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<br /> 93- uoaos
<br />_ --------- 1. Paymeat ot Prfacip�l.Iaterat�nd Late Chu�e. HcNmwer chali pry when duc the prin�:lp�l of'.�nd interest on,
<br /> ' the debt evide�by the Note and late ctwrges due under the Nde.
<br /> � 2. Monthiy paXmenq a�71�xea,lnwaace a�ed Otber Ciwrga. Borrower�hall include in euch manthly p�yment,
<br /> togcihcr with the principal wid intertst as s�t fonh in the Note and�ny lote clwges.an inctullment of any(w)taxe�uid
<br /> spacid uu:�sments leviod or:o i�e levicd agalnst the Pro�rty.lb)lexrehold pey monts or�round rcnts on the Praperty.Rnd
<br /> (c)premiums for fnsurance rcquircd by Paragr�ph 4.
<br /> Each monthly installment for items (a),(P�)and(c> sholl eyual onc-twelf�h of the annupl amcwnta,ac rcu.wiwbly
<br /> •-y��� estimated by Lender. plac u► :unount sufficieht ta nwintuin an uciditional bulance of not more ths+n oo+atiixlh of thc
<br /> - - eatirnated amounts. The fup annual emount for cach itcro shnil be uccurtulated by Lcnder within u perial sndiag ouc
<br /> - ma�th befarc�n item would became delinguent. Lcnder shal!hafd the amount:;collected in tnist to pey Items (e?, (b)eed
<br /> — ====. (c)beforc they become delinquent.
<br /> — � If at any timc thc totel of the paymcnts held by Lender for items (n). (b)and(c). togethcr whh the futurc monthly
<br /> --•���� pnyments for such items puyuble to Lender prior ta the due dates of such itemti,exceeds by more ihun one-sixth t1�
<br /> s�,�,,,a; estimAtod amount of pxymenG:required to p�y such ttems when due,and 3f puyments on the Note ure currcnt,thon l.ender
<br /> - --__- shall either rcfund thc excess ovcr onc-sixth of the estimaLOd payments or credit the excesc over one-sixth of the estimatcd
<br /> °�R���=��� pnyments to subsequcnt paymcntx by Bormwcr,at tbe aption of Burruwer. If the total of thc payments made by Bottawvr -.
<br /> �"�`°'_�"°`� for item(a).(b),or(c)iti insufficient to pAy the itcm when due,then Borrowe�shdl pay to Lender any amoutu necessory to
<br /> i make up the deficiency on ar before the date the item ixcomes due.
<br /> ���tiG.�,� As used in this SecuritY Instrument,"Secrt:tary"meens the Secretary of Housing und Urban Develo;:ment or his or her
<br /> --°.�� desi ee. In any year in which the I.ender must pay a mongage insurmce premium to the Secretay,each monthly payment
<br /> �-�;;,:::�`��
<br /> - - - ,a„-��� shal s►lwi include either: (i) an instullment of thc annu�l mortgagc insuranct premeum ta be paid by Lendcr to the _
<br />`__-� � � � Secretary, or(if) u monthty charge inseend of a mortgage insurance premi�cm if chis Security Instrument �s i�eld by the
<br />- ��'!�'�., Seentary. Each monthly instullmant of the mortgage insurrnce premium sb�ali be in An umount sufficient to accumulate the
<br />- �.���� .��. � , • fult annual mortgage insurance premium with Lender one mcxuf► priw w tt�e date the fult annuaf mortgage insw�nce �
<br /> �y,•�.:: �,;.;,; . �X premium is due to the Secretary;or if this Securit Insuument is held br d-.e Secretiuy,each monthly charge shall6e in an
<br /> F. :.'..�.�t .- :
<br />� ,,':�`r' . amount equal to ono-twelfth of'one-hnlf percent o the outstanding prioc:�pal twlance due on the Note.
<br /> �� � • If Borrower tenders to Lender thc fuU payment of aU sums securcd by this Security Instrument.9orrawerl :�ccount
<br /> { � '` � shall be credited with the balanee remainin for ull installments for items (a),(b)und (c)and any martgage insurance -
<br /> '�5ii.'-• s?;`.h^ta�:�.I'.''i`'� S —
<br /> � premium installment that Lender ha+not become obligated to pay ta the Secmtary. and [.ender shall pmmptly refund s+n�
<br /> �''- • f;��' � ' exce�s funds to Borrower. Immcdiately prior to a fomclosurc salc of the Propeny or its acyuisition by I.ender, Horrowcrs "
<br /> ^,�,�,�:,.;1,. �
<br /> .•,..:�, ,;., accoune shall be crcdited with any batance remaining for ull in�taUmenty for itemsru).tb)and(c).
<br /> �?��`�;'.�'•;�_ '�� �,''� 3. A plkatlon of PAyments. All payments undcr Parugr.�phs I anJ 2+hal l be Applicd by Lender as follows:
<br /> , ,,��; .�.,y, '.,ti��;• �$$�,to the mortgage insur.uice pcemium to be paid by Lender ro the Secrctary or to the monthly charge by the
<br />_�y � r: ;. .r � �•� Secretary instead of the monthly mortgage insurunce premium;
<br /> '+;;� " . �� '`• ' F.�D,IO AIIY�A%c:5,special a�ssessments,leusehold paymeni+or ground rcnts,and fire,flood und other hazard
<br /> {' '� �' • insurance prcmiums,as reqmred;
<br /> - °='-;`�'':-�.-..'•=' Tf1lRD.to intertst duc u der the Note;
<br /> l�� '`�� � '��� FOURTH,to amortization of thc principal of the Notc;
<br /> ' ' • �y,to latc churges due under the Note.
<br /> ' � 4. Flre,Flood and Other Hazard Insurance. Borrower shaU insure all in�provements un the Property,whcthcr now
<br /> , .�;.�';;..�� � � in existence or subsequently erected,against any hcu.ards,casualties,and c:ontingencies. including C►re,for which Lender _
<br /> . :. ;;��;;�;;,;�:, �,,, requires insurance. This insurance shull be mainta�nc.-d in the amounts und for the periods thut Lender requires. Bortower
<br /> . ,:�,���e,,;�, . ; �� shall also insure all improvements on the Property,whether now in existence or subsequentty erected,agamst la�s by floods _
<br /> • ?�;,,;;. � •,,{�, to the extent required by the Secretary. AII insur•rnce shall be rvried with compu�ies approved by L.ender. The in,urance
<br /> • • � � s.. policies and s+ny renewals shall be hcld 6y Lender and xhAll include loss payable c}uuses in favor of, and in a form
<br /> � acceptable to,Lender.
<br />:;�,;. .. rifi�:r:�,,�,:Yr.�..xs�w �, In the event ot loss, Borrowcr zhall give l.ender immcd�utc notice by mail. I.ender may make proof of loss if not
<br /> _�• • • � � made prompdy by Borrower. Each ia+urance company concernrd is hercby authori�ed and dimcted to make payment for -
<br />�^, " � such loss directly to I.endcr,instcad of to Buaowcr und to Lcndcr jointly. All orany part of thc insurancc proceeds may be
<br /> . applied by Lender,at its option,cithcr(a)to thr rcduction of the indebtednetiti under thc Nate and this Secunty Instrument,
<br /> • � � � first to any delinquent amounts •rpplied in the ordcr in P�aragr•rph 3,and thcn ro prcpayment of principal,or(b)ro the
<br /> rcstoration or repair of the damaged pro}xrty. An��upplication of the prcxecds to the princ�pal shall nat extend or postpone
<br /> ' � �•��, +��__.._ .--� the duc dute of thc monthly paymentti whi�h•rre rcfrrred to in Paragraph 2, e�r changc thc amount of such payments. Any =
<br /> . ' �'-•�, excess insurance procecds over an amount myuircd to pay a11 outstund'+ng indeMedness under the Note and this Security
<br /> '.�.�.'.�4�;.`."�'�' lnshument shaU be paid to ihc entit�legally entitled thcrrto.
<br />_ , ....:;.;.
<br /> ,i��'�t;::�•�-v• In the event af fo►�eclosu�e ot this Securit [nstrument or othcr tr.►nsfer of title to thc Property that extingws es t
<br /> ,•. i.,.,i,�:�:� y
<br /> . r, . ,
<br /> 'i;�•�•r,;i;�' ";�":}. indebtedness,all right,title und intereKt of Barrower in•rnd to in.uranre policic� in force tihall pa�s to�he purchascr.
<br /> � "7``'!�:4ti", ''��,;�" 5. (kcupancy. Preservation, Maintenance and Protection of the Property: Rurrower s Loan A pplicaHon;
<br /> �''`f'� •� � 4 Leuseholds. Borrower shull occupy.e�t¢bli�h, and use thc Properiy a�Borroa-cr:principal msidenre within sixty days
<br /> � � '��`� '``''��' � ufter the execution of this Security Instrument and shall continue tu�xcupy the ProF►erty ux Born�wer's principal residence =
<br /> �,.:.-�t•:�,,,,,�. _
<br /> -.� � • ?� '� ; for�t least one year Atter the dute of«cupancy, unless the Secntary determine�:this reyu�mment will rause undue h:udship =_
<br /> �' ���° '',.:� for Bortower,or unless extenuating c[rcurristarne. exi�t which a►ti lxeyond Horruwer+ control. Borrciwer shall notify =-
<br /> ��f;;:;,y ��;,c�� ; '•,:.,� Lenders of nny extenuating circumstance.. Borrowcr+hull ra�t commit waste a d�stroy,damagr or substantially change
<br /> � »••� the Property or allow the Property to deteriurate.rca.onablt wrar miS tear excepteJ. Lender may�nxpect the Roperty if the
<br /> ��'';: "���q,�...... . ., Ptoperty is vacant or abandoned or the loaa is in default. Lendcr m:�y ddce rea�onublc uctiott to protc�:t and prescrve such
<br /> .`'�4;
<br /> �.%,�. � r,Fvr,,�,� .."� vacant or abandoned Prope�ty. Borcower �hall a:.o be in default if Borrower,during thc loan application prcxess,gave
<br /> �., � ,�;,,..�,. ,,
<br /> �� £(:;:'':;kn�'u.;;`:..� materially false or inaccurate infonnation or .taternent. to Lender (or fuiled to provide Lender with nny material _
<br /> !'� a'� ��b'.�?"< infamation)in eonnection with the loar,evidenced b thr Note,inctudin but nut limited to,re resentation� conceming -
<br /> -'. '�" .'`�. ,.,..•- Y 8. P
<br />_,_,:���� �'f�` •'�;:'•+ Bocrower�s ueeupancy of the Propeny�+a principal rrsidr►ne. If thix Security 1 n,trument is on a Iea�ehold,Bornower shall -
<br /> '�s`'��'�`'��� �� cornply with thc provisiuns of the Ic:�se. If Borrower acyuire+fcr tide tu the Property.the lea.ehold and fee title tihall not r
<br /> _ ..�,.,.. �
<br /> ., a�;,;r^��� be mergai unlcss Lcnder ugme�to the mcrgcr in writing.
<br /> ��:.;;•� 6. Ctwrges to Ibrrower and Protectlon of Le�der's Rights in the Property. Bonower shall pay ull govcmmental
<br /> -`,�f� �� or municipal chnrges,fiaes:u�d impositions that are rna included in Paragr.►ph �. Hortuwer�hall pay these obligutions on _
<br /> _� tirtx diiscdy ro the entity ahich is owcd thc payment. If Frilure to p•ry would udvenely affect Lendcr�interest in the -
<br /> - '— — Pnoperty,upon Lcnder§request Borrow•er shall prompdy fumish to Lender receipls<videncing these p:tyments.
<br /> '� If Barower fails to make these ments or the a ment+re uircd b Pu�a ra h 2,or fuils to rform�n othcr °
<br /> W)' P'Y 9 Y 8 P P� Y
<br /> covenants and ogreements cantnined in this Security Instrument,or there is�Ieg�l proceeding that muy significantly affect -
<br /> r �_r...._.L^ .......�..... .....,.Y.�:....:� ti.»4..�..r�v F.v rnwi�-.matim cu tn enforce laws or r+enuladonsl.
<br /> _ . . . _� - .....M...o..b...o............p.,.y w.....«� p..............e.•- _—..._—r•-�.•-- -------...--- � - --
<br /> - then I�ender miy do and pay whatever is necessary to protec�ttx vstue of the Property and Lender's rights in t1x P�operty.
<br /> - incMiding payment of taxes,hazard insuranre�nd other�tems mentivned in Paragraph Z.
<br /> My amounts disbursod by Leoder ur�der this Paragraph shall become an:dditional debt of Borrower and be secuc+ed
<br /> by tlus Securiry lnswment. Thex amauncti shalt bear intercst from the dAte of disbursement,at the Nate rue.and at the
<br /> option of I.ender.ahall be immodiateiy due and payabk.
<br /> 7. CordemWtioa. 'Ilu ptoeoeds of any awud or claim fa damages,direct or consequential,in connatian with any
<br /> cada�ut�ticm or othet taking of any part of the R�operty,a for conveyance in pl�ce of cademnation,ue Ix�b;�usigned
<br /> and�hall be p�id W Laxkr w the extcnt of the fuli amount of the indebtedneas tlut rcmains unpaid under the Nde and this
<br /> Sa.�urity Insaument. l.e�der sltall apply such proceeds to the ctduction of the indebtcdness wKkr the Note and this Security
<br /> lnsmuix�u,fint w any del'uquent amounts applied in the orckr provided in Paragraph 3. and then to prepzyment of
<br /> principal. My �plication of the procoeds to the principat shttl not extuid a postpa�e the due d�te of tl�e manthly
<br /> ronRt 2 q'I vc�eal _.
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