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<br /> � - '' !.Paym�t 0'P Priudpal,taterest nnd Late Cbarg�Borrower sf�lf pay�rhen due che principal of.and interest on. .�' �' - -
<br /> � � , ;'.F�`�°:. the de�tevzdeaced tsy the Nate and laie char�es due undeir the Not�. • � - -
<br /> .� r� L Rlaathty payments of Taxes,Insuraace an�Ottt�r C6�es. Horrower sha11 inciude in each monthty paym�n�. , . � _
<br /> '�f.. to�ether wid�tlte principal and inrPrest as set fort8 in t6e Note and any tate ciiarges.an instaltment of any(a)taxcs�std ` �-- ---
<br /> �;�r', .f.'t;. ` spesial��c�,i,entti t�viced or to 6e tevied against fhe ProFeny.(b?leasehotd paycnents or grooad renES on the propeRy.attd • _ ---
<br /> en •
<br /> � (c)P�emivms foi insurance tequimd by Pa:agraph 4. ----.
<br /> • '.�. • ` Each momhiy instafiment for items(a�tb)and(c) shall e�ual aae•twetfth of the annual amounts.as reasonaDly . —_----
<br /> � � � r� esrinrated by Y.ender. pius an amount sufficient to maintain an additiona! b�lance of itat more thaii one-sixth of t6ie =___
<br /> . . � , � estimated amounts. The full annual aznount for each item shal!be accumulated by l.ender witbin a perio3 ending one --=�
<br /> . � • montY�befote an it�m wautd become delinqueat. l.ender shall hoid the aniounts collected ics wst to pay�tems(a).(b)aad �-�==-
<br /> -°_-« . -.- ��f ne��an they t�a,-�e c��►quer�r. � � . . �_
<br /> . If at aay time t6c total of the payments Eteld tsy Lender for items ta),(b)aad(c),io�ethtr with the futiue month�Y _
<br /> � ` ' � ` � paymetus for s�h items payable to Lender?rior to the due dates of such items.exceeds tsy mor� thaa oae.si�cth the -_ ---
<br /> . • . emmated amnunt of payments required to pay svch items when dae.nnd if payments on tlie Not$are cwreat,then i.endet ,
<br /> � �� �•. •' s6all either refund the euxss over oae-s e x t h of the estrmaied paytuents or cc�dit the excess over one-sixth af the estimated
<br /> . �. `::`�"; � .. payme.uts W subseqaent payments by Bmmwer,az the option of Borrower. If the totst of the paymems made by Eoprowec
<br /> ' T'L - . • for ftetn(a),(b).m(c)is+nsuffiaeat to pay the item when due.then B'omuwer shall�ay to Lendet anyr amouca aecessary to
<br /> • . make up the deficiency an or before the date the item beeomes due.,
<br /> ' � :� , . As used in this Securi�r Ins�umen�"Sesretary•.means die SeL�etary of Housing and Urhan Devetapment ar his or her
<br /> ,;>. . .
<br /> desigaee. In any year ia wluch the Lxnder must�ay a mortgage insueance premiam to the Secretary.eacb montl�Iy pa}rment
<br /> � ' , shall also include either: (i) an installment of the annual mortgage insuraace premium to be paid [ry Lender ta the
<br /> `._r ' . • Secretary.m(n)a monthly charge instead af a martgage insurance premium if this Secauity Iastn�ment cs 6e2d by tlae • —
<br /> Secretary. Eachmonthly installment of the mortgage insurance premium shall be iu aa amannt suffcient tfl aa:amalate the
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<br /> �. : � ' ' , ful�armual�z:oagage insurance premium a+itb Leader one month prior to the date she fiill annual mnrtgage insu�{ce
<br /> � ' .. . prewium is due m the S�ry;or ff ttus Securiry L�stNment is held by the 5ecietary.each montlily ch�ge s6all be tn an _
<br /> �- . �� . aqtount equal to oae-tweifth of ane-haif pe�cea►t of tt�autstanding prmcipal balaace due on the Note.
<br /> ,i , If Borrower tenders to l.ender the full payment of all sums secuied by tfus Securiry instrument,Barmwers accowtt •
<br /> _.. . _ _ . shalllre credited with the�balaace�m�; - Q�OI g�j inM�_e�!��for items(a).(6)and(c)and any mortgage iastuance�
<br /> ��% '. . _. _ --,.--- -._ . ... . ---premivariastaUment�thait�I,enderfiasnot�become-obliSated�ro�PaY-tothe-Seccetaryr:and{:endershallprompUy�fundan�r .
<br /> , � � � excess funds to Bamnwer: Immediately prior w a foteclasiue sa�e of the Prope�ty or iu acquisition by Lender.Boimwer s _
<br /> � `. ' accou�t shall be c�ited with any balance remainiag for all installments for items(a),(b)and(c)• .
<br /> � • � ' 3 Applirat�on of PaymenLa All�ayments ander Paragraphs 1 and 2 shall be applied by Lender as folIows: . '
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<br /> ' • � •� FdtST•to the mortgage insurance pzeriu�co be pazd by Lender to ttte Sectetary or to the montiily charge by the
<br /> . � .. , ', .,;, _ ' Se�retary iastead of the rnonthly.mortgage msnrance pcemium; _
<br /> ' . .;`2',;., � SECOND•to any taxes,special assessmenu,leasehold payments or graund rents.and fire.ftaod aad other hazard ��_
<br /> . ,..s,,..,.,.. insurancepremiums,as uire� , _
<br /> req r
<br /> ' �' �R ,w interesf due under the Note: � •
<br /> ; �� << . FOiJRI'H.tn amorti�adon of the principal of the Note: . , '
<br /> `,`. ' . . �r7g�i,to late charges due under the Note. ��
<br /> '•;;::;,F:`: .� '� . 4.F'�m,Flao�{4 and Oqier Harard Insaraat� Borrower shall insure all improvemenu on the Pmperty.whether now �
<br /> • ... . � . in exestence or sr.bsequently erected.against any hazards,casualties,and coatingencies.inclading fire.for which A.ender
<br /> � • � insm�tc� This ins�uance shall be maiutained in the amounis and for the periods tbaz Leader irqnines. Bo�m�ner �' :_
<br />- � � ��iall'-a„o insure a11 improvements on the Property.whether un�in ex�ste�ce or snbsequentl�r erected,agamst toss by floada �'�
<br /> •;I,'�,;;:� ' � to the extent:equ�ed by the Sec�etary. All insurance shall be caaied with campanies approved by Lender. The insurance V�.
<br /> • . • . � , policies and anjr renewals shall be held by Leader and shal!include loss payab2e clauses in favor of.aad 'w a fotm �
<br /> • , acceptable to.Lender. "4:T=
<br /> ` � � � In the event of toss.Borrower shall give Lender immediate notice by mail. Lender may�ake proof of loss if aot =�
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<br />� .. '�:,:�%•• made promptly by Borrower. Each insu:ance company coacec:ed is hereby authorized aa�directed to make payment for ;
<br />' . . • . . sucA lass clinectiy to Lender,instead of to Bamnwer and to Lea�►er joindy. All or any part af t�e insurance pmceeds may be _.'+�,.�
<br /> - app Ged by Lender,at its opdon,either(a)to the reduction of the indebtedness under the Noie and this Secunry instrument, -
<br /> - �i''.-� : • fust w any delinqaent amounts applied in the osder in Paragraph 3.aad then to prepayment of priacipal.or(b) to the �s
<br />_ � • nestora�tion or repair of the damaged property. Any application of[he proceeds to the prmcipal shaU not extend or postpone �l�_
<br /> or
<br /> ;����`-'�: .��.� ` ' the due date of the mambl ents w6ich are neferred to in Para h 2,flr change the amount of such paymenu. Any �:;�;�
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<br /> ': ' . excess insnrance pioceeds over an amount required to pay al�ouutanding indebtedness�nder the Note and this Securiry �";�-
<br /> _ ; . . , InsUtmtent shall be paid to the entity legally enUtied theretv: ���,���_,_-'-_
<br /> ' In the eveni of foreclos�u�e of this Secuniy Insuument or other uar�sfer of title to the Propeity that eatinguishes the • � ��• -
<br /> �• ' • iadebtedness.all rig;3t,tit2e and interest of Bo�rower in and to insurance policie�in force shall pass to the pur�haser. � :�-=
<br /> �' ' � ' • S. Occnpaacq, PreservaHon, Maintenance and Protectton ot the Pmperty; Borrawer"s Loan Appficatton; � �`cr�`��� '-
<br /> �'`� � Leaseho4ds Borrower sha11 occu estnblish,and use the e as Borrower's nci al irsidence withis�sia da s �' '`"` ���
<br />�.:�.:_' � . , . PY. ProA rtS' Pn P tY Y � ,"1r:n.�:�r
<br /> _ - . after the execurion of this Secwity lnstrument and shall conanue�o occdpy the Propeny as Borrower's principa!residence . �,�'•� • -
<br /> � � for at least one year after the date of occupancy.anless the Secretary determines this requirement will cause urtdue haMship � j�� ��-�
<br /> .3x». �. ' � ' fos Borrower. or unless extenuating c'ucwastances exist which ate beyond Borrowers control. Bmrower shall �otify ' .
<br /> �,�dS'.'.;+: �..' � • Lenders of any eAtenuatmg circumstances. Ebrsower shall not commit waste or destroy.damage or s¢bstantially change , � ��:_
<br /> --:�„y• . • • the Pmpe�ty or allow the Yroperty to deteriorat�,teasonab2e wear and tear excepted. I,ender may mspeu rhe Ptoperty if the . ±.'
<br /> �..:�, pt�openy�s vacant or abandoned or the Ioan is an default. Lender may tahe ieasonabte action to protect and preserve sac6 _ s_
<br /> � vacant or abandoned Piroperty. Boaower shall also be in default if Bomower.during the loan application process.gave • ; ,
<br /> F. ' ` � materiaU�► fa�se or inaccurate uiformation or statements to Lender tar failed to provide Lender with any matenal . . j
<br /> ,���.'.. . : informauan)irt connection arith the toan evider.ced by the Note,ineluding,but not limiud to.representations conoerrcing • • --
<br /> °�° Bortvwet's occuQaac}r of the Ptoperty as a principal residence. If this Sec�niry Instnunent is on a leasehold.Borrower shali - �`
<br /> `'�' �. camply with the provisions of the lease. If Bnzmwer acquims fee tide to the Property.the leasehold aIId fee tiUe shall not
<br /> =:�`'��� � � 6e merged�niess Lender agcees to the rnerger;.-�writing. .
<br /> ��� � ' 6.Ci�r�g�s to Borrawer aad Frotection of Lemder's Rtghts in t�e Property. Bomower shall pay all guve�nental • �
<br /> :i � � '� or munlcipal ct�arges.f➢nes and impositions that ate not iscinded in Paragraph 2. Borrov;er shall pay these obligations on '. , Y`.
<br /> •'�,� '�' " . . time�direcdy to t�he endty which is owed tIle payment. lf failure to pay would adversely affect Lertder's interest in the • .
<br /> • ' Propetty.upon Lender's request Bolrower shall promptly fumish to Lender receipts evidencing these payments. . ,..:
<br /> ''��� •� 'U Botrowet faiis to malce these a ents or the a ents uired b Para h 2.or fails to orm an othcr � • '`�.
<br /> P Y� P Ym �9 Y S�P P�, Y
<br /> : •� covenants and agreements cantaiced in this 5ecurity Instrumen�.or there is a legal praceeding that may sigmficantly affect .
<br /> ' • Lenderk rights in the Property(sush as a proeeeding in banlwpuy.far condemnaflan or to enfarce laws or regulatcons).
<br /> ' • • then Ixnder may do end ysy�hatever is necessary to protect tt�e vatue of the Property and Lender's rights in the Property. � •
<br /> � ' inshuling payment of taxes.harard insurance and other items mentioned in Paragraph 2. . '
<br />,_� � � • My amounu disbuised by Lender under this Parngr.�ph shall become an additional debt of Borrower and be secwed �'�. � •
<br /> _ • by tfiis Security/nswmcnL These s+mounts shali�ar interest from the date of disbursemen�,at the Note rate,and at•the , �. �
<br /> ��., • • t, ophon of l.ender.shaU be immediately due and payabie. ..
<br /> ;� . .. 7. Corideamat�on. The proceeds of any award or claim for damages,direct or consequendal,in connecHon with any ��•� • � � •
<br /> � . . condemnation or othertaking of any part of the Property.ot for conveyance in place of coademnation.are hereby assi�ed � '
<br /> = . '� . . . aud slaall be paid to Leader ta ths extent of the full aanount of the inde6iedness that remains unpaid under the Note 3nd th�s •
<br /> - . ' � `'� � Secnrity[nstrumen� l.ender s}�all apply sach proceeds to the reducdon of the inde6tedness under the Note and this Security � .
<br /> � . lnstrtatnen�fust to any delinquent amounu applced in the order provided in Faragraph 3, and then to prepayment of � ��,
<br /> �� � • _ �inci�l. Any ap�lic�tian of ttte ptoeeeds co the princip�l shall not eatend or postporze the due date of the monilily � -
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