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<br /> --------- --=`�--j� �i, i',�yracnt�P i��dncl�al,Y��t�i•ts4��zs��.a8e Cliai•�;e. �orru�vice:�iu�U�z�y���itc��uuc fe:;;princiir;l��f,:.tud iat{�x:s.t u�z, �,�}
<br /> - �.----_• the de t�t evedenceJ by dle Noto and late ctiarges duc under tSie Notc.
<br /> -_-_-__-==--- �, l�ionthly puymente ut'Ibxer�,Inssiranee nnd Other Ch�r�;�s. Ac�ri•o�ver�:lmll inctudc in c�cit rn�snihly p:�ymc��II,
<br /> �� together with the princtpal and interest as set fonh in the Note und a�iy Itlte i:hi�iges�«n instalimcnt of nny(u) taxe9 wzd
<br /> ___�a.m,;fi,�,� specf�al nsscssrnents levled or to be levicd ngainst fhe Pro��eny,(b)lcascfiold payme�nis or groun�rents on�Ac;Praperty,ar�d
<br /> -� _._.
<br /> : ----------_--- (c)p�..iiiiun�s for irsuraicc r::quirad by f'amb ph 4. � -
<br /> Each monthly i�stallmcnt for items(a), (b)and(c) sl�all equul one-twclflh of the ssnnual umounts, as reasonably
<br /> — -- cstimsxtcd by Lender. plus un amount suf�icicnt to maintain an uddition�f balance of nc,t morc thon onc-sixth of the
<br /> estimated amount�. 7'he full unnuc�l nmount for euch item shall he �ccumulnted by Ler�dcr wiehin n period ending on�
<br /> month beFare ien item wauld become delinquent. Lender shall hald the nmounts collected in tn�st to pny rtems(u),(b)nRd
<br /> _ __ — (c)Ixfor�:they becomc delinquent.
<br />,----_-- -- If at any time tlie total of the paymcnu hcld by Lender for items(a),(b) a��d(c),together with tha future rnonthly
<br /> - � -==— p�yments for xuch items paynble to Lcnder prtor to the due dltes of such items,excecds by niore than onc-sixth t�-ie _
<br /> — -- estimaicd zmaunt of payments requircd to pay such items when due,and if payments on thc-. Note are current,thcn Lcnder
<br /> ----���� shall cither i�efund thc excess over one-sixth uf the estimatcd paymcnts or credit the excess over one-�ixth of the estimated
<br /> - — — pAym�nts to subsequent payments by�Borrower,at the optton of Borrowcr. If the total of the payments made by Borrower
<br /> _�:-�14N for item(a),(b).or(c)is insuf�cient tu pay the itcm when due.thcn Bunower shall pay toLender any amount necessary to
<br /> �='r'�?0=�, make up ihe dc:ficieitcy on or befa��e thc date the item becomes dne.
<br /> __���""�i As used in this Security Insmiment,"Secretary"menns the Secretary of Housin�and Urban Development or his orhz:r
<br /> -------- -_=�, designee. In any year in which the Lender must puy a mortgage insurnnce premium to the Secretnry,euch monthly payme:�t
<br />__--==-:-'��� shall als� inr,luda eithcr• (i) un instaliment of the annu�l mortguge lnsurance ptemium to be paid by Leiedcr to the
<br /> ---_,�_�:;���'�=`�`�� Secretary, or(ii)a monthly charge instead of a mortgu�e insurance premium if this Security Instrumeni is held by the
<br /> -._ _.s,;' y
<br /> �___-:�x_ Secretary. Each monthly installment of the martgage insurance premium shull be in an umount su�cient to uccumulate the
<br /> --.•_er, .���...
<br /> -ry`'"i" ' r "' full annual mortgage insurance premium with Lender one month prior to the date the full anm�nl mortgoge uisurincc
<br /> '�"�-� premium is due to the Secretary:ur if this Security Instrument is held b�the Secret,�y eac.t,��onthly r,har�e shall be in an
<br /> _._,l.:^�r�_�'.a.`r:ti�:s �
<br /> _-,=�r�rd�ro} >. amount equal to one•twelfth of one-half percent of the outstanding principal balance4lt�l$�ibyNote.
<br /> ' • ' If sorrower tenders to Lender the full payment of all sums secured by this Security instrument,�orrower's aaount
<br /> ,:;'�ti>;r��+:*+�'�:�; shall be credited with the balance remaining for all installments for items (a),(b)nnd(c)and any martgagc insurance -
<br />- - '���•" • premium installment thnt Lender hagr�gie obligated to pay to the Sccretxry.and Lender shall prompdy refund uny _
<br /> "'�'``:• �'•''�����~''^ •`� excess funds to Borrower. Immediatety prior to a foreclosure sale of the Propeny or its acyuisition oy Lender,Borrower's
<br /> �;.-
<br />-�;_„ :,. � account shall be credited with any balnnce remnining for ull instuliments for items(a),(b)and(c).
<br />- �: • � J. Applicatfon of pnyments. All payments under Paragraphs 1 and'L shall be applieJ by Lender as follows:
<br />- ° FIRST'to the mortguge insurance premium to be paid by Lender to the Secretary or ro the monthly charge by thc
<br />�" ' ' Secretary instead of the monthly mc�rtgage insurance premium; —
<br />',�:;_� : . � � SF�,4ND,ro any taxes,speciai assessments,leasehold payments or grouna rents,and tare,tlood und oiizcr iia�uu
<br /> insurance premiums,as required; -
<br /> • THIRD,to interest due under the Note;
<br /> , OlF IRTH.to amortizntion of the principal of the Note; -
<br /> klFi'H,to late charges due under the Note.
<br /> • �, � 4. Fire,Fioal nnsl Other Hc►znrd Insnrance. Borrower shall insure all improvements on thc Property,whethernow __
<br /> •� in existence or subse uently erected,against any hazards,casunities, and contingencies,including fire, for which Lender °
<br /> requires insurance. T�is insurance shall be maintained in the amounts and for the periods that Lender requires. Boaower � .
<br /> �> shall also insure all improvemenGS on the Property,whether now in existence or subsequently erected,against loss by flaods �.��
<br /> to the extent required by the Secretary. All insurance shall be carricd with companies approved by Lender. The insurance ��,�.-
<br /> . policies and any renewals shall be held by Lender and shall include loss payable clauses in tavur of, and in a form �_:
<br /> acceptuble to,Lender.
<br /> . , . _. In the event of loss, Bo�rower shull give Lendcr immediate notice by mail. Lcndcr mny make proof of loss if not ��
<br /> ��' made prompdy by Borrower. Each insurnnce company concemed is hereby authoriud and directed to make payment for "=�-
<br /> such loss directly to C.ender,instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be ��"'�
<br /> applied by Lender,ut its option,either(a)to the reduction of the indebtedness under the Note nnd this Secunty Instrument, � _
<br /> • ' first to ttny delinquent amounts applied in the order in Pnragrapli 3, and then to prepayment of principal,or(b) to the
<br /> restoration or repair of the damaged property. Any application of the proceeds to the principal shall not extend or postpone •+��:
<br /> the due date of the monthly payments which ure rzferred to in Paragraph 2,or change the aimount of such p�yments. Any •�
<br /> • excess insurance proceeds over an amount requimd ro pay all outstanding indebtedness under thc Note und this Security '`'
<br /> ���,�� InstrumenE shall be paid to the entity legally entided thereto. •
<br /> In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the
<br /> ` indebtedness,nll right,title und inrerest of Bo►rower in end to insurance policies in force shall pass to the purchaser.
<br />.� " 5. Occupancy, Preservation, Muintenance and Protection oP the Property; Borrower's Loan Applicat(o��; �
<br /> Lenseholds. Bonower shall occupy,establish, and use the Property as Borrower'ti principal residence within sixty days
<br /> � after the execution of this Security Instrument and shall cotttinue to occupy the I'ropeny as Borrower's principal residence
<br /> - for at least one year after the dute of occupancy,unless the Secretury determines this rcyuirement will cuuse undue hardship
<br />„'��', . for Borrower, or unless cxtcnuating circumstanccs cxist which are beyond Borrowcr's control. Borrower shlll notify
<br /> ' , Lenders of any extenuating circumstances. Borrower shall not commit waste or destroy,dmnage or�ubstantially change
<br /> the Propei7y or allaw the Propeny to deteriornte,reasonable wuU a�id tear excepted. Lender may mspect thc:Property if the
<br /> Propeny is vacunt or nbandoned or the loan is in default. LenJer may take reasonable action to protect and preserve such
<br /> vacant or abandoned Property. Borrower shail also be in default if Bon•ower,during thc loan application pror,ecs,gave
<br /> � materially false or inaccurute information or statements to Lcnder (or failed to providc Lender �viih uny material
<br /> , � information) in connection with the lonn evidenced by tl�e Note, including,but not limiled to, representations conceming
<br /> � ' Borcvwer's occupancy of the Property as a principal residence. If this Security Instrumenti�:on a Ieasehold,Aarrowershall
<br /> . • comply with the provisions of the lease. If Borrowcr acquins fcc titic to thc Propeny, the leasehold and fee title shall not
<br />` ; be merged unless Lender a�rces to the mer�er in writing.
<br /> 6. Ch�rges to Borrower and Protection af Lender's Rights in the Property. Borrowcr shall pay all�ovcmmental
<br /> or municipal charges,fines and impositions that are not included in Paragraph 2. Borrower shall pay these obligatians on
<br /> ��, ' � ' time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's intercst in thc
<br /> �• Pronertv.upon Lender's request Borrower shall promptly fumish to Lender receipts evidencing these payments.
<br />; 7 - "' - - , � � If Borrower fails to makc thesc payrnents or thc payments reyuircd by Paragraph 2,or fnils to pertorm any o[ner � ,_
<br />:::; ° covenants and agreements contained in this Security Instrument,or there is a Iegal procecding that may significantlyaffect
<br />� Len�ieri nghts in the Property �such.�s a proceeding in bankruptcy, tor cundemnation or ta enforce laws or ngulations), �
<br />;,4 then Lender muy do and pay whatever is neces5lry to protect the value of the Yropeny and Lender's rights in the Property, I
<br />; r ' including payment of taxr.s,h:vard insurance and other�tems mentioned in Paragr�ph 2.
<br />; �. �. ; Any wnounts disbursed by Lender under this Para�rnph shall become an aJdition�l debt of Bormwer snd be secured
<br /> ;'� •� by this Security Instrument. These�unounts shall bcar tnterest f'rom thc diite of disbu�scinent, at the Note rate,and at the
<br /> i,� � � option of Lendcr,shall bc immedintely due and pnyable.
<br />, # 7. Condemnution. The procecds of nny uward or claim tor damages,dimct or c:onscyucntial,in cannection with any
<br /> condemnation or other takinb of i►ny part of the Propeity,or for conveyance in place of condemnation,aR he:eby assigned
<br /> . and shall be paid to Lender ro thc extent of thc full umount of thc indebtcdncss that rcmains unpaid undcr thc Notc and this
<br /> Security Instrument. Lender shall apply such proceeds to ihe mduction of the indebtedness undcr the Note and this Security I
<br /> i ' instrument, first to uny dclinquent smounts applied in the orcicr providcd in Puragraph 3, :+nd then to prepayrnent of
<br /> i principal. Any application of the proceeds to the principal shall not extcnd or postpone thc duc date of the rnonthly
<br /> • �
<br /> r�axe z�,�a n�Rrsi
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