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<br /> � ���--- R��tFC��o�r��� 1tD1'9'31 98�-.3.(D�t�°� --
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<br /> � . �-.� 1. I'ayment of Prirtctpal,lnterest nnd I.ate 4hnrgc. Barrawer shail puy whcn duc thc principn�of,an intcrest an, ��,-�;:--;r„-,-__-;- -
<br /> •• J, tho debt�vldenced by the Nate und late chargea due under the Nate. ��,�> :. _
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<br /> ���s�... : Z. Monthly paytrtents of'Ihxes,Insu�ence and Other Charges. Borrower ghull lnclude in each monthly payment. _�- �
<br /> - together with the princtpal and interest us sct farth in the Note and any late churgcs,un instullment of any(a)taxes and �-
<br /> .` , •�. ., �. N s p e x i a i u a�a e s a u�e i�t e�t evied ar ta bc levicd a gainst the Pro pett y.(b)l�s�.sehald peymenty or gmund rents an the Pmperty,and �?�r.:� ��
<br /> �;�K�°���':��a�, (c)pmmiuma for insurance required by Paragraph 4. �-—_.� ' .
<br /> r Each monthly installment for items (a). (b)and (c)shap equal one-tweifth of the annual smounts, as reasonably �'�.����:.:---;�---
<br /> � - estimated by Lender, plus an umount xufficient w maintain un udditloaut balunce of nat mom thnn ane-stxth of the � . , �r� '.
<br /> '.�:� � � '' �� estimated amoun�s. The full annunl amount for each item shall be accumulated by Lender within a pedod ending one `''�,;��t�ie��` �" _•_
<br /> . �' �� ,.� . month before an Item would become delinquent. Lender shall hold the nmount�collected in uust to pay items(a).(b)nnd `,`,�:�.;:��_-
<br /> y . , , (c)before they become delinquent. ,
<br /> If at any dme the tatal of the payments held by Lcnder for items(s). (b)and(c),to�ether with the future monthly L
<br /> payments for such items payable to Lender pdor to the due dates of such items, exceeds by morc thun ane•sixth the ,
<br /> estimated amount af payments required to pay such itema when due.and if puyments on ths Note arc current,then l.ender � �
<br /> � � shatl either rafund the excess over one-sixth of the sstimated payments or credit the excesc over one-xlxth of the estimated �
<br /> - r� payments to subsequent payments by 8arrowcr,at the option of Borrower. If the tatAl af the paymenGg made by Barrawer • _
<br /> far Item(a),(b),or(c)ls insufticient to pay the item when due.then Borrower shall pay ta Lender any amount necessary to � . • ��
<br /> �1' , .. „ .• make up the deficiency on or before the date the item becames due. " '
<br /> As used in this Security In:�trument."Secretsry' means the Secretary of Hausing und Urbun Development or hia or her ., .
<br /> � ' • designee. In any yewr in which the Lender must puy u martgase inxurance premium ta the Secretnry,euch monthly pAyment ^
<br /> " ghall ulso include either. (i) un Installment of the unnuul mortguge insurunce premium to bc paid by Lender ta the �, �_
<br /> �� " ' Secrctary,or (ii) A monthly churge inxteud af u mortgage intiurunce premium if thix Security Intitniment i� heid by the ' '�
<br /> — � ;, - • -�- - - Secre�u�y. �i+ch munthiy i�ihluiiincrd��f th�niartgagc lnsurancc prettefum shal!tk in nn{�m�+unr+;officlent ta uccumulute the _.._ _ . ,
<br /> .� full annuul mnrtgugc insurnncc pmmium with l.cndcr une m�mth priar to thr dutc the full i�nnuul mortgugc inaunmcc ::,�.,.
<br /> � pmmium ix due tu the Secretury:or if thi�+Security Instrument iz held by ihc Secretury,enrh mnnthly churge shull be in nn "<;• ��
<br /> nmoum cyuut to onc•twcifth��f�mc•hnif perccnt�f thc uutstunding principul huMnrc duc cm thc Notc. � .
<br /> �� If gorruwer tenderh t��l.ender the full puyment of ull hum+r+ccured by thih Security ln+trument,li��rrowet�uccnunt
<br /> ° ' xhull he credited with the hnlunce remuining for ull imta�liment+ fi�r items lu), (bl und (c)und uny m��n�ugr in�urunce ,
<br /> prcmium in�tullment thut t.ender hnx nnt bcrome ab�iguted tu puy tt�the Secntury,imd l.ender shull promptly rcfund uny �
<br /> �� exce�x fundx t�►Harruwer. Immediutely prlor to u forcclosuR rule of the Prapeny or itti ucyui+i►iun by l.ender,Bnrrowerl. t�.
<br /> , accnunt xhuU bc creditcd with uny buli�ncc rcmuinin�far ull inxtutimrntx for iun�+tu).(b)und(c). .:ti
<br /> • 3. A lication of Payment�. All puyment+undcr Purugraphti 1 und 2 shull be upplied by Lender ati fallowx: . " ���-
<br /> , „ F($�to the mortguge insurunce prcmium to be puid by Lender ta thc Secretury or to the monthly chnr�;e by the •� ;�; ,
<br /> ., Secrctary Instead of the monthly mortgu�e insurunce promium; ��,,, '
<br /> �. . SECQND,to any tuxes,.r•peclal atiticssments,Icasc ho l d puyments or groun d ren ts,un d tim,fl o o c i u n d o t h e r h u z u rd — ' :�; ,,;. �
<br /> __,___-„__:_____ __ ►pwirnnce premiumx.as required: ' '
<br /> •• TNiRp.to intetest due undcr thc Notc; -�� �
<br /> - " oU ,to wnortization of thc principal of the Notc; � !.
<br /> FIFT[i.to late charges due under the Note. ",'
<br /> 4. �ire.Ftood and Other Hazard Insurance. I3onowcr shall insurc ntl improvcmcntx on the Property,whether now 7�,
<br /> � In exlstence or subsequently erected,against uny huzurds,cacualties,and cuntin�encies,including fire,for whtch Lender , ._�;`
<br /> requims insurance. Thix insurance shuU be muintained in the umaunts und for the periods thnt Lender require�. Aacrower
<br /> • shall also insure ull improvements on the Property,whether now in exi+tence or subseyuently crected,u�uinst los.r•by tloads � '��!
<br /> to the extent requjred by the Sccmtnry. All insurance xhull be currird with compunics upproved by Lender. The insurunce ' �.�
<br /> policies and any renewnls shall h• hcid by Lender and shull includc loss puyuble ctuuse� in tuvor of, und in u form =�: ?
<br /> . acceptable to.Lender. �� '
<br /> - ln thc event of loxs, 8orrowcr shall give Lender immrdiatr noticc by mail. Lender may mnkc proof af loss if not "•�r
<br /> made promptly by Borrower. Euch intiurunce compuny concenud iti hercby uuthoriied;uid Jirrcted to make puyment for �ti
<br /> such loss directly to I.ender,insteud of to Borrower nnd to Lender jointly. All or uny pnrt of the insurance prcueedt may be � � , ••�,
<br /> ' applled by Lender,ut itti optiun,either(a)to the reduction of the indebtedness under the N�te und tbis Security In+trument, � • . '
<br /> first to any delinc�uent umounts upplied in the order in Pa+rugruph 3, und then to prepuyment of principal, ar(b>to the r�"
<br /> ' " � restoration or repuir of thc dumugcd property. Any applicution of the prcxcedx to thc principal shaU not extend or postpone I
<br /> the due dute of the monthly pnym�n�.whirh urc referced to in Para�ruph 2,or chun�e the umount of such pnyments. Any ,
<br /> excesx insurance proceeds ovcr un amount requircd to puy ull outstunding indcBtcdncsti undcr thc Note and th�s�ecuncy i •
<br /> Instrument shall be pi�id to thc cntity Icgatly entitled thcrcto.
<br /> In the event of fc�reciosurc of this Securiry Instrument or othcr tran.f'cr ut'titie to the Yroperty thut extinguishes thc ;
<br /> indebtedness,ull right,titic and interest nf Borrower in und to inwrunrr pnliric�in ti�nc shali p.�+.to the purchuser. r
<br /> , � 5. Occupancy, Preservation, Malntenence and Prntectiun of the Property: Borrower's Loan Application; ; .
<br /> � Leaseholds. Bocrowcr shull orcupy,cxtuhlixh,nnd usc thr F'ruprrty u.Horrc��vcr's prinripul residencc within sixty duyx
<br /> nfter the execution uf thi. Seeurity Instrument und�huU rontinue to cxcupy the Proprny u,H��nowrr;ptincipul rrsidence �
<br /> for ut leASt one yeur aftrr thc dute of cxcupanry,unicxs thc Srenu�ry dctemiine�thix myuirrment will ruuse undue hurdxhip
<br /> for Borrower,or unletis extenuating circurd�tunceti exist which :v� luyund Burrower: cuntruL Burrower .hull notify
<br /> Lenden of any extenuuting circumstanre., Borrower�hu11 not commit wutite ar drsuoy,dumage or sub�tuntially chunge
<br /> the Propeny or uUow the Property ro dcter�orutc,ma�omtNic weur unJ trar cxccptrd. l.endcr muy inspert thc Prn4xrty if the
<br /> Property is vacunt or uhandoned or the loun is in defuult. Lrnder may takc nu.unnblr uction to protect und pmserve tiuch
<br /> ' vacant or nbundoncd ProExny. Borrowcr xhall ulxu tx in defsiult if'Bcttrc�wcr,during thr loan applicutinn proccs,, guvc
<br /> ' materistly ful�c or inuccurma; infcmnution or �tat�mcnts to l.rndcr I��r fs�ilyd tu provide Lender with uny mntcnu! '
<br /> informution> in connection with the loan evidenced by thr Nutr, includin�, hut nut limited to,representutionz conceming
<br /> Borrower's occupuncy of the}'rnperty uti a principul re+idrnre. If this Security Intitrumrnt is on u leusehold.Borrower shall
<br /> comply with thc pruvitiion�of thc len�c. It Burrowcr ucyuirr.fcc title ti�Ihc Pruprrt)•.thr Ic:�+rhu1J und frc titlr�hull nut
<br /> bc mcrgcd unlcsx Lcnder ugrccs to thr mrrgcr in writin�.
<br /> 6. Churges to Borrower und!'rntecU�m af Lender's iti�;htti in the Yropertp. Horrowrr tihull p:ry ull govrrnmrnti►I
<br /> � or municipal chur�rs.tinc�au�l impu.ition+thut att nut inrludcd in Yuragraph�. Horruwcr�hs�ll puy thr�c ubligittiom�m
<br /> 4 ' time dirertly to thc entity whirh i.nw•cJ thc puynt�nL U'fitilur� ti�pay tiuuld adverxly a(frrt Lcndrr: intcmtit in thr
<br /> � r Nroperty,upcm I.cndcr;rrqucxt Burrower.hull promptly furni�h tu I.rnd��r rrrcipt.rvidrnrin�thc,r pirym�nt�.
<br /> �j If Botrowcr failti to mal.c thc.c puyntcnt� or thr puymcnt+ rrquircd b}• Yuragruph 2.ur fuilz tu perti�mi uny cithrr
<br /> . covcnuntx unJ ukncmrnts contuincd in th�.Sccurity lntitrumrnt,or therc i�:►IrEc►1 prixrrding thut mu���gniticantly uffcct
<br /> - T-- Lendcr's rightx in tlx Propcny (.uch us u pnxrrdmg m oimi:rup�cy.ior conticnmaitun ur iu rnii��cr �uw.v� �c�.uiuiiani.i,
<br /> . then Lender muy do und p�y whatcver is nccc.�ury t��pratcrt the vulur u(thr Nrup�rt�.+nJ Lrndcr'.ri�!ht.in thc F'roExrty,
<br /> ; , incluJing paymcnt of tuxes,ha�urd insuruncc und uthcr►tcm+mrntiunrJ in Pura�raph_.
<br /> Any umounts Jisbursed by Lendcr under thi.Purugruph�h.Al heromc un additiemul dcht��f Borcciwrr und:h �CCURIJ
<br /> � ' ;� by this 5ecurity Imtrumrnt. Thcsc umaunts shatl lxur intrrcst t'rurn thr dutr c�f ditibunrmcnt,at thc Nntr ratr,und ut thr
<br /> � � opttnn of Lender,shall bc immcdiutcly duc unJ puyubl�. -
<br /> t�. 7. Condemnattnn. The pmceeds of uny uward or cluim fur dumagex,direct or conxrqucntiul,in ronnertian with uny
<br /> � < � condemnation or other tuking of uny purt of the Property,or for rcmveyunce in plarr of cemdemnution,urr hereby ussi�ned
<br /> ' and shull be paid to Lender ro the rxtent af the full umount of thc indrbtedncti.that nmuim unpuid undcr thc Nute und thi.
<br /> , �' Securiry instrument. Lender shall ap{�ly tiuch praeedx to thc rcductiem of the indrhtednes.under thr Natr und thix Serurity
<br /> Instrument, fint to uny dclinqucnt umounts upplird in thc orcicr providcd in Purugrnph t, unJ thcn tc� pnpuynunt ot'
<br /> ,�, , principaL Any app�ication of the prucccds to thc principt+l shult nut cxtrnJ c�r Ex�+tpimr thr dur dutc of thc nxmthly
<br /> �.�:.. . ' � r/x,ke:���.r r��x,�.�i '
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