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<br /> '_ _ ' . .. ' , . . - . . . ' .. ;.t . � .
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<br /> � . � � 1.P�anent of Pfin�t,lf�teresi sud L-ate C.hargG Boaowei shai!pay�vb�n dne t�e prm�ipa�o�and u�aseoa, . .
<br /> � - ._ �: ,,.v�tl���av�e�bgthel�tom.eadtat�ch�rges�c+�rthe.IYut�_�' . : ,. __._ � ' � ��- � _ _ , _ _
<br /> -- . � M��.91�?Y�ts o es, �oe ia�8�er.�, �vver�aII�de�-- �unm� �p�ti_
<br /> -- . tagether wttb tt�a�gnaci�sal and intocest as set fortb in the Nat�an�a��y� tat�c4iarges.an instalIment eg any(a�mses an� �V `
<br /> : 'spe�ial a�s�eats.Ic�i�d or to be Ievitd egalnst ihe�Fiopehy,fb)tea�eIlold'paymea�s or gcaund tents bn t��'mrpetty�suc1�'
<br />-- — — (c)Pnmm�s for iasuranoe sequic�d by Parag�'aph 4. ` - , -
<br /> _ . ��tim�monthly insmltaienf for items(a).(b)aad(c)sLall�qaa!cne-twel�fth of the aanual amuunrs:ag r�asmsablyr:
<br />� �jr Lender,pI�aa`aiauunt suffr�t w maiatain a�addidoaal batance of aot�e than one�si�ctb.oY the
<br /> . �amouat�. '11ie fiilt aanuai amaunt foi each item shall tie aocumWaoed by Leader vv�tfin a p�riod ea, one
<br />' mont9 befare nn item weutd Decome del(nqueat Leadzr shatl hold the amowau collettod in uusc to pay items(a),(6 artd ,
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<br />--°�--------�-- ;-.-- (c).t�are ihe t�besomC deWlql:enL _ • — _
<br /> � - If et any ti�e ftie tbtai of tt�e gayments��eW by�foi items(a);(6�and(e)�m wit�the fi�dae mnntbiy`_ _ --- -
<br /> ': � payments for such Qtems payabte Lo I.euder prior ba tLe due dates of suc6 items.ex�more tha�f on�sixth the
<br />- esBmaied amount of payu�ats cequired tapay snc6 iteaes wheu da�aad if pa ts on the Note are ciuienl:th+ea Lend�r
<br />- s6a11 either iefi¢ad the excess over one-sixth of t�e estimated paYments or�eacess over on�s�cth of the esdmated
<br />- paym�ts to subsequ�t payments by Boaower,ac d[e optioa of Bmmwer. If the mtal of the�ayments made by 8oimwer -
<br />_ fsr item(a?.�b).ai(c)is insufficFent to pay ihe itega whea due,thea Bua�osver shall pay to Lender auy amauat�eaessary w
<br /> makB up the.deficieacy on or before tne date the i�em becomes due: '. .� ;.;
<br /> As nsed in ttis Securit}r�icumeut,"Sec�etary"means the S��sf Housi�ngaad Urban Development or his orher
<br /> de�ee. In any year ia whicl�the Leader must pay a mo�age i�smance premium tas�e Seaeta►y,each monthiY PaY��
<br />- shal�also mcAide ei�er. (�an in�tallment of We anauat motsgage ins�uan�e pc�aium tu be paid by �'�o the
<br /> - Sesiemry.or(u)a moatNy charge instead of a mortgage i�snrance premium if ar�Secviity Imtsument is�.b�!the
<br /> � �Sesaetary. Fac1�mondily installmene of the mortgage insutance premi�rn shall be in aa aznoune�ea�i to aocumulaie the __
<br /> ���•�z � full amival mortgage insuraace pnemium with I.euder one month�ar to the date the full eau�t mo S e '�ns�aa�tce -- --
<br />- �' �wn is due oa the Seaetary;or ff th�s Securiry Iastrnment is held by.�e Secietary,each moathIy cttarge be in an
<br /> s '�a°'�::.�;:=::'�'. �muat equal to oae-tarelfth of one-half pe�eat of the outs[andiag priaeipal batance due on the Note. - ���-_
<br /> - i . .r. '�° � `�;� � ��o�wer tenders w Lender the full paymeat of as!sums secat�ed by tAis Serurity Instrument,Horrowerb acxount �--
<br /> ���:.� ,,.'' _ :s�li be ccedited with the balance cemaining for ari ias��+nts�fr�items ta),(b)and(c)aad� aay mortg�►� iassaaace —
<br /> -, �_ _
<br /> ���=;,;:
<br /> :•,-�S�t .��;tv�.,� %.pi�mium i�ut�,lment that Leader Las not become obtigated io pay ta�`5ecretary,and Lender shall promptly ietiucd an .
<br /> :_,ti�..+,�_ .: ;. :t eiccess fimdsai BaYmwer. Immediately prior to a faieclosure sale�t��toperty or its acquisition by Lender,Boirower� ; �-��
<br /> , S: '.� �acxount shaU De credited with aay balance�emaining for al�instaUme��i�items(a),(b)aad(c)• � -
<br /> :"a� �o ;�: 3 At►Plication of P�eits. All payments under Paragraphs 1 sa�2�sha!!pe�s,plied by Lender as follows: �' � -
<br /> �,3 ,_t v') �1't �'. . .� .. �� :aa -
<br /> �� FIRST,to tlte mortgage�svzanse premitu�t to be gas�6y Lender ta the S�g mr w the cnontUIy charge by the ,+�;
<br /> " �,��,`�d��� . • ,{�� 5�remry instead of the monthiy mortgage insura�tce�remtum; : ��:"_:-::�
<br /> . �c ,. _ . ��.�.�
<br /> � S�,to any taxes,specia!assessment4.leasehbId payments or ground re�a�and fire,tlood and otLer hazard •� ���ty�-_
<br />-- -:::,, =- - insutance premiums.asrequi�ed: • ' . � P*,-�
<br /> '�, t�: �tlg,D�to inte�est due under the Nat�:.- ,�y'` ---
<br /> �i P,, ` � �Q J��,W amorti7ation of the priacipal of dte Nat�, • {�N��
<br /> °} '��:'':°�i�. .Y ;'; �,to laaitee charges due under the Note. " _
<br /> k. ��s'„ . „ °"-
<br /> - '�`;;�;;�� .4. Fire,Fiood eud OWer Ha7aed Insuranc� Hammwer shall insure all impnn�.snents on the Ptoperty,wImther now r' '�t�;•' ''°��
<br /> ��Y.Y�':.� s
<br /> '• � �eaisteace or subsequendy erected,against any hazards.casualties.and contingencies.including Rre.for which Lender . ��� ' �_
<br /> a iet�uites ins�uaace. 71�is insurattce shall be maintained ia the amounts and for the periodc that Le¢�r�equues. Boirower � •:.'� �:_'�"�_
<br /> . ' � ��
<br /> ,. � s'ha11 aiso ins�tra a11 impmvements on the Fmperty.whec�rnow ia eustence or subsequently erecte�against Ioss by fioods , �, �'�
<br /> ' , � ' �t9e extent required by the Sec�etary. All insuraace sir�l be catried a+itb companiesappraved by Lender. 17ie insurauce , ,<�;, T,. �-
<br /> �+, ,�'��� �ities and any renewals shall he hetd by l.ender ar�shall include loss payabte clauses in favor of.and ia a foim �� �t,, ,�
<br /> `•;�:��`.i;,;:; -. . �aeptable to.I.ender. m �;;�.,; ',„� , L
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<br /> ,., k;4����,�c ;;r;,� . In the event of loss.Boaower shall give l..ender immediate notice by mail. l.ender may make proof of Ioss if not , :
<br /> �''�'� `i 5 ;�� ,•• - made prompUy by Borrower. Each insurance company concemed is hereby authorized and dire�c�ed to make payment for ��
<br /> :;;< i f�,,;*�;?,.':� • �_ �,�;:;, suct►loss directly to Lender.Instead of to Borrower and to Lender jointly. All or any part of the iusrsance proceeds may be �'- � ,' : ,-�
<br /> ��t <<.• • • applied by I.ender.at its oprion,either(a)to the redaction of the indebtedness under the Note and th'ss Security Inswment, :_
<br />- °ti�s;���..�•s�. ' � �ust to any delinq�uent amounts applied in the order in Paiagraph 3.and then to prepayment of principal.or(b) to the • ��_.
<br /> � � .,: t..,,. :. .. . . ....,
<br />_ ' .,�:��� ' �oradon or repa�r of the damaged property. My spplication of the proceedc to the prim�pal shall not extend or postpoae , . �
<br /> ' �•:.; :'•�,� , . ��. a `.:�. ��. :.�
<br /> : :� eh�due date of the monthly payments which are referted m in Paragraph 2.or c6ange the amount of such payments. Any
<br /> -�'rr •� � � • ' � � excess insw�a�ca proceeds over an amount r�uired to pay all ou�stxc�du�g indebtedness under dm Note and this Security �� •�1 • .
<br /> �''>'� .;" :. '.'';:. ; Insuument s}ia�if be paid to the emity tegally ea6tted thereto. •"..
<br /> .. � In the event of foreclosnre of this Security Insuument vr other cransfer of title to the Propertgr that eatinguishes the . .. �� -
<br /> ' iade6tedness.all righti title and interest of Boaower in ar_�3 to insurarice policies in force shall pass to the purrh3s�t. , �
<br /> _-S";�:; Maintenance a�8 �rotectton oY the Propea�y: Borrower's Loan A�plicatlon; � •
<br /> ,ti.: .,,� .„ S. Occupancy, Preservation,
<br /> •'•'��:;�?'s��._; ' E.easeholds. Borrower shall occupy.establish,and use the Property ac Borrower's�onncipal residence withm sizty days ,, ,` •.
<br /> � � •` ' after the eaecution of this Security Instrumeat and shali conunue to occupy the Property as Borrower�principa!residence , . _
<br />- �i ;:. .;�, ' .�, � . • for at least one year after the date of accupancy.unless the Secretary determines this requirement wiH cause undae hardship � . .�;,;.'
<br /> , ';,..'�.°_;' for Bomower. or unless extenuating circurtistences exist which are beyond Hortower:s controi. Borrower shall notify . ��'
<br /> �>`��t:==� �' Lcnde�s of any extenuating circumstances. Borrower shall not commit waste ar destroy.damage or substantially change • ,• .
<br /> ��'�.,_+,r:i� . • , . . .
<br /> �'•, TJy,,.t. • � ��e Ptoperty or allow the Property to deteriotate,t+easvn2ble weaz and tear excepted. Lender may mspect the PraAxrty if the :. -,�; : _
<br /> j.h�..,y:;:�,.;•'; �• Ptoperiy is vacant or abandoned or the loan Is in default. Lender may take re3sonable action to protect aad pre�erve such �
<br /> �.,� ��;,.:::., . vacant or abandoned Property. Borrower shall also be in default if Borrower. during the loan appiication pracess.gave . : � ,
<br />_�. ; i'��".:.' .' � ��, materiaUy fa�se or inaccurate mformation or statemenu ta Lender (or failed to provide Le�der with any matenal , ,
<br /> � r � '-•� � •• �'� informarion)in connection with the loan evidenced by the Note,including,but not lim�ted tv,rc�,zesentations conceming
<br /> �• {•;'•�"��'�;, ' •'`���`'• Borrower�s accu ane of the Pro rt as a princi al residence. If this Securi Instrument is on a teaseAotd aorrower shalt �, '
<br /> :' }.,�•`:,`r;�;.���:: ��,��'•� comply with the prov�'�slons of theelease. I Borrower � �rty.the leasehotd and fee uct_shall not ��.+:..
<br /> f acquires fee title to the Pra ° ; ;
<br /> t `:;�:;�:;�?�"s:' ise merged unless l.ender agrees to the merger in writing. ;._ �
<br />--:,.; , . :".t;�t•.. ; . _ .�c.
<br /> : � , •...•�•� . , . : 6. C6aeges to Borrower and Protection of LeradeP's RigEtts ia the Property. Borrower shatl pay all go�errirnental •,��t��.
<br /> "'�%' `�� - . •� <, or municipal charges.t'mes and impositians that ate not included in Pasagraph 2. Borrower shali pay these oAl�gatians on `
<br /> l�"'' 'F dme directly to the entity which is owed�he�ayment. If failure to pay woutd adversely affect Lender's•intem�t in the " � .
<br /> "��• ' Prnperty.upon Lender's request Boaower shall promptly fumish to Lender receipts evidencing these paymenu.
<br /> '�'' ` If Bosower fails to make these paymenu or the payments required by ParagraQh 2,or fails to perfonn r�ny other ''
<br /> � � • covenants and agieements contained in this Securiry Instrument.or there is a IegW praceeding that may sigmficantly affect
<br /> _•=� �'•.' •,.`_ �• :'�. . :. Lender's tights In the Properry(such as a proceeding in bankruptcy.for condemnauon or to enforce laws or regulauons).
<br /> titen Lender may do and pay whatever is necessary to protect the value of the Property end Lender�s rightc in the Prope�ty.
<br /> _ � � including payment oi taxes.hsizard insutance and other items mentioned in Paragraph 2.
<br /> � • . ' My amounts disbursed by Lender iutder this Para�raph shall become an udditional debt of Borrower and be secured . �
<br /> . � by Ws Security lnsuument. 7liese amounts shal!Dear intemst from the date of disbursement,at the Note rate.and at the .
<br /> . � • � °-� opnnn of l.ender.shall be immediately due and payable. ,
<br /> , •� p. 7. Condemnation. The proceeds of any award or claim for damages.direct or consequential.in connecHon with any .
<br /> . ''� condemnation or other taking of bny part of the Ptoperty.or for conveyance in place of condemnation,ane hereby assigned .
<br /> • .�s' and ahall be paid to LetuIer to the extent of the full amount of the irtdebtedness t1�at remains unpaid under the Note and this
<br /> ` `� � �, Security lnstrument. Lender sha11 apply sucb proceeds to the reduction of the ir.debtedness under the Note end this Securiry �
<br /> u , �. ",��; ': Iasttumen�first to any delinquent tunounts applied in the order provided in Paragraph 3.aad then to prepaymqnt of
<br /> � : � princiQal. My apQlicadon of the praceeds to ttte princiQal shall not extend or postpone the due date of the monttily
<br /> . Ipuge2ofl ppgisl
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