of'the Propeny or its acquisi[ion by Lender. Borrower's account shall _
<br /> �;;{;►r,t '''� " :, -
<br /> '•. :.�•:, be crediled with any balance remaininQ for all ins4altiments foe icems(�l, N),and(c).
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<br /> -�•_..�: �� � ° , I 3.Applic�Uoa ot P�ymeolr. All payments under pars�graphs 1 and 2 shall be applied by Lender as follows: ,.,�:.,.:,.^
<br /> ;� ,..,. First.to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary .
<br /> :;.;;• ��' " instead of the monthly mortgage insurance premium�unlcss Borrower paid the entire moMQage insurance premium when tt�is i ;,� �.�-
<br /> ,;; ' ,*,{�, " ` Security lnstrument was signed; � � ��+„
<br /> _ �,'r '.�.,,�u,�:;, Second.to any taxes,special assessments,leasehold payments or ground reMs.and�re,ilood and other hazard insurance ,;!t�,�t',r�:.
<br /> .r�• -�t ; �.- prcmiums,as rcquirai; �,z,� `£�:.+.`
<br /> �'�i:��1��l�� ' '�'fiird,to intercst due under the Note; � ��' ��''�-�'
<br /> ,.;.,. '� ,
<br /> �:4% '��;�'`'�'``�" Fourtb to amortizatinn of the princips�l of thc Note: ����
<br /> ,, .}: � �_��f�„�.p_,��. � —
<br /> � �-�.���, ' ����:� Fiith.to late charges due under the Note.
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<br />- ' '�-'' '���' " a.�ire. Flood oad Otber Haswrd lasunnce. Borrowe�shall insurc all improvements on the Properiy, whether naw in _
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<br /> � ' ,�� � existence or subsequently erected,against any hazards.casuaities,and contingencies,including�re.for which Lender requira _ �_
<br /> ;�1���• -. + v insurance.Thia insurance shall be maintained in the amounis and for the periods that Lender requires.Borrower shall also �_�,,�,�;.;
<br /> �Y•
<br /> - �'� ;�� �� insure all improvcmcnts on the Propeny,whether now in existence or subsequcntly erected,against loss by floods to the extent
<br /> I �'-r , � � • required by t6e Secretary.All insurance shall be carried with companies approved by Lender.The insurance policies and any ��
<br /> ' �".""�Y• ' �� renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to. Lender. _:_.,._
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<br /> ,�'1�i i�,p"•:�.. in the event uP Ioss.Borrower shall give Lender immediate notice by mail.Lendcr may make proof of loss if not made �,�,,.Lj�,.,.-,
<br /> ym _
<br /> .�� 4'"''4+t• `{:*�' romptly by BoROwer. Each insurance company concerned is hereby authorixed and directed to make payment for such loss L�;:.,��=-A:-
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<br /> ,r,%�i;�t �; :. '��•��' ";� directly to Lender,instead of to eorrower and to Lender jointly. All or any pen of the insurance proceeds may be applied .�?��':
<br /> %�����. � •`•".'` `� by Lender,at its option.either(a)to the reduction of the indebtedness um�der�he No1e and this Security Instrument, �rst to _•��.�.°•�
<br /> ?+�t,;�•�;i'� :.e���� •� any delirtquent amounts Applied in the ortJer in Paragraph 3, and then to pre�A:�n�ant of principal,or (b)to the restoratior+ ` ���-••:
<br /> �' :�r 1�r or repair of the damaged praperty.Any application af thP proceeds to the prindpa0 shall not extend or postpone the duc date -�"� '"� y
<br /> �'°1 i ^Y�°: � of ti�e monthly payments which ure referred to in Paragraph 2,or change the amount�+f such payments. Any exces>insurance ��. • .�.�,�,�
<br /> - ' '" � pra:eeds over an amount required to pay all outstandin�c indebtedness under the Note and this Security Instru�aoem shall be r�;,� _
<br /> �. �' paid to the entity lepally entided thereto. L�� .�1
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<br /> ' In the event of foreclosure oi this Security lnstrument or other transfer of tiUe to the Property that cxtinguishes the � ___
<br /> . r.^ ,�� indebtedness.all ri�ht. title aarl interest of Borrowe� i�a and to insurance policies in f'orce shall pass to the purchaser. ;;}.�
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<br /> ,+,.f 5.Preservatloa s�nd M�ialeo�oce of Ihe Properl�.Y.e�sedolds. Borrower shaH n�Tt commit waste or destroy,damage or �,;r,...�':�
<br /> •"� R •� ' substantially chamge the Propeny or allow the Propeny t0 detcriorute,reasonable weAr and tear excepted.Lender may inspect �•r; •
<br /> ,,:.,.�,� � .
<br />:�1;:;�;.`,. " the property if the property is vacant or abandoned or the loan is in defaulc. Lender may take reasonable action w proteca
<br />-�,<'�;;,,_;;,. ° . ... .._„ and preserve such vacant or abandoned property. If this Security Instrument is on a leasehold. Borrower shall complY W.iah y'•
<br />�t:'`:.';'t b ';:•t`.�='`;�.;��,,� the�+rovisions oP the lepse. If Dorrower acquires fee title zo the Property,the leasehoid and fee title shall not be a�erged unGess '.: `,-
<br /> �'y;lr��l�;,C 'f�:,`••'� t..;i'.:w' - ..
<br /> ( �t;•;� � Lendcr agrees to the merger ir. writin6• '
<br /> •,,:,,�,.1',,., t:��:";,;l.-:�.. +, '.
<br /> ,,�;,'',. �: t`;;',�i�;;t;,' , �...,,
<br /> � '%� 6.Cb�r�es�t�i�ORO�er s�ad Proteclioo ot Lender's RiRhls in Ihe Property. 9orrower shall pay all governmental or municipal � .
<br /> iio
<br /> • �,•, charges, fines ani�imposi[ions that are no�inr9ud�d in Parag�aph 2. Borrower shall pay these ob9igations on time dlrectl�•to
<br /> • � the entity which is owed the papment. li failure to pay would ad�•ersely affect Lender's interest in the Propeny,upon Lender'a '• ,: .;
<br /> '.'"!;tr.�
<br /> � requ�sa Borrower shall prompd}� furnish to Lender receipts evidencing these paymenes• ' ,
<br /> • If Borrower fails to make these pnyments ur the payments rcquired by Paragrsph�.or fails to perform any other covenants ?';,'�,�,
<br /> •� and aSreements cont�ined in this Security Instrument.or there is a Iegal proceeding�hat may signif icantly affect Lender's ri�Na;
<br /> .. _�_ �.. ..le�:.. �l r6.+n 1 p�vl�r rnat
<br /> :,. _. . .... ,.�.�..
<br /> in the Property(such as a proeeeding in nanKrupicy, tor conurnniaiii.i�c��.:,.�...,c.c �o..,... ..�..........^...,. .••-••------ _
<br /> � � � � do and pay whatever is necess�rY�o protect the�al�ce oi the Property and L�nder's rights in the Propeny.induding paymeot •
<br /> ' of taxes. ha�rd insurence ind other icems mentioned in ParagrAph 2.
<br /> Any s+mounts disbursed By Lender under this Paragraph +hull becume an additional de6� oi Boerower�nd be secured
<br /> �� by this Security Instrument. 1'hese amounts shall bcar intcrest from the datc oi' disbursement, �[ �h� NoEe rate, and at the
<br /> � option oi Lender,shull be immediacely due and payablc. �
<br /> � 7. Conderomtbn. The prorceds ol'any nward or �Inim I'ur Jumogcs. dirc�t��r ronseyucntial, in conncction with any
<br /> . . condemnation or other taking ot'any purt of the p�operty,or for rnnveyance in place of condemnAtian, are hereby assigned
<br /> and shall be paid w Lender�o�he extcnt of ihc full amaunt ot thr indebtedncss[hat rem�ins unpaid undcr the Note and this
<br /> • � Securi�yInstrument. Lrnder shall�pply cuch proceeds to�he n�duction ui'the indebtedness under the Note and this Securit>•
<br /> - �' • Instrument.first to uny delinquent amounts applied in�thc urder provided in Parugroph 3,and then to prepaymcnt ul'princi pal.
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