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<br /> `N , � _'.5 L PB,pment of FrindFal.Interesl acd Lete Caarge� Borrower shaU pay wtten due thc pri�,ttcigal:p£aad iptenest oQ. ' ,
<br /> -' °, . � . tde de�tevidenced by tRe Note and tete citerges dueuncter thc Nota _ .
<br /> ? ' � .� 2. MantN9 Pa,yments oY'!}�x�►I�ue¢ce aad Ottier Charges. Bor�ower shalt inctuda.en,ea Q��th1Y PaYment.
<br /> _ .. � ., e,;'>:' �.°: mgether with the priacipal and interest as set fond in the Note and any late chaiges.an incpUme�C,. anY(a)taxes and . `�
<br /> ��'� ` � °�` special a�enfs 2evied or to Ae tevied egainst tde�toperty.(�)Ieasedold payments os graartd�tt}�tfle Ptoperty.atd
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<br /> — • �<.` (c)Pnemiums for insutance c�equired by P�ragcapb4. � . . ,
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<br /> _ . � �' Eacb monthty iatitaliment for iums(a).(b)and tc)shaU equal one-tweiM of the anntt�.a�7utv.as reasonably . . . �
<br /> . �� ' . ' �"` estimated by Lender,ptus an amount sutiiciene to maintain an addidonal Datance of nat ma�t•tlt�n 4ne-siattt of tM • - - .
<br /> _ �` - ` ':" . estimated amouats. 7t�e full annual amount for rach item shall he accumutated�y L.cades witPriri��.�eriod eading one . -
<br /> •,� �`��'�.`:- . �t moath before an item wouid become delinquent Lender sAall hoid tne amuums wllected'ur ttucR tv;�raajt,ioems(a).(b)ond � :.
<br /> �= = �- (cl b�e tt�y be�me detiaqt�eat. . `_
<br /> v� 1f ai any time ehe total of the paymenls hela by Lender for items(a).(b)and(c).togetlt�-witF��tlte tvture monthly
<br /> �"� . ` • payateuu for such items payable to Lender prior to tt�e due dates of sucD items,exoeeds by ma�;than one-sixtn Me .
<br /> . �. .. "�: ,•,� -`<. ,� estimated amaunt of papmeats required to pay such items wRen due.and if payments on tke Note.a�;�arcen4 tRen Leceder '' .: .
<br /> �� •��:; '.� ;. `;` ' shall either refund the exoess over one-sixW of the estimared payments or credrt the excess oYer ons-skwh of the estimated
<br /> ' �; ��:-�� ' �aymeats to subseqaent payments by$�rower,at the opfion of Bomuwer. If the total of the.pay�tts�made by Banower � . ;
<br /> : E�`"; :'„�;= �'• � for item(a�.(b).or(c)is insufftcient to pay the item when due then Borrower shalI pap to Lend�F art�urd:ount nocessary w •
<br /> z: .` . ..::._,,:,.�. maice apthe deficiency on or before the date the item becomes due. ` _ : �
<br /> As used in this Securiry lnsaument."Secretary"means ttte Seccetary of Housing and lJnt+�re�h]ev�opment or his or her
<br /> '. �: -. ' � ��t desig¢ee. In any year in which the l.ender mustpay a mortgage insurance premium ro the Secretary;�ch monthiy payment •.,, �
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<br /> � t• '� shal�also inclade either: (i)an installment of the annual mortgage insurance prertuum ta be�paid by Lender to the
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<br /> � ��: ..,::�1`.�_ :_ Seaetary.or(u)a monthly charge instead of a mortgage insurattce premium if this Securiry,Ia�t+metu is Letd by the
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<br /> T, ,t�,:,�:.��;��`�-�`�`��thi�'4-�`.' Sec��..Each munthiy installmeat of the mortgage�xaQce p�emium shall be in an amountbuFfiicl�eat W aacuanulate the ... _ ' .
<br /> •,��;,��Y a.�.�:._�>.�zn-: - fuA��rab�mortgage insurance prcKnium with Ler�one moath prior to the date the fi�tZ aR�W�1 mortBaSe insurarcce T
<br /> �-' ��:..�:`.�"71-< ` prem�z cs e�e w the Secretary;or if this Security It�.m�t is[�eld by the Secretary.each�n�tty charge sl�all be in an . . ► ;: .
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<br /> ��1-�•Y: awountc�t to one-twe�fth of one-hatf perrent of dte o�ct'ing principai batance due orc t�e No�q, ,
<br /> _ ?'�;:';`:'.�;� . If Borrower t�eES w Lender the full pa ea�of aIl.s;>ms secured by this Security I�sa�te�Boirower�s account . `` ;
<br /> �•�::;;;�tiF�•• 1:� ym aI _ ;
<br /> ���i=�c:=_:�,;����-v` �•'• shall be cr+edited wi�fr c�balance remaining for.� '�essa'�ments for items t�(6}and(c}ar►d��elty mongage insurance -�,
<br /> ��,�'���:�`�;�:;` premium installment t�ri.ender has not becomeablig�to pay to tiie Secr�tazy,and L�red�e•sbplE pramptiY refund any ; ��,_
<br /> ;t t. �e�'�'``�.;��r�::{;,.; eaoess funds to Borrower. Immedia�ly prior to a fo:�c*_a�:�sx?e of tAe Pre�ecty or its acqvisiti�hy E.endes,Horrower�s s :.
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<br /> account shall be cndited with any�atzace remain�g fvr all izLd�i!ments for it�ta),lbaand.(ck: ,{ ,
<br /> � ' � . �L`• � 3. Applicatioa of P�ymenfs. AtI payments�.'er Faragr�8s 1 and 2 shalt be applied 6��lr�ttd�r as follows: �• �.�
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<br /> �• . . F1RST,to the mortgage insura�ice piemium w be pz:•d by Lender to the Secretary or ta tha m�ttthlY char8e by the - ":,� �,•�`
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<br /> y:��`� . , � `: Secretary instead�€t��monthly mortgage insura.�ce prerreium: ' '�. .�,;:�.c
<br /> s:�:���� ' SECOND.to anyt�ess�pecial assessments,tez.s�old payments or ground rents.ana fi�e,ftr!(�and other hazard �..; .F .. �.
<br /> "?'�`'• � � insurance temiums.as ` ;': ;;�!-=_
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<br /> ; t., .- � • . Tt�RD.to inteiest due�Note: . . ,t;,;,; .`t_+:�
<br /> ��� � z Lti ,w amortization of tEse pcincipal of the Not� �. � •;� _
<br /> ��.�..` , � m.late charges due u�v�the Note. 'i:�..;::.';_;i:::�5:-•�"• .
<br /> , <';�. " .. ��i�Floo�a�a�Other Ha�asd Iasuraaa� Bmmwer shall insure aIP im{�rovemat�t��shn!tt�PtuPert!'•whether rtow �::':,:�c;;. :• :`:''� { . ,
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<br /> in ex�Qnce or subseq��dy erectd.against any hazards,casuaSties,and cortinpettcier�inGtud+ng fir�for which Lender '.. • '`. . ,
<br /> ?'st�;� � ' . .. req�es insusance. 'i4�s insurance sha21 be maima�ed in the amounu and fnr tka p�riRd,s ihut Lender requires. Botrower `::'�_` '� � .�: �=
<br /> ''i°• s'ha�1 sIsa insure all improvements on c�Property,whether now in euistence or subs�eqetpatty erected,aga�nst loss by t�oods � � �'{i`-�'��.'-����
<br /> i' ;,:F` tv t�e ext�ni required by the Secrets..�v. All insucance sha11 be c�ried�vith compt�nias�appr+aE-ed by Lender. The insurance �• ��•;.�'=i�,��f
<br /> . � • � po�aci�and any renewals shaJl be�.he►�by Ler.der and shall include loss payoble�clnuse�in favor of,and in a foan '`;'`,��> ',;
<br /> ` .'• •.� arceptable to.l.ender. • ..�•i
<br /> • ' '`� In the event of toss.Horrower shall give Ler.�r immediate notice by,muil. Lertder may make proof of toss if not " � • �;
<br /> ' �` made pramptly by Boirower. Each insurance company concemed is herebv autharized.and directed to make payment for f •� �',F
<br /> � such tossdiiectly to Lender,instead of to Borrower and to Leaderlointly. A!)or arty•part af rhe insuranee proceeds may� I • �
<br /> � appli�d�3.ender.at its opdon,eitFrer(a)to the reduction of tne indebtedne�.c under the Note and this Seeunty Instnunent. �
<br /> � � fust t�a�r delinquent amounu appHed in the order in Parapapt�3.and then to prepayttrent of princiQal, or @)to the
<br /> � testarati�orre�aair af cE:e damaged property. Any applicadon of the proceeds tn tha pnn�►�rat shall not eatend ar postpatre
<br /> , � `�` the due d�e a€che martchly payments which are mferred to in Paragraph«.or change the�rrrount of such payments. Any ��� � �
<br /> ' ' excess�suranee proceeds over an amount required to pay all outstanding mdetrtedness under the Note and this Security `' '
<br /> ' [nstnears�t shall be pa�d to the entin•tegally entitled thereto. f • .
<br /> In the event o!foreclosure of th'ss Securin�Instrument or other transfer of[itic to the€�toperty that extinguishes the ; �
<br /> ' • inde6tedness,a11 righ�title and interesY of Borrawer in and to iasurance policies in forca+NuI(pass to the purchaser. � .
<br /> • 5. Occupaacy, Preservatton. :Visintenance and P�otectton of the Property; Borro�rer's 1.oan ApplicatIon; �. ,
<br /> ��,;t;�:•: � l.easeholds. Borrower sh311 occupy,establish.and use the Property ns Borrowers pnncipal residence within sixty days .
<br /> • r;?'�-' . after the execution of this Security lnstrument artd shal!continue to occupy[he Prupert�r�Borrower's principal residence � � .
<br /> _ ' , � .. , for at least one year after the date of oceupancy,un'e�s ttre Secretary determiaas this requirement will cause undue hardship � .
<br /> : t .. •: : . � for Bonower. or unless extenuating circumstances exi,t which are beyond Borrolver+control. Borrower sball notif}� ��.. •
<br /> ?s . . . :. Lertdeis of any extenuating cir�umstances. Borrower shall not commit waste or destray.d�m�ge or substantially chan�: k. .. .
<br /> +��� ., . ihe Ptaperty or allow tfie Property to deteriorate,reasonable wear and tear exceptcJ. Lender may�nspect the Ptoperty if the i
<br /> - �; � ' Propeity is vaeant ar z6andoned or the loar�is in default. Leader may take fiasenable action ro protect and preserve such .
<br /> �,.
<br /> -`�;., vacant or abandoned Ptoperty. Banower shal!aiso be in defanit if Bortmeer,dudng the Ioan application process,gave
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<br /> � �r� � materiall� false or inaccurate �nfarmation or statements to Lender far failed to provide Lender with any matenal •
<br /> "" infam2a�on)in connection with the toan evidenced by the M1o:e,including,but not limited to representations conceming `
<br /> ;:• ' Bomav�er's occupancy of the Propeny as a principal residence. !f this Security Instrurtient is on a teasehoid Borrower shall ;
<br /> �;` ; � �� .. comply with the prov�sions of the le�se. if Borrow�er acyuires fee title to the Ptoperty.the ieasehold and fee title shall not j _ , ,
<br /> be metged unless Lendet agees to the merger in writino. ;
<br /> �'? �. � � , • 6. C6sige9 to Borrower and Protecttoa of�.ende�'s Rights ta tde Property. Borrower shalt Pay atl govemmental
<br /> t;- ; � or munIcipal charges.fines and impositions that am not included in Pamgraph 2. Borrou•er shall pay these obl�gauons on �
<br /> }e _ ., ; time direcQy to the entity which is owed the payment. If failuie to pay�would adver5ely affect Lender�interest in the �
<br /> - Plnpetty.upon Lender�s request Borrower shal!promptly fumish to Lendcr rece�pts evidencin�these payments.
<br /> � 1 • . � ' If Honower fails ro make these paymentv or the payments required by Paragraph 2. or fails to perform any other � .
<br /> F �,.. � coveaants and a�ements contuirted in this 5ecurity Instrumen�or there is a feFal praceedmg that may signifecantlX affett
<br /> .�� � - ' Lender�s righis m tit�Pmperty(such as a pmceeding in baniwptcy,for cond�mnation or to enfotce laws or regWanons), �.
<br /> ;� ;�` • �� . then Leader may do ac►d pay whatever is necessary to protect the value of the Pmperty aad Lender's righu in Ne Ptoperty. � •
<br /> � including payment of taxes.6azard insurance and other�tems meedoneci in Parsgrsph 2. ; ,
<br /> - •• � - Any amounts disbutsed by Lender nnder this Parapraph shall beeome an additional debt of Bmmwer and be secured i _
<br /> ` � . � . by this Sscurity Inst�ument These amounts shal!bear�nterest from the date of disbuisement.at tAc Note rate.and at the -
<br /> � : r. .� �.'� optcon of Lender,shaU be immediately due and payable. ; ,
<br /> ' ' ' 7. Coademaatton. 7he proceetfs of any award or claim for dam�ges.direct or consequential,in rnnnection wit6 any ;
<br /> :'.:.,. , ..'..:'. : coudemnation or ather taking of any part of We Ptoperty.or for conveyance in plare of wnderonaflo».aze hereby assigned
<br /> attd s1�wU be paid w 1 eudet to the extent of the full amaunt of the indebtedness that remaif�s unpaid under tRe Notc and this ': ,
<br /> � _'•,�:,:, Seauity InsUUment. Lend�shall apply such proceedv to the reduction of the indebtedness uader the Note and Ws Securiry ' .
<br /> ,, ' ,,,' Q,-�`.-;�"` ��M t0�on u�ent amounts to Ftde �� sBatl r�mt extend�o��p ne the�due date�of e monthi f ' � • �
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