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<br />_,� � L P�iymr.nt oP L'rin�:ipnl,lntcrest imd 1.�►tc Chu�•ttc. Rorrowcr,li.�ll p;iy�vhcn duc.hc rrinrip:�l uf.u,id in�crctii un. „ _,.
<br /> :� •• ^ , tl�e debt evidenced by the Nnic und liite charges due wtder thc Note. —
<br />_-} .. I 2. Mnnthly payrrncnts of'R►xcs,Insurnncc e�nd Othcr Churges. B��rrowcr sh.dl includc in euch monthly paymcnt, ,
<br /> •'� tngcihcr with thc principal nnd intcrest a5 tct foilh in thc Notc iind any latc chargcs, un instnllmcnt oi iuzy(ul tuxcs and r.,,
<br /> � xpeci�d nsscssmcros Icvicd or to bc icvicd.igninst thc f'roperty,(h) Icnticliuld p:rymcn[s or gmund renty on thc 1'roperty,nnd
<br />_;�''''"� '' (c)premiums far insurancc rcquin:d hy Pi�rugraph 4.
<br /> • Nuch mc�nthly instnllment for itemti (al. (b) tuid (c) '�hi►U equ�d one-twelfth of the .innu,d nmoimt,, llti fC11SO0RI1Iy SL
<br /> _.; , estimntcd by L�ndcr. plus an nmuunt ,ufficirnt �o maintain an additinn;+l halc�nc< <�f not nzore than onc-tiixth uf thc _
<br /> '*' ' ' estimatcd amotints. 'i't�r, fidl ainnuul umouut for cuch itcm tihidl bc uccumulatcd hy I..cndcr vvithin a periad cnding onc
<br />. �� . munih hcFom un item wauld hecomc dclinyucnt, l.cndcr,hnU hold thc amuunts collcctcd in in�st to pay itcros(,►1.(b)iind �„�r
<br /> (c)befo�c thay bc�omc dclinqucnt.
<br />- ' lf .0 any timc thc totnl of'thc p:rymenty hcld by Lcndcr ror itcm� (u). (l�l und 1�). togcthcr with thc futurc monthly �? _..
<br /> ., p,rymcnts for such items pay.+blc to L.cndcr prior to thc duc du[cs of+uc�`ycros, cxcccds by morc thun nn�-yixth thc �,-
<br /> cstimnted amount of payments required to pay such itcros whcn duc,und if i mcntc on the Notc,uc current,then Lcndcr �
<br /> ' shull cithcr refund thc cxcess orcr ona-sixth of the estim;�tcd�:iymcnts ur crcdit thc excess over one-sixth of►hc cstimatcd _
<br /> paymcn�s to subscqucnt payments by Borrowcr,at thc option of B��rrowcr. If thc t Pnyof thc p�rymenis mudc by Borrowcr -• �_
<br /> T for itcm(u),(b),ar(c)is�nsuf'f�cicnt to pay thc item whcn duc,then Borrowcr shall � to L.cnder:►ny urnount necessary to �!p_
<br /> , make up the deficicncy on or before the Jate the item becomes due. '�.��`
<br /> As uscc�in this Securit�Inswmcnt,"Sccrctury"mcans the Secn�tary of Housing and Urb.►n Devclupmcnt or his or her �
<br /> b , designee. In uny yc�r in which the Lender must p:►y a mortguge insurance premium tn the Secretary,each monthly puyment .��`�
<br /> ' ' shall nlso includc eithcr. (i) nn installmen[ of thc annuul mongagc insuranc� prcmium io bc paid by Lcndcr to thc �•
<br /> d � Secretary.or (ii) i�monthly charge instead of i► mong.�gc insurance premium if this Security (nstrumcnt ix held by the ,
<br />-{� ,. . Secretary. E�ch mon�hiy in,tallment of thc mortgnge insurunce premium shall be in an amount suFficient to accumulate the ..
<br />_ �. �� full annuul martgngc insurancc premium with Lcndcr onc month prior [o thc datc chc fuU :mnual mortgngc insur.+ncc ,.,..��•„
<br /> premium i5 due to the Secretary;or if thi,Security Instrument is held by the Secrctary,each monthly ch.irge shall be in .m „�.., �—
<br /> #. amount cyuul to onc-twclfth of unc-half perccnt uf thc outtitunding principal balancc duc on thc Notc. • y �;
<br /> .� ,, lf Borcower tcnders to Lcnder the full payment of ull sums +ccurcd by this Sccuriry Inxtrument.Borcowerk aceount �
<br /> shull be creditcd with the balance remaining for aU in�tallments for items (al. (bl and (c) and uny mortguge insurance
<br /> � .. premium instnllment thnt Lendcr ha�not bccome obligutcd to puy to the Secretury,:md Lcnder shall promptly rc(und any ,�z;�;__
<br /> excess funds to Borrower. Immediately prior to a fomclosure salc of the f'roperty or its ncyuisi[ion by Lender,Barrowers ��:
<br /> necount shidl be emdited�vi�h imy balunce remuining for all inshillments for items(ai.(b}and(c). , �
<br /> 3. AppUcallon of Puyments. All paymcnis undcr Pxragraphs 1 and'1 shi�ll hc applicd hy Lendcr as follows:
<br /> �IRST,to the mortgage insurunce prem�um to bc paid by Lender tu the Secretary ur to thc monthly ch:vge by the '`�,i%
<br /> 5ectctary instcad of the monthly monguge insuruncc premium:
<br /> ...
<br /> ' � PS .CONn,to any taxes,spccial usscssmentti,leuschold paymcnts or ground rent+,and firr,tluod and othcr h:uard �,�i .�-.
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<br /> � . THIRD,,to intcrest duc undcr thc Notc; "�-�'!"`'�p
<br /> • � `"'�' �nUR7'M,to umortitation of thc principid uf thc Notc; � ��;
<br /> ���'�• Q,�,to late churges rJue undcr thc Note. .�
<br />, '"'+�` 4. �Ire,t�loud and Other Hnr.urd Insurnnce. Borrowcr shall insure all improvcments on thc Propcny,whethcr nu�v .
<br /> • in existence or subsequcntly erected, aguinst any hai�vds, casus+lties,anJ cantingencics, incluJing firc,for which Lender ',.
<br /> �'. � n:quires insurancc. This insurancc shAll bc muintnined in thc nmounts and for thc periods that Lendcr requirc�, Borrowcr � ,`,� ;
<br /> shall also insure ull impr�vcmcnts on thc Property,whether now in cxistencc or subscqucntly crecteJ.against losx by floods �
<br /> �� to the extent reyuired b,y the Secrer.u•y. All insuritnce+hall be carricd with roip�inies approved hy Lender. The insurance ji�
<br /> _ �, policics �md nny rcncwals shall bc held by Lendcr xnd ,haU includc loss i able c'lau�es in favor of, and in a fonn �
<br /> acccptablc to,Lendcr. � -• �
<br /> In thc event of loss,Bortowcr shciU give Lcndcr immcdiatc noticc hy mail. Lcndcr may inakc proof of loss if noc
<br /> made promptly by IIorrower. Euch insuruncc company cuncemed is hercbY authorized and directed to make payment for '
<br /> � sueh loss direetly to l.ender, instead of to Borrower cuid to Lender jointly. All or any pnrt uf the in�urance proceeJs m.!y be ��
<br /> �tpplied by Lcndcr,at its option,cithcr(u)to the rcduction of thc indchtedness undcr thc Notc und this Sccurity Instrumcnt, ,a.����:�__
<br /> �� first to nny delinyuent umounts upplicd in thc order in Paragraph 3. und then tu�rcpayment of principul, or (h)ro thc 4�� w�-
<br /> restoration or repx►r of thc damugcd property. Any application ut thc prorccds w thc princ�pul shall not cxtcnd or postpone ••
<br /> � the due date of the monthly payments which urc refe►red tc� in Par+pruph 2.or chungc ihc amount of tiuch p.tyments. Any y
<br /> excess insurance praceeds over un umount rcyuired to pay all outstanding indcbtedness under ihc Note and this Security ; ,�•�,,`
<br /> Instrument shall bc paid to thc cntity legnlly entiQed thrrcw. �. '.:'=
<br /> � In the event of foreclotiure of this Security Inswment or other transfa�uf tide to the PropeRy that extinguishes the
<br /> indebtedness,ull ri�ht,title cind interest of Borrowcr in and to insur.inre policirs in(��rc:c shall p:ur to�thc purchascr. � '; f'.`
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<br /> x 5. Qccupuncp, Preservution, Maintenunce nnJ Protecttnn of the Property; Borrowcr s I.ou� Application; . �, _
<br /> ' Lensehulds. Borrower�hull occupy,cst�tblish. :ind usc the Prnperty as Borrower'. principal residence within sixry dayti � - � Y;
<br /> ° ufter the execution of this Security Inswment.+nd tihall continuc to occupy thr Property .ri Burrowcr�s Pruic�Pal res�dence •1►., �
<br /> •� for at Ienst one yeur after t hc date o f occttp.�nry,u n l e s s t h e Sccrotar y detem�inet this rey�urement will rause undue hardship ;� ,,
<br /> �' tbr Bormwer, or unlcss extcnuating circurri�ti�nces cxi�t which arc bcyond Horrower's controL Borrowcr shull notify �
<br /> � � �' Lenden of nny extenuc►tin�, circumtitance,. Borrower shall uot cummit wa,te ur destroy,dumage or substantially chun�e . ,
<br /> thc Property or allow the Property to Jctcriorutc,reusonablc wrar and tcur cxccpted. Lcndcr rnay uiypect thc Prop��rly if thc I ;�
<br /> " Property is vuc.tnt or ab:uidoncd or thc loan is in dcfault. LcnJcr may tukc rcasonablc action to protc�t and presr.rvc such �
<br /> vncant or abandoncd Property. Borrowcr shnll also bc in Jcfuult if I3urr��u•cr, during thc loan appliration proccss, gavr I , ,
<br /> � materinlly false or inuccurnte inFornintion or statcments w Lendrr (ur iiiilcd to providc Lcnder with uny mtitenal _
<br /> mformation) in connectiun �vith the lucui evidenced by thc Note,including,hut not limited to,representations concerninb ,
<br /> Bpn-o�ver's occupancy of the Propcity as a principul residencc. If lhis S�rurity Instrument is on a Ieaschold.Bormwcr shall � ' �
<br /> comply with the provisionx of the Ieasc. lf f3orrowcr acyuireti fce tiNc a�the F'rapcny.the Ieaschuld and fee titic yhull not i
<br /> � � t�e merged unlcss Lcnder agrecs to thc mcr�cr in�vriting. ,
<br /> . 6. Chnr�es to Borrower imd Protcction of Lendcr's Ri�;hts Bi the 1'roperty. Borro�ycr shall pay all guvemmcntal : '
<br /> or municipal chargcs, fines and impusitions thut arc not includcd in Parugraph 2. Borrc�wcr shall pa} thcxc obh�atiuns un . ��
<br /> • time dircctly tu the entity which is uwed thc pnyment. If failun� to pay wuuld advencly affect Lcndcr's inten:st in thc � Y�
<br /> � Property,upon Lcndcr's requcst Borro�vcr shall promptly furnish to Lcndcr reccipts cvidcnc�n�ihc,c p:rymcnts.
<br /> , , If Borcowcr fails tu rnake thesc payments or thc paymcnts rcyuired hy Paragraph Z, ur fails ro pert'onn any oihrr
<br /> - — __- _--_,__ _-_ . ----._ ___...:.._.,:..��.:. c,.�.��rye.,Inctn�nlCttt.Or tllC(C IS:1 ICI:III p�lKt:C(I111�;IFlat may s�gniticanQy :d�fcct i
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<br /> Lender+ rights in the {'rapeny (such us.t proceeding in b.uikruptcy. for condemnutiun ex to enfonc la�v.ur rcruiac�n.Y.
<br /> # thcn Lcnder muy do and pay whatevcr is necessary to nrotcct thc valuc uf thc Propeny und Lrndcr's ri�hts in the {'ru n
<br /> includin�payment of t:ixcs,haz.vd insurance and othcr items mentioned in Pura�r,�ph 2.
<br /> � . Any amuunts disbun�J b,y Lendcr undc� thi:�Psragraph shnll bcromc un addiuonal Jcbt uf Borruwcr and bc�rcumd
<br /> « „ by this Security lnstr►►ment. 'iliesc arr�vunts.li,tll bcar mtercst from lhe Jute of ditihur.:cment, ai thc Notc r+tc, and at the
<br /> ' optiun of Lendcr,shtlll bC Itl1111CdIliIL'Iy(ILLC and payublc.
<br /> ��� " 7. Cundentnution. "['he proceeds of uny awurd or claim tur d:unaN�ti.direct or cunseyuential.in ronnectiun with any
<br /> = � , condemnation ot other laking of 1ny part of the Prvperty.ur fur convcy mrr in place ul cnndernnatiim.:irc her+�hy a��igned
<br /> and shall bc paid to Lcndcr to thc extcnt of thc full umount uf thc indebtcdncti.that rcmum�unpaid undcr thc Nutc and thi�
<br /> Sccuriry Instrument. Lcndcr�hall epply such procceds tu th�:r�duelion itl II1C indohiednC+�under the N�•:c:md d�i+Sccunty
<br /> � � „ Instrument. first to any dclinyucnt :inwunts applicd in thc �xdcr pruvidcd in ParaNraph 4. and thcn to pnpaymrnt u(
<br /> principal. Any applicatiun ot thc procceds to thc prinripal �hall nut cxtcnd ur pu.tponc tl►c duc d:uc of dir tnunthl�.
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