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<br /> 1. P�ym�t ot Princlpnl,lnterost and Lwle ClwrRe. Born►wcr rhall pay when'duc ihc principal of, interexl nn.
<br /> :��------°= tha debl evirenced by thc Note and lute chugaR due undcr the Notc.
<br /> - 2. Manthly payment�o�'Ibxea,ln�urrnee ond Other(:bwrQe�. Burmwer shall include in euch monthly puymenl.
<br /> — ������-'%;m� togcther with thc p�incipsd and interest as�cct forth in thc Natc and any late chargex.�u� Ins�allmcnt af uny(u)tAxes and
<br /> �� �+'- � special asseasmcnta levled or to bc levird ugainst the Property,(b)leatiehold paymema or Qround�entw on�he PmpertY•and
<br /> (c)premiums for insurance nequircd by ParAgruph 4.
<br /> :'"f.�;: � Each monlhly inswllmen� for item�(u). (b) ond (c) shall eyual une-twelRh af�hc unnual um�wnia, us rca�anably
<br />_ ;- ;�`�`;` cstimtued by l.ander. plus an emount sufticicnt ta muintain un suldi�iunal buluncc uf iwt maa: than onc-sixth of thc �
<br /> �� a ' estimated amountx. The fLll wmual amount for each item xhull be uccumulated by I.ender within A peria!ending one
<br /> 4 ;� •�,�..�';.-_+' month Ixforc sn item would became delinyuent. l.ender shall hold the artwunts callected in trust to pAy items la).(b)wui
<br /> „� �.,:�,� ... ...�.. (c)befarc they became delinquent.
<br /> .�•�Y�,_�, � . '.�::� � If at an time the twal of the n mentc held b Lender far items (a).Ib)und(c),t��gcther with the iuture monthly
<br /> cc_i�.x, puymenuc for such items puyable �o Lender prior la the due dates of guch ftems, exceedc by mare thun ane-tiix�h �he �"
<br /> -`'��+=�»"'`�_��:�����-., estimated amount of p�ymeMs required to pay such items when due,ond if pa ments on the Nate ure curren�.thcn l.ender
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<br /> q� shall eilher refunJ�excess over one-sixth c►f the estimu�ed paymems ar cre it the excesr;over one-.rixth of the eatimuted ___.
<br /> ,;� '�, �,7� puyments to subsequent paymeMs by Borrawer,a�the option of Bartower. If the�otul of the puyments mude by 8orrowcr
<br /> �:�"•� ..�.r� for itcm(a),(b),or(c)is insufflcicnt to puy the item when duc.�hen Barrower shull pay to Lender uny amount necexsury ta
<br />�����•��. . '`y,. ''� meke u the deiicienc on or beforn the date the item becames due.
<br />"'��t�...�� . . ��• As used in this Secu�ity Instrument,"Secretary"means�he Secretury of Housing and Urbun Develapmenl or his or her
<br /> •,� �. •� " "' designee. In any year in which the Lender mus�pay a mortgoge insurnnce premium ro the Secretury,euch monthly payment
<br /> �'" � � `'�. � •• shall al�o include ei�her: (i) an instullment of the unnunl mortguge insurunce premium to be paid by Lender to the -
<br />,��'' } . ;. ,, . 9ec�ewry. or(ii> a monthly chnrge inatead of u mortgage insurance premium if this Security Ins�rumrnt is held by the ___
<br /> ��u,.,,�� -. Secrelury. Euch monthly installment of the mortgage insurnnce premium shull be in an nmmm�xufficlent�o accumulate the ��.
<br /> . full annual moAgage insurance prcmium with Lender one month prior ro the dute the full annual mongage inaurunce �.
<br /> � . �•- ' .• ° ' premium is due to the Secretary;or if this Security Instrument is held by the Secretury,euch manthly charge shull be in un
<br /> - � • ' •.;� ^� ' amount equul to one-twelRh of one-half percent of thc autxtanding principul bali+nce due on�he Note.
<br /> ' ' IP Borrower teixlerx to Lender the full payment of all xums secured by thiti Security Instrument. Borrowerk uccount �.,
<br /> ' ' � shall be crcdited wlth the balnnce remaining far ull inwallments fbr items lu). (b) and (c) und uny morlgage insurance
<br /> b , �, ', � �� premium instollment that Lender has not become obligated to pny tn the Secretary,und Lender�+hnll promptly refund an� �
<br /> ' ' excess funds to Borrower. Immediately prfar to a foreclosure aule oithe Rropcny o�its ucquisitian by Lender,Bomawera
<br /> ' a ;• • ` „ 'e• wecount shall be credited wilh uny balnnce remaining far all inwtallments for rtems Iu1,(b)and(c).
<br /> � �� ' 3, Ap�llcatton at Payments. All pnyment4 under Paragrnphs I and 2 shull he nppli:.d by l.ender ps follaws: -
<br /> g�g�T,to the mortgage insurence prem�um to be paid by Lender to�he 5ecreiory or to the momhly charge by the
<br /> �`''"''�' Secrela inatead of the monthly mortguge insuronce premium; �-
<br /> `"°+�� • ,�Q�.to nny taxes,speciel asces�men�x,leesehold paymerns or ground rcnts,and tire.Qood and other hazard _
<br /> -- �a'-'_�- -__-__--= _'£ 1nRnrance premiums.as required: __
<br /> ` � ... �$Q.to interes�due under the Note:
<br /> • ,,.:ti. , �g'f�,to umortixution of the principal of thc Nute;
<br /> ':'�• � :•�, �,to late charges due under thN Noie.
<br /> ' t;:_;� A. Fire,Flood aad Other Hazard Insurance. Borrower zhull insure ull impravemems on the Pmpeny,whether now
<br /> '�'� ����':�' in existence or subsequently erected,ugainxt any hn�ards,casualtics,und conlingencies. including fire,for which Lender �_
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<br /> � t�;•;t. requires insurance. This insurance shall be muintaincd in the amounts und for the period+�ht+t Lender reyuires. Borrower _
<br /> ! ' �'���^•�� ' ';�f';� sh�ll also insure all improvemen�x on the Property,whether now in existencc or subseyuently erected,ugofnst loss by floods _
<br />. ' � ;+• �� to the extent requi�ed by the Secretury. All lnsurunce shull bc carcied with companies upproved by Lender. The inwurunce _
<br /> j . • • policies and any renewuls shull be held by l.ender anJ shall include losx puyable cluuses in tuvor of, und in a form
<br /> ,y.,�,,,�,.r,. , acceptable to,Lender.
<br /> ;•�s' _�,�;,� ,� ln the evcnt of loss, Burrower shull givc Lendcr immcdiute notice hy muil. Lender may make proof of lo.s if not
<br /> �"� �� .-• °�, mnde promptly by Borrower. Euch insurunce compuny cuncerned iti hercby autlx�rireJ und Jirected ta make pAyment for Fc-
<br /> � , n,�.; h, , such losx direcdy to Lendcr,instend of to Borrowcr und to Lencier joindy. All or uny pun of thc intiuronce praceed,mny be �.
<br /> � npplied by Le�dcr,ot its option,either(u)ta thc reduction of the indebtednesx under the Note und Ihis Secunty Inswment. �-
<br /> first to any delin�uent umounts upplied in the nrdcr in Pumgruph i, nnd thcn to prepuymcnt uf principul,or(b)to the �
<br /> � ' ,.,�,. restorution or repmr af the damuged property. Any applicution af the procceds to Ihe pnncipul shull not extend or postpone __
<br /> ; Y � ;}-;. the due dute of the monthly puyments which cue n:ferreJ ta in Purugruph 2,or chunge the umount of xuch puymenta Any
<br /> , ;,��.,,��' excess insurunce praceeds over an umount reyuired to pay ull outxtunding indebtcJnes� under the Note and this Security _.
<br /> • � i";�"�� Instrument shnll be pnid to the entity Iegally entiUed thereto. ti.?
<br /> � �•�' ,'�•;} •. ' `�''��ti�� In the event of furcclosure of thi.Securiry Instrument or other�run+fer of�iUe ti�the Property that ex�inguishes the
<br /> • "�� �• . indebtedness,ull right,tfUe and interest of Borrower in und�o in+urunce poliries in fiirce shull p•r,s to�he purchuser. _
<br /> "•� " ',,"�,r•;:.�:.;�;�� S. Occupancy, Preservallon� Maintenance and Protection oi'the Property; Borrower's I.oan Application; -
<br /> �• ' ���•• � • -?" l.easeholds. Borrower xhall occupy,estublish,nnd use the Pn�ny us Borcowcrti pnncipul residence witbin xixty duys [�
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<br /> ' �;,,�: •.�,, _..'�� • „. . • after the execution of thls Security Instn+ment und shull continue ta acupy the Propeny ns E3ormwer z prineipnl rea�d�nce i;
<br /> ,-� :•��;�t�" • •,�•�,„, for at least one year nfler the dute of occupancy,untess the Secretary detcrmmes thi.reywrement will cuuse undue hurJ�hip
<br /> � • •��� for Borrower, or unlesx extenuuting circurtistances exist which urc beyond Borrower; control. Borrower sh�ll notify
<br /> "''� � ,�''�;f��... :;;.°';.r;��s. L2nder�of any extenuating circumstances. Borrower shull not commit w�stc ur dcs�roy,Jumuge or subxt�ntiully chunge k
<br /> "�'�'�},',; the Propeny or allow the Propeny to deteriomte,rcusonablc wcur und tcur exccpted. Lcndcr muy mspect�hc Propeny if the -
<br /> � ' � Propeny is vacant or abandoned or the loun is in defuult. Lcnder muy tuke ma+onuble uc�ion to pro�ect und preserve such -
<br /> � •� • vacant or abundoned Property. Borrower shall also be in defAUlt if Borcowrr,Juring tix lo�n applicution pmcess, guve -
<br /> +., e.' ;�., matedally fulse or inuccurute informution or swtements tu Lender (or fuiled to providc Lender with any materiul _
<br /> � • " information)in connection with thc loun evidenccd by�hc Ncne, inrluJing,hut mn limited to,reprcsentutions conceming x•
<br /> �- .a• • ' Borrower's occupuncy of the Propeny as a principul residence. If this Secunty Imtrument is nn u Ieuxehold,Bomower shall �
<br /> I� •.��:�.. ° comply with the provisions of the leasc. If Bcxrowcr ucyufres I'ec tiUc tn thc Nroperty,the Icasehold und fee�iUe shull nat -.
<br /> '""' �"' `' bo merged unless Lender agrecs to Ihc merger in writing. � `
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<br /> �`'r�' ' • v a� 6. Charges to Borrower pnd Protection ot Lender's Rights in the Prupeny. Borrower xhall p•ry ull govemmentnl �
<br /> .. ;i:�.,.�.,...,. ,.; ..,.,
<br /> R•r;r„- -_: or municipal charges,fines und impositions thet ure not included in Parugraph 2. Botrower shull puy these nbligations on i�-
<br /> ' ' :�+i�-�;=-�•� ' .. dme direcdy to the entiry whirh is owed Ihe pxyment. If fnilun:to puy would udvencly affect Lender4 intcrest in the �_
<br /> _— "+`"`�`� - PropeRy.upon Lender S request Borrower shall promptly fumish to Lender receipts evidencmg ihese peyments.
<br /> — If Bomower fnils to muke these payments or the poyments reyuired by 1'uragruph 2, or fc�ils to perform nny other �
<br /> - mve�nts a,�d n�eements rontalned in�hie�Security Instrumern,or�here ib u legul proceeding thr�t may significuntly uffect
<br /> ______ _ _ y� Lender�dghts in Ihe Propeny(such us a proceeding in bnnkruptcy,for candemnuUan or ro entorce�aws or re�uiwuonsj,
<br /> — - - -- tlxn Lender may do and pey whutever is necessi►ry to protect the valuc of the Propeny und Lender's rights in the Property, _
<br /> =' including payment of texes.hazard insurance nnd other items mentioneJ in Puru ph 2.
<br /> " Any otnounts disbursed by I.ender under thispurograph shell become un udditionul debt of Bomower nnd be recured �
<br /> by this Secudty Instrument. Thesc amounts sfiall benr interest from the dute of disbursement,at the Nae rate,and at the �•
<br /> _ oqlon of l.ender,ehall be immediately due and payublc. _
<br /> ��._.__ 9. Condemodion. The procceds of eny awwd or deim far dunages,direct or conseyuentiul,in connection with any k .
<br /> oondemnuian or other tnking of ony pert of the Propeny.or for conveyance in place of condemnution,ore he�by n�signed _.
<br /> -- ------ �nd alull be p�id to Lender to Ihe extent of the full umouM of the indebtedness that rcmnins unpaid under the Note and thiw
<br /> _— — Sxurity Uutrument, Lender sMall opply surh proceeda to the�rductMn of the indebtedness under the Note and�his Security -
<br /> — Inrtrwnent� tilat to any delinquent amounts upplied in the order provided in Paragrnph 3,and then to prepAyment of F
<br /> priocipd. Any applic�tion of 1ho proeeeda co �he princfpsd �Iwll not cxte� or postpane the due dete of the mon�hly
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