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<br />- 1. P�tyment of Principal,IntePest end l.ute C:ha�Qe. Borrowcr:�hall pay whcn duc thc prinripcd af,imd intcrctit on. ;. k.t;,•f�..:--
<br /> �-' * '� � �'` the debt evidenced by the Note and late charges due under the Note. :�;�e;,k.,�--
<br /> `�.'"'' -rt-=-----
<br />- _} • ' '' � 2. Monthly paymenis of'I�xes,Insurance and Other Chnrgea. 8arrower shal!inrlude in each manthly puyment. .. ;�:�,��_:.-.--..
<br /> , ;} together with the princlpsil and interest as set forth in the Note and uny lute churges, an in�tallment af uny(u)tattea and � `�'�u�-�:_•-
<br /> '�ar';..•'• .- y•,�,,:.-__.._
<br /> speci�l assessments levled or to be levied against the Praperty.(b)tensehald payments or gmund mnta an the Property.and ';•-L��:�'��=-�:----
<br /> : 'e. „ , (c)Premiums for insurnnce reyuired by Paragraph 4. ` "��'..`"`:.::e:
<br /> � �ti , �• '�� x Each monthly installment for Itemc (a). (b) wM (c) shall equul one-tweifth of tfie unnunl umuunt�,u, reu.wnably
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<br /> �� � - . estimated by Lender, plus an emount sufficient to malntain an udditional bulance oP not marc tha� one-sixth of the ,�.:.�t�,?�i�r•J�q-•.
<br /> " � " esNmated amounts. The fuQ annusl emount for each item shail be accumuluted by l.cnder wlthin a perlad ending one �, .,� � , .. .
<br /> month before an item would become delinquent, l.ender shall hold the amounts coilected in tru+t ta pay items(u),(b)and . .,
<br /> ( '� � � (c)before they becomc delinquent. � • `;� "
<br /> � If at any time the total of the payments hcld by i.ender for items(a),(b)und(c),together with the futum monthly
<br /> . ' , ' • payments for such items puyable tu Lender prior to the due dates of such items, exceeds by more than one•sixth the �, . ,.
<br /> ° estimated amount af payments required to pay such itcros when due,and if payments an the Note ure current,then I.ender =f
<br /> , .. shall either refund the excess over one-sixth of the estimated payments or credit the excess over one-sixth of the estimated , . •
<br /> ', . payments to subsequent payments by Borrower,at thc optinn of Borrower. If the total af the payments madc by Horrower
<br /> ,� . for Item(a).(b),or(c)is insufficient to pay the itcm when due,then Borrowcr shult puy to Lender uny arnaunt necessury ta r
<br /> make up the deficiency on or before the date the item becomes due. ,
<br /> • � " As used in thts Security Insttument,"Secretary"means the Secret�ry of Housing and Urban Development or hig or her ^ °
<br /> designee. In any year in which tha Lender must pay a mortgege insurunce premium to the Secretary.each monthly pnymcnt • •
<br /> shall also include eithor: (i) an installment of the annuat mortgage insurance premium ta be paid by Lender to ihe ,
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<br /> -• . �� -- ---- �Kr..�ary.ar..., a mcnth., .h�b_ ir.a�a3 _f�m��+�,��.•�na�rn�ue premium if this Securiry Instrument is hcld by the __ ----___,_ -..-_-� -
<br /> , Secretary. Each monthly instaliment of the monguge insurance premium shall be in an amount tiufficient to accumulpte the �t'�-'.-''".;:
<br /> fuU annual mortgage insurance premium wtth Lender o.�e month prior to the date the full unnuul mortgage insurpnce . �' ��
<br /> -. " premium is due to the Secmtary:or if thiti Security Instrument is held by the Secretary,each monthly chur�e shull 6e in an � • _
<br /> amount equal to one-twelfth of one-half percent of the outstnndir.g princ�pal balance due on the Note. • „
<br /> " If Borrower tenders to Lender the full payment of sil sums tiecured by this Security Instrument,BorrowerS uccaunt
<br /> � shall be credited with the balance remaining for all inctaliments for items (a), (b) nnd (c>nnd any mortgage insurunce � '
<br /> � <�> premlum instaliment that Lender has not become oblignted to pay to the Secretury,und Lender shull promptly mfund an
<br /> excess funds to Borrower. Immediatcly prior to a foreclosure sale of the Property or its ucquisition by Lendcr,Borrower� �`�
<br /> uccount shall be credited with uny balance remainin�for ull installmentt for items(u),(b)and(c). • . � � �=_
<br /> Ap Y P Y , F ph•' PP Y •y:��
<br /> 3. A Ilcallon ot Pa ments. All a ments under Pam ru ti 1 and 2 shall be a licd b Lender a.h folluws: � _
<br /> ' to the mort a e insuruncc remtum to be uid b Lcndcr to thc Secreta or to thc monthl chur e b the � `� ' ""-
<br /> F�ST. � S P P Y �Y Y 6 Y . .�' �
<br /> Secretar�instead of the monthly mortga�e msurancc prcm�um; . '�
<br /> .. ��+nn�� .r�..+- �-S..I.. I.......M../.1�nvrnnhta nr nrromil►Pntc nnri firn Fln�r1 unri tNhC�hit2tiid __....:. '-
<br /> _- -r _ ---- -" insurancepremiums,asreq uired;r�c�r...._.... _.._.. . � . � �- --._-___�__� -
<br /> THIRD,to inter+est due under thc Nutc; " �
<br /> 'OU ,to amort�u►tion af the principnl of thc Notc; •
<br /> �{,to lata charges due under the Note. '�� (
<br /> 4. Fire,Flood and(Dther Haieard Insurance. Borrowcr shull insurc all improvemcnts on the Property,whcthcr nuw � ' ��•
<br /> in existence or subsequently erected,ugainst any hs�urds,cuhualtie�, and contingenciec, including fire. for which Lender � "
<br /> requires insurance. This insurance shall be maintuined in the amounts and fnr the periais thnt Lender rcquires. Borrowcr ,,�:� �
<br /> shall also insurc all improvements on the Property,whether now in exi,tencc or subsequendy erected,uguinst loss by tl�ods ;, Q'�
<br /> to the extent required by the Secmtary. All inaurance shall lxr carried with compunics approved by Lender. The in.rurance �,�'�
<br /> polieies and uny renewalx shuU be held by I.ender und �hull include los� puyable clauses in favor of,and in a fam ,
<br /> � acceptable to,Lender. �•
<br /> In thc event of loss,Borrower shull givc Lendcr inmxdiate noticc hy mail. Lendcr muy makc proof of Irn. if not
<br /> made prompdy by Sorrower. Each insurnnce company c��ncemed i�hercby authoriixd und directcd to make payment for � . :�;,�
<br /> � � such loss directly to Lender,insteud of ro Borcower;uid to Lender jointly. AU or any part of the in�urance proceeds ms+y be ,
<br /> applied by Lender,at its option,eithcr(u)ro the reductinn ot thc indebtedncs.under the Nenc und thiti Secunty In+trurncnt. � � •
<br /> I first to an delin ucnt umounts a licd in thc ordcr in Paru ra h 3,und thrn to rc a mcnt of nnci al,or tb) to thc '•"�"� „
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<br /> mstoration or rcpa►r of the dumaged property. Any applicution o the procrrd.tc�the prmcipul tihull not extend or poxtponc i
<br /> the due date of the monthly puyments which ure refcrred to in P,►raF.raph 2,or change the umount of.uch payments. Any `
<br /> excess insurunce procceds over an umount requircd to pay ull out�tundin�indchtcdncs,under thc Notc und this Sccurity '
<br /> ' Instrument shall lx paid to the entity legally entqlcd thento.
<br /> In the event of fomclosure of thi�Security In�trumem ur othcr trans(cr uf titlr �o►he Propeny�hat extingui�hrs the �
<br /> indebtedness,all right,tide und intere�t of Born�wcr in :md w imurancc policics in fiucr�hall pa.+ti�thc purchu+er.
<br /> S. Occupancy. Preservation. Maintenance und Protection af the Property; Burrower's Loan Appticatlon; �
<br /> ' Leaseitolds. Bortowcr tihnll occupy.c.tahlitih,und u.c the Property u. Borruwcr. prin�ipal re.idcncr within ,ixry dvy. �
<br /> after the execution of this Security Intitrument and .hall runtinue ta exrupy the Pruprny a.Bc�rr��arr:principal re.idence
<br /> for at leart nne year after the dute c�f cxcupancy,unle.+thr Srcret.�ry�detrmiine�thi.rcyuirrment w ill cuu�e undue hard�hip
<br /> for Bntrowcr, or unJcss cxtcnuating rirrunist•rncc�cxi�t whirh are Ixyond Bc�rcow•cr� rontrol. BorcoH•cr shull ndify
<br /> Lenders of any extenuuting circumstunrr�, Borrower �hull nut rommit watitr ur destroy,dama�c or wh.tantiully change '
<br /> the Property or ullow thc Property to detrrinrutc,ma+onablc wrar and trar rxrcptcd. I.endrr m:►y�m}xrt thc Prupert�� if thc i
<br /> Property is vacnnt or abandoned or the Ic�an i.in dcfault. Lencier may takr mu�onahle.irtiun tu prutert and pre.en�r wch
<br /> vacunt ar ubundoned Property. Borrowcr xhall ultio tx in drf•rult if t3urrc�wer. during thr lo:►n application pnxr��. gave
<br /> ' materially false ar inuccurutr inforniatiun ur +tatenunh tu Lrndrr �ur fuilrJ to pro��ide Lender a-ith any matenal �
<br /> information)in connection with thr loan evidencrd My the Note, inrluding,hut nut limitrd u�, rcpre�entatium conrrrnin�
<br /> . Bormwcrk occupunry of thc Property u+a principal rrtiidcncr. If thi+5rcurit�•Tn�trutncnt i,nn a Ira�chcild.Born�N•cr+hal l ;
<br /> comply with the paivititcm�of thc Irau. If'Bomiwer acyuire�fcc titlr tu the Pro�xrty,thc lia��hold and fcr titlr�hall not
<br /> be merged unlesti Lcnder agme.to thr m�rgcr in writing.
<br /> 6. Chary;ees to Borrower and Protection uf I.ender�Ri�hts in the I'roperh. Hurru��rr.hall pay all���vemmcntul
<br /> or municipul churgc,,finc�und imEx�tiitiun�that ar�nat inrludcd in F':vagraph 2. Hc�rruNrr.halt pay thc.c ubligxtiom on
<br /> ' time dircetly to the entity which i�o��•ed thr p:rynxnt. If 1'ailure to pay �auuld advrryrl� aftcct l.endrr�intrre+t in thc
<br /> • Property,upan Lcndcri reyuc�t Hurco��•rr.hall prcmiptl�•Tumish tc,Lendrr rrrript.rviJcnring th�.c payment+.
<br /> . tc a....,,.,...,.a.:t. ....,,.,U..A,.,.....,.vm.•nn�,r�F,�•n:�cm.•nl� r�•uuirrd h� P:�rarr:mh ?or fail�tu nrrtiirni um• ��hrr
<br /> -- :�-- . l .. ...,......�. ....... .........._ ..._.._ �._,..._... . _ ._ , . . .
<br /> � I covenants und ugrermcnt+ronr�inrd in thi+Srrurit�Imirumrnt,c,r thcrc i.a Irg:4 prcxerdinE that may �ignifirandy alicct
<br /> Lenderti rightti in the F'm�xny I.uch a. .+pr�xcrdinE in h:mkruptr�•, tur rundemnation or to rnfimr l�a.ur rcgul:+t iai�1.
<br /> then Lcndcr may du anJ puy wh,ttrv�r i�or�c..a�y 1�� pr��t.ct thc talur uC thr f'r«�mrt� and Lcnd�•r'•rit•ht.in thr Fk��ix�n�•. 4-
<br /> including payment of tuxc+,hutard in.urcmrc and othrr itrm.mcnt�nncd in Paragraph 2.
<br /> , Any amounts�1i�buncd My Lrndrr undrr thi. Para�raph+hall hrr��me an additiunal deht ut Harruwrr and hr.ccur�d
<br /> � r =, by this Scrurity Instrumcnt. Tlxtir umuunt� �hul{ Ixur�ntcr+�.t fr��m thr d;�tr��T di.hurumcnt. at thc Nutr rsUc.�nd at Ihr
<br /> , option ot Lendcr,xhull tm immrdiutcly Ju�and pa)ablc.
<br /> � 7. Condemnution. Thc pnxerd,of any:�wurJ ur cla�m for dam;i�r,.dirrrt ur run.ryucnti.�l.m r�mnrruun N ith an�
<br /> condemnation orothcr tuking of uny pan uf th�Prc��xny,�N ti�rrunvrv:�mr�n rl;uc ut c�mJcmnutwn, un hcrch� a..ignrd
<br /> . und shall bc paid to Lendcr to thr rxum uf thc tull amoimt of thr indr�+trdnc..that rrnu�im unpaid undcr thr Nutr c�nd�hi.
<br /> �� Security lnxtrumcnt. Lender.hall upply�urh pnkecd�tu thc rtJuctiun��f thr inJrhtrdne.�undcr tNr N��t�and thi.tircnnt�
<br /> : � lmtrument, fir�t to uny drlinyurnt amuunt� applied in the unfcr pru�•idcd in f'ar:►�raph �, a�id tlxn tu prepa�mrn� ��!
<br /> '• . ' principal. Any appticution af thc pnkrrd� to thc princips�l �h.�ll nut rxtrnd ur �x�,t�xmc thr dur�i:ar uf thr m�mthly
<br /> ' ,�ti�e�:.,�����.��„ �
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