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<br /> .:�,.,,c ,�,:�t:. f I. �y��t o!PrE�'�i�al.Inter�i uad Late.�6ar�� Borrower shall pay w1�dne the�t p ; —
<br /> -,,i . � e;,� tha dtbt eaidenced bY t�e Hote and Iaie ci�arges di��tder the'Note.. ---- -----
<br /> �= 2. IESontAlg Papateam o�����nce and d36i�Cit�g2s- Borrower sh�ll iacI¢de an,eash mon5hly paYsn�� . _
<br /> 0
<br /> < , . . and interest as set forih ia the Note and aay tate chffiges.aa instal3ii�ent af as►y(a1 taa�s�c�
<br /> 'Y�- :,��,`.``�` �ogether v�ith the panriP� Und reats on t4t�Pmper�Y.�� �
<br /> ''�r�` ,':�:� . '. speciai assessments levied or to be Ievied against the Frpperry.(b)�as�old pay�ents m� -----
<br /> . a .��,,,,�. . (�3 pserniums for ins�aucetequited tay F�u'agta�b 4. _.
<br /> ' Each mout�►ly instaUixieat for items(a),(b)�d.k)�� one-twelftH of the annuat amounts.�s r�su�b3y
<br /> �.•. , } ��by I,ender, us an amount sufflcient to maintain an.addit�aaal b4lanre of not more�n-r��e�sling 6aad . -�- --
<br /> , . �_<< � i. estiin�aied amaunss. �fiill annual amount faz each item shall��e as�umuiated$y l�eader nv%�.w��t g� � - _
<br /> 4i
<br /> .s r. �: ' month tieforc an item wonld become delinquent Lendcr shali hold die amaunts coflesied i�uas��t4.p,�y stem�(s�.(b�. _ . __ .
<br /> �' (c)before they become delutquem. � ---
<br /> .;;"�t4"�. , . ff at any m�ae the total of the pa}r�Pnts hetd.:by l.ender fur items(a?.(b)and(e),tageth�a✓ith t�ie�maathIy
<br /> �,.�:�,.,�. : � � . n ---
<br /> paymenu for sv.ch Uema PnYab2e w I.eaider pri�ta.the due dates of such items.exceefts by mare tgs^�.n one-si�th thc
<br /> :_:,!� . . . '.. , to PaY sush items whea due.�aad if pa ents on the Note are ciurent,thrn t.�nder
<br /> . � : ¢s�ated amourst of PaY��1�. nts ar c�the exc�ss over one-�ixth of at►e estimated
<br /> ,`4,,. . . . shall eitYter refund tne excess wer one-sixth of the estimr�d paYme
<br /> G�,<`�.',.; `� .
<br /> `:�; . ..� payracat�to subsequent paymepts by Borrower.at tt:e optian of Bmimver. If the tota!of th�payments myde by.IIsstm�rer
<br /> =s�:,�.� � ;,��`�. for itesn(a),(b).or(c)�s insnf�ciens to pay the item when due.then Bormwer ehell p�y to Lender Qny amounr aecessasy w
<br /> ' ` make ap the deficceacy on os before the date the ttem becames due.
<br /> : ps used in this Seeuncy G�swment,"Secretary"means the Secrztary of Honsing und Udban�edetapmenY or his ar her
<br /> ;:,.�;;.;• ` � 'ti . 'desi�ne� In ea�year in wiuch the�.ender must p3y o mort�e lnsurarsn s�ce�����ot��ud�by Lcadc�I thct
<br /> � _�� shall alsA iaclicde eather. (i) an instsiltment of the annual mortgage � Dr'� �g i�zid t�y th� -
<br /> �'.,�'`;. . : � �'" `. Seccetary.ortis�a month3y charge instead of a nsort���nsarans�eum shall be ip un arnaun�uff�icie�n to ar�;umul�tha
<br /> ;:�.�' � � Sec�eta:y. Each monthly installment of the mo3tgage �to tbe date thc full�utuat mortgage in�utaz►se
<br /> ,�.: ' , fuII anaual mort�;age iasaraace D�emi�un with LecMr orte monih psi
<br /> each monthly charge shafi he irs un'
<br /> `.•�� ';' ' ' premium is due to t�.e Secretat+,or if tbis Security Insuvment is hetd�}�bafati�d�ue�on the Note.
<br /> ¢ ' ` �"µ�. `� , to oae-rweifth of ona-half percent of the outstastdia&P►m Pal .
<br /> ,�.�_.---=?_-_...:.�. amomtequal ent of all sams secviced by this Secwity 6nsuumcnt,Somnwcrk account
<br /> - If Bomawer tende�s to l.ender the fu�l paym
<br /> . � shall be credited with d�6alance remmaining far all instaUments for items (a).(b) and(c)end any mon�+pg rafu�
<br /> e
<br /> � ' pcemium inssaliment that Lender has aot became obl�gaud m pay ta�he Secr�tarYo an����y°Len�dcry Borrawzr's .
<br /> . , � � exsxss funds to Bomnwer. Immediately prios to a forutosure sale of the Prayefiy .
<br /> ,. ° , acc,o�i shall be credited with any balance remaining for all ins[allmenu fot itema(e),(b)and(c)- .
<br /> _ -. ...- __.---_-- 3. App�on of Payments. All payments uader Pmagraphs 1 and 2 shall be applied by Lender as follows: .--• --
<br /> ' , `,.,�f�.,,. �5�,w the mortgage�nsurance premium ta 6e paid isy Leudet to the Secretery or W the maathiy c1�ga 61►the
<br /> . . . SeaetarY instead o3 the monthly mo:tgage insurance premiam,ents or groand reats.and fi�.flaod and ott�ha�d
<br /> � ' • , . S d to any taxe�.special assessmeats,le�sehotd paym - _-
<br /> . insuratice premiums,as • _
<br /> : ' : . � �HI�,D,to mter$st dae un et tfte Note: .
<br /> , Fpi7RTH•W amorti�atian of the princiPal of t�e Note: �` .
<br /> � �,�,to late charges due under the Note. tvhether uc�w
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<br /> � ' � 4. �^u�e,F�ood and Other Ha7ard Insuraace. Burrar�es shall insuce all improvemems on the PropertS+. ���_r
<br /> . . .. • in existence or subsec�uendy ecz�ted,aSains�anY hazar�cz�ratties.and contingencies,including fue.far which Lender.
<br /> �ai
<br /> • • ��s��. '�is insurance shall be mairstasr►ed in the amounu and for the periods that I.ender re�es. Borrawer , _
<br /> , I ,, �, ' s�all also insnre s11 impruvemeats on the Property,w4sether now in eaistence or subsequent�y erected,against loss by floods „ �_-
<br /> . . ;�S;(: , � tm t�e extent required by the Secretary. All insurance shall he c�mted�vith companies appra�eQ by i.ender. 'tlie ins�nce -
<br /> . ��� , _
<br /> � , ' ��"'�"°�' � pelici�and any renewals shall be held 6y Lender and shaU include loss paya6te ctauses � favor of, and in a f�rm _
<br /> . • ,-a`}!r.r.., --
<br /> . . ;,¢••'`. �, � , acccF'�ableto.I.ender.
<br /> In the event of tas.Boirower shall give Lender immediate notice by mai}. Lender may make proof of loss u�^-ot
<br /> � b Borrawer. Each inswance comnanY wncemed is hemby suthorized and directed co make paytneirC:or ,
<br /> made promP�Y Y
<br /> �� ' sach[oss duectly to Lender,instead of to Borra�w�aad to Lxnd�r jointly. All or any part of the insurance�oceeds malY be
<br /> . ....`' ' applied by Lender,at iu option,either(a)to�,�coy:�ction o�the b 3.tan�d then d�er tfle a o e and�f i��+���u�the Y� `,
<br /> fust to any delinquent amounts applied in��Y PP���f the prQCeeds.to the pnnc�pal shall not e�.e�l.d ar po�:c�e ; .�"-�
<br /> : � ' resmratton or a'v of the damaged property. {�
<br /> ' - �L. the dae date of�the monthly paymenu whtch zra c�ferred to J�P�ag�Ph 2•or change the amouat af suc°e Faymems• 1�.-"•y .���_
<br /> � ex�ss insurance praceeds over t�n amount req,rir�to pay all outstandmg�ndebtedness under the Ne�:.�d this Sec��iry 'yf.='` �_
<br /> , . , . Inswment shall be pa�d to the entitY legally enut2zd thereto. that extingnishes the ��
<br /> ° ' In the event of forectosure of this Secwrity instrument or other uansfer of title to the Propescy ,,:-,�.�=v-
<br /> indet!edness.all righ�ritle and int�n of Bonower in and ta'�urance policies in force s�I�wser's Los�n A�ldca.�on; � � : ���A�`�,:�'"
<br /> , � 5. Occupancy, Preservat�aa, 1Naiatenance and Frer,�ction o�the Properly. PP �'ai?'s.(��
<br /> ,; �, . , .. x .
<br /> ,�. , Q.�.,eholda Hoirower shall occugy establish.a�d use�:s�roperty as Borrower's principal residence within sixr�days ,. ,, � '•a �r,
<br /> _� . aft�the execution of this Security instmment�-�shall continue to occupy.the Pcaperty as Borrower's;�.ncipal residence _ _
<br /> _ - • • for�least one year after the date of occupancy,i..^�,:�s tS�e Secretary determines this reyuirement will c::.se undue hardship
<br /> _�' � for�-rower. or iurless extenuating circutristances exist which are beyond Borrower's control. Bo�wer shall nofify .
<br /> ', ��; . ` - Ler�s of any extenuating cinvmstances. Bonower sS�xlt not commit waste or desuoy.damage or s��stantially c,.`�ange , .
<br /> j�- ` ' tfie P u�etty or allow the Property to deteriorate.reason2�'.°.wear and tear excepted. Lender may�nsgect che PtoPeml�fr the ,
<br /> �.�,..., .
<br /> ;;....;;,: . , �� � t�roperty is vacant os abandoned or the loan is in defaul�. Lender may take reasonable action to pro:e�t and preserve such
<br /> '��'° ' .. vzsant or abandoned Property• Bo�roWer shall also be in default if Borrower.during the loan apFlication process.gssve
<br /> �- ' '��_ _; � . m.�te7ially fatse or lnuccurete information or statemenu to l.ender (or failed to prov�de Lender a-itl� any matena!
<br /> _ , infomiadon)in wnnettl�n wlth tho loan evidenced by tho Note.including:but not limited to.representations conceming ,
<br /> �' '��` ` .. . $orrower's occupancy of the PropeKy us a Qrincipal residence. lf this Secunty lnstrument is on a leasehold.Borrower shall
<br /> � .. , w m pl y with the provisions of the.tease. If Borrower acquites fee title to the Property.thc leasehold and fee tiQe s*,�]not , � � ,'•
<br /> ��� • . ` be merged imIess Lender agrees to the merger in writing.
<br /> ; �� 6. Charge�to Borrosver smd Protection oP d.endes's Rlghts in the Property. Soaower shall pay all govemmental
<br /> _`j ' ' or municipal chergss.Fnes and imposirions that are not included in PR+rrugaph 2. Borrower shall pay these abligations on
<br /> u
<br /> : • time dire�tly to the entiry which is owed the payment. If failure to pay would adversely�ffect Lender's interest in the
<br /> ',-' � • ; • . property.upon Lender's request Borrower shall promptly fumish to Y.ender rcceipts evldencmg these payments. ..
<br /> If Borrower fails to make these payments or the,payments requited by Yuragrnph 2.or fuils to perform ssny other
<br /> � �� .' wvenants and a�teements contained in th�s Securiry Instrumen�mr thf�condem�r�a ion ort senforce laws or g tat on t �
<br /> Lender's rights In ihe Property(such us a praceeding in banktuptcy.
<br /> � • � ' � then Lender may da and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property.
<br /> • �. iacluding payment of taxes.hezard Insurunce and other items mentioned In Paragruph 2.
<br /> � pn amounts disbursed by Lcnder under this Parag�aph shcill 6econte an adcditional debt of Borrower and be secured , .
<br /> ��:� . . � , by�}s y���ty InswmeaL These amounts shall bear lntc.rest from the date of disbursement,at the Note rate.and at the
<br /> .�- , o p tton of Lender.shall Ae immediately due and payable. ,
<br /> , ., �. • • 7. Condemnatioa. The pmceeds of an�►award or c t a im for d a m ages.d i r e c t o r c o n s e q u e n tial,in connecdon with any
<br /> r � • . condemnution or othet taking of any pa�t of e propeny.or far conveyance in place of condemnation.are hereby asslgned
<br /> . . . ana shall be paid to l.erLder to the exient of the fiill amount nf the indebtedness that remains unpaid under the Note and th�s �•, .
<br /> _-- � ,. ' . .. 5ecutity lnsuument. Lender shall apply such pmceeds tn the reduction vuted ndeb�� 3deand then to p payment o .
<br /> -_-- •- --�
<br /> ; � L,str�men� fiirs�ca any delim�uc�,t amounss�spli�c!9se�arder pm ' - -..
<br /> y u s
<br /> . ......_
<br /> prine7pal, Any appllcadon of the proceeds to the prircc�pal shall not extend or postpone the due date bf the m
<br /> , � ' � . IGatte 2 oj4 popesl .
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