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<br /> ���_ ' 1. Poyment of i'rincipal,Interest und Lmte Charge. Bnrrower shull pay when due the princlpal n,end intereat on, "�' ��
<br /> - � the debt evldenced by the Note and late chargea due under the Note. -
<br /> _ ; 2. Monthly payments oi lbxes,Ineurance and Other Chargea. �orrower shall include in each monthly paymont,
<br /> - � togethcr with ihe pdnclpal end inter�est ag set forth !n the Note and any late cht�rges.un inntallment of nny(a)taxes and ___
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<br /> � spe�ial assessmenta levlcd or ta be ievied ugAinst the Property,(b)lea�ehold payments or ground rents on the Property,end __. __
<br /> " ....r..,d+�.��'i�., i (c)premiums far insurance reyu(red by Paragrnph 4.
<br /> • Fach monthly instntlment for items(a),(b?end(c) shall equa! one-twelfth of the annunl amount:v, as reasonably L��-
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<br /> - i� � esdmated by l.endar. pins en nmount sufficfenz to muintaln un addlttonul balance of not more than one-aixth of the
<br />� ,,�,y�., esdmated amounts. The fuU annual amount for each item shall bo accumulated by l.ender within a perlod ending one -- _
<br /> �,r�. +:�;,�M, month before an item would become delinquent. Lender sh�ll hold the arnouats collected in truat to pay Items(a). (b)and ��_.-__.--.
<br /> (c)before they become delinquent. ""°=-- —
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<br /> � If ai ar�y dme the total of the payments held by L.ender for items(a>,(b) und (c). together with the future monthly ,
<br /> � L y �� "�� '�� paymenta far such items payable to Lender prlar to the due datea of sucb items. exceeds by morES than one-sixth the ���"°��:�__
<br /> '� •'�"'s"`f` � �''• ' esdmated amaunt of payments required to pay such items when due,and if payments on the Note are current.then Lender ;,:;�;,��:. _
<br /> -`�;;�':;,:. :;�',. -; ahall either refund the excess over one-sfath of the estimated pa ments or credit the excess over one-sixth of the estimated �w�;u���.--
<br /> , payments to subsequent puyments by Borrower,at thc optIon o Borrower. If the total of the a menta made b Boaower ;��'-,"`�`--
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<br /> ,� ': � . ��' � �� for item(s). (b),or(c)is insufticient to psy the ttem when due.then Borrower shull pay to Lender eny amount neces�nry to - ----•
<br /> ���• � �� make up the deficiency on ar before the date the item becomes due. :,<.'��`��;'�"""__
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<br /> Ae used in thta Security Insnument,"Secretary means the Secretary of Housin�and Urban Development or his or her x__=_.�
<br /> "� designee. In eny year in which the Lender muat pay a mortgage insurunce premium to the Secretary.esch monthly payment �'.i;; —
<br /> ��� •• shall also include either. (i) an tnstullment of the annual mortgage insurunce premium to be pa�d by Lender to the �_
<br /> :' . ' Secretary,or(ii) a monthly charge instead of a mortgage insurance premium if this Security Instrument is held by the � `"''-�- _
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<br /> �^�_�____._,_ Secretary. Each monthly instaUment of the mortgage insurance premium shaU be in an amount su f ficient ta accumu late t he _
<br /> -- - tull annual mortgege insurnnce pmmium with Lender one month prior to the dace the fuli annual mortgage insurance :- -
<br /> � ' , �, premfum is due to the Secretary;or if this Security Instrument Is held by the Secretary,each manthly charge shall be tn an ;;���� _
<br /> amount equal to one-twelfth of ons-half percent of the outstanding princtpal balance due on the Note. +,�.r�_--
<br /> , ' If Borrower unden�to l.ender the full payrnent of all sums secured by this Security Instrument, Borrowerh account •• _
<br /> � •. shall be credited with the balance remaining far all instullments for items (a). (b) and (c)and any mortga�e insurance "-�-�--
<br /> " � " premium installment that l.ender hus not became obligated to pay to the Secretary,a�d Lender shall promptly t+efund any .. .�?�--
<br /> �� excess funds to Borrower. lmmediately prior to a foreclosam sale of the Property or its acquisitiun by Lender.Borrowerh '' ��----
<br /> ` �! account shall be cmdited with any balance remaining for all installmen�s for items(a),(b)and(c). :-��_
<br /> 3. Application o4 Payments. Al!payments under Puragraphs I und 2 shall be app�ted by Lender as foilows: "`-'�
<br /> �J$�.ro thc�mo�tgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the ., �'Y
<br /> Secre instead of the monthly mortguge insurance prcmium: �- •
<br /> , � CU ,to any taxes,special assessments.Ieasehold payments or ground rents.end fire.flood and other hw.Ard
<br />- - — insurance premiums,us required; - �
<br /> � . • THIRD,to intereat due under the Note; ^'�,��� •
<br /> �Q�j,to amortization of the principal of the Note;
<br /> �([,to late chargcs duc undcr thc Notc.
<br /> 4. Fire.Fload and Other Hazard Insurance. Borrower shall insure ull improvements on the Property,whett�er now *
<br /> , � . 1 fn existence or subsequently emcted,against any haznrds,casunities,and contingencicti, including fire,for which Lender �•
<br /> uires lnsurance. This�nsurance shall be met�teined in the amounts and for the periods thut Lender requires. Bonower _ '��. _
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<br /> � � ' shall alsa insure all improvements on the Property,whcther now m existence or subsequentiy erected,ugamst loss by tloods ""'�"p'j'
<br /> � to the extent requircd by the Secretary. All insurence shait be curried with campunies npproved by Lender. The insurance '.�'
<br /> ' � policies and any renewals shall be held by Lender und shall include losz paynble clauxes in fuvor of, nnd in a form ,f+ •.
<br /> acceptable to,Lender. � • '
<br /> In the event of loss, Borrower shall givc Lender immcdiute noticc by mail. Lender may make proof of loss if not •�" �� �
<br /> made promptly by Boerower. Each insurance company concerned is hereby authorired and directed to make puyrnent for .;.,.�, �'�
<br /> such loss directty to Lender,insteud of to Bonowcr and to l.ender jointly. AU or:my p;ut of the insuruncc proceeds muy be ., `'�' .v.,
<br /> i"� IVw�
<br /> applied by Lender,at its option,cither(a)to the reduction of thc indebtednexs undcr t8c Note and this Securiry Instrument, ��.�•y
<br /> first to any delinquent umounts upplied in thc order in Porngruph 3, und then to prepuyment of principul,or 1b)to the �-
<br /> restoratton or repuv of the damuged property. Any upplication ot the proceeds tc�the pnncipul shull not extend or postpone • , , �
<br /> • the due date of the monthly payment` which ure rcferted to in Parugruph 2,or chun�.e thc umount of such payments. Any �Q
<br /> � •° � - excess insurnnce proc:eeds over an umount rcyuircd to puy uli outswnding indrbiedne+z under che Note and this Securiry '�� . -
<br /> I Instrument shall bc paid to the entity Iegully cntiticd thcreto. E ,. ' ••
<br /> In the evcnt of foreclosure of this Serurity Instrument or other transfcr of tidr to thc Property thut extinguishes the . .�'�
<br /> indebtedness,all righc,title and interest o(Bormwer in und to inxurance policir+in(orce shull pa.ti to the purchaser. � ^'=.
<br /> ' S. Occupancy, Preservation, Maintenance and Protection of the Propertv; Borrower's Loan Application; '�-
<br /> I.eBSehulds. Bortower shull occupy, e�tubli+h, and u.r the Propeny u� Borrowcr+ principat residcnce within sixty d�ys .
<br /> ° after the execution of this Securiry inxtrumc:nt und shall rontinuc to occupy the Pn�pcny u.B�irruw�r;principul rerti�dence -
<br /> ' for at leust one year after the dute of cxcupuncy, unles�the Secretary detertninrz thi,rryui remcnt wi►I c:�uxe undue hardship , f .
<br /> � for Bortnwer. or unlexs extenuating circurri,tances exist which are txyond Borruwer: rontrol. Borrower shall notify ` :i
<br /> Lenders of any extenuatin�circumstance+. Borrow�r xhull not commit wa.te or destr�>y.Jamugr nr suh�tuntiully chunge .
<br /> the Property ornllow the Pmperty to deteriorate. rca+onable wcur und trar exreptrd. Lcnder may�ns}xct the Property if the , `%
<br /> � Property is vucant or ubundoned or thc lnun is in dcfsult. Lender may tukc rrasonuble u�ticx� to pratcct und pre�c:rvc.uch � �
<br /> � � ' vac:uit or ubandoncd Property. Borrowcr shull ulso hc in defuult if Borruwrr. during thc loan application prcx:c,,,gavc I ;�
<br /> materiaq� fulse or inuccurutc infum�atiun or +tatementti to Lendcr (ur t'ailyd a� pr<widr I.rndcr with uny materiul �
<br /> infortnaUon)in connection with the loun eviJcnccd hy thr Nou,including,hut nut limited to,rcprescntations ronccming
<br /> � BotrowerL cxcupancy of the Property u�u principal residrnre. If thi.Srcurity In.�n�ment i.on a Irr.rhold.Borrower shall �
<br /> � comply with the provis�om of the Icasc. If Bnrrowcr;+cyuirc+ter titlr t��thr Pro�xrty,chr Ic�+.chu1J und fer tiQc chull not i
<br /> • be merged unless l.ender ugme�to thc mergcr in writing. � .
<br /> 6. Charges to 8orrower and I'rotection af Lender's Ri�htti In the Praperty. Burruwer.hall pay all guvcrnmcntat ,
<br /> � or municipal charge+,fine+nnd im}x�.itiom that arc �x�t included in Pc►ragraph 2. F3orrnwer tihall pay thr.r ohligatiun�on
<br /> time directly to thc entiry which i,oweJ thc pu�•ment. If 1'ailure to pay w�wld ad�•cr.cly affcrt Lrndcr� intcn�t in thc
<br /> i Property,upon Lender�reyuert Bc�rrower.hall�rompUy fumitih tu Lender receipty rv idern ing Ihr.c payment�. �
<br /> �y ' If Borrowcr fails to mukc thr.r paymentti or thc puyrorna rcyuind by Paragraph �,ur fuil+to perfurm uny othcr
<br /> J .L. 1. ..1_ _A:.. �1... ..:C:.. •1..n{�In..1 � _
<br /> -'- �.---' '- ' -.-' _ CoVCnunts uno a€recmcnts cnniuineu in iiii, actutiiy iu�iiuiiiciii.�ii urcic i..i nE:ai F..-:w:.:..,���E,�.�..0:�::f S:f......:::.y....... -
<br /> i Lender�ri�hts in�hc Pn�perty t�uch u+a pnxeeding in M;uikruptry.for rondemnaticm or to enFurce law�nr nEulati�m�l,
<br /> i I then Lcndcr mny do:tnd puy whatevcr iti necc�sary to pn�tcrt thr�•ulur uf thr Pro�xn�:tnd Lend�r's rights in thr F'ro�xrty�.
<br /> �. j I including payment of taxcs,htu.urd in.rur.mrc und othcr itcm�mcntioncd in Para�raph 2. v
<br /> � .• Any nmounts di.bursed by I.ender undcr thi.Paru�!raph �hull hrromc un additiunal dcM at�l3urcuwcr and ln .rrumd
<br /> ;� by this 5ecurity lnstrumcnt. Thexe umounts�hall lxur�ntcrcst from thc datr of di.Bunrment,s�t thc Nate ratr,and at thc
<br /> � option of Lendcr,shull t►c immediutcly dur arxi p���uble.
<br /> � 7. Cnndemnation. The proceed�aF any uwurd or rlaim titt dam:+ge.,dircct ur rumeyucntial,in cunnection with a►ny
<br /> "' cundemnation or nthrr tuking of uny pun at'thc Pn►perty,or tiir convcy�ancr in plaer uf runJcmnatiun,am hcrcby a,�i�ncd
<br /> ��� und shup bc puid In l.ender to the cxtrnt��t thc t�ull umuum of thc indebtrdnr..thul renu�in+unpaiJ undrr thc Nutr and thi.
<br /> � # Security Instrument. Lcnder tihaU uppty+urh pnxeed+tu the mdurtiun uf thr tndrhtc�lne�+undcr thc Notr und thi, Serurit�•
<br /> i Insirumcnt, ftnt W nny delinyucnt amuunt.applicd in the urdrr proviJed �n {'aragr.iph ►, and thrn tu prepaymcnt ut
<br /> . principal. Any application af thr pmrecd+a� chr prinripal .hutl nat rxtend ur p��.►purm thr �Iue datr u( the munthly
<br /> '`� � ir,+¢r:���d�,�,e�•.i �
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