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<br /> -'— = P�aci lakrat.�a Lae c e. Bomo,�u�Iw� Whan�91 p�cip�ot,Y a°i��t a�.
<br /> 1. �y�� ut d g�l� �R aY
<br /> - �be debt ovid�nced by the Note afld lato ctur�es duo under U�o Note.
<br /> � 2. Moat11Y P�yuenta ar`f�u�ca,i�oad�ii�°L'i�:1-�'_ Sar,awsr shs!!3sxlss�3st exh ssssx�kly P�,��n!"�►:
<br /> - __ w�ether with Ihe principal and inlerc�t as set farth in the Nou and m lue cher�ea.an in�t�lirr�nt of�ny<a1 taxa and _
<br />__ �- i ____ �pocid�esessmente Ievied or w be levlac7 pgoinet tha Propeny.N)�W pwymenu ar pound renu a�the Propeny.and
<br /> = (c)premiums tor inwranca required by Para�taph 4.
<br /> -_� --�.�`,, F,�:h monthly Insalimrnt fa itema(�).lb) and(c)iha!!oqwd one•twelRh of the annwl �mo�uui.a�rea�awbly
<br /> -�---�—-__-� ectirtwted by Lender. plus an amount suNicient to m�imsio un additione! balance of not more �hae ane-�i�cd►oP the �_ -
<br /> - �tod�mounts. 'i1ia full wmual unount for each item slwll ba�ccumulAtad by Lerder within A perfad ending one
<br /> — �--- monih bcforo�n jtem would become delinquent. Lcnder s1a11 hoW the amnuna collected in bust w pay itana(a).(b)and
<br /> -- —_ (c)before thay becane delinquen�.
<br /> — If at any dme�he wtal of the payments held by Lender for items(a),(b)and(c),wgether with the future montl�ly
<br /> „�-� p�yrnenta for wch items pAyable to Lender pdor to the due datcs of such items,excoed�by mot�e then one-sixth thc
<br /> esdmotod amount of payments requtred to pay such items when due.w�d if pa nts on the Note are cument,then Lender
<br /> .-�. -'=:9 shall oither rePond�he excess over one-sixth of the estimated paymems or it the eacess over one-sUc1h of tho ealLnated
<br /> '� paymenta to aubcequent paymenta by Botraw�r.at tha option of Borrower. If the twal of the payments made by Borrowcr
<br /> -- for itan(a).(b).or(c)ie insufticient to pay the itcm when due,then Horrower�hall pay to Lender anY amount necescarY�°
<br /> °- .� moke up the deticicncy on or before the date the item becames due.
<br /> As uced in thia Seiurlty Inspument."Secretery"meane the Secrctary of Housing and Urben Development or his or her
<br /> ---- =�a�:;�� designee. In eny year in which the Lender must pay a mo�tgage inaurnnce premium w the Secretary,each monUdy payment
<br /> ahaA also include either: (i) an installment of the annual mortgage inaurance p�emium to be paid by l.ender to the
<br /> ---=__:;:;� Se�retary,or pi) a monthly charge instead of a mongage insumnce premium if thia Securlty [netrument is hetd by the
<br /> _ ---._ ,. _. Secretary. F..ach montbly insullment of the morlgage insurance premium ahell be in an amount sufticient to Accumulate tlte
<br /> =,4;,�.':'F� full annusl mor�gage insurance pnemium with Lender one month prior to the date the full annual mortgage insuranca �
<br /> _ ? premium ia due to Ihe Secrctuy;or if this Security lnstrument is held by the Secretazy.each monthly cherge sh�ll ba in An
<br /> �,;:�-�:�:! -- amount equal to one-twelfth oP one-helf percent of the outstending principal balence due on the Note.
<br /> --��°'_�`;: +'� if Borrower tendera to Lender the full payment af all sums secured by this Securiry Inatrument.Borrower's account
<br /> --=�—�:--
<br /> �f�„�,a;�_ shall be c�edited with the balance remaining for all instellments for items (a). (b)and(c) and any mortgage iasurance
<br /> - - premium installment that Lender has not become obligated to pay to the 3ecretery,end l.ender shall pramptly refund an�
<br /> "���"`°!'°'�_: � eacess funda w Bomower. Immediately prior to a fot�eclosure sale of the Property or its acquisition by Lender,Botrowers __
<br /> - °�• ' account shall be credited with any belance remaining for all installments for items(a),(b)and(c).
<br /> -"==-�'''' ° 3. A Ikatton otPaymenla All paymenta under Paragraphs 1 and 2 shell be appiied by L.ender as foltows:
<br /> ---...,�.
<br /> - -'�° -��- �-., .to the mortgage insurance premium to be paid by Lender to the Secretary or ro the monthly cherge by the __
<br /> ;�:r. :: Secne u�stead of the monthly mortgage insurance premium;
<br /> ____e�.r�:- � .to any iexes,apecial assessmen�s,leasehold payments or ground rents,and fire,flood and othcr hazard
<br /> �``�"''` inaurance premiums.es required;
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<br /> ���ip��� �° ,j,j�j$j�,to mteres[due unde�the Noto;
<br /> '�==`�-•Y5 y- '•�.to emortizatlon of the p�incipul of the Note;
<br /> ''""'9��� � w late chazges due under the Note.
<br /> �'�"'�--� - .4. Fire,F7ood and OWer HAZard Inaurance. Borrower shall insure all improvements on the Properry.whether now
<br /> - - L �': in eaistence or aubcequently erected.against any hazerds,casuatties,and contingencies,including fire,for which L.ender
<br /> i r.,�'..��.�' � reyuires inswance. This insurancc shall be maintuined in ihe amounis and for the periods that I.ender requires. Borrower _
<br /> -_��i.��-�,..:�• • shall also insure all improvemenis on�he Propeny.whether now in existence or subsequently erccted,against loss by floads _
<br />__ - • :''�'""'''' ' to the extent required by the Secretery. All insurance shnll be carried with companies approved by Lender. The insurnnce
<br />_T_-�+�� � � � policies end ony renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form
<br /> `� acceptable to,Lender.
<br /> ..;,,,:�..
<br /> ' �-bS�_., � In the event of loss. Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not —
<br /> ;�}y:`�' ' �;,�{w;�� ., made promptly by Barowcr. F.ach insurunce company concemed ic hereby euthorized and directed to make payment for _
<br /> �'�. •, �f such loss directly to Lender,instead of to Borrower und to Lender jofndy. All or any pArt of the insurance proceeds may be
<br />���� ��' � epplied by Lender,at i�s option.either(u)to the reduction of the indebtedness under the Note and thia Security Instrument, vx,,
<br /> `- � _t,,..'�`" first to eny delinquent amounts epplied in thc order in Rvagraph 3, and ihen to prepayment of principal. or(b) to thc ___
<br />_ �"' � xa�r:,-` � rostoration or repair of�he damaged propeny. Any npplicution of the pr�ceeds to the principul shall not extend or postpone
<br /> _"�;?�, '�' °`:-"�,��: the due date of the mon�hly payments which are referred to in Parngraph 2,or change the umount of such paymenls. Any
<br />- - _ a�. ''?�'.°� excess insurence proceeds over an umount required to pay all outsuinding mdebcedness under the Note and this Securiry --_
<br /> _- ,�• 'r*^ ' Inswment shell be paid to the entity legally entitled thcreto.
<br />- . ' - ' '`"�€'" In U�e evem of fo�eclosure of t6is Securiry Instrument or other tmnsfer of tide to the Property that extinguishes the G``-'
<br />-'`Y ' '�*� �•.t•.•��`�� indebtedness,all right,�ide and interest of Borrower in und to insurance policies in force shall puss to the purchaser. �._
<br /> 5. Occupaqcy, Preservatiun, Mpintenance pnd Protection of the Property; Borrower's Loan Application;
<br />- �� �'"•"�'° l.easeholds. Borrower shall occupy,establish,und use the Property as Borrower:s principal residence within siaty days
<br /> • �� ry'��,..
<br /> ri � ° efter the execution of�his Security Instrument and shall continue to a:cupy the Property as Borcower?s principal residence
<br /> �`�` _�'.a � for at least one year after the date of accupancy,unless the Secretary determines this reqwrement will cause undue hardship
<br /> µ�'•• :,- • , e
<br /> ;,� b,,,...:'.: for Borrower, or unless extenuating circurristunces exist which urc beyond Borrower's control. Borrower shull notify
<br /> Lenders of eny extenuating circumstnnces. Borrower shall not cummit waste or destroy,damnge or sub!�tnntiully change �.
<br /> � :.. , , '� Ihe Property or allow Ihe Property to deteriorote,reasonabk wenr and teur exccpted. Lender mny mspect the Propeny if the ___.
<br /> �_ _ _ Property is vucant or abandoned or the loan is in defuult. Lender muy take reusonable uctinn to protect und preserve such `:.
<br /> '' vacent or ubandoned Property. Bormwer rhall ulso be in defuult if Borrower,during the los+n upplication process,guve �i,
<br /> ' materiall� folse or inaccurate infortnution or stntcmentx to L.cndcr lar failed to pravide Lender with any mntenal e
<br /> " infortnahon)in connection with thc bsm evidenced by the Notc,including, hut not limited to,representationa conceming
<br /> , Bortower's acupancy of the Property us u principal rexidencr. fi'thix Security In�trumcnt is on u leatiehold,Borrower shall
<br /> comply with the provisions of�he leusc. If Barrowcr i�cyuire+fec title to thc I'rup�ny.�he leusehold and fee ti�le shall not �...
<br /> � be merged unless Lender s►grces lo the merger in writing. �
<br /> � � 6. Chs�rges lo Borrower and Protection of I.ender's Riqhts in the Pruperly. Bonvwer shall pay uU govemmcntal �-__
<br /> " or municipal charges,fines and impositions thut ure not included in Paragruph 2. Barrower shall p�y these obhgations on �;;-
<br /> " time direcdy to the entity which is owed the payimnt. If fuilure w pay wnuld udver.cely afferl Lenderk interest in the �.-
<br /> � .. " Property,upon Lender's request Bo�rower shall promptly fumish to Lender receiptx evidencinti these puyments. � '
<br /> • ' If Borrower fails to mnke theze paymen�s or the payments rcyuired by !'uragruph 2,or f'ails to pertbrtn uny other
<br /> ,,. ,. ���_ covenants and agreements contained in�his Security Instmment,or therc i.u IeEul proceeding�hnt muy signifranUy affect
<br /> �_ .�.. ..�
<br /> ---� ,,: ,. Lenaers risn�s m ine rropeny isucn us a pnxccuing in oanierupicy,ii�r cunucn�uaiivii vi iv c�����:.� �..�.�:���.��:�:.,.. �
<br /> � then Lender may do and puy whatever ir necesxury�o prutert thr vulur of thc Property and Lcnder's rights in thc Property.
<br /> � ., including payment of laxes,haxard insurnncc und od►cr items mentiancd in ParaFraph 2.
<br /> ' Any amounts disbuned by Lender under this Puru�roph shall t+ecomc an udditional debt of Borruwer and br serurcd �
<br /> ;', . �� �' •• by this Security Instrument. These amounts shull bcar mrerest fmm thr dutc of'di.bunement,at the Notc rate, und at thc
<br /> option of Lender,shall be immedinlely duc und puyublc. , �.
<br /> . � 7. Condemaatbn. The pmceeds of uny uwurd or cluim for damages,direct ur cunseyuentiul,in conneciion with uny
<br /> , ,. condemnatiun ur Wher taking of any pnrt of the Propeny.or for convey•rrne in plare M'�ondemna�ion,an hrRby us�igned
<br /> , L and shall be puid to Lender to the exten�of thc full um��um of thc indebtedness Ihut remuin+unpaid under thc Nc�te und this �
<br /> Security Instn�ment. Lender shnll upply such pnxceJx to�he rcduction of thr indebtednesx under thr Note unJ thi.Sccurity �
<br /> °�' "'` ' • Inswment. first to uny delinquent amounts �pplied in �he order providcJ in Purugrrph ;, unJ �hen tc� prepayment of �
<br /> .�' ' �r.�,;;,.� principel. My application ot �he proceeds to the principal shall not cxtenJ ur �w,lpune thc Jue Jute uf the munihly �
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