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<br /> • • < �0� T11tl1� �! ' BORQNlEi S�u WHI,'II OUC� ��111�G[CS�OII� `
<br /> , ` the debt�by�late, h�aia s dua t¢d�cr the Note. �� P��P� . .
<br /> ' 2. Mp�Wy Pa9meab d 71�.�aad OtLe'Cbar�es.'�amwer shal!includc in ach monthty paYmem• _
<br /> ` togdber wit�►the principat and in�enst as set forth in the•Note and any tate charges.an inst�!_+++d+t of any!a)taxe.s aM
<br /> • spocial ssse,ss�nts teviod or W be I�vicd agsinst the Property.tb)Ieasehold�PaYmerns or grauid rents an the Fropeiiy,�nd � .
<br /> . (c)premiums for�icw�ance�eqaized by P�agraph�F.
<br /> Each munthly im�sallaieat for ioems(a).(b)ac�d(c)s�hati equa!oae-twelfth of the annual amounts, as ceasonab[y
<br /> _ .---- ---- ' .��i�tad by I.e�er,ptt�s a�aegoaat sufficimt to maintain an additioaa! balance of not nw�'than aae-sixtb af the. . - _-
<br /> estimate��nouas TMe full annual amamt for each'ium st�ali be accumutated by l.ender witi�in a Feriod endiaS� �...� _�-
<br /> - =-- ---
<br /> _ - ' mooth befae an ittm woutd become deTu�que�. .T-ender sf�aU hold tlte amounts callected in mict to pay items(a};�bj and
<br /> _- (c)befoie tLey berocne delinquen�. , . , :•
<br /> ._ If at,azry tim�the total af the payments held by I.ender far items(a).(b)and(a).together with We future monthly
<br /> - - payments fur sacb itsms payabte to l.etider prior to th�due dates of sucb items,exceeds by morc than ano-sixtb the
<br /> . estimatod amount of payments tequired to pay such iums when due.and if payments on the Note are cuaent,then l.ender
<br /> --- shall e't•.ber isfund the exeess wer ane-s�xth of the estuaated payments or cred»the eacess over one-sixth of the e�mated
<br /> - - or item(a),(fr�.or(c)is insuffcient to pay the itein when due.then Bormw•er shaq pay to l.ender any amount necessary to _-
<br /> r�"-:;; make up the de8ciency on or before the dau the item becomes due. . —
<br />," ps used in dtis 5ecaitity Insmmient,"Soc�etary"meazis the Secretaty of Hausing and Urban Devetopment or his or Ger ----
<br /> designce. In ariy yr�ar in whi�h the Lender inust pay a mortgage insurance premium to the Secnetary.each monthlY PaY�teII� `•"'"°..--
<br /> shall also inctude either (i)an installment of the annual mortgage insucance premium to be a�d b Lender to the ' �F-=_�
<br /> P � Y f��:�-
<br /> . tary. ( Y �S P� P� ty by .��.�.
<br /> Sec�e or �i)a monthi c e instead of a mort insurrnce ►um if ihis Secuti [nstzument is held the �.��y�
<br /> � Sa�setary. Eacb mantlily;nstaliment of*he mortgage iasuiance premium sha11 be in an amount sufficient to accumulau the . . ���
<br /> - - - ftill annuai mungag+e insurdnc� premiu�. with L:nd�r one r:nnth prior to the date the full annual moRgage uuur�ce 5�'����t'
<br />_ - premium is due to the S«aetary:or if this Security tnstrumeac is hetd Dy the Sec�etary,each monthly cAarge shal!be in an ~:'_ � -_
<br /> amoimt aloat to one-tweifth of one-fialf pemnt of tt�e outstanding principal b�lance due on the Note... :,�:',��'
<br />- If Bomnwer tenders w Lender the full payriient of al!sums secured by this Security Instrument.Borrowers accaunt ����'��.:
<br /> ��:,M-
<br /> shail be credited with the balance remainiag for a11 installmenu for items(a).(b)and(c)and any mFxtgage insurance ,,.,.;��'�:T
<br /> ' � :`�'ra`...,,, r�.R,�� pcemium installment that I.cnder has not become obligated w pay to the Secnetary.and Lender sGall promptly refund any ,� : ;:f�r''._:_
<br /> - Efa�.'eY4_•� b ._. . �'��! _
<br /> _4�r ;.;-�_:: ::� excess funds to Bocmwer. Irttmediately prior to a foreclosure sate of the Property or iu acquisition by Lender.Botrower's .. <_,1,Q,,.:;.
<br /> � '" .. - .. .:. account slsall 6e cndited aith any balance ttmaining far all instaHmeim fot items(a)(b)azM(c). . ., ','":`�- ` -
<br /> "- ""f".' :- `. . . 3. A 6catlon af P� ts. All ents under ParagraPhs 1 and 2 shall be applied by Lender as foilows: ' �-
<br /> .. ,:r_:. '.:..;',:' : ; Pt�� 3'men PaYrt! ' �����. .., . �
<br /> -��=..,:,� ....:;':•� �_ �T,to the mortgage insurance premium co 6e paid by Lender to the Secretary or to the monthty charge by the
<br /> �Yy�O[•.. ' . �� . . �' . _
<br /> = - • +.-• Sec�etary instead of the monthly mortgage insurance pn�snium: •
<br /> �'�;',; SECOND.w any taxes,special as.sessmenu.leasehoid payments or ground renu.and fire,fTood and rnher hazurd �;�� �
<br />- --=- r. ins�ce pr�rtiimns,as reqaued: � �' '-
<br /> �=-„�:�r; - '' � �$Q,to interest due under the Note: .`"��• •
<br /> �•.���'�:;'��:� �.-
<br /> -�•,�' ``• � F w amortizaqon of the al of the Note: "'� :
<br /> OtJR CH. Frincip ;'s::.::: , -
<br /> �' t . �, � �f,to late chazges due under the Note. ` N: '
<br /> :.'::r��;-::::,.�. . �� 4. FirG F7ood and Other Hazard Insurance. Harrower sha11 insure a11 improvements on the Peoperty.whether now � -.::i:;.,_.`�,_
<br /> -; :2:-<,;: : : um e.�istence or subsequendy erected,against any hazards,cativalties.and contingencies.includiitg fue,far which l.ender �.'f.;:3;;,;,; _
<br /> .- .� ;�;':,��:°���' . ::: r�s ins�ce. T his insaraiece shal!tie maintained in the amounts and for the periods that l.ender requires. Borrower �..-'.;,';;,M......=
<br />' � ���'•`��`'�'� ' shall also inscQe all imprqvemeau on the Property.whether now in existence or subseqaently erected,aga�nst loss by flaods
<br /> � ' ' w the extent ceu��iaed by the Seetetary. All insurance shall be carried with companies approved by l.ender. The insurance �'
<br /> . . polkies and 2�:s renewals shall be held by l.ender and shaU inclade toss payable clauses in favor of, and in a foim �-
<br />_ . .. _. aoceptabte ta.u..�3er. � . .`.
<br />_ ' In the evern of toss, Borrower shaU give Lender immediate rtotice by mail. Lender may make proof of toss if not 4 ,
<br /> '� _ . " •. - made promplly by Borrower. Each insurance company concemcd is hereby authorized and dir�ted to make payment for I. -
<br /> ' •, • � � • s�xh Ioss dir�ctly to Lender.instead of to Horcower and to Lender jaintly. All ar any part of the insucance praceeds may be ;
<br /> :;�;. . � ` appliad by Lens�i,at its optian.either(a1 to the reduciion af the indebtedness under Ihe Note and this Security instrument. ;
<br /> - •. • first to any 8::ti:.�uent amauntc applied nra Lhe order in Paragraph 3,and then to prepayment of principal.or(b)to the � - . • '
<br /> ';��,�r� � � �� - � restoratiort e:....-�rof the dama ed ro e An a lication of the raceeds to the rinci al shall not extend or gt ne � ._
<br /> °A+- S P P nS'- Y PP P P P Po• Po
<br /> �, , ,:___ the'due date of::ze mor.+FIy aayments which are referred ta in Paragr.�ph 2.or change the amonnt�f%uch payments. Any { .
<br /> '� -��,:�•. excess insurance proceed.s o�rz�an amount required ta pay all autstandmg mdebtednesti under the Note and this Securiry i� . . �
<br /> � . `�;�°� ��, Inshument shall be paid tc+�•���ncity legally entitted thereto. � '
<br /> : /n the evel:s of foreclosuie of this Securiey Instrument or other transfer of title to thc Prnperty th�t cxtinguishes the '
<br /> • indebtedness.�?right,title and interest of Borrower in and ta insurance policies in fone shall pass to the purchacer. ` . ,
<br /> � - . 5. Occ�pancy, Preservation,Malntenance and Prolectlon of the Property; Borrower's l.o�n Applicatiom. � �- ,
<br />- •-- '.._, ' I.e�seholds. Borrower shall occupy,establish.:u�d use the Property as Barrower c�prinripal residence within sixty days ;
<br /> ' " after the execution of this Security Instrument and shatl cantinue to cxcupy the Property as Banower's principal residence � .;;:
<br /> .* ` • for at least one year after the date of accupancy.unless thc Serretary determine1 thi�requirement will cause undue hardship
<br /> . ' ' • for Bortower. or untess extenuating circurti�tances exist which are beyond 8orsawer's contml. Borrower shaU notify � . '
<br />' .• � -..-.s' . Lenders of any extenuating circumstances. Borrower shall not commi[watite or destroy,damage or substantiully change ' • �
<br />�.
<br /> ^�� �:` the Property or allow thc Property to detcriorate,reasonable wear and rear excepted. I.endcr may mspeci the Property if the � -
<br /> � . Property is vacant or abandoned or the loan is in default. Lender may take reasonablc action to protect and preserve xuch . '
<br /> _ ' � ,• vacant or abandoned Property. Horrowcr shall also be in defaplt if Baaower,during the loan application process,gave �_ �
<br /> - : ',•'�'..;{;..:. ; : ,
<br /> y • .,��A!. :_ • • materially false or inaccur�;:e mfortnation or statemcnts to Lendcr (or failed to prnvide Lendcr with any material , �.;`, ;.:, •
<br />=t .. ,�,,..,,. -. • • ;� .
<br /> � infortnat�on)in connection wich the loan evidenced by the Note.including,but nat limited to,represeqtations conceming �
<br /> �� � .�"+r':;*+cs:i� Hotrower's occupancy of the Properiy at a Qrincipa�residence. if this S��.urity Inztrument iti on a leasehold.Borrower shall ��, . '
<br /> �-��� � �;�="'.�: comply with the provisions of the lea5e_ If Borrower acquires fee titiv ta the Property,the lcasehold and fee tiQe shall not � • �'
<br /> — - ' be merged uniess Lendet agpes to the r�evger in writing. ' �. .
<br /> -_ ---- 6. Charges to Borrower and Proteclion ot l.ender's Rights in the Propetty. Borrower shall pay all govcmmentul �
<br /> — = or municipal charges,fines and impositions that arc not included in P�r�graph 2. Bo�wer shall pay these obligations on ' ' - •
<br /> , � wtk direetfy to the endry which is owed the paymene. if fuifure to pay would adversely affect Lenders intere�t in the ' .
<br /> ' � Property.upon E.ender's reqaest Boaower shall promptly fumish tn I.ender receipts evidencing these payments. �
<br /> . ` . If Borrowerftils to make these payments or the payments required by Paragraph 2,or fails to perform any other �__.:_. ___
<br /> - covenants•and ag�ements contained in this Security Instrument,or thete is a legal proceeding that may slgni6canUy affect • .
<br /> — • LenAet'a dghts i n the Ptoperty(such as a proceeding in banlwPtcy,for condemnation or to enforce laws or regulations). ; : '
<br /> -=���� then i.ender may do and pay whatever is necessary to protect the value of the Property and Lender's dghts in the Property. •
<br /> - including payment of taaes.hazard insurnnce and other items menrioned in Parasraph 2
<br /> My anwunts dlsbursed by Lender under this Par.�raph shall become an additionaf debt of Horrower.and be secured :
<br /> by tliis Secntity Instrumen� These amounts shall bear mterest from the date of disbursement.at the Note tate.and at the ' •
<br /> opion of Lender.ahall be immodiately due and payable. €�
<br /> 7 Caademndbs. '!Ue praaals of any oward or claim for damages.direct or consequential.in connecdan wlth any ;
<br /> caademn�tion or other taking of any part of the'Propetty.ar for conveyance in place of condemnntion.are hereby assi�ed • ;:
<br /> aed ah�ll be p�id to Lender to the extent of the futl amount of the indebtedness that Kmains ur�paid wider the Note and this
<br /> .�Sca�rity ticsuus�sc�. bcndcr sirill�►ly suct►psacecds ta she red�tisu►oE stse isedebtedness etrtd��Atoteatta�his Sccutity �- �---- -
<br /> Inshument, first to any de�q uem amounts applied in the order providrd in Patagraph 3,and then to prepayment of � ��
<br /> P�P� �Y�PDlkation of ttu ycoceeds to the principal shall not cxtend or postpone the dne date of the monthly ; ; .
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