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<br /> ,t!{.�, -'. fl. �5�yiacaR u�C'rl;t�.�pal,9t�Qe��e�;i.�td�,t:fe(.;iaa�'Ce. ��n�r+►��rer shall pay tivhcn��uc tl�c princip:sl of,itnd int�r�:,t uu.
<br />� - --___�--`;�� �!r d:bt cvidcnccd by Oie NAtc nnd late cl�ar�cs duc undcr thc Nutc. �""°'-
<br />`°-"�;�;;;��,'���� 2. Monl7�ly paymentA a9'6l�xcs,InsurnncC nnd QlU►cr Ctmrqcs. Uurrotivcr shall inclucic in cach monthly paymcnte �
<br /> ----�� togctlier weU►the principat and intcrest ns sct fnnh in Il�e Nnte and any Intc ch;rcgcs,nn im;�allmcne of any�a)tnxcs aizd ���-�=
<br /> - - spccial nssessm�nts Lcviccl or ro be levicd ugainst the Property,(b)Icaset�old payments or grounc!rcnts on the Ptoperty,nr.d _�
<br /> �- -�`: `;..--'.:�' (c)F,�.niums for inscer^�ire rei�vire�i by Pnrn;r�iph 4. �`_''�'
<br /> — °—__ Eacl� monihly installment for itcros (n). (b) nnd (c) shal! �qual onc•twclfth af thc nnnull amounts, as rcn.,onably —
<br /> -- -- estimated by Lcndcr, Plux an nmaunt sufficicnt to mnintnin an ndditianol balancc of not morr thun one-sixth of the �__
<br />-____--- cstimatcd nmounts. fiie full nnnual amount for cach item slinU bc eccumulatcd hy Lender within u peri�d ending ono
<br /> — month before an item would becano delinyuent. Lender�;hull tiold tlie amounts collccted in hust to pay items(a),(b)nnd =-
<br /> _ :=:�-��� (c)before they become delinquent. ��___
<br /> =:-ti.�x���� If ut nny tirnc the rotal of thc payrnents I�eld by Lcndce for items(n),(b)and(c). together with die f'utune manthiy �,�„
<br />-___ `�.s� pnyments f�r such items payable to Lcnder prior to the due dates of such itcros, exceeds by morc than onc-sixdi the -
<br /> —?_ estimaeed nmount of payments reyuired to pay such items whcn duc,nnd if paymcnts on the Note are current.then Lender �w_..v-
<br /> ==-�-;�� shall eiiher refund the excess over one-sixth of dte estimated payments or credit the excess aver one-sixth of the cstimated �
<br /> -°�__��"'""� payments to subscgucnt payments by Sorrower,at the option of Borrower. If�he total of the payments made by Boir�wer �''`-
<br />-"�'='��-�'� (b),or(c)is�nsufGcient ta pay the item when duc,then Borrowcr shall pay to Lcndcr any amount neccssary to !�'�
<br />_—.�,�•ro,�.-� for item(a),
<br />-_';;���,��F"�� n��lce up ths deficiency an or tsefore the date tfie item @ecomes due. `����
<br /> ' x�'�� As used in this Sccurity Instrument,"Secretnry"mcans the Secrctary of Housing and Urban Revclopmcnt or his or her ;:°.•;
<br /> „'.,,.
<br /> ___��'=_'���•�== desigaee. In nny year in which the Lender must pay u mortgage insu►�nce premium to the Secretary,each monthly payment - --
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<br /> ,��Ha �,� shnll alcn include ciQur: (I) an installment of the annuol mungage insur:snce premium to be paid by Lender to the �
<br /> 'r'-°'� Sec:n.tary, or(ii)n monthly charge instcad of a mortgage insurancc premium if thin Sccuriry Instrument is 1►�Id Gy the � , �
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<br /> _.,-�;,;7,;:_ , Secrexary. Euch monthly instnllment of the mortgage insuraace premium shall be in an amount sufficient to�ecumulate the '��'
<br /> ihll r,nnual mortgi�ge insurunce premium with L,snder one month prior to thr, date the full annual mortgage insurance
<br />__ _•. t�,°.�;�„� pr�emeum is due to the Secretary;or if this Security Instrument is held by the Sccretary,each monthly chargc shall be in an
<br /> �r:��}���,�'.•�. iunount equal to one-twelRh of one-half percent of the ouGstanding princ�pal balance due on the Note.
<br /> If Borrawcr t�nders ta Lender the full payment of all sums securcd by this Security Instrument,Borrower's accaunt
<br /> :��r.•s••_c- -•'' �' shall be cn:dited with the balance remaining for all installments for items (a), (b)and (c) and any mortgage insurance
<br />' ' � ' premium instnllment that Lender has not become obligatcd to pay to the Secretary,and Lender shall promptly refund any
<br />`� � - '::� �.�-s'• excess funds to Bormwer. Immediately Prior to u famclosure sale of the Property or its acquisition by L.ender,Borrower's ,
<br /> _,.,,,.; : ..__ t account shaU be credited with any balance remaining for all installments for items(u),(b)and(c).
<br /> 3. Applic.�tion of Payments. All payment�s under Paragraphs I and 2 sh:�U be applied by Lender as follows:
<br /> � � • ' . rj�ST,to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly ch:u�ge by the
<br /> ' � Sec�t�vy instead of the monthly mortgage insurance premium: a M^.r a� Fl q , „rhrr h��a�r1
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<br />- - insur.uice pmmiums,as required;
<br /> � � � " TH1RD,to interest due nnder the Note;
<br /> �QUErfH,to amoriizaaon of the principal of the Note;
<br /> ,. : �EI'H,to late chnrges due under the Note. '
<br /> • • 4. Fire.Flond end Other Hazard Insurnnce. Borrower shall insurc all improvements on the Property,whether now
<br /> in eaistence or subsequently erected.against any hazards,casualties, and contingencies, including fire,for which L.ender
<br /> requires insurance. '[l�is insurance shall be maintained in the amounts and for the periods that Lender reyuires. Borrower
<br />- � � " shall also insure all improvements on the Property,whether now in existence or subsequently erected,against loss by floods _
<br /> � to the extent reyuinzd by the Secretsuy. All insurance shall be carried with companies approved by Lender. 'il�e insurance
<br />' � _",' • , policics and any renewals shall be held by Lendet and shnll include loss payable clauses in favor of, and in a form
<br /> . ,.� .' acceptable to,Lender.
<br />"Jr:;„. ; . �. In the evcnt of loss, Borrowcr shall give Lender immcdiate notice by mail. Lender may make proof of loss if not
<br /> =`=•-Y^"�' • made promptly by Bonower. Each insur.uice company concemed is hereby authorir.ed and directed to malce payment for
<br /> "'`'�" � �� such loss directly to Lender,instead of to Borrower:tn d to Len der joint ly. Al l or any part of the insurance procecds may be
<br /> " ' '"' ' `'� °�' applied by Lender,at its option,cither(a)ro the reduction of the indebtedness under the Note and this Secunty InstrumenG
<br /> - " . ``"""�`'"` fint to any delinquent funounts applied in die order in Paragraph 3, and then to prepayment of principal. or(b) to the
<br /> ' `� restorupon or repair of the dama�ed properry. Any application of the proc:eeds to the princtpal shall not extend or postpune
<br /> ;�.'', , , the due date of die monthly paymenis which are referred to in f:+ragraph 2,or change thc amount of such paymenu. Any
<br /> '° excsss insurance proceeds over an amount required to pay aU outstanding indebtedness under the Note and this Securicy
<br /> ' - ' Instn►ment shall be paid to the entity legally entitled thcmto.
<br /> .' In the cvent of for�eclosure of this Security Instrument or other transfer of titic to the Propeny that extinguishes the I `�
<br /> _�;;_-`�.-- indebtedness,all right,title and intemst�f Borrower in and to insurance policies in force shall pass to�the purct�nser.
<br />-- - 5. Occupancy, Preservatton, R4uintenarice and Protection o1' tlie Property; Borro�ver s I.oan Appltcation; I
<br /> '° Leaseholds. Borrower shall occupy,establish,and use thc:Property as Borrowers principal rcsidence within sixty days �
<br /> • " after the execution of this Securiry Instrumem and shall continue to occupy the Property:u Borrower's principal res�dance �
<br /> •'�� for at least one year after the date of occupancy,unless the Secretary determines this requimment will cause undue h:trdship
<br />_ =�r Cor Borrower, or unless extenuating circumstnnces exist �vhich are beyond Borrower's convol. Borrower shall notify
<br /> Lcnders of nny exten�an?ing circumstances. Borrower shull not commit waste or destroy,damage ar substantially change
<br /> � , the I'roperty or allow th�Propeny to deteriorate,reasonable ae:v and tear ex�cpted. Lender may mspcct the Property if thc f.,.
<br /> - " Property is vacant or abandoncd or the loan is in default. Lender may take relsonable action to protect and preserve such
<br /> vucant or abandoned Property. Borrower shall also be in default if Borrower,during the loan application process,gave
<br /> � materially false or inaccurate information or statements to Lender (or failed to provide Lendcr with any material
<br /> ' �' �� information)in connection with the loan evidenced by[he Note,including,but not limited to,repn�sentations canceming
<br />� BorrotvCr�occupancy of the Property as a principal residence. If this Security Ins[�ument is on a Ieasehold,Borrower shall
<br /> comply with the provisions of the leasc. If Borrower acquires fec title to thc Property,thc Ieasehold and Fee title shall not
<br /> - . ;�: ' .. be mergcd unless Lender agrees to the mer�er in writing. I .
<br /> 6. Chat�es to Sorrower�nd Protection of Lendtr's Rights in the Property. Bomowcr shall pay all gavemmental
<br /> or municipal charges,fin�s nnd impositions that are not in�luded in Paragraph 2. Borcower shatl pay these obligations on
<br /> -- � � .. time di�ctly to the entity whict� is owed the paym�nt. If failure to pay would adverscly affect Lenders intenest in the
<br />-� _______ ___ Pronertv.upon Lender's m,qucst Borrower shall promptly fumish to Lendcr receipts evidencing these p:�yments.
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<br /> ' � - -T If�Boirotivtr fails to make these payments or the payments required "oy rangrapn�,or �u������������� �.�....�..' �
<br /> covcn:u�t�s vtd.t+greements contained in this Security Instrument,or therc i�a legal pra:ecding that may significantiy affect
<br />, Lertder�s ri�hGS in the Property(such as a pmcceding in bankniptcy, for condemnation or to enforce laws or mgulntions),
<br />-, � then Lender may do and pay whatever is necessary to prot��ct the valuc of thc Property and Lender's rights in the Property. I
<br /> including payment of taxes,hvard insurance and othce nems mcntioned in Paragr.tph 2.
<br /> My amounts disburscd by Lendcr under this Par�grspli �hall become an additiunul dcbt of iiormwer and be secumd I
<br /> „ by this Security Instrumcnt. Tiicse amuunts shall bcar interest from the datc of disbuncment,at thc No[e rate,and at the
<br /> -. option of Lender,shall be immediutely duc and payable. I
<br /> ' 7. Condemn�tion. ''(lic procecds of:uiy awani ur claim for damagcs,dircct ur cuuscyucntial,in conncction�vitN any
<br /> condemnation or other t:tkin6 of,my pan uf the Wmpeny,ur fur conveyanre in pl,icc�f condemnation,:►rc hereby vsiEned i
<br /> � and shall be paid to Lcnder to thc extcnt uf the full amount of thc indcbtedneti�:that rcmains unpaid undcr thc Note and this � .
<br /> Scc�crity Instrumem. Lender shall apply surh proceeds ro the n�duction uf►hc indebtednrss under thc Note and this Securiry ;
<br /> 4' Instrument, first to an;+ dcliaquent amounts applied in the nnicr provid�d in Rir.��raph �, and thcn to prcpaymcnt of , ,.
<br />-. , � '"'` �� • priricipai. Any application of thc procr.cds ro the principal shall not extcnd ur p��tponc thc duc datc of the munthly �
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