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<br /> 1.P��nl of Prl�dpd,I�Ieresl ud I.�te C��.Bortower:hdl p�y when due the princlpal ot,and intamt on.ehe dabt � �_.°,7'.-°r- •--�
<br /> • ' s v{d e n c e d b y t h e N o t e a n d l a t a c h u Q a d u e u n d e r t h e N o t e. � ��v
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<br /> 2.MwlMly P��np o1Tw�.larnu�c�u�d OIMtrCM�e=w.Borrower�h�ll include in each monthly p�Ymem,tooether with
<br /> the pdncipal�nd interat�se�fonh in the Note�nd�ny late chu4a.�n incullment of any��)t�xes�nd s{+eclal a��eumem�
<br /> levied or to bo levkd a�init the Property,(b)leauhold paymenu or�rouod rants on the Propeny, �nd(c1 premiums for
<br /> Inturance requirsd by Psr��pb 4.
<br /> ------- _ !::-�:;.....:,. _ _
<br /> - �ach aanthly lnswliment for items(a).(b)and(c)ehall equd one•twdRh of�he mnuol amoun��,as reaaonably estimned by t . _
<br /> • Lender,plu�an amounc:ufficknc to mdnWn an addldorul bal�nce of not more Ihu►one-sixth of�ha estimptad amounn.The �' �P
<br /> � fbll annual amount for ach Itrm shall be accumulalcd by Lender withln�period endin�one month before an Itam wauld _�
<br /> ��� become delinquent.Lender shdl hdd the unounts colkcted in trust to pay items(a),(b)and(c►lxfore they 6ecome delinquent. ;�;;ti-- ^
<br />- If at any time the total of the payment:held by Lender for items Ul.lb).and(c),toQether with Ihe Puture monthly paymenls ,�f n'°;.����
<br /> for such item�payable to'Lender pdor to the due data oi wch items,eaceede by more than ono-:iath the eatimatcd unount of ' `':-�' � -,��-.-
<br /> - -�•�:�.•.ar=:_
<br /> payments required ta pay auch items when due,and if paymenta on the Note are current. then Lender shall el�hcr rcfund the
<br /> � ezcaa over ane-sixth of the e�fmated paymenu or credit the exceu over one-sixth of the atimated paymenu to subsequent ,� � -
<br /> � paymenu by Hanower. at the option of BoROwer. ti the total of the p�yments made by Borcower for item 1i1, (b►, ar(c)is _
<br /> � inaufGeient to paY the item whrn due.then Borrower chall pay to Lender any amount necessary to roeke up the detickncy on or •� „- .���,��:�a:
<br /> , , . before the date the item beromes dua `f�:;t�y:r�"'"-�_----
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<br /> As used in this Security Instrument, "Secretary"means the Secrstary of Houaing and U�ban Development or his or her �4�+�+►�a-.�:rj r , ' f,.-
<br /> dGti�na.idost SecudtY Inatruments insured by the SecretAry��e insured under pro�rams wbich require advance payment oi the f'r -�"�''"���I '�`��`
<br /> �•�ti1u
<br /> ; �...' , � enUre mort�e insurana premium.IP this Secu�ity ln�trument ia or was insured under a propram which did�ot rcquire advance • •r�=;-�t{R��=-�
<br /> payment oi tbe entire mortaaye insu�ance premium.thrn each monthly Wyment shell also include either:(i)aa installmem of the .�.�m,
<br /> � ;� �• ' annual mort�e insurance prernium to be paid by Lender to the Secretary,or(ii)a montAly cherge instead of a mon6�e '. ___
<br /> � insurance premium if tlds Savrity Instrummt is held by the Secretuy.Each monthly inataUment of the monQage inaurance .`"'� "
<br /> "�����t � • � . premium shall be in aa amouat suificient to accumulate the fuU annual monQage insurance p�emium with Lender one month �, y ����',�:":t'*--
<br /> . ;;, !:' . prior to the date the fuU mnu�l mongaQe in�urance premium is due ro the Secrctary,or ii this Security Instrumrnt is held by the , � ����"-"'__
<br /> Secretary,each monthly chaqe shAll be in an wnount equal to one-twelfth of o�e-half percent of the outstandin¢pdncipal � ,.}�,, A
<br /> balaoce due on the Note. { . � ��;
<br /> � . f' ' f t't:R-----
<br /> ' lf Borrower teadero to Lender the full payment oi all suma secured by this Security[na[rument,8orcower's account�haU be ++�:z�'
<br /> � credited with the balana «maining for all in�tstllmenu for uems(aL (b)and(c) and any mortga4e insurana premium , �'}��,�w��°--
<br /> � installment lhat Leader has not become obligated to pay to the Secretary,and Lender sheU promptly refund any excas funds to ,, . �•�==-
<br /> �� Honower. lmmediately pdor to a toreclosure�ale of the Property or its acquisidon by Lender,Borrower's account shall be �, ••,,•r...• ••:`,�,=,._-�—
<br /> credited with any balana rem�ininQ for all instaQments for items(a), '.� .�,,'� r�`. ;.:•�t � �'
<br /> (b)and(c). �. l>"'.-_-_,
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<br /> 3.Applk�tlo�ot P�nneaq,All paymenu under parapraphe 1 and 2 shaU be applied by l.ender as follow�: i.,,',„., .: •,,.',a;r1i�
<br /> �7RST,to the mon�e inaurance premium�o be paid by 4ender to�he Secrctary or to the monthly cha�ge by the Secretary . •rti��,,-!, ;";�
<br /> —_- = ias�ead of tiK awuti►1y tnart��ge ituurantt pr.-mium,us�less Bona!�rs paid L4�e en!i.t mc+rigage in�urance Qremium when this { ' ' � `,'•'S.`:�!' l;�
<br /> � Security Instrument was:i�ned: . . ...�f� �:
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<br /> SCCOND.to any taua,specfal auessments.leasehold payments or ground rents,and fire,tlood and other huard in�u�wke 6 " "�'••� "'�.�/"��•� ry
<br /> premiums,as required; � , a;i{�4� ���`.
<br /> • �'HIItD,to interest due undcr the Notc; � : , �
<br /> k'OURTH,to amortization o£thc pdncipel of the NWa: •
<br /> �'�.to lote charga due under the Note. �'
<br /> �.Flre,Fiood wd Other Hwrd l�aanoce.Borrower ahall insure all improvemcnta on the Propeny,whethcr now in e�istence � �
<br /> or subsequently erxted,a8ainst any hru.arda,casualties.and contingencks,including Fire, fa which Lender requires insurance. �
<br /> This insurance shall be maint�ned in the amounts and fbr the periods that Lender requires. 8orrower ah�ll also in�ure all
<br /> , •� improvements on the Propeny,whether now in e�cistence or subsequently erected,ageinst loss by flaods to the extent tequlred by �
<br /> the Secretary.All insurance shall be carried wich companks epproved by Lender.The insurance policies and any renew�ls sh�ll � . _
<br /> ' be held by Lender and shall Include loss payable clauses ie favor of, and in a form ncceptable to,Lender. . _ _
<br /> In the event of losa,Borrower shall give Lender immedipta notice by maii.Lender may make proof of loss if not mad¢prompt• ' w'
<br /> ly by Borrower.Each insurance company concerned fs hereby euthorized and di�ected to make payment ior such loss directly to ••
<br /> i Lender,imtead of to Borrower and to Lendec jointly.All or any part of ihe insurance praceeds may be appNed by Lender,at its '`��
<br /> option,either(a)to the rcduction of the fndebtednas under thc Nnte and thls Security Instrument, first to any delinquent ti ,
<br /> amounts opplied in the order in Paragraph 3,and then to prepayme�t of principal,or(b)to the restoration or rtp�ir of the , -
<br /> � • dams�ed property.Any application of the proceeds to the principel shell not eatend o�postpone the due date of Ihe monthly :
<br /> payments which are referred to in Paragraph 2,or chrnge the amount of such payments.Any excess insurance procmis over an , .
<br /> amount required to pay d)ountanding indebtedness under the Note and this Security Inatrument sh�ll lx paid to the entity le�al- � . , • „:;�.
<br /> ly endtled thereto. ,';•;..=��
<br /> In the event oi foreclosure of this Securicy Instrument or other tr�nsfer of tide to ihe Propeny that extinguishes the in- .��,:.tl:r;:':�
<br /> debtednas,all dQht,title and interest of Borrowe�in and to insurance policies in force shsll pass to the purchaser. � � �'t���'��
<br /> " S. Praerv�tloe ��d Ma1Meo�uce of 16e Prope�, I.e�aeAold�.Borrower shall not commit waste or datroy,damagt or
<br /> ' substandaUy cban�e the Property or allow the Property to deteriorate.reasonoble wear and iear eacepted.Lender may inspect
<br /> the propeny if the property is vacant or abandon<d or the loan is in defauU.Lender may take reasonable action to protect and ''��
<br /> a • preserve such vacant or abandoned property.If this Securfty Instrument is on a leasehold,Borrower shall comply with the provi-
<br /> sions of the leau. Ii Borrower acquires fa tltk to the Propeny,tAe le4sehold and fee title ehall not be meraed unless Lender
<br /> agrees to the merger in writinQ. •
<br /> 6.C��r�a 10 Borrower ud Ptoteclb�of Leoder'�Rl�pts i�/�e Property.Bottower sha11 pay all governmental or municipal
<br /> charQes,flna and impo�llion�that are not included in Paragraph 2.Borrpwer shall pay these obligations on�ime directly to the
<br /> entity which is owed the payment.If failure to puy would advenely af(ect Lender's interest in the Propetty,upun Lender's re-
<br /> quest Bortower shall promptly furnish to Lender reccipts evidenaing these payments.
<br /> If Borrowec fails to make theu payments or the payments required by Paragraph 2,or fails�o perform any other cuvenants and
<br /> • agreements rnntained in tMa Securit�•Instrument,or there is a legal pracecding that may significandy afiect Lender'c rights in
<br /> the Propeny(such ns a proueding in bankruptcy,for�ondtmnution or to enfor:c laws ur regulations►,then Lender mny do and
<br /> pay whatever is necessary to protect the v�lue of the Property unJ Lender's rights in the Propeny,includmg p�ymenc of taxes.
<br /> hazard ineunece and other items mennuned in Paragrvph 2.
<br /> Any amounts disbursed by Iender under this Par�graph shall becumt an add�uonnl aebt ot norrower anu oc xcurcv oy ini,
<br /> Security Instrument.These amounts shall brar interat from the date oP disbunement,at lhe Nu►e rate,and at the o'tion of
<br /> Lender,shall be immediately due and payable.
<br /> 7.Cotdems�do�.i'he praeeds oF any award ur�laim for damagrs,direct or:unsequential,in cunnectiun wit h any cundem-
<br /> � nation or other takinQ of any psa�t of the Pro�xny,or fur conveyance in place of cundemnatirn,�re herehy a,.ignrd and chall be
<br /> • paid to Lender to the extent of the full amuunt oF the i��debtedness that remains unpaid under the Nutc anJ�hi�Securuy Instru•
<br /> ment.Lender shall apply wch praeed�tu the raiuction of the indebtedness under the Notr anJ thie Se�unt} Inurumrnt,fir�t to
<br /> any delinquent amounts applied in the urder ptovided in PuagrapA 3,anJ then to prepayment uf principal.Any appl�co�iun of
<br /> the praceeds to the princip�l shnll not e�und ur pusepone the due date of the munthly payments, wh�ch are referred tu in
<br /> Paragraph 2,or change the amount of such payments. Any excess proaeds over an amuunt rrqwred tu pay all uutrt anJ►ng m-
<br /> debtedness under thr Note and thi�Security Instrumen�shall be p�id to the ent�cy ley�lly entitled theretu.
<br /> . t.E'ees.Lender may culle�i t'ee�and�harges aWhurited by the Secretary.
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