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<br /> �` ' � �. F1'ayra�ut of Fstnciga�,inEQr�L�l;�.te C6arge B�srawershait pay�a+hen.due the principat of.�nd's�stea�st an, . , -_
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<br /> = � ttic d,�bt evideAced bg�he Note�nQ lute chazges due undsr t$�Note. . _----- --
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<br />� --- ` ` . 2. 1dlonthly paymeQls a�7loxes►la�urance sad Qth�C�c4. �orcow�s�hall,inptude irl eash m�o�ithS payment, . 4 ,
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<br /> =- � -iuge�r�'his�u-x-�s�,ar�iat,.-�ess�s.,°�fassl:�s tP.e AIars a�4 an Lnta .�i�si�dlment a€any{a ma�s. . ,
<br /> < spe����A�t���to��r�a�ai�i tk�Pm�tyr�(6)tease�ald payments or gouad rents an�te Ptapertyr.� , __
<br /> �.�''' (o�g�mflums for inserance ceqe,�iced tsp Farageph�. � - --
<br />- �c�";�� ^ � . . `Eact�.�aq tAty tns�eIIt�for items a).(b)ead(c)shall e�lual one=mrelfth of the snnual e�'ripunt3,a`s ceasanably -
<br /> a� " : s ' estimate�by Ln.endcr, PIvs an��ntount s�cient to maintaici art's�ditioual 6atance o�not �roae that� oste-sixth af the . �.�,�_ _ -
<br /> ` `--'�� � � es�mate�3 asna�ants. 'i�°fiill a�ual r�mount for each ite�shall tae accu�pnlated byl,enderwithin u p�riod eadiag one � Lz� � :
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<br /> f < x •s: , � momh before an item would b�om�delInquenL Letader sbaI!ha2d the amounts coIIektecl in trust tu pay items tA).t�s)a� � r � „�- � _
<br /> . , t�''� �` `a • (c)befo�ttiey�eoome delinquent , . • .: ' � . : � � ' � - -
<br /> ,{r. .- - . ether with the future mc►nthty �-h-� i --.
<br /> . -r � a; � Y f ai aay ame t he to r a l o g t he paym e n t s h e l d b y L e n d e r f o r i t e m s(a).t6)and(c J.c o g , -
<br /> �� - � . �u - payraents for&�b items gayable to l.e nder prior to the due dates of such items,`exceeds by.moa+e ds�n one-sixth the - -
<br />- 4,:.� ts on t�se Note are ccsc:ent,then i`.ectder -�-,°_°-�._-- -
<br /> - -:... ,:�; , e s n rt�a t e d a m o p F t o f p a y m e n t s i e 9uired t�o pa y suc�items when due.and if pay�en - --
<br /> ` '"" sha12 eit�ser refund me excesc over oae-six�of the esnmated FaYna�ts or credtt the exoess over one-sixth of t h e esfimaf e d
<br />- ' "°�`.;"�� paymenis to subsequ�nt payments by Brnmwer.at the optiott of Boaower. If the wtal of the gayiueats tuede by Bo�rowes � _ -___ _
<br /> i j`--���` ��,�� for item(a),(b).or(c1 is�nsuf�ccent to pay the item when due.thea Borrowe�shall pay to L.eader any amoiu►t necessary to �
<br /> " ,�„ 1; ,,,, inake up the defici�cy an ort�foie tke date the item 6ecomes due. � _ _
<br /> � As used ia tbis Sec�ritY Instniment,°SecretarY"meaas the Sec�etary of Nousing and U�an Developrnem ar his vr her „��'�,-`j
<br /> ` ,� r�-, Ft 4r:� designee, In any year in wiuch the d..euder mnst pay a ata�rtgage insur8tce premiwu to the Secretasy.each mamhly payment s ; � - --
<br /> �:„�°'' r az�;; - : �all atso�ncWde eitiser: •fi) an insmUmeat of d� a�ual mortgage insurence premiam,to be paid by Leader to.the,. � =
<br /> �=-.�'.. � S�etazY,os.(aij a amnthly cbarge in�tead of a mortgage insurance premi�m►if ti'us Seccmiy.Instrument zs hetd by ths' t _� - ----
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<br />- " '�, .. ' Seccetary. Each montbly instaltment of the mortgage iusumace gremiwn shall 6e in an amotmt s�cie�rt to accumulate ths . ,.�-:•-�
<br /> � _ �.' '( fult annual mmtgage insmrance premium witb L.ender one month pnor to the date the full annual mangage insm-ance -� _
<br /> � � .each manthly c6arge shall be in an ' „T,�..
<br /> � ; �� . � g��ium is due w the Secretaay:or if this Secnsits I�stnunent is iv:Id by the Secretary '` , -
<br /> y� i ` r:�` =r-`�'�'..� �atQO�E equal tn one-twelfih of one-half parc�t cr��owstanding ' cipal6alame due on the Note. , � x —
<br /> � -------�--- �----If�Bmmwert�adElswL.et3der-the�tull�Pays��af.aU.su�.s�eQUedJay.ihis��uri�_�Stnm!ent,BairoWer+saccount ' ..� _
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<br /> �' � '� " s h a ll b e c r e�i t e d v+i t h�e b a l a n c e re m a u u n g f o r a i 1�mstallns�'frn ite�s(a);(b)an+d(c)a�►d anY mortgage ws�nce �,� ,:� _
<br />:'''�s ..'�:•`-";'�r':;, piemivan insta?2ment that Leacler has atst.�ecqIIie obligated to p'a�}�the Secretary,and Leader sha11 promPdY reft�nd an� -
<br />- �:.��u'•`�;.::,'�:-:,`.'•� excess funds to Boirower. lu►mediatet!�.�rrior w a foreclosure sale of the Property m its acquisitioa by Lender,Borcawer's., . `' : ,:�;�-
<br />- .,��5��� : . ,� accoiutt sBalt 6e ccedited with any bala�itee rema�ning for all installments fat items(a),(b)and(c)• , ;:`�� ,
<br /> "'��'`""-"'""'• • 3: Appttcattoa o f l�ymenta. A l 1 PaYn►e m s t u i d e r P a c a g r a P h s 1 a n d 2 s h a U b e a p glied b y Lender as follows: -- . - - -._ : �-_
<br /> � �'. FJI2ST_,ro the mortgage insurance�remiucn fo be paid by Lender to 3Pte Seeretary or to the monthly chatge bx the-
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<br />-� .. y: _ geccetary instead of the monthlyr m.n�gage�nsurance Premium: . ;•�-
<br />-� . t�ood and other haTard ��`.."-
<br /> � • , ECO to any taues,speciaE�sments,leasehold paymenu or groand icnts,and fire, . , s�,�;�:
<br /> � , it1S11TditCe p[8m11ul15,sis�Q111tP�'�' � . ' r".
<br /> . - • D to inieiest due under We Note: . � . , . . : .
<br /> • �U�i,w am4''rk�atian of the priacipal of dse�ote: .. . �.' .;``�
<br /> .��. � � 'H to tate ch��due under the Note. •. . '` . :t;.,. fi��� �
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<br /> • � . ' . .4. l�ire,F[oad and Otiier Harard Ic�susance. Boimwer s�x�.insure all irnprovements on the Property:whethes ndi� • , .
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<br />- ' ••":,�; •, `in exis�or su6sequentiy erected,��ainst any hazards.casuit�.and contingencies,including fire.fos which Lec� r. ' , .���•"r ,
<br /> , ` :.' ,��,� requires'u,�nce. '4Yiis insurance s t Ue maintained ia the amau-�ss and for tNe periods that,lxnder requires. Borro�er ;:.;s ' ;
<br /> ,.. . � ., ', �;.•1�..! �'?' � '
<br /> sha11 aLso insure ail'i�r��ern�nts o�►the Fc�.Y,�'�ether now in existence ar��sequendy ereeted.against Ioss by ttoo� '. '. '." p
<br /> en . , ;_.�� �• �:
<br /> � � : to the extent ceqnired�p c�Secretary. All ins�ar3rss�:shall be carried with co�n�aaies approved by Lender. The insarance : . • �:,:.� ,
<br /> , ` ' . ,policies and azey renes�z7s shall be_held By L.en&er and shall inciude loss gayable clauses in favor of,and in a form , �:;`•'•_�. , ��,➢
<br /> �;� ��� �� �':
<br /> . � . . acceptable to.Lender. . ';'�;}t+•�>Y'e' :
<br /> � 1n the event of loss,Barmwer s�-aFl.give Lender immediate notice by mail. Lender may make pmof of loss if noi . �,��.�'
<br /> •.,�,..''�'.;_ . • � made P�mPUY by Boimwer. Each insurance company concemed is hereby authorized and directed to make paymenc fo� r' :<'.':,, "'
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<br /> such loss di�ecd to L�a3er,instQad of to Borrower and to E.ender jointly. Ail or any pari of the insurance pmc�eds may be ` ' .,,�•'��`-
<br /> '��� i�,�,.�;..,�! •• .. '. � applied by Lender.at its op6an,either(a)w tbe reduction of the indebiedness�ttder the Note and this Secunty Instrument, ��:r f;•'•.'
<br /> ,,. . ,: . ��`'.�.�°..,;
<br /> - ;.;:y.;_���,,;,y�..:.:' . fi�st t�any deliny,uecn�ounts applied in the ord�r in Paragaph 3,and chece tn pmpayment of principa�.ar(b)to the ::•-�:,4"".'' ,,
<br /> ..�•.,.. . restmati:ar.n as repau of the damaged property �Y aPP��aon of the proceeds to�he pruicipal shall not extv.xl or postpone . . ,r.y �:.�:
<br /> - ' the dae'd�of the monthly payme�►ts wh- ich are referied to in P�ra�aph 2,or change the amount of such paymeciis. Any ' •';::y;;
<br /> . _,`,F�. .�.,� " excess insmance praceeds over an amount requined to pay all outstandu�g mdebtedness under the Note and th�s 5eruri� • ..� ;.�•'+;,j;,'•;'
<br /> .°,i;_,.�. Instrument shall be p2�.d to the endty legally enuded thereto. • . .::-.,:,_, , ;
<br /> 1n the event of fa�slosure of this Security Instnunent or other transfer af title to the Property tltat exiinguishes't�'�e . ••. �r••�:�
<br /> �;.;.���, �: • : inde6tedness.all rigt►¢,til�e at[d intemst of Bomuwer in and to insurance policies in force shall pass to tRe pu�h�ser. . ° ' r ;•
<br /> .� 5. Occupancy, Preservation, Maintenance and Pratection of the Pruperty: Borrower's Loan AppltcatTon; �'�"'.'.:�•�r
<br /> . . ,���. .• .,t,�,.. '��.r�;. .
<br /> ,,•,��_•.,.�?_.' �,;�;`.'�v,��;�;. ' I.easeholds. Bbrmwer shaU.occapy.establish,and use tfie P roperiy as Borrower's principal re�idence witdin sixty days . . •1..,;..:�:;_. :
<br /> - '��':�{� � • after the execurion of this Securiry Ir�ument antL shall continue to occupy.the Propercy as Borrower's principal residence ..�;�•;�:q;...., ,
<br /> :�• '•n `° •.'� :. for at least one yeaF affer the date of occapancy.unless the Secletary detem�uies this requu+ement will cause'undue hardship .. '
<br /> , • far Bomnwer, or uatess extenuating tircums�exist which are beyond Bonower's control. Bmrower.shall notify
<br /> �-'• . :'`: ' ,� , ` Lenders of'any extenuating circamstances. Bona�er sltall not commit waste or destroy.damage or subst�sialiy change �.• , .
<br /> � •'°». . : the p►vperty or aliow the Property to deteriorate.ceasonable weag aad teaz excepted. Lender may mspect tlt�l�perty if the . . .
<br /> � ��;`.�,„.,� • � prop;,rty is vacant or abandoned or ttte loan is in default. Leadc�s may take reasonable action to protect and preserve such . . . -
<br /> ;��� � vacant or abaadoaed Pe�ope�ty. Botrower shall also be in defaWt if Borrower.durin�the Ioan application process`�ve . . ,. ..
<br /> '��_:�. � ,�'�t,:.,� materially false or inaccurate informadon or statements to Lender (or faited to provide l.ender wi:h any'matenal ,_ _
<br /> �'� '�;�;.`;• � informahon)in connection with the loan evidenred by the Note.including,but nat limited to.representati�ons conceming .
<br /> • ?:<��- � ,�� .. ' . Borrowet's uccupancy of the Property as apnnciQaI residence. If this Security Instrument is on a leasehoid,Boiro�ver shall • � .
<br /> •c;F�.-��� � •:� ,. compfy with the provisions of the tease. If Borrower acquires fee title co the Ptoperty.the leasehold and fee tide shall not ,
<br /> ��r,�- -���-`� '�� be merged unless I.ender agrees to the merger in writing. •
<br /> � • ' 6. C6arges to Borrower oad P'rot�ctlon o!Lender's RigfeSs in t�e Property. Borrower shall pay aU govemmental � . .
<br /> . ��",;'.,';•;,,: . '��
<br /> ,,�;.;:.;t-:�.�.�.,: .. � or municipal charges,firtes and impasitions that are not included in Paragraph 2. Borrower shaU pay these obbgations on '
<br /> ' - �.�:�;�a;4�.<" time directiy to the endty ufiish is owed the paymenL If failure to Qay would adversely affect Lendet's inte�st in the ��. , ,� .
<br /> .. �:.;,_< .*. •
<br /> _�- ;�::���:.;:�_ .,? Ptoperty.upon Lendar s requ�st Bomower shall promptly fumish to Lender rece��ts ev�dencing these payments.
<br /> ��'>. `�''" If Botrower fails to�make these payments or the payments required by Par�graph Z,or fails to perform any other
<br /> Y'.• j. .�L?. : � .
<br /> ,k:";;�•'-�;`��:ti�` covenants and agreements cantained in this Securiry Inswment,or there is a legal proc�d"ing that may signif cantly affect •
<br /> ' �'."•'': ::. l.ender's d g hu in t t t e R o p e rt y(suc 6 as a ptoc e e d i n g i n b a n t s t u p o c y.f o r w n d e m n a t i o n o r t o e n f o r c e t a w s o r r e g u l a u a n s). •- - . _ -
<br /> ,x. :.:,:� , , .
<br /> � • . . then Lender may do aud pay whutever is necessary to pmtect the vatae of the Property and Lender's rights in the PropeRy. , � ,
<br /> '' ' Ucclading payment af�.harard insurance and�other items mention e d in P a r a g r ap h 2. • '
<br /> �'"''�,�5;;�;:�.,�.,;,. � . pDy�a���ed tsy Lender under this patapraph shall become an addidonml debt of Botrower and 6e secured .
<br /> `�:.-- .t ',''��=�.�•'+ 6y this Security inshument These amounts shall bear mterest frnm the date of disbursement,at the Note rate,and at the .
<br /> • �:�°'��'''"�`'' ', opdoa of Lrader.shati tie immediatety dae and payable. •.• , ..
<br /> ,�:�;� •."� ��' " 7. Cottdemnattoa. 'ihe proceeds of any awazd or ciaim for damages,ditect ar consequential,in corwection with any . , _
<br /> -�;�•� '�� • ' cqademnation or asRer takit�g of any pa�t of the Ptopetty.or for conveyance m place of condem�mtion,are hereby ass'gned ,
<br /> ' "' � and shaU be paid to Lender to the extent of the fiill amount of the iadebtedness that remains unpaid under the Note suid thi$
<br /> _ _ _ Securiry instrumenY, Leader shall apply such pmceeds to the►�educdon of the indebtedness under the Nate and this Secutiry �
<br /> • � Ins�m�n�firsf to any delinq�tettt atnaumts appiiad in��e mder pruvidcci uj P�sag,�api�3, atid thca to ps�ys�r of - - ----- -
<br /> ti ,j . , ' piincipaL Any application of the proceEds to the principal sha11 noi extend or postpone the due date of the monthly. . . .
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<br /> • . IWSe 2 aJ4 paget) . .. . '
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