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<br /> A. [Myneent ot Princ[pnl,Interest and l.nte Chnrqe. sarro�ver shull pay when duc th�principal af.and intc�rst on,
<br /> tha de:bt evidsnced by the Nate and lnte chnrgea due under the Note.
<br /> 2. Monthly payments ot'1lwxes,Insurance and Othe�Chnrg�.w. Sorrowee rhall include in eurh manthly paymcnt,
<br /> togelher with the principal nnd inter+est a.g set forth in the Note ond any Inte churges. an in.titallment af nny(u)taxcs and
<br /> specia{assessmenta levted or to be lcvled agoinst the Property,lb)lea�ehold payments ar ground rentx on tha Pmpe�4y.und
<br /> (c)premtums for insuranco reyuired by Parsg�aph 4.
<br /> F.ach manthiy lnstaqment for items(u).(b)und(c)shnU equal one•tweffth of the nnnual umounts,aK reasonabty
<br /> � estimated by Lender. plus nn �mount su�aient ta mnintain an ndditionnl balance �f not morc tham m�e•sixth af the
<br /> � estimated amount�. 71►e fult unnunl amount for eosh item shall be nccumulateci by L.ender wtthin c►pedod ending ane
<br /> i month before an item would become delinquent. Lender shnll hold the amounts collected tn trust to p�y ittms(a).tb)and
<br /> (c)before they becoma detinquen�
<br /> If at any time the total of the payments held by Lender for items(a),(b)and(c>,to�ether with the future monthly
<br /> paymenta for such items puynble to Lender prIor w the due dntes of such items,exceedy by more thnn ane-sixth the
<br /> estimated amuunt of paymenta mquired ta pay such items when due.and if pay.menu on the Note are cument.thon Lender
<br /> shnll either refund the excess over one•six�h of the estimated payments or cmdit the excess over ane-siath of the esdmnted
<br /> paymenta to subsequent payments by Borrower.at the option of Borrower. If the totnl of thc paymen�s made by Borrnwcr
<br /> for item(u),(b),or(c)ts insu�cient to pay th$item when due,then Bornnwer shull puy to I.ender any amount necess�ry to
<br /> make up the defictency on or before the date the item hecames due.
<br /> Aa used ln this Secutity inswmen�"Sec[etnry"means the Secretary of Housing and Urban Development or hLg os her
<br /> desigace. In uny year in which the Lender must pay a mortgage insurance premium to the Secrewry.esich monthly payment
<br /> shall cilso iaclude either. (i) an inctal(ment of the annual mortgage insurance premium to be paid by [.ertder to the
<br /> Seccetary,or(ti) a monthly charge insteud of a mortgage Insurance premium if thts Securiry insuument is held by the
<br /> __ _ Secretary. Each monthly installment of the mortgage inswance premium shall be in an emount su�clent to uccumulute the
<br /> full arutual mortgage instuance premium with I.ender one month prlor to the date the full unnuul mortgage insurance
<br /> premium is due to the Secc+eetery:or if this Secwi Instiument is held b the Sei.�netnry.each monthly chsirge shnll be in nn
<br /> e tery y
<br /> amount equal w one•twelfth af one-half percent o the autstanding princtpal balance due on the Note.
<br /> If Sarrawer ta►ders to Lender the full payment of sU sums secu�+ed by this Security Instrumen�Borrower�accoant
<br /> shall be credited wtth the balenoe �+emaining for all installments for items(a), (b)and(c)and any mortgage Ins�rnnce
<br /> premium instaUment that Lender has not become obligated to pay to the Secretary.and Lender shall promptly refurtd any
<br /> excesa funds to Aorrower. Immediately prior to a foreclosure sale uf the Propercy or iu acquIsition by Lender,Borrnwer's
<br /> acxount shaU be credited wlth any balance remainin�for all insWiments for items(a),(b)and tc).
<br /> :� 3. Applicatton ot PttymeMa All pay�nents under Pa�agmphs 1 and 2 shail be applied by Lender as follows:
<br /> °�'� �Z,to the mortgage Luutartce premium to be paid by l.ender to che Secretary or to the monthly charge by the
<br /> Serre instead of the monthly mortgage insurance premium;
<br /> ��,to eny taxes�special assessments,leasehold payments or ground rents,and fic�e,flood and other hezand
<br /> insurancc pr+emiums.as�q wred;
<br /> 't'HIKll,to interest due under the Note:
<br /> �,to amortiu�tion of t?�e principal of the Note;
<br /> �.w late charges due under the Note.
<br /> 4. Fire,Flood nnd Other Herrard Insurpnoe. Borrower shali insure all improvements on the Property.whether now
<br /> h� in existence or subsequendy erected,ageinst any hazerds,casualues.and cantin�encies,including fire,for whlch I.ender
<br /> i. ' reqnires insurance. Thia insuranc�e aball be meintained in the amounts and for the periods that Lender requI[es. Borrower �Y-
<br /> I shall Also insune sill jmprovemenu on the Property.whether now in existence or subsequendy erected,agwnst loss by floods : �.:'•
<br /> ` to the extent required by the Secretacy AU insurance shall be carried with companIes approved by Lender. The insurance �•.
<br /> � polIcies and eny renewals shall be held by Lender and shall include loss payable cluuses in fnvor of. end in a form •
<br /> ' acaeptable to.Lender. � "'
<br /> � In the event of loss,Boirower shnll give Leader immediate nottce by mail. Lender may make prnof of loss if not ���n
<br /> made prompily by Borrower. Each insura�tce company concemed is hereby authorized and dimcted to make payment for -
<br /> such loss directly w L.ender,instead of to Buttower and to Lender joindy. Atl or any psut of the insurance proceeds mey be
<br /> applied by I.ender.at its option,either(a)to the re�uction of the indebtedness under the Note and this Security Inswmen�
<br /> fiist to any delinc�uent amounts applied tn the order in Paragraph 3.and then to prepayment of principal,or(b)to We '
<br /> restoration or repa�r of the damaged propetty. Any applicatlon of the pmcee�s to the principal shatl not extend or postpcme
<br /> the due date of the monthly payments whtch aze refeired to in Paragaph 2,or change thc umount of such payments. Any
<br /> excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Securiry
<br /> •r Instnttnent shall be paid w the endty legally entided thereto.
<br /> '- ti' .° In the event of foreclosute of this Secutlty Instnunent or other transfer of title to the Propercy that extinguishes the �
<br /> . ..�'?;;,�� irtdebtedrtess.ull righ�ade and interest of Borrower in and to insurance poiicies in force shatl puss to�he purchaser.
<br /> �.�r. S. Oceupanry, FreservaBon,NsaEntenaece and ProYectton ot the Property; Borrower s Q.oan Appttcattoa;
<br /> „.�� I.ea.geholds. Borrower shal{occupy,establish.and use the Properry as Bor�wer�principal residence�vithin slxry days
<br /> "'�' after the execution uf this Serurity Instrument and shalt continue to accupy the Property as Boroower's principal residence
<br /> � for at least one year aftet the date of occupancy.unless the Sec.c�etary determines this requmement wjll cuuse undue hardship
<br /> �:;:,���:�=�:.�' for Botrower.or unless extenuadng circunistanres exist which are beyond Borrower's convol. Borrower shall notify
<br /> `��-�r•����•�- Lenders of any extenuariag circumstances. Bosower shall not commit waste or destray.damuge or substantiully change
<br /> ,,,�'�e�;�i the Property or ellow the Property to deteriorate.m.asonable wet►r and tear excepted. Lender may mspect the Propecty if the
<br /> .,w.._ Property is vucant or abandoned or the toan is in default Lender may take neasonable acaon to protect an�preserve such
<br /> ` a:°°« vw;ant or abandoned Property. Borrower shall�Iso be in default if Borrower,durin�ehe lonn application process, gave
<br /> al
<br /> matetiall�r false or inaccurate information or stntements to I.ender (or failed to pmvide L.ender with any materiul
<br /> �•�� inforn�ation)in connectIon wtth the loan evidenced by the Note.including,but not limited to,representaaons conceming
<br /> T`�°..�' gomnwer's occupancy of the Property ns a principal restdence. If this Securiry Insuument is on a teasehold.Botsower shnll
<br /> "�'�"`����''' comply with the provisions of the lease. If Borrower acquires fee title to the Property.the leasehold and fee title shull not
<br /> be�rterged unless I.ender agrees to the merger in writing.
<br /> 6. Cha�s to Borrower end Protection of I.ender's Rtgdts in the Property. Borrower shall pay nll govemmental
<br /> or municipal clu�rges.fines and[mpositions thut are not included in Psuugraph 2. Horrower shall pay these obligations on
<br /> "%; -y:c.. time d��ectl to the enti which is aa+ed the a en� If fallure to a woutd adversel affect I.ender:s intemst in the
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<br /> �:; Property.upon Lender's request Borrower shall promptly fumish to Lender receipts evidertcing these puyments.
<br /> _T �� If Bomower fails to muke these payments or the payments required by Pumgraph 2.or fails to perForm any other
<br /> covenants and ameements contnined in this Securitv InswmenG or there is u le�ai vroceedinR thut may signific.v�tly affect
<br /> - -f-.�,:� � L�tderh rights in the P�operty(such es u proceedir�g in bankrnptcy.for condemnation or to enforce laws or re�ulations), t
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<br /> ;,,,,��;�r;.., then Ixrtder may do artd pay whatever is ne�essary to pmteat the vcilue nf the Property und Lender S rights in the Pruperty. �
<br /> ;�f:f;.�Yt�::;;;.` including payment of wues,haxnrd inswance and other items menHoned in P.va�rcsph 2. �
<br /> `� � My amounts disbutse.�d by Lender under this P.uu$raph shali berume nn ndditionn!debt vf Borcower;�nd be secured �
<br /> ��� • by this Security Instrument. These umount�shall bear mt,erest from the dute of disbursement.at the Note rate,artd at the
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<br /> "'��. optFon of Lender.shali 6e immedtately due nnd payable.
<br /> ��:�� t;"• 7. Condeteaation. The proc�eeds of un award or cintm for damages.direct or consequcntial,in rnnnecaon with nny I
<br /> ro ee s
<br /> ,;.�es�".t. ;�'1''�� crondemnudon ar other taking of any part of e Property.or for conveyance in pluce of condemnation,ure hereby assigned t
<br /> i;�;'�� `� and shnll be patd to Lender to the extent of thc fu11 fsmount of the irtdebtedness that remains unpaid under the Note and this ;
<br /> f�--;•-�;�•. ;: Security InsuumenG Lender shull uppiy such pmceeds to the reduction of the indebtedness under the Note:utd this Security �
<br /> �; ''� Inswmen� first w any delinquent amounts npplied in the order provided in P.ua�mph 3. cu�d then ta prepayment of
<br /> �• princiQal. Any appllcation of the proceeds to the principal shull not extertd or postpone the due date of the monthly (
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