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<br /> 1. PYymmt of Prlacipil,Intereri and Lde Char�e. Borrawer atudl pay when due�he principal af.and inte�c�t on,
<br /> Ihe debt cviiencad by the Note�nd luo ctwrges due undcr Utc Notc.
<br /> 2. Moathly p�ymenb a�'t�xa.lowrance aad Other Char�es. Bomower shall include in each monthly paymcn�.
<br /> togetl�er with the principal w►d intcrcat as set forth in tho Noto end uny la�e chargea, an installment af rny(a>waes and
<br /> Rpocid easessments kvled or lo be Ievied against 1he Propetty,lb)leasehold puymentr ar ground rcnts on Iho Ptopeny.and
<br /> (c)premiuma for inaur�nca roqui�d by Par��raph 4.
<br /> F.och monthly installment for i�ema (a), (b) and (c)shall equul one-twclfth oi tha annu�l umcwMs, us reasonably
<br /> estimate,i t►y l.�:ndcr, plux +u►mnuunt aufficient to muintnin un ndditional balnnce af not mnre thnn one-six�h of tix:
<br /> eitimatod amountx. The full onnual amount for cach iiem shall be accumulated by l.ender wi�hin a per�od ending one
<br /> manth before an item would becomo delinquent. Lender�Iwll huld Ihe umoums callected in trus�to pay items(a),(b)and
<br /> (c)before lhey become delinquent.
<br /> �f at any�frne the tdal of the pnyments held by Lender far items la),(b)and Ic).�ogether with the fu�ure momhly
<br /> paymenis far surh items payAble ta Lender prior to the due da�es nf such items.exceeds by mare than one-sixth the
<br /> cstimated wnount of paymenta rcquired to pay such items when due,and if pu menls un thc Nate ure curtent.then I.ender
<br /> ahull either rcfund tlw eacesa ov�r one•sixih�f the estimated puymenta or c��the excess over ane•sixth of�he estimated
<br /> ps►ymenta ta subsequent paymtnts by Bomnwer,a�the option of Hormwer. If!he tatal of the payments made by Borrower
<br /> far item lu),(bl.or lc)is insufiicient to pay thc item when due,then Borrower sholl pny ta Lender uny amount necesssuy ta
<br /> malce up the deflcie�rcy on or before the date the item becomec due.
<br /> As used in this Security Insuvment."Secrctary"menns�he Secretury oP Hausing und U�bun Development or hie or her
<br /> desig�a. In any year in which the Lender must pay a mortgage inxurunce premium ta tlte Secretory,ench monthly payment
<br /> shall also include either: (i1 un inataliment of the annunl mongage insurance premium to be paid by Lender to the
<br /> ' Secretary. or(ii)a monthly charge instead af a martgage insurnnce prcmium if thix Security inx�n�ment iF held by the
<br /> rt � � ,K Secretary. Each monthly ingtAllment of the mongnge insurance premium shal!be in en amount Fufieient�o uccumulate the
<br /> � ���"'�` full nnnual mortgage ingurance premium with Lender one month prior�o�he dute the full annua! mortgu�o insurance
<br /> � *� "'• '�� � he tury;or ii this Securily Inswmenl is held by lhe Secre y B
<br /> ,�'��._�a��.,� premium is due to t Save t+uy.euch monthl chu e shall be in an
<br /> �X�=�.� amount equal to one•Iwclfth oF onc-haU pereem of the outstanding principal balwi�e due an the Note.
<br /> �. � ' -•� • "���� ' If Bomower tenders to Lender the full payment of all sums secured by this Securiry Inxtrument, Borrowerk account
<br /> ,��'*� ��'�'��'`' ishall be credited with the balonce remaining for all installments for items(al. (b1 nnd (c1 nnd any mongage insurance
<br /> ,. , ...•� . ._
<br /> premium installment thAt l.ender hac not become o6ligated to pAy to the Secre�ary,ond Lender shall promptly refund on�
<br /> '7•-�'•� -�. ' exass funds lo Borrower. Immedintcly prior to u foreclosure wile of the Property or its u�:yuisition by l.ender,Boirowers
<br /> �'.;x . .,
<br /> ����a: ,:,� '' accaunt shall be crcdited with any balance remaining for all instullmen�.5 for item4 lu).(t+►und(cl.
<br /> 3. Ap�lkation of Payments. All puymenls under Parn�rnphs I ond 2 shall be upplied by Lender us follows:
<br /> • � ,.�. . pg�T,to the mongoge insumnce premium to be paid by Lender to the Secretary ur to Ihe manthly cherge by the
<br /> �:�€i�-�...�•:.�>>,a.� S e c t e i n s l e a d o f t h e mo n t hl y mort gn ge insuronce premium: '�•.;�
<br /> '•:±� •• � �.to uny tsu�es,special assessment4,leasehold ps►ymenls or ground rents,smd fire,flood and other hazard
<br /> �•y.. ..:_ ' insurance premiums,a4 rcquired; "
<br /> , • �Q,lo interest due under 1he Nae:
<br /> � ," , ° • FOURfH,to amortization of the principal of�he Note;
<br /> �.to late charges due wider Ihe Note.
<br /> ' �• ' 4. Fire,Flood and Other Hpxard Insurance. Borrower shall intiurc ull improvcments on the Propeny.whether now
<br /> �" � i�existence or su�q uzmly erected,ag3inst uny hunud.g,casuuUies,and contingencies,includin�t iue,for which Lender
<br /> � � requires insurance. 'I'�is insurance xhall be mpintained i�the urnoums ond for Ihe periods th:�t Lrnder requires. Borrower f,
<br /> ' �� �'' • shall also insure all improvementx on the Property,whether now in exi.tence or subscyuently crccted,uguinst loss by floads �.
<br /> �� �„ to the extent required by the S�xmtury. All intiuranre.hull bc carried with compunies approved by Lender. The insurnnce `�'�
<br /> ' ' polici�es�nd any renewals xhall be held by Lender und xhall inrlude lo�s payable cluusex in fnvo�of, and in a fortn
<br /> �� � acceptable ta,Lender.
<br /> � �' •� ' In the event of lass.Borrower�hull give Lender immediate notice My mail. Lender moy make proof of loss if not
<br /> �' � � � T made p�mptly by Borrower. Euch insurunce company concemcd iz hereby uuthorired:uid directed to moke payment for `
<br /> ,r. � �� - � such lass directly to Lender,inrtead af to Borrower und to l.eader jaintly. All or uny pun nf the insurunce proceedx may be �•-�
<br /> ' � � applied by Lender,at ils option,either la1 to the reductiun of thr indebtednex.under Ihe Note und this Secunry Instrument.
<br /> ,� . first to any delinc�uent umountx applied in the order in Purugrnph 3, and �hen to pn:paymeM of prin�ipul, ar (b1 to the
<br /> ;.; ,, '. � " � � restorution or repmr of the damuged pmpeny. Any upplication��f ihe prcxeedti w the pnncipal xhull not extend ar postpone
<br /> • the due date of the monthly payments which nre referred to in Parugraph�,or chunge the amount of such paymenls, Any
<br /> . °' ��-- excess insurance pnxer�l,ovr� no rmount rcyuircd to pa�� all uutstnnding indehtedn��.nndrr Ihe Nnte and this Security .
<br /> lnstrument shall be puid to the znti�y Irgally entitleJ thereto.
<br /> ° In the event of foreclo+ure of thi. Security Instrument or o�hcr�run.fcr uf title to thc Pro�xny lhat extinguishe�the ,
<br /> _:,,,. �• indebtedness,uU r�ght,tiUe nnd intererl of Burn�K•rr in�mJ�o in�urunrr pnlicie.in I'nrce tih•rll pu.s ta�he purchaser. °;::
<br /> ;,; , 5. Occupancy, Preserveliun. MaintenAnce and PrWeclion oP the Pruperty; Borrower's Loan Appllcadon; =''
<br /> • � - lxaseholds. Borrower shall occupy,etilabli.h,und usc thc Pnipeny u�Borrow•ur+principal n+idenre within six�y doy�
<br /> ' .. � ufter the execution of this Security Instrument und tihull runtinuc to�xcupy�he Pro�xny u. Bixn�wer's principal nytdcnce •.��J
<br /> ' for at least one yeur af�er the dute of ixcupancy,anle.s the Srcrctury detemiinr�thi�rcywrcmem�vill cauxe undue hurd.hip •''�'''`
<br /> � ' :F�'` . . ' �'.
<br /> �� �,,:;,... ••;;' for Bortawer,or unless excenua�ing circuni,tunres exi+� which ure txyo�xl Niim���cr: contn�l. Bortower shnll notify
<br /> �'t ,, Lenders of ony extenuatfng circumtit•rnce+. Borrower shull na� commi�wa�tr or J�+troy.dumuge or,ubstuntiully change � '��
<br /> �' ,• ,•'4 Ihe Property or allow Ihe Property to deteri�►rutc,rcawnuhlr wca�and tear exrcptcJ. Lcixi�r may�ns�ct�he Nrapeny if thr
<br /> .�t.ti � s ' . ��,;' Properly is vacant ur abundoned or the Inan i�in dcfaulL l.crnlcr muy�akc rea.onuhl�uc�i�in to proicrt and pnr�crve such
<br /> r'���� ? ,,,, vacant or ab�ndoned Property. Burr��w�er�hall ul�u hc in dcfuult if Borraw•rr,during the l��an s�ppliru�ian prcx�ess, guve [
<br /> 'j, : � �,�� mu�erivlly fulu: or inuccurute intimnution nr statcments to l.endcr lor failed ta pruvide LcnJer with any mnterial
<br /> �` infbrmalion)in connection with �hc lo:ui evicknced by the Not�,includin�.hut not limned to,representution+canrerning �.
<br /> �`��";��-t
<br /> � •'' • • Borrower's•occupuncy uf the Propeny ux u p�incipul residenrc. 1 f�hi�ticcunry Intitrumrnt i�un u ku+eholJ,Bomower�hull �
<br /> � '��5�.;,
<br /> �;, `�• ,,�,� comply with thc prowsiom af�hc IeuK. lf Born�wer ucyuire.trc�idr ta the Prnpcny,�he leusehnld und fcc�iNe xhull na •
<br /> �� : � be merged unlcss Lendcr agrccs to the mcrger in a•riting. �
<br /> � ' '., ' 6. Charges to Bo�rower and Protection of Lender's Ri�hls in the 1'roperty. Born�w��r+hull puy ull govemmrmul
<br /> r " or municipal charges,fine�and im�»itions Ihat s�re not inrluJed in Parngraph 2. eorrower.hull puy there obliga�ion.�m
<br /> �� ? time direcdy to the entity whirh is owed the p•rymeot. If fuilure to pay w•ould aJver.ely utTect Lrnder: imerr,t in the t
<br /> �•y" `' •• Property.upon Lender's reyuest Barrowcr shull prompdy fumish�o Lendcr rcrripts rvidcncinF Ihcur payments. ��
<br /> ��'` � If Borrower fuils to make �hese payment+or thc puyment+rcyuircJ by P.�rograph 2, ar fuils to pertorm uny olher ,
<br /> •� �•. covenants and aRreements contuined in�hic S��curity Insuument,ar ihcre i,u Ic�al pnxceding�hut mu�.igniPMantly uftect
<br /> LenderS rights in the Pioperty(surh a�a proceedmF m h:mkruptcy, i��r ranaemnanun or iu eniorec mw+ur Rtiuiuii��ni. `
<br /> ?� `� � •� ' then I.ender may do and pry whatr��er is neces,ary to pmt��c�the valur of the Prupeny und Lender:ri�hh in Ihe Pmpeny. r
<br /> �� • including payment of wxes,hazsud insur�nce und��ther item+m��dioncJ in PuruEra�h�.
<br /> �� „ My iunounts disbursed by Lender under�hi�P.�rn�eroph tihall i►�comc an additional JeM ot'Bom�arr:uid be�rcunkl
<br /> �: , � by this Securi�y Imwment. These�mounh shull bcur mtcmxt frwn the dnte of di�bunement,at the Note rn�e,und•rt the
<br /> ,,,•. , , option of Lender,shall be immediutcly due und payable. �
<br /> 7, Condemnalbn. 7'hc procecds of any uwunl iir�laim li�r Jumuges,dirert nr r�►n.cyuem�ul,in wnnectiun with;my
<br /> +� • condemnatinn or ahcr uilcing of uny part of�he Pmperty,ur I'or cunvcy;uicc in pla�c uf r�mJcmnutiun,ure hcreby a,�igncJ
<br /> �, � ' ` �• and shall be p•rid tu Lernfer�o lhe extent of the full umount of thr inJrbteJnes,th•ri rernuin�unpaid under the No�c cu�d thi�
<br /> . Security Inxwment. Lrader shall upply zuch pnx���i.w�he reduc�ion of�hr indeMrtilne.�under�hr Note and�hi.5�tiurity
<br /> " •� � � Instrument, fln� tn any delinyuent nmount. npplied in the unler provideJ in Wru�rLph 3, anJ thrn ti� prcpaymrm of
<br /> �, ' .:��• • . principal. Any application of the pnx-eeds to the principal �hall not extend ur po.rtponc �he dur dutr ot'�he mumhly k
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