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<br /> 9. !'�nyi��.iit ni'P��I�uipi�l,InRc�•cyt und I.ntc Chu���;c. liorrowcr shnll �i whcu duc t� si�ii��il�C�l�is'ilintcresc un, -.�:
<br />��` � .:' thc�cbt�videnccd by thc Notc nnd Inte chur�cs duc undce thc Nutc. ��y � � � we�+�<:-..,,_..-__-__--
<br />'r �. Monthly p►�ym�ents of'Ilixeq�Insurn�ce and Oihcr Char�;cy. Qorrowcr shall includc in cacai monthly pnymcnt, -
<br />'.?� " to�;cthcr with the principul nnd intcrest ns sct fonh in �hc Note imd nny intc cliari;es,c►n instnUmem of nny (n) tiixes nnd �`-��
<br />_.•.. s}�ccinl nssc::sments Icvicd or ta be Icvicd i�giiinst thc I'toperry,(b)Ici�scliold paymcnts or growui mnis an�he Pmpeny,cmd �n�^-°-
<br />;�;., • �'� : (c)premiurns for insurancc rcquircd by Parngruph 4.
<br /> �nch monthly iustnllmcnt for items (a), (b) nuJ (c) tihall cqual nnc-twclf'th of thc imnual amuunts, as rcasonubly �r=;_==____ —
<br />.- , ctitimated by [.ender, plua un �tmount �ui�ciaut to muintiiiu un udditioui�l bidnu�e U`Ilt)! Iriill'C Iliilll u11C•stAlJl u� Qltl � -_— -.- --
<br /> ':;�y ,, � . • cstimiucd a�r�oun4c. Thc full amival cunaunt fur cuch item shnll bc uccumuluted by I.cndcr within:� pedod ending one
<br />_ �� month bcfot�e nn itcm would bcc�me delinqucnt. Lendcr shall hold thc nmounts collccted in trust tu pay items(a),(b)and �_�,;s�, __--
<br /> (c)bcfoec thcy t3ccomc dclinqucnt. _____
<br /> , if nt nny timc thc totul af thc paymcnts hcld by Lcndcr for itcros(u1,(b) and (c),togethcr with thc futurc monthly �,�F,�_
<br /> • paymcnis for such itcros payable to L.cnder prior to the due Jates of siich items, cxcccds by more than onc-sixth the —
<br /> '.",�_���.._,�
<br /> - .. ctitimuted umount of payments reyuired to pay such items when duc,and if payments on the Nate:►m current.then Lcnder �,�__
<br /> ' shull cithcr refund the excess nver onc;-sixth of thc cstimateci payments or cmdic the cxccss over onc•six�h of thc estimatcd -°°'°-� -
<br /> �t paymcnts to subscquent paymentx by Bonower,at thc option of Barrowcr. If the total of the payments made by Bo�rowcr — —
<br /> for itcm(n),(b),or(c)is insuf�cient to pay the item when duc,�hen Borrower shidl pay to L.ender nny amount nccessnry to __
<br /> ' " makc up the de�ciency on or before thc date thc itcm becames due. �rSr;•--
<br /> , As used in this Security Instrument,"Secrctary"means the Secrctary of Housing nnd Urban Development or his or her �""--°°-
<br /> _, • dcsignce, In:uiy ycc�r in which the Lcndcr must pay n►nortbage insurancc premium to the Secrctary,cach monthly paymcnt ��'�'� m_
<br /> �_ shall also includc either: (i) an installment of thc annunl mon�agc insur.vue prcmium ro Ue paid by Lcnder to thc � '_
<br /> ,. Sccretury, or(ii)a monthly charge instcad of a mortgnge insuruncc prcmium ii this Sccurity lnstrument is hcld by the --
<br /> Secmtary. Ench monthl�instullment of the mortgage insurance premium sl�all l�in:ui amaunt sufficient to accumulate the —°—
<br /> Ii�Y_`,`--�-'_`.
<br /> . full ;u�nual mortgage insurance prcmium with Lendcr one month F:ior ro the date the full nnnuul mon�age insurance �;,:�:�,;;,:
<br /> pmmium is due to the Secretary;or if this Security Instn�ment is hcld by the Secretary,each monthly charge shall be in nn —
<br /> �. • umount eyual to one-twelfth of one-hnlf percent of the outstanding principul balunce due an the Note. �'`•-•--
<br /> ; If Borrower tenders to Lender the full payment of all tiums secured by this Security Instn�ment, Borrower's nccount �=�=�
<br /> . shnll be credited with the balance remnining for all installments for items (a), (b) and (c) und any mongage insurance {,�!�
<br /> .till/Jl�e��:
<br /> premium installment that Lender hati not become obli�ated to pay to the Secretary, nnd Lender shall promptly refund Any �•m�.xv,
<br /> �.�
<br /> ' exccss funds to Borrower. Immediately prior to a foreclosure sale of thc Property or its acquisition by Lcnder,Bonnwer!� �•_--••-
<br />, account shall be;credited with any balnncc remaining for all installments for items(a),(b)and(c). -- _
<br /> •� 3. Appltcallon of Pnymenf�s. All puymentti under Paragrnphc I and 2 shall bc applied by Lenderas follows: 1""�,;;..��
<br /> .. FiRST,to the mortgage insuruncc premium to be paid by Lender to the Secrctary or to the monthly charEe by the
<br /> , ' Secretary instead of the monthly mortgnge insurance premium; �
<br /> ' ' SF� .COND,to uny rnxes,speciul ustiessments,Ieiisehold payments or ground rents,and fire,flood and other hazard •,� Jr
<br /> insurance prcmiums,iiti required: ._,..�:1."' -
<br /> THIRD,to interest duc under the Note; F=�"
<br /> Ol�' tRTH,to umortization of thc principal of thc Notc;
<br /> k'aFTH,to lAtc charges due undcr thc Note. ,, s "
<br /> 4. Fire,Fiond and Otl�er Ha�c�rd�nsurnnce. Borrowcr shall insure all improvcments on thc Propcny, whether now �
<br /> in existence or subseyuently erected,agninst:uty huzurds,casualties,and contingencies, including fire,for which Lender � •� t'�
<br /> ' requires insurancc. This insur.�►nce sl�ull be maintnined in the amounts and for thc periods that Lcnder requires, Borro�ver �' � :;�
<br /> _ ,• , . shall also insure all improvements an the Property,whether now in existence or subscyuently erected,against loss by floods ••�� •
<br />,, . to thc extcnt reyui�ed by thc Secrchary. All insurance shall be carricd with companics uppro��ed by Lcnder. 'Y'he insurance V �
<br />_�` , ' ., policies und any renewals sh:►II be lield Uy Lender and shull include loss payable cluuses in favor of,and in a form �?.�, ` �:.
<br /> ncceptable to,Lender. . �,• .
<br /> , . - In the evcnt of loss, Aorrowcr shall givc Lendcr immediatc noticc by muil. Lcndcr may m:xkc proof of loss if not �� ;„�'
<br /> _ made promptly by Borrower. Each insurance company concemed is hercby uuthorir.ed tmd directed to make payment for � '
<br /> - such loss dir�ectly to Lender,instend of to Aorrower nnd ro Lender jointly. All ur any part of the insurance procceds muy be �
<br /> . npplied by Lender,at its option,cithcr(a)to the reduction of the indcbtcdness undcr the Notc xnd this Security Intitrumcnt. . _ �3�e =`�
<br /> first to nny dclinqucnt amounts iipplied in thc order in Parugraph 3, anJ then to prcpaymcnt of principal, or(b) to thc ,. � : � ���
<br /> • - restorution or repair of the dumaged propeny. Any application of the procecJs to thc principal shall not extend or postpone ,,.,' „�.
<br /> � - the due date of the:nonthly payments which ure referred to in Paragraph 2,or change the amount of cuch pnyments. Any
<br /> excess insurance proceeds over an amount required to pny all outstanding indebtedness under the Notc and this Security � +��
<br /> Instrumcnt shnll be puid to the entity Iegally entitled[hereto. ;' �;-
<br /> ln tfie cvent of fon:closurc of this Sccurity Instrument or othcr transfer of titic to thc Property that extinguishcs thc
<br /> indcbtcdncss,all right,tide and interest of Borrawer in and to insw�ance policics in forcc shull pass w thc purchascr. ' i�.
<br /> � • ,, 5. Occupancy, Preservudon, Muintenancc und Protection of the Property; Borrower's Loan Applicnt[un; I �/;�.,
<br /> . , Leaseholds. f3onower shall occupy, establish, and usc the Property cis L3orrower'� principal residcnce within sixry duys :.•� '
<br /> j • , after the execution of this 5ecurity instrument and shall continue to occupy the Property ac Borrower's• principal residence �'�' ��
<br /> „ for at Ieust one ycnr after the date of occupancy,unless thc Secratary determines this rcyuirement will cause undue hurdship ' �,,.•
<br /> for Aorrower, or unless extenuating circutristunces exist which arc beyond Borrower'ti control. Borrower shall notify ••
<br /> ; Lenders of any extenuxting circum�tances. Borcower shull not commit waste or drtitroy,dam�►ge or subtitantiaUy change '�'�I,
<br /> • the Property or nllow thc Property to dcterioratc,rcusonnblc wcar and te��•cxcep[ed. Lendcr may inspect thc F'roperty if thc �
<br /> Property is vacant or nbandoncd or the loan is in dcfuult. Lcnder muy take masonublc action to protect und preservc such ! - '�
<br /> . vacnnt or nb;u�doned Property. Borrower shall ulso be in defnult if Borco�uer,during the loan npplication pmcess, gave ,
<br /> � mntcrially false or inuccunte information or stntcmcnts to Lendcr (or failcd to providc Lcndcr with any muterinl . �
<br /> . infottnution) in conncction with the loan evidenccd by the Note, including,but not limited to,representntions conceming I � , �'R
<br /> ,, , Borrower�s occupancy of the Property us n principal rcsidence. If this Securiry liistrurnent is on a Ie�.sehold,Borrowe�shall I
<br /> � connply with the provisions of the Iease. if Borrower acyuires fec tide to the Property.the Ica�chold and fec tille shall not i •
<br /> bc mcrgcd unlcss Lcndcr i�£rccs ro thc mcrgcr in�vritii�g. I ,,
<br /> 6. Chnrges to Rorrmvcr and Protcction nf Lender's Rf�hts in the Property. Borcower�hull puy all governmcntul
<br /> .� or municipal ch:irges,fines and impositions thut an:not included in Paragraph 2. Borrower tihall pay theu�>bligations on • �
<br /> , time directly to tlie entiry which is owed the payment. If fuiluce to pay would advencly af'fect Lenderti interest in the ; • ��
<br /> , • .. Property,upon Lender's•reyucst Borrower shall promptly fumish to L�:nder reccipts evidencin�thesc payments. '
<br /> If Borrowc�r fails to make thesc payments or thc paymcnts neyuircd by Puragraph ?, or fails ro pciform any othcr � � `
<br /> -±_ --___ __ covcnunts und tt�mCments contained in this Securitv Instrument.nr there ix:�Irv:d nr�rr�dino�h:�i mnv c�oni£:.•:�„rlv„t'£..�r ___ . _ . -. �
<br /> , .. .o...---_.�_ . __._
<br /> � -•---•
<br /> j .- ` � Lenders rights in the Pmpeny (such us a procecding in b;uikruptcy,for condemnation or to enforce laws or rcgul�tionsl, , ;
<br /> , then Lender may d�and pay whutever is necessury to prc�tect the value of the Property nnd Lcndcr'ti rights in the F'roperty, �� '
<br /> includinB payment of tvices,hazarcl insur,vn:e and other items mentioned in Pur,►gr.►ph 2. ' � �
<br /> „� Any umounts disbuned by Lendcr under this Prira�;ri�ph shall hcrom�an udditionc�l dcbt of Bortuwer and bc ucurrd ; ,
<br /> by this Sccurity Instrumcnt. 7'hcsc umounts shi►II bcar mtcrost fmm thc dutc of disbursemcnt,au thc Notc ratc,and,it thc e
<br /> �•}� . option of Lendcr,shull bc:immedi�►tcly due;mJ payciblc. i �
<br /> l 7. Condcmnatton. Thc procccds of imy u�vard or cluim for dumugcs,dircct or conscyucntiul, in ronncction with tiny
<br /> � condemnntion or other taking of any pan of the Property,ur for conveyance in pluce��f rondemnaiiun,arc hereby.issigned '
<br /> „ �.nd shull he paid ro Lendcr ro thc extcnt of thc full amount of the indcbteJncss thut rrmains unpaiJ undcr thc Notc aud this '
<br /> Security Instrument, Lcnder shnll ctpply such procecds ro tt�e rcduc�ion uf the indebtedness undcr tho Note;md this Scruriry
<br /> •- lustruntent, first ro any dclinquent amaunts npplicd in thc ordcr providcd in F'arat:raph 3, and thcn to prrpaymcm of ,
<br /> _ principal. Any a►pplication nf thc proceeds to the pimcipal shull not extend or postpcmc thc Juc dute of thc monthly ,
<br /> � ., ; ,
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