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<br /> - . .: . 1. E'uyc�tent uP i'rlrtlpul,lntcti•c�;¢tfnd I.utc Cd2i�rgc. liuj•ruwcr shall puy whcn duc thc princi�ial�►i�,anc!imcrest on. .
<br /> ` .. tho dcht cviden�ed by thc Notc nnd lutc chcirgcs duc undcr�hc Notc.
<br />;�,:., 2. Monthly paynienl�of'll�xes,l�surnnce nnd Qiher Chnr�;es, l3orranvc:r shnll includc in cuclt montfily p,iyment, :,�:_
<br />``;+ •� �` � "• to�;cthcr�vith thc principal nnd interest as set fonh in thc Nnte nnd iroy Inte ch��rgcs,nn i�istnllmcnt of uny(a)tnxes and .
<br /> speciiil nssessments Ievled or t��De levicd ngninst the Prnpeny,(b)Ieaseh��lA paymeniti ur�;round rends o�ti Ute Prope�ty,c�nd
<br /> � " �:o.{� �tb, (c)prcmiums for insurancc requircd by I'um�rt�ph 4. "'-
<br /> '"' � �nch monthly instnllmr.nt for items (n), (b) and (c) shnll cc�unl onc-twclFth of ilic .innutd iimounts, us rcusonably �"'
<br />-��_,, ° cstimatcd by l.cndcr, plus nn amoun[ sutGcicnt «� main[ain ctn additionul halanc� of nut n�uic �hnn unc:-sixth uf tl�e ;,�_:
<br /> _- . ���:��`� �stimatcd iimounis. Thc Pull nnnunl nmount for cncli itcro shnll t,c nccumuluted by I.cnd�.r within n period cnding onc ���-
<br />=�=��� month before r�n item wauld become delinquent. Lender shall hold the amaunts collected in trust to pay items(n),(b)unJ �`1
<br /> 1�:.� . ' (c)bcfore thcy bccomc dclinqucnt. i'_k��•;�
<br /> " ' If at imy time thc total of the paymcnts ticld by Lendcr for items (a), (b)and(c),tagethcr with tP�c future monthly "�b:�;
<br /> `� payments for such items payable to Lcndcr prior ro thc du;: dates of such itcros, cxcceds by more than onc•sixtf� th� ��•::
<br />�i, . ' .. eshmated�mount of payments rcquircd to pay such items v�hen due,nnd if paymcnts on thc Note are current,thcn Lcndcr � __
<br /> " . shall cithcr refund thc exce5s over one-sixtn of thc estimated paymcnts or crcdit thc exccss ovcr onosixth of thc cstimated �� ,�
<br /> payments to subsequcnt payments by Borrower,at the option of'Borrower. If thc totnl of thc payments made by Borrower '��=n'
<br /> ��'" _ � �.�_-.'-
<br /> for item(a),(b),or(c)is insufficient to a the itein when due,then Borro�ver shull a to Lender nn amount rtecessa to ;;:?��"!
<br /> �,. .• „ P Y P Y Y rY .;;?!.s
<br /> � , makc up[he deficiency on or beforc thc date the item becomes duc. ,J;
<br /> As used in this Securiry Instnimcnt,"Secretary"means thc Sccrctary of Housing and Urban Developmcnt or his on c�r ,
<br /> ' desi�nee. In any year in which the Lender must pay a mortgnge insur�nee premium to th�Secretary,each monthly payment ''"_
<br /> ��'�'��• • ' shall also include cither: (i) an installment ot' the annual mortgagc insurance premium to be paid by Lender to the v.�:;�:�"
<br /> t����' � Secre or(ii) a monthl char � instead of a mort a e insurance remium if th�s Securit Instrument is held b the r��==��
<br /> �Y• Y S' S S P Y Y .�.r„_-
<br /> �;�'�,`.�' � ' Secretnry. L'ach monthly installment of the mortgage insurance premium shall be in an amount sufficicnt to accumulate the
<br /> ��� ." full annual martgage insurnnce premium with Lender one month prior to the date the full annual mortgage insurancc °"�
<br /> �` � �'- ��.� premium is due to the Secretary;or if this Security Instrument is held by the Secrewry,ench monthly charge shall be in an "`>�<
<br /> ' • amount cqual to one-twelfth of one-half percent of the uuGStanding principal balancc.due on the Note. ,`• �t•x
<br /> If Bonower tendars to Lender the full pnyment of all sums secured by this Securiry Instrument,Barrower's accpunt "- �_"-
<br /> '��•,•�`�' ' � shall be credited with the balance remaining for nll installments for items (a), (b1 and (c) and any mortga�e insurancc - -
<br /> ; premium installment that Lendee hus not bccome obliguted to pay to the Secrciary,and Lender shall promptly refund any �.�+.:
<br /> . ' excess funds to Borrower. Immediately prior to a foreclosure sale of the Propeny or its acquisition by Lender,Borrower's '.,.�,�_
<br /> account shall be credited with any balance rcmaining for ull installmenGs for items(a),(b)und(c). � -
<br /> 3. Applicat[on af Payments. All payments undcr Puragruphs 1 und 3 shall bc applicd by Lenderas follows: r;;,
<br /> I�RST,to the mortguge im�uriince premium to bc puid by Lendcr to thc Secretary or to the monthly charge by the -
<br /> Secreutry insteud of the monthly mortguge insurunce premium; -"
<br /> „ SFCON[�,to nny tnxcs,spcciul nssczsmcnts,Icnschold payment+or ground rents,;md firc,fload nnd othcr hnzard
<br /> _— incurnnro nmmiume i�c reiwirrd• ��
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<br /> TH1RD,to intcrest duc undcr thc Notc:
<br /> , ��.to nmorti•rauion c�f'thc principal of thc Notc:
<br /> " FIETIi,to lutc chargcs duc undcr thc Notc, ;�;
<br /> 4. Firc,�load nnd Uthcr Hniurd Insuruncc. Rorrowcr shi►II insurc ull improvcmcros on thc Propcny,whcthcr nuw •r
<br /> in existcncc or subxcquently erectGd,n6aintit nny huzsirds, casu�ltics,nnd contingencies, including fire, for which Lender ^r
<br /> i�equires insurance. 7'his insurance shull be maintuined in the umount.und for ihe periods that Lender requires. Bonower _
<br /> ' , shall also insure all improvements on the Nreperty,whether now in existence or subseyuenNy erected,ogainst loss by floods _
<br /> •- ' to Ihe extent require:d by the Secretary. All insur.tnce tihnll fx;carried with carnpanies npproved by Lender. The insurance
<br /> - policics ;tnd any renewuls shall bc held by Lendcr and shcdl includc loss payable clausex in favor of, artd in n form . ;,�
<br /> , . .., ,. , acceptablc to,L.ender. '�
<br /> . !n the event of loss, Borrower shall givc Lendcr immcdiatc noticc by mail. Lender may makc proof of loss if not �'�.'
<br /> ' made promptly by Borro�ver. Each insurance company conccmed is hcrcby authorir.ed and directed to make payntcnt for . .
<br />_. • such loss dizcctly to I.ender,instead of to Borrower and to Lender jointly. All or any pan of the insurance proceeds muy be ��_•
<br /> applied by L,ender,at its option,cither(u)ro the rcduction of the indebtcdncss unda�r the Notc.tnd this Security Ins[rumcnt, ti: •:
<br /> , �� first to uny delinyucnt amouna npplicd in the order in P:►rcgraph 3,and then to prepayment of principal, or(b)ro the „;:..
<br /> �, restoration nr rep:ur of thc damagcd propeny. Any application of thc procceds�o�hc principal shaU not cxtend or postpone ,
<br /> ' the due date of the monthly payments�vhich are referred co in Parugraph 2, �►r change the amount of such payments. Any
<br /> . excess insurancc proceeds ovcr un amount reyuired to pay all outst:�nding indcbtedness under the Note and this Security
<br /> instrument shall be paid to the entity IegaQy entided thcrcto.
<br /> � In the event of foreclosurc of this Sccurity Instrument ar othcr transfcr of tidc ro thc Property that extinguishes the
<br /> indebtedness,all right,title:uid interest of Borrower in:md to insurance policies in force shall pass to the purchuser.
<br /> � ' S. Occupancy, Preservation, Mnintenunce und Protection of the Property; Borrower's l.oun Applicution;
<br /> � ,. Leaseholds. Borrower shall occupy,establish, and use the Property as Borrower's principul residence �vith�n sixty days -
<br /> � ' after the execution of this Security Instrument nnd shaU continue to occupy the I'roperty us Bonower�principal residencc
<br /> for at Icast onc ye:�r after thc dutc of occupancy,unlcss the Sccrctaiy determines this reyuiremcnt will cause undue hardsliip
<br /> ' �- for Borrower, or unless extenuating circurristances exist which .u•e beyond Bormwcr's control. Dorrower shall notify
<br /> Lendcrs of uny cxtenuating circumstanccs. Borrowcr�hnll not commit waste or dcstroy, damuge or substxntiidly change
<br /> � the Property or allow the Property to dctcriorute,reasonablc we:►r and tear exceptcd. Lcndcr mny inspcct thc Property if thc
<br /> • Property is vncant or abandoned or the loan is in default. Lender may take rensonable action to protect and pretierve such
<br /> vucunt or nbmidoncd Property. Bonower shall �tlso be in defuult if Borrowcr, during thc loan application procesx, giive
<br /> � " mntcriall� fnlsc or inuccuratc infonnation or statcmcnts to Lcndcr (ur fuilcd to providc Lcndcr with any muteri,�l
<br /> informat►on)in connection with the loan evidenced by the Note,including, but not limited to, representations concerning
<br /> • ' Borrowcr�s occupancy of thc Property as u principal residencc. If this Sccurity Instrumcnt is on a Icaschold,Bormwcr shall
<br /> : � comply with the provisions of the leasc. If Borrower acquires fcc titic to thc Property,the leatiehold und fcc tidc shall not I
<br /> , • b,^,mcrged unless Lender agmes ro nc�mcrger in writing.
<br /> � .. 6. Cl�nr�es to Borro�ver und Protectfon of Lender's Itiglits in the Property. Borro�vcr shall pay all govcrnmental I •
<br /> ° � or municipal char�cs,fines and impositions th:u are not includcd in Par.i6raph 2. Borrowcr shall p:iy thc.c obligations on I
<br /> " - , time dircctty to the entiry which is owed the payment. If failure to pay would udvenelv affect LendcrE intcrcst in thc
<br /> � �� Property,upon Lcndcr.l•rcquest Borrower shull promptly fumish ro Lcndcr reccipts cvidcncing thesc payments. �
<br /> r If IIorrowcr fails to muke these paymcnts or thc payments rcyuired by Paragraph 2, or fails to perfortn any other
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<br /> ' ' Lender� rights in the Property(such us a proceeding in bankruptcy,for condemnation or to enforcc laws or rcguL•aions),
<br /> � thcn Lendcr may do and pay whatevcr is neccssary to prot�ct the valuc of thc Property and Lcndcr's rights in thc Property, ;
<br /> including paymcnt of taxcs,hatard insurance and othcr items mentioncd in Paragraph 2. ,
<br /> • � Any amounts disbursed by Lender undcr this Para�raph shall become an additional debt of Borrower and be,ecured �
<br /> �.� by this Sccurity Inshvment. Thcsc .unounts shnll bcar mtcrost from thc datc of disbursement, at thc Notc ratc,and at thr
<br /> ' � option of Lender,shall be immcdixtely duc and payable. ;
<br /> . � 7. Condemnallou. 'i'he procecds of nny nward or claim for damages,dimct or conseyuential, in connection with any i
<br /> ' condemnation or other taking of xny purt of the Property,or for conveyance in pl.►ce of condemnation,are hereby assigned
<br /> , and shall be paid to Lender ro chc extcnt of the full umount of thc indebtedness that remains unpaid undcr thc Note and this �
<br /> Securiry Instrumetu. Lender shall npply surh proceeds to the reduction of ihe indebtedness under thr.Note und this Securiry
<br /> � ' Inswment, fint to uny dclinyucnt amounts applicd in thc ordcr providcd in Par.�graph 3, and then to prcpayment of �
<br /> - principal. Any upplic.uion of the procceds ro the principal shall not extend or postponc the duc datc of the monthly �
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<br /> •. ' (pagr 2��/4 pnge�sl
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