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<br /> l. Nnqment uP Pr�ncipal,lntcrest�md Li�lc Chur�,c. lluuu�ticr,hall F�ay whcn dur tlic prin�ipal ul. and intrrr��un, e� �
<br /> thc dcht cv idcnccd by thc Ninc and Inlc chargcs due uncJer ihc Noir.
<br /> 2. Monthly ps�ymenis a►f'Ihxcy, Insuri�nce and O�hcr Chur�es. l3orro�ver�h;ill inrludc in c;irh mimthly paymcnt. �{�� �
<br /> � t<�gcthcr with tttc prmc�pal and intcrctit as ,cl furih in thc Notr and �my latc chargc,. :m in+tullmcm c�f any la) taxcx anJ -• t..,.r .
<br /> spcc�al asscs+ments levieJ ur to bc Icvied againsi thc Property,(hl leit,chnld paymcnt,�,r gri�und rcnt�un ilic Pruperty.and
<br /> (cl premiwns for intiurinrc rcc{uircd hy P,ir.�gruph 4. �
<br /> Each tnnnthly intitalbnem G�r ilem, (al. Ihl and (cl +hall rqual une-t�velfth nf th� :mnu:il amc�unts. as rea+anably . ``,�`�•
<br /> estimated by Lender, plus :tn antount +ufficicnt to rn,►intain :ui •�dditiunal bidance ut not murc ih:m�>ue-+ixth ut Ih�: �
<br /> cstimutcd amoums. Thc full annunl amount for each itcm tihall bc nccumulatcd hy Lcndcr within a period cnding onc ��.
<br /> month bcforc an itcm would bccomc dclinyucnt. Lcndcr shall hold thc:unountti cullcrtcd in trust to pay rtems(ul.fb)and „ ' � •
<br /> (c)beforc thcy bccomc dclinyucnt. „�y„'r
<br /> � If nt any timc the roial of the paymcnis hcld by Lcndcr far items (a), Ihl and Ic),together with the futurc monthly
<br /> paymentti tbr such ilemy p�yable to Lender pnor to the due dates of �uch it�mti, excecds by rnorc than one-yixth the .•
<br /> esumutcd amount of payments myuircd to pay tiuch iiems when due,and if puyment,on the Note are �urren[,then Lcndcr . , �
<br /> shaU either refund the excess over one-sixth of the estimated payments or crcdit�h���xce+s iwer une-.ixth e�f the estimated �
<br /> payments to subscyucnt paymcnts by Bo�TOwer,at Ihc option of Borrowcr. lf thc total of thc paymcnts made by Borcowcr .
<br /> for item(a),Ib),or(cl is msufficicnt to pay Itte iiern when due,then Bc�rrower shal{p�ry to Lender any <<mount necessary to .; "'`�
<br /> •� make up the def icicncy on or bcforc thc datc the item bccomes due.
<br /> � � As used in this Security Instrument."Secreiary"means the Secretary of Housing anJ Urban Development or his or her , ,
<br /> designee. In any year in which[he Lender rnus�pay a mortgage insurance premium to the Secretury,each monthly payment N „
<br /> shaR xlso include either. (i) an installment of the annual mortgage insurance premium to be paid by Lender to the , .
<br /> Secretury, or(iil a monthly charge instead of a rnortgage insmance premium if this Security Insttvment is held by the ��;�
<br /> �� Secretary. Each monthly installment of the mongagc insurance premium shull be in an amuunt sufficicnt to accumulace thc
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<br /> full annual mortgugc insurance prcmium with Lender one month prior to thc date thc full annual mortgage insurance ���:
<br /> premium is due to the Secretary: or if this Secunty Instrument is held by the Secretary,each monthly charge shall b:in an -.�, �air
<br /> amoun[eyual to one•[welfth of one•half pereent of the owstanding principal balance due on the Note. •Ii'"" �.�;;�
<br /> - If Borro���er tenders to Lender the full r.iymeni of all sums secured by this Security lnstrument,Borrower's nccount , .�•�fr r,�_
<br /> � shall be credited with the balancc remaining for all instullments for items (u). (b)and lc)and any muriguge insui:vice . .. .. • .r- —
<br /> premium installment that Lender has not become obligated to pay ro the Secrctary,and Lender shall Frompdy refund anY 4; .; �d_
<br /> excess funds to Bormwer. Immediately prior to a fareclosure sale of the Properry or its acquisition by Lender, Borrowers %�;�;;��.�➢_
<br /> account shall be cn�dited with any 6alance remuining for all installmentti for items(a),(b)and(c). �_±��.-'��'°�
<br /> 3. Applicut8an of Puyments. All paymentti undcr Puragraphs 1 anJ 2 shall bc applicd by Lcndcr as follows: t°;=s;=----
<br /> IRS ,to the mor[gage insurance premium to bc paid by Lendcr to thc Secretary or[o[hc monthly charge by the �,�-----
<br /> Secretary instead of the monthly mor[gage insurance premium:
<br /> SE�.Q D,to any taxes,special atisessmenis, Icasehold payments or ground rents,and fire,flood and other haz.�rd
<br /> - msurunce premiums,as requircd; ��— - ..
<br /> HT IRp,to interes[due under the Note; r��-„_
<br /> OF URTH,to amoni7ation of thc principul of thc Notc: -"�"'
<br /> IFT ,to late charges due under the Note. ' '"+
<br /> 4. Fire,Flood and Uther Har.ard Insurance. Borcower shall insurc ull improvemcnts on the PropeRy,whethcr now �;�;;_�+
<br /> in existence or subsequently erected, against any hazards, casualties,and contingencies, including fire,for which Lender '!�:.,P
<br /> , requires insurance. This insurance shull be m�intained in the:�mounts and for the periods that Lender requires. I�orrower _�
<br /> . shall ulso insure ull improvcments on the Property.whethcr no�v in existence or subsequcntly erectcd,aga�nst loss by floods �;,
<br /> to the extent reyuired by the Secretary. All insurance�hall be carried with companies approved by Lender. The insurance
<br /> • policics and :tny renewals shall be held by Lender und shall include loss payable clauses in favor of, and in a fornt ��.:��
<br /> � acceptable to, Lendcr. ' -�
<br /> In the event of loss,BoROwcr tihall give l.ender immedinte noticc by mail. Lender may rnake proof of loss if not � ��'_�
<br /> made promptly by Borro�ver. Each insurance cornpany concemed is hereby authorized and directed to mnke payment for �i;;;�
<br /> such loss directly to Lender, insteud of to Borrower vtd to Lender jointly. All or uny part of the insurance proceeds muy be .:.�
<br /> � applied by Lender.at its option,either(a)to thc reduction of the indebtcdne�s under thc Note and this Sccurity Inswment, y
<br /> fnt to any delinqucnt amounts applied in the order in Paragrnph 3, and then to prepayment of principal,or(b) to the
<br /> restorntion or repa�r of thc damagcd propeny. Any applicaeion of the procced,to thc pnncipal shall nut cxtcnd or postpone '��
<br /> the due date of the monthly paymcnts whuh src refcrred to in Parugraph 2,or change the amount of such payments. Any �-s.-_-
<br /> excess insurance proceeds over an amount reyuimd to pay all outstunding indebtedness under the 1Vo1e und this Security ��,�,
<br /> Instrumcnt shall be paid to the entiry legally entitled themto. �L-�—
<br /> In the event of foreclosure of this Secunry Instrument or other transfer of title to the['roperty thut extinguishes the �,;���,_
<br /> • indebtedness,all right,tiile and interest of Borrower in:uid to insurance policies in force shull p:�ss to�the purchaser. ���v._ __
<br /> 5. Ocra�p3ncy, Preservation, Maintenarrce and Protection of the Property: Borro�ver s Loun Applica�t[on; ---
<br /> •• Leasel�olds. Bc,rrower shaU occupy,establish, und use[he Property as Borrower's principal msidence �vithin s�xty days '�"1dt"'""��
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<br /> � after the execunon of this Security Instrument and shall continue to occupy die Property as Aorrower�principal residence 1�r� �..,,��
<br /> for at Ieast one yeur after thc date of occupancy,unlcss the Secretary determines this rcqu�mment will cause undue hardship �: y� �
<br /> for Borr�wer, or unless extenuating circuirisianccs exist which am beyond Borrowcr's control. BoROwer shnll notify :.•.r�:
<br /> Lenders of any extenuating circumstances. 8orrower shall not commit wuste or dcstroy,dama�e or substantially change '
<br /> the Propecty or nllow thc Prvperty to dctcriorate, nasonable wcar and tear excepted. Lender m.ty mspect the I'ropetty if the
<br /> Property is vacant or ab:mdoned or the loan is in default. Lender may take reusonable action to protect and preserve such '�.�rt�
<br /> I vacant or abandoned Property. Borrower shall also be in defnult if Borrower, durin�;the lu3n application process,gave ,. •
<br /> � materiully false or inaccurate infomiation or ,tatements to Lender (or failed to provide Lender with uny matenal � ��
<br /> infortnation) in connectian with the loan evidenced by the Note,inc.luding,but not limited to,representations eoneeming ' �ti'
<br /> � Bo�TOwerS occupancy of the Roperty�.,a princi pal residence. if this 5ecunry Instrument is on a Ieasehold,Bonower shall ;��
<br /> � comply with the pmv�sions of the le�ise. ,It Bo�rrnvcr acquircs fce tidc co thc Property,thc leasehold and fce title shall not " ' �?'.�
<br /> � bc mcrged unlcss Lcndcr a�meti to thc mc.rger in writing. "s'�
<br /> 1 6. Churges to Borrower and Protectian of Lender's Ri�hts in the PropPrty. Borrowcr,hall pay all govemmcntal , �_�
<br /> or municipal chargcs, fincs �nd impositions that are not included in Par:tgraph 2. Borrowcr shall pay ihrsc obligations on
<br /> time direcdy io the entiry which is owed the payment. If fiiilurc to pay �vould adcersely affect Lender's intercst in the y"�'•
<br /> � Property,upon Lender's rcyuc�t Borrower shall promptly fumish to LenJcr rccipts cvidencing the+c paymcnts. - �,�
<br /> If Bnrrowcr failx to makc thes�e paymcnt� or thc payments myuircd by ParaSraph ?. ur t'ails to perform any othcr
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<br /> • COVC(Ii1Rt5 8Rd agnements rontained in this 5ecunry instrument,or inecr i.il ICtiU F7t�rt.ccuii��; tua���au)•.•E.n�••.�w•••j..••--• -'
<br /> Lcnders rights in the Property (�uch as a proceeding in b,uikruptcy,fur rondemnauon or ro enforce laws or regulations), � '_'
<br /> thcn Lender may do and pay��hatevcr is neccss:.+ry to protect thc value of thc Propeny anJ Lcnder's rights in thc Pmperty, � �
<br /> including payment of t:ues,har.ard insuranrc and other rtcros mentionrd in Puragruph�. •
<br /> � Any amounts dis6ur.ed by Lendcr widcr this Par,+graph sh:dl beromc an addmonal debt ui Horrower and bc sccurcd I ��
<br /> , by this Security Instrument. 1'hese amounts shall be:u interest from thc date c�f di.hunemenL at the Note r,ite,and at ihr �
<br /> uption of Lendcr,shall Ix immcdiatcly�due and payablr. � ,
<br /> � 7. Condemnation. '1'he prarcds uf uny a�v,vd ur rlaim for damagr,,dircct ur ron,cyucnt iul, in cunncrtion with any �
<br /> condemnation or other iaking uf any pan uf the Pmperty. ur for conveyance in plarr uf cundem►iation,are hercby:usigned f
<br /> . and�h,�ll he paid to LenJer to tl�e extcnt of the t'ull amount of the indrhtcdncsx that mm:►inti unpaid under thr Nvte.ind this i
<br /> Security Instrument. Lendcr+hall apply +uch pnxcedti tu thc rcduction uF thc indebtedne,ti undcr thc Note and this Scrurity �
<br /> Instrument, tirst w any dclinyucnt amvunt�upplied in .hc ordcr proti•idcJ in Parukraph 3, and thcn to prepaymcnt uf �
<br /> . principaL Any applicauun uf thr pn�cccds iu thc pnncipal �hall not rxtcnd ur pu�tponc thr du�Jatc ut thc monthly i
<br /> qyiCe_'n/-0 p.l�f�1 �
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