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<br /> 1. P�ym�►t ot Prfndpd.Iatereat wnd 1.,Ate 4ln�e. Barawcr shaU puy when due rhe prGncipal af,and interest on,
<br /> tI1E t�GDt EYf�enced by tho Nate�►nd latr chargns dtre undnr the Nwce.
<br /> �. Monthiy payaunts ot�71exe�,ina�irrnce and Other Chuges. 8orrower shall includC in enrh mantt�ly payrmnt,
<br /> tagdher with the principd and interest as set fath in t1�e Noto and any late charges,an inst�linxnt af�u►y(�)qua ud
<br /> specid A3seanments levied�r u►be tevkci agdnst the Property,(b)t�aachold psyments or graund rrnGS un the Property.�nd
<br /> -----------�' (c)pr..miva�.s fcsr ln..^urance�quiocd by Par¢�aph 4.
<br /> Each monthly installrtscnt for itcma (a),(b)and(c) Fhill equal one-twelfth af the wnnu�) �nounts. se�asonably 4
<br /> estimau�d by L.ender,plu9 an amouat sufficient to muintaln an addIdonal bulance of not mon than c�+ne-atxth of the
<br /> esdmnteQ sntounts. The full annua;!amount for each tum ehal!be nccumulated by Lender withln s►�►erIod endln� one
<br /> month hefute an lt�m would become delinquent. I.ender shall hold tha amaunte coilected in ttust to pay tums(a),@)and
<br /> (c)6efore they become delUtquent
<br /> - � If at any time the wtal of tha pnyments held by L.endnr for items(u),(b)und(c),wgether wlth the futura monthly
<br /> --_ __ paymenGs far auch itetns payablo to Lender prior ta the due dates of such itema, exceeds by more than one-slxth the
<br /> � estimated emo�nt of paymenta i+equirai co pay such iums wtien due.and if pa menta on the Nota a►�e cu�n�then I.ender
<br /> ' shall ei�her refund the excess over one•sixth of the estimated payments or�t the oxcess over one-sixth of the estimated
<br /> _ paymen�s to subsequent payments by Borrower,at the opdon of Bamower. If the total of the payments msde by Homower
<br /> i for item(a).(b).or(c)is insufflcient to pay the item when due,ttien Borrower�shail pay to Lender any amoant neseasary to
<br /> make up the d�ciency on or before the date the item becomes due.
<br /> � Aa ussd in this Sec�uit}r Insuument,"Secretury"meaRS the Sareuuy of Honsing su►d Ur6an Dcvelepment or his or hor
<br /> desig�. In siry year in wlucb tde l.ender must pay a mort�age Insurance premium ta the Secretnry,each monthly payment
<br /> -_-,- -__ -�. chall al�ir�lude either: (i) an installmem of the arnival moitgage insurance premium to be pnid by Lender to the
<br /> _- - 3ece+etary,or(ii�a monthly charge instead of a mort$age insua�ace premium if th[s SecurIry Insuument Is held by the `
<br /> , Seisretary, Eagh monihfiy lnstellment of the mortgege insurana pnmium ehaU be In an amount sufficient to accumulate the
<br /> full annual udoxtga$e insurance premium with Lender one month prlor to the dnte the full annua! martga�e inaurance -
<br /> _= premium ia due to the Secretary;or If d�is Security Instrument is held by the Serretary.each monthly charge s �il be in an
<br /> — amount equal to oae-twelfth uf one-half per�cent of the outstanding principsil balence due on the Note.
<br /> - --i If Horrower tendeis to l.ender the full payment of all sums secured by thls Security Insuument,Borrower's account
<br /> -- aha1� be cnedlted with the balaace remaining for all instulIments for items(a).(b)and (c) and any mortgage insurance
<br /> _— � ,pr8ntium installment thut Lender has not become obliga0ed•to pay to the Secretary.and I.ender shall pmmptly refund any
<br /> �e�tass fiinds to Horrower. Immediately prior to a foreclosure saie of the Property or its acquisition by Lender.Borrower�s
<br /> �- account�ttall be cmdiced wlth uny balunce remaining for all inaallments for items(u),(b)and(c).
<br /> • - � 3. Appllpttlon of Puymenta AU payments under Paragiaphs 1 and 2 ahall be applted by Lender ds follows:
<br />--_ =� �T.to the mortgage insucance premium to be patd by Lender to ihe Scxcetary or to the monthly charge by the
<br /> - Secreuuyr insiead of the monthly mortguge insurance premium; —
<br /> - �,w any texes.apeciel nssessments.leasettold payments or g�outtd renis.�u�d trre.tluai e�3 att�r hazani
<br /> _= , insurance preatiums�ascequtted;
<br />��;- �p,w lntetest due under the Note;
<br /> s�;�. �D J .to amortlzation of the prIncipa[of the Note: �
<br />- �p�,w late charges due under We Note. _
<br /> , 4. Flre,F7oad and Qiher HazaM Insurt�ttce. Boerower shall insure all impmvements on the Property.whether now ___
<br /> = � in,existena or subsequently erected.asainst aay hazusds.casualdes.and contingen�ies. including fire,for which Lender =-___
<br /> � � requires insw�nce. '11iis insurance shall be maintained in tD�e emounu and for the geriods thnt I.ender requires. Borrower ��.
<br />� i shall also insnrc all impmvementa on the Property,whether now in existence or subsequenUy erected.ugainst loss by floods ��_-�.
<br /> _ to the extent�equized by ihe Sexret�y All insutance shall becarried wfth companies approved by Lender. The insurance �_„
<br />- polloies und any renewals shall be held by Lender and shdl include loss payable clauses in fuvor of, and in a focm �
<br /> acceptable to.Lendet °"
<br /> In the event of loss,Bomnwer shall ve Lender iimmediate notice b mail. Lxnder rna make roof of losa if not �r'�
<br /> 6L Y Y P r��:;�,
<br /> �_ made promptly by Bomower. Each insurance company conartaed is hereby authorized und directed to malce payment for
<br />--"�` such loss directly to Lender.instead of to Borrower and ta Lender joindy. All or any part of the insurance proceeds may be !�-'
<br /> appIled by L.ender.at its option.either(a)to the reductio»of the indebtedness under the Note und this Secunty Insdumen� �`��'
<br /> ' fust w uay delinquent amounts appUed in the order in Paregraph 3.and then to pmpayment of principal.or(b)to the �-
<br />'�s rostmarion or repau of the damaged property. My appl�cation of the proceeds to the principal shall not cxtend or postpone
<br /> -� w ref ined to In Para h 2,or chan e the arnount of such a ments. My �';`�;
<br /> , the due dnte of the monthly pay�rtents hich am e �rup g P Y s�..,,�.
<br /> - eacess insurunce proceeds over an antount requIred w pay oll outstnnding indebtedness under the Note und this Security
<br /> � y Insuument shall be paid w tl�e entIty leguliy enaded thereto.
<br />_ ���;,:��, 1n the event of foreclosure of th�s Secwity Instrument or other transfer of title to the Propeny thut extu�guishes the
<br /> _x::M�� - indebtedness.all righ�clde and interest of Bomower in and to insurance policies in force shal l pass to the putchaser.
<br /> l�� - ��^��*,�". S. Occupancy, Pre.ServatEon, Matntenanoe and Protectlon of the Property: Borrower•s I,oan Application;
<br /> _ . I.e a s e h o l d s. B o t ro w e r s h a l l o c c u p y,eswblish.end use the Pro p e r ty as BorrowerS princi pal restdence within sixty duys .
<br /> , r�;���:e. after the exscution of this Security Inswment and sha'il condnue to occupy the Propeny as Borrower�prirtcipat res�dence ':s;
<br /> -•;:;�;.;; ; for at least ane year after the date of occupancy.unless the Secretnry determmes this rcquirernent will cuuse undue hnrdship .:
<br /> ' �^•�• ' for Bomnwer. or unless extenuaang cururtistnnces exist which are beyond Borrower�s conuol. Bomower sha11 nodfy �
<br /> ��i� Lenders of any extenuatin�cinumstences. Bomower shall not commit wsste or destroy,damage or substandsilly change ��
<br /> ��=�� �`��' the Pro or nllow the to deteriorate.reasonable wear and tear eace ted. Lender ma ms t the Pro �f the
<br /> �:•;-,-'- ,. P�Y �PertY
<br /> }. Property is vacant or abandaned or the loan is in defaulG Lender may take reaPsonable Acoi�n to pro�t and p s�er�ve such .,.
<br /> 1��`�`=�ry,�`-'�,��•�"� vacant or nbaadoned PropeRy. Borrower shall also be in default if Borrower.during the loan application process. guve '
<br /> `�' materieltr false or inaxurate infoimation or statements to Lender (or failed to provide Lender with any materiat �''"
<br /> },.",;�f...- . .• ° .
<br /> . �, �ti:�:.��,�, : infotmahon)in connec.tlon with the loan evidence�i by the Note,includin�,but not limited to,representations conceming �.
<br /> �� '=°�='°' � Bormwer's oxupaucy of the Property as a principal residence. if this Security Instrument is on u leasehold.Borrower shuil
<br /> �,�yi��w. I x
<br /> _. ..,a comply wi4h the pmvistons of the tease. If Borrower acquires fee tide to the Property,the leasehold and fee title shull not
<br />_ ..._.:,�r:`'~?�:�""''" b$merged wiless Lender agees ro the metger in writing.
<br /> • � ' 6. Cbarges to Borrower nRd Prolection of I.cndee's Ri�hta in the Property. Borrower shall pay all govemmental
<br /> = ';;;,•I.�.., „•,,,,3 or municipal charges,fines und imposidons that are nut included in Parn�rsph 2 Borrower shoJl pay these obligations on I
<br />; � • � •- time directly to the entlry which is owed the payment If failum to pay would udversely nffect LenderS intercst in the I
<br /> " Pronettv.unnn Lendes�s request Botrower shall pmmptly fumish to Lender receipu evidencing these payments. �
<br /> .�T ,.-�._� °�.- ��-r:'` � If Boirower fatis to make these pAymenu or the payments requiced by Nnragcr�pn i.or tn�is co perronn uny ocaer
<br /> ;�'l w-=-��. • «=:�..- covenunts artd ag�+cements conwtned in this Security Instrument.or ihem is a legal pmceedin�thnt may significuntly affect
<br /> ',�=e: :• ; :'.. > Lender`s tights in the P[operty(such t�s n pruceeding in b:mktuptcy.for condcmnadon or to enforce laws or re�ulutions).
<br /> r�� � a,r'�:��.,r;;..�c:::':; then I.ender may do urtd pay whutever is necessnry to protect�he vutue of the Property and Lender`s ri�hts in the Properry.
<br />- �„i»���;�y including payment of tazes.hawrd insurance and other items menuoned in Para�ruph 2 .
<br /> = ``n�:i'�a�����` My umnun�disbursed by Lender urtder thispura�aph shnll become an udditional debt of Borrower und be securcd
<br />- ' �i(�:a;�.t,;?�x;'•; • by this Security Insuument These nmounts shalt bear interest from the date of disbursement.nt the Notc rnte,and �t the
<br /> `.' ,f`�r::,K.r' -�'�•; oprion of i.ender,shull be im�nediately due nnd payable. '
<br /> "r'�;��,<<i,:{f`.' 7. ContlemnatEon. 7t�e proceeds of siny awurd or claim Por damnges,dimct or conseyuential,in conrtecdon with uny I
<br /> � .•°��� -re, condemnation or�ther mking of any purt of the Properry.or for conveyance in pince of condemnation,ure hereby assigned
<br /> :"P"'"'`'`` '��"''• a�td shc�ll be aid to Lender t�the extent of the ful{�uitaunt ot thc indebtcdness that remuins unpaid undcr thc Nnte asid thi� �
<br /> �,_.��..,..;. ,::,. h 1 p
<br /> , S e c u r l ty I n s t r u m e n t L.e n d e r s h u l l a p p l y s u c h p m c e e d s t o t h e reducaon of the iedebtedness under the Note und this Sccurity �
<br /> _ Ltstnunent� first w any deUnquent umounts upplied in the order provided in Ruagraph•3, und then to pmpnyneent of
<br /> principal. My appii�:utlon of the proceeds to the prinripal shoil not extend cv po�tpone the Jue dute of the monthly
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