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<br /> �� 1. PMy�aent of Priacippl,lntere�t end I.�te Chery�e. Bom�wer+hull pay when due tix princip�►1 uf,rnd inteoest on.
<br /> �_ the debt evidensrd by thc Notc and late chu�ges due under thc Nixr.
<br /> 2. Monthly{wyment�c ot73wxeA. It�.wr�nce and Qther LhAr�eri. Borrowcr,huU inrluJe in cuch m��nthly puyment,
<br /> ;,� ��,,.= a�gethcr wi�h the prirxipal und inteR�t as zet fnrth in thr Note und ai�y lute churgc+,un in+tallmcnt of any lal taxes unJ
<br /> ,,... spocfal suxessmentti lcvied or to be Icvicd uguinst thc Propeny.lbl lew�cl�ald paymcnts nr�mund rcnts on the Pa�perly,and
<br /> • • ..�.�-= .��� tc1 prcmiums fur intiuruncc rcyutrcd by Puagraph 4.
<br /> -- . .� `''"."��'�`:°{-� Each monthly intit711m�nt fc,r itcm+ (a). (h)nnd (c)shaU cyual onc•twcifih ��f thr t+nnuid ;�m�n�ntti, u. rca�nably
<br /> '� �*-��t�+�`�• `�+� estimated by Lendcr, plus an amount sut�firient ta maintui� un udditional bulancc �►f not morc thun one-sixth of the
<br /> _"' "``'"•" " e�timuted amoun�s. The full unnual umcwnt far each item shall be accumulated hy Lender within u pericxl ending one
<br /> � � �YL'�'�'�'''' month befom an item wcwlJ t+ecome dcli�x�uent. Leixler shull hald the amount.r collected in tru.t to pay item+(u), lb►anci
<br /> .�.- �:�.�•,,..,,�.'; ;:• (c►bef�c they be�:onx delinyuent.
<br /> ' ;;�i;.:�a.,.ii� If ut any time the tM•rl uf the p•rytnentc held by Lender far items ta), (b) und Icl. tagethcr with the futum mimthly
<br />� ��,: , •- t puyments for such items payable ta l.ender priar to the duc date�oC such items,exceedti by more thun one-sixth the
<br /> --: ' estimated umuunt of puymcnts reyuircJ ro Pay such itemx whcn duc.und if payments an the Notc ure curmnt,thcn l.ender
<br /> ��•""�'""""�'" ; j shall either rcfund ihe exccss over one-+ixth of thc c�timutcd payments ur credit thc exccss over anc-sixth of the cstimatcd
<br /> 3�� � ,�;;,;;,;;,,;,�w p•ryments ta subseyuent payments by Borrowcr,:�t the option of Barrawcr. If the rotal of thc paymcnts made by Borrower
<br />'�' � � � for item(u),(b),or(c)i,in.ufficient to pa� the item when due,then Borrowcr shull pay to l.ender any;unount necessary to
<br /> �.•�� ��=�� �•- F m�lce up the def iciency on or befare thc date the item becomes due.
<br /> ' • '` � As u�ed in thi+Security Imtrumcnl,"Secretary"mcans the Secretary of Houcing und Urban Develapment or his or her
<br />- � ""'""� ""''" - designee. In any year�n which the Lenckr muct pay a mortgage insurance premwm ta the Secretury,each month�y payment -
<br /> "'���+' • shall also include either. (il nn installment of the annu•rt mongage imurancc premium to be puid by Lender to the
<br /> � z, • `�' I �ecn•tary,or tii) a monihly charge inztead of u mortgage insurance premium iP this Security lntitrument ix held by the
<br /> � r S.�m,.�ry. E:�h monthly installment of the mortgage insurance premium xhall be in an amount xufficient to accumulute the
<br /> � � full annual mong�gc insurance premium with Lender one month prior to the dute the full :►nnual mortgage intiurance
<br />,� � ; prcmium is due to the Secretary;or if this Security Instrument is held b�the Secretury.each monthly charge xh•rll be in an
<br /> :, ` � i amount eyual to one-twclRh of one-half percent of the outstanding principal balance due on the Note.
<br /> If Borruwer tenden to Lender the full payment of aU sums secured by this Security Instrument.Borrower's:rccount
<br /> , i shall be credited with the balancr remaining for all installmentx for item+ (a). lb)and (c) and any mortgage insurance
<br /> . „ I premium installment that Lender has not become obligated to pay ta the Secrctary,and Lender shall promptly refund an� -
<br /> . excess funds to Borrower, Immediately prior to u foreclosurc sale of the Property or its acquisition by Lender.Borrower s -
<br />, �ccount shall be credited with any batance remaining for all installments for items(ul,lb)and(c).
<br /> , . 3. Application ot Payments. All payments undcr P�aragruphs I and 2 shall be applicd by Lendcr uc follows:
<br /> FIRST.to the mortgage in,urance premium to be paid by Lender to the Secretary or to the monthly chsuge by the
<br />" .,-:�F„' . . . Secretary insreud of the monthly mortgage insurance premium;
<br /> - 'r'!�''•_._____. . •;; � SECOND,to any taxes,spccial asse+sments,leasehold payments or ground rent,,und fire,tload und other hazard
<br /> - - ���.�,��;• . --- - insurance prcmiums,as requ�md;
<br /> THIRD,to interest due under the Note:
<br />' � ' FOURTH,to umortizat ion of the principal of the Note:
<br /> � � �j{,to late churges duc undcr the Note.
<br /> , 4. Fire,Flood s�nd Other HAZard Insurance. Borrowcr sh311 intiur�all improvements on the P�operty,whether now
<br /> ' � in existence or subsequently erccted,ugainst uny ha•rardti,casualties.:u�d contingrncies, including�re,for which Lender
<br /> r � :,t.,.,:..-„ ,�� � requires insu�ancc. This incurance�haU be maintained in the amoums und for thc periodx that Lender requires. Botrower
<br /> " shall also insure all improvements on thc Property,whether now in exititencc or wbscqucndy erccted,again.t losz by floods
<br /> to the extent required by thr Serretary. All imur:uice shap be carricd with comp:►nic+approved by Lender. The intiurance
<br /> policies and uny renewals tihall be held by Lender und .hull include loss payable clauses in favor of, and in a fortn
<br /> ' � ' ' acceptable to,Lender.
<br /> .�;,, '° '� ' ".� In the event of losx,Borrower+hall Fivc Lendcr immcdiate noticr hy rnail. Lcnder may m:►kr proof af losti if not
<br /> � . � made promptly by Borcower. Each imurunee company ronrcrned i.hrrcb�� authorimd and dirccted to make p�yment for �,
<br /> ��A such loss direcdy to Lcnder, imtead of to BoROwcr and to Lender jointly. AI I or any part of the in.urunce procecds may be _
<br /> ' applied by Lender,at its option,eithcr(nl to thc reJurtion of the indchtedne�,under the Notc and this Securiry Instrument, _-
<br /> • � ' first to:►ny delinyuent amounts upplied in thc order in Paragruph 3, and thcn to prcpayment of principal,or(b) to the `
<br /> (� . ' ;�••:,•, rcstor�tion or repair of the damaged property. Any application of thr proceed.to the principul xhall not extend or postpone -
<br /> ;. ,, �.� • • , the due date of thc monthly payments which nre referred to in Parsgraph 2.or change Ihe umount of such payments. Any
<br /> �,•� excess intiur:uicc proceed,over un amount required to pay all out�tanding indehtedne�s under the Note und this Security —
<br /> ' � � � Instrument shall be paid tu thc entity lc�!ally entiUed tbereto.
<br /> , . '`�' In the event of foreclosure c�f chis Security Instrument nr athcr tr.�n.fer of tidc to the ProExrty that extinguishes the
<br /> `' ' �;•�'� indebtedness,�Il right,tidc and intcrest of Bonowcr in:md to insurancr palicic,in tiircc shall pa�ti to thc pumhaser.
<br />� '` '-� "'°� ` 5. Occupancy, Preservation, Matntenance and Protecttun of the Property: Borrower's Loan Application= _
<br /> �� •""�' I.easeholds. Borrower shall occu establish,and use the Pro n uti 8anower, rinci sl rr�idence within s�xt da �
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<br /> t�'•�`•� after the execution of this Securit lnstrument and shall c�ntinue tu�xcu the Pru rt a,Borrower's rinci al rcsidence
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<br /> '��-�, �► for at least one year afler the date of occupancy,unless the Secrctary detrrmineti thi.rcyuirement will rauu:undue hardship -
<br /> ,�'� for Borrower,or unless extenuating circurristunce. exi,t whirh arn c�yon�l Burca��rr'. control. Borrower shull notify
<br />��-" y;�;j:, �' • Lenden of any extenuating circum�tances. Barrowcr+hall not rommit wa,te ur dr+tro),dantagr or sub;tantiully change -
<br /> � ' the Property or ullow the Property to detcriorute,mazonable wear anJ trur exceptrd. Lender may in+p�ct the Property if the
<br /> '-• •' . PropeRy is vacunt or ab:u�doned or the loan is in defuult. Lendcr may take rcaumahle action to protect und pn�xrve�uch
<br />_�-� vucunt or abandoned Propeny. Bormwer shall al�o be in default if Borrowcr, during the Ivan application process,guve
<br /> � _. . . materially falsc or inarcur:�te infomiation or statement� to Lcnder (or failyd to providr Lender with any mutcriul _
<br /> - :b. � . information)in conncction with the loan evidenrrd by the Nate.inrluding, but not limited to,representstions wnceming —
<br /> —?• +�;.;,` � ' Borrower's occupancy of the Pmperty us a principal residence. If thi�Scrurity In�trumcnt is ou a Iratiehold.Borrower shall
<br /> - `-'�.•.-��.�;:`� comply with the provisions of the lease. If Borrowcr acyuire.fee title ta thc Pro�ny,thc leuschold:md fcx title shall not __
<br /> `.'•`•""'.s:`�;:;;;' � be merged unless Lenderagrecs ro the mergcr in writing. =
<br /> "' ���%r-• ' '• 6. Charges to Horrower and ProtecNon ot Lender's Rights in t6e Propert,v. Borrower shall pay all govemmentul ;�
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<br /> - .�„�,...:..•:- or municipal charges,tines and impositiom that are not included in Paragriiph 2. Borrower shal) pay these obligatiom on �
<br /> `:,, r ��>:i�':: timc direcdy to the entity�vhich is owed thc payment. If failurc to pay would ad�•crs�ly affect Lendcr's• intercst in the
<br /> =_ `' '�`� Property.upon Lender�s reyucst Borrower shall promptly fumixh to Lender receipts rvidencing these payments. _
<br /> '�� — If Bomower fails to make ttkse paymentx or the payments required by f'�aragraph 2.or fails to pedortn any other
<br /> � covennnts and agreemen[s contamea m tnis 3erunty instrume��t,or tnere ix a tegai proceedins tnat may significsanciy aifecc
<br /> —_ _ _ Lender's rights in the Properry(such as a procceding in banlwptcy,fur cundemnatwn or to enforce law�or regulations}. .
<br /> ID' then Lender may do and p�y whatever is necessary tu protect thc v:�lue of thc Propert�und Lender's rights in the Propetty, '"
<br /> --' including payment of taxcs,huud insur+nce and other items mcntioned in Parngraph�. -
<br /> My amounts distwrsed by Lender under this Para�ph shall become;tn additional debt of Borrower and be secured
<br /> by this 5ecurity Insdvment. These unount�sh;tll bcar mterest from the date of disbursement,at the Note rate,and at the -
<br /> option of i.ender.shall be immediately due and payable.
<br /> 7. Coodema�tion. 71te procads of any awatd or claim for d:unages.dinrt or conseyuential,in connection with any
<br /> catdemnalion or dher taking oF any part of the Property,or for conveyar�ct in place of condemnation.are hereby usigned
<br /> and sball be prid to l..ender to the eztent of the full aznount of the indebtedness that remains unpaid under the Note and thix
<br /> Socuriry(nawment. Lender sh�ll apply wch pcoceeds to the reduction of the indebt�•dness under the Note and this Security —
<br /> Inatrument� fust to any detu'quent unaunts applied in the order provided in �aragnph 3, and then to pcep�yment of _
<br /> p�incipal. My applicatlon of the prwcee�to the principal shall not extend or postpone the due dau of the monthly �
<br /> ._ (vaa�:aJ�pu,�es► ..
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