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<br /> ���`�����€��� RE•RECOROEO q ww QI�
<br /> .. �.. r .bO�Q`t 7lfor �'�- --
<br /> . � �� �o�1s 93 �_ = - =
<br /> 1. Payment ot P�Incipal,Interest and Late ChArge. Borrotver shall pay wtwn due the principai of,nnd interest on, �i,�y=;�_.'�.._
<br /> '' the debt evIdencerl by the Note and late charges duc under the Notc. -- -=Y
<br /> ��� � � 2. Monthly payments ot'[bues,lnsurnnce and Other�Chargea. Horrower ahall include in each manthly payment, _----
<br /> together wlth the prirnipal and interest as set forth in the Note and ut►y late charges,an instellment of any(a)ta�tes and _-_�=-----
<br /> , " �F.
<br /> --" •, •. '. special assessments tevied or ta be levied againat�ha Pcnprrty.(6)teaee6otd payme�tt�or ground rents o�the Property.and °°.°_. - --
<br /> � � "� (c)premiums for insurance mquired by Paragraph 4.
<br /> = � Each monthly instsUment for items (a). (b)and tc)sha11 equal one•tweifth of the unnunl nmounts. us seasonubly �' -- -
<br /> '� ^ � ' esdmated by Lender. plus an amount sufficient to muln t a in an a d d i don a l balance of not more than ane•sixth of the
<br /> � T" � . estimated amauntn. Tho full annual umount for each ltem shall be accumulated by Lender within a pedod ending one =
<br /> . month beforc an item would become delinquent. Lender shall hold the amounts collected in truat to pay itema(a),(b)and �ti J�j'---�
<br />- �� (c)before they become delinyuent. _
<br /> ' � � If at an dme the total of the ayments heid b Lender for items(a). (b)and(c),together with the future monthly °
<br /> � „ �„ , paymenta foi such items payablc to L.ender prior to the due dates of such items, exce�ds by more than one-sixth the °- —
<br /> ., „' � . estimated nmaunt of payments c�equired to pay such items when due.and if payments on the Note ure current,then I.ender T_. _____._____ _
<br /> shall either refund the excer,x over one-sixth of the estimated paymenta or cre d it the excess over one-sixth of the estimsted —
<br /> ' „ . � payments to subsequent payments by Borrower,at thc opdun af Borrower. If the total of the payments made by Borrower "-�� - -
<br /> for item(a).(b),or(c)is insufficient to pay the item when due.then Borrower shall pay to Lender any emount rtecessary to
<br /> �/ ,. • make up the deficlency on or before the date the ltem becomes due.
<br /> As used in this Security Insuument,"Secretary"means the Secretsry of Housing and Urban Development or hIs or her
<br /> ' ' designee. In any year in which the l.endar must pay a mortgage insurance premium to the Secretary.eac6 monthly payment
<br /> • � shall also include etther: (i) an instaliment af the annunl mortgage insurance premium to be paid by T.ender to the
<br /> ' ,� Sec�etary. or{I!) a monthly charge instead of a mongage ingurance premium if this Secudty Insuument is held by the
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<br /> � --.: 5ecrecary. Esch monciiiy instuliinrut of thc martg��¢insurance gremium shs!!be in en emount suffieient ro ecr�tmulste thP _ __ _
<br /> � full annusl mort�age insurance premium with Lender one month pr�or ro the date the full annual mortgage insurance
<br /> ° premium is due to the Secretury;or if thts Securlty Instrument is hcld by the Secretary,each monthly cherge shcill be in an __
<br /> - amount equsl to one-twelfth of one-hnlf percent of the outstanding principal balance due on the Note. -
<br /> ,; If Borrower tenders to Lender the full payment of al!sums secured by this Secudty Insuvment.Borrowerk account __
<br /> • shall be credited with the balancc remainin� for all instaliments for items (u), (b)and(c)and any mortgase lnsutance ��,�
<br /> .. premlum inetaltment that Lender hes not become oblf�ated to pay to tha Secretary,and Lender shall promptly tefund any ---
<br /> " „ excess funds to Borrower. Immediately prior to a famclosure sale of the Property or its acquisitlon by Lender, Barrowerb - _
<br /> account ahall be cre,cfited wIth any balance�emainin�for al!installments for items ta),(b)an�(c). -`"�'--_
<br /> � 3. A Itcetton of Payments. All payments under Paragruphs 1 nnd 2 shall be applied by Lendcr as follows: �°���'�
<br /> „ „ g�$�S4,to the mortgage insurance premium to be paid by Lender to the Sec��etary ar to the monthly charge by the �'.y�">�;�'•�
<br /> � � Secre instead of the monthly mortgage insurance premium; ;
<br /> __ __� CO ,to any taxes,speclal assessments,leucehold puyments or ground m��Gs,and fim,flood and other hazerd `��
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<br /> -�l insumnce premiums.asrequtred;
<br /> ' �{IRD_,to intetest due under the Note; .
<br /> ( OU ,to emortizstion of the principal of the Note; "
<br /> � ' � �,to late char�ec due under the Note. � "
<br /> 4. Fire,Flood aad Other Haxard Insurance. Borrower shall insum all improvements on the Property,whether now
<br /> in existence or subscc{uently erected, agatnst any haxards,cacualties,and contingencies,including fire,for whtch Lender :;
<br /> � requires insurance. This insurunce shali be muintsined in the emounts und for the periods that L.ender requires. Borrower '..,;;;
<br /> shall also insure all improvements on the Praperty,whether now in existence or subsequently erected,against loss by tloods
<br /> to the extent required by the Secretary. All insurunce shall be carried with companies approved by Lender. 'Ihe insurance . � ' 1
<br /> policies end any rencwals shull be held by Lender nnd shaU includc losx payuble cluuscs in favor of. nnd in a form • ' ��
<br /> ' , ' acceptable to,Lender. '' '
<br /> } In the event of loss, Borrower shull givc Lender immediute notice by mail. L.ender may muke proof of loss if not
<br /> 1'� made promptly by Borrower. Each intiuntncc compuny concemed iti hemby uuthorized and directed to make payment for ' . '`e
<br /> j� such loss directly to Lender,instend of to Borrawer and to Lender jointly. Alt ar uny purt of the insurnnce proceeds mny 6e . '•��'�..,'
<br /> applied by Lender,at its option,cither(a)ro the rcduction of the indcbtedness undcr thc Nc�tc and this Securiry Inxtrument. ,�,:!"
<br /> ftrst to any delinc�uent amounts upplied in thc orcier in Purugruph 3, und then to prepayment of principal,or(b) to the , �•!�
<br /> . restoration or repa�r of the dumngcd property. Any upplication ot the prceeedx to thc princips i s ha t i nat exten d or postpone .
<br /> . the due d�tte of the manthly�+nymentc whmh»m mferte�d to in Pnn���n►ph 2,or change the amciunt of such puyments. Any _.. .
<br /> excess insurance praceeds over un umount reyuimd to pry ult outstunding indebtednexx under the Natc und this Security I , . • �
<br /> Instrument shall be poid to the entity Ic�;ally entitled thcreto, .
<br /> ' In the event of foreclosure of thi,Security in�trument or othc�trun+fer of title to thc Property thut extin�uiches the
<br /> indebtedness,all right,title und interetit of Bnrrower in und to insurance policie.in force.hull puss ro the purcha+er. � '
<br /> S. Occupancy. Preservation. Maintenance and Protectton uf the Property; Borrower's Loan Application; I
<br /> . Leaseholds. Borrower shctil occupy.ctitublish,unJ usc Ihr PruFxrty u.r Burrower: prin�ipal rctiidcncc within sixty days ' •'
<br /> after the execution of this Security Instrument and shall continue to orcupy the Qmprrty u.Borrower ti principal rcxidence �
<br /> for at least one yeur ufter thc dute of occupuncy,unle+.the Scrrctury detertnines thic requirement will cuuse undue hs►rdship ;
<br /> • for Borrower,or unless extenuuting circum+tunces exitit which are beyond Borrowerx control. $orrower shaU notify
<br /> Lenders of uny extenuutin�;circumstunces. Borcower�hall not rommit wuste nr dextroy, damugr or substsintially change I
<br /> the Property or aUow the Property to deteriorute.ma,unuble wcur und teur excepted. L�endrr muy in.pect the Property if the ;
<br /> l;. Property is vACant or ubandoned or the loun iz in default. Lcndcr muy tukc rcasonublc urti��n to protect und pr+eserve such �
<br /> . vucunt ar uhundoncd Propeny. Barmwer shuU cil�a br in drfuuh if Borrowrr,during thc laun applicution prcxetis, gave ,
<br /> � muterially fulse or inuccurute infarmution <ir +tutcmrnt� to Lcndcr (or fai�ed w provide Lrnder with uny muteriul
<br /> ' informntion)in connection with the loan evidenced by thr Notr,inrluJing, But nut limited to,repmscntutions conceming
<br /> Borrower§occup;�ncy of the Prc�perty s++u principul residenrc. If thi�Sccw iry instrument i�on u lcaseliold,Borrower shnll �
<br /> . comply with the provitiions of thc lcutic. If Bom�wrr aryuirr.fcc tiNc ta thr Property,thc Ica,rhold und fcc titic shull not ;
<br /> � be merged unlcs.Lendcr ugrcc�to thr mrrger in writin�.
<br /> ' • 6. Char�Gcw to Borrower and Protectiun uf Lender's Ri�Ghts in the Property. Borrc�wrr.hull p:ry:�II guvcmmental �
<br /> � or municipnl chargeti,fineti and impu�itiem.thut arr nut inciuded in Paragr.►ph 2. Burcu�vcr tihall pay the�r i�hligaticros on
<br /> , timc directly to the,cntity whirh is<�wcd th� paymcnt. II' fuilurc to pxy w��uld udvcnrly affrrt Lender� intrre�t in the
<br /> Property,upon Lendrr s reyuest Bonuwcr shull promptly I'umitih a�Lrndcr rrrript.cvidcnring thr.c paymrnt�.
<br /> If Bosrowcr fuilr to makr thr�� puymrnt+or thc payment+rcyuircJ by Puragraph �,or t:iil, to prrfumi :my c�tlxr
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<br /> _-_; f,-__- - -_ � Covenants nna agrcementx contuined in tn�+iecuricy in�irumcn�.ur tnrn i�a icgui pnncruiug iii�i�iidy +i�ii,u�.i����y :;�it::
<br /> � Lender:s rights in thr Pmperty (xuch u.u pnx�wding in h�nkruptcy.fur condemnation or tu rnfanc laµs ar rcgulation�l.
<br /> I then Lendcr muy do und puy whutevrr i.ncc�.�:iry tu pnrtert thc��ulur ol'thr ProExny and Lrnder:right. in thr Prc�prny.
<br /> ; � includin�puyment of tuxr.,hwurd imuranre und ather ucm.mrntioned in PurnNruph 2.
<br /> ' , Any i►mounts dixbuncd by Lcndcr undcr thi. F�.�ra�ruph+hull txcomc an additional drht c�f Bam��v�r;md tx��erured
<br /> ' by t�is Securiry Inxtrument. 'i'he�r umuttnh.hull txur mtrm�t fn�m thc d�tr of diahunement,at thr Nut� ratc,and ut t!x
<br /> � � � option of Lender,�hull be immediutcly duc und payc+blc.
<br /> 7. Cnndemnetlon. The prcxreds i�f uny uwurJ or claim ti�r damuge�,dinrt ur rumryuentiul,in cunn��tiun with uny
<br /> ' ' wndemnution or other tuking��f c�ny part af thr F'ro�xrty,or fiir runveyancr in plarr uf candrmnutian,arc hercby ati�igned
<br /> ; � ; und xhull bc paid ro Lcndcr to thc cztcnt uf thc fult umuunt��t thc indcbtrdnr..thut rrmain.unpaid undcr thr Notc und thi.
<br /> , 5rcurity Inrtntmcnt. Lender xhuU upply�uch pnxccd.t.i thr rcdurtiim��I thr inJrhtrdnc..undrr the Nute cuid thi�tirruaty
<br /> � Instrument. �nt to uny dclinyucnt umount� upplicd in thr crdrr proaidrd in F'aragraph �, und thcn tu prcpaymrm ��t'
<br /> , princip�►. Any upplicut'tan of the praecJ� to th� prinripal .hall nut �zt�nd or}xntpnne the due datr uf the manthlq
<br /> „ , � , • ���.�e�•_„7J��der,�
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