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<br />_--`<�` _ . Intesest s►nd Late C6urg� BaTrower sball pay when d'us the ot.an3 intec�st on. : . . -��°,ti<.
<br /> .: , - , l. Payment og Friacipai� n . . �
<br /> �. ;; �.. • � the debt evidenced by�he Nate aad tate cbarges duc under�he Note. °� � �
<br />- � � '2. Monthl9 paymenis of 1�ce�Imsurance aad Oi6er Charge9. Borrower shatl include in each rnorthly payment, � �¢°�. . r,,�
<br /> _ . � .. � ' tog,ether with the principal gnQ inter�st as�+et forth in the Note aad any late char�es,an iastaliment of any(a)taaes and ' `i :'•�:-:�. ;.:1
<br />- � . . : �pecial as���,+,P•,ts leviced ar m 6e levied against the Ptaperry,(b)te�sehnld payments or ground cents on the Ptapeny.and ' ; � ..:-:
<br />- , . (c)F+ieQnums for iasurance cequi�d lsy ParagraPh 4. • �' -
<br /> Each mantlily insrallm�t for items(a)..tb)and (c) shall eqnat one-twelftti of the annual amounts:as reasonably �
<br /> ". �,��•� � • , estimated by Lend�r. pIus an anaount sufficient to maintain an additional balance of not mom than one-sixth of tbe �;, �
<br />- � .; _. _• _. . , estimated'amounts. The fuU a:umal amount for each item shall 6e�umutated by Lender within a period ending one `-` : � ';;__:_-
<br /> _ __,_,,,`.__,.:-. . ,_ , mnnth befo�e an item woutd become delinquent Lender shaU hold�he amounts oollected in trust to pay ttems(a),(6)and L � � �,�_ _
<br /> ` • (c)before Weyr become delinquent �� �
<br /> � � � � �f at any dme the totat of the paymeats heEd by i.ender for items Ea).(b)and t�?.together with the fudue momhly ?�;�` : -
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<br /> - .' - . t"�. Payments for such items payab2e to Lender priar to the due dates of such items.exceeds by more than one-sixth tfie _ ,.,,�V_
<br /> ' • . e s ti m a t e c i amo u n t a f p a y m e n u i e.q u i i c d t opa y s u c h i t e m s w h e n d u e.a n d i f p a e n t s o n t h e No t e are cuaea�then Lender �'� i _
<br /> � ' � ' shaU either refund the eacess over one-sixth of the estimated gayments or�the excess over one-sixth of th�estimated � sr���c �
<br /> ` '' � � 'F�. . payments to snhsequent payments by Boaower.at the optian of Bormwer. If the total of the Qayments made by Bartro�rer �,y�� �_,
<br />_ ' • : for item(a).(b),or(c)is wsufficient to pay the item when due,then Barrower shaII pay to Lender any aanount necessary w �_��"�_�-- _
<br /> : • ''� . . make�the deficiency on or befo�the date the item i�ecomes dae. � � �
<br /> `` As used in this Securiry Insuumen�"Secretarg"means the Secletary of Housing and Urban Development ar his or her r..�-
<br /> • • designee. Ia any year in which the Lender must pay a mortgage insurance premium to the Secretary.each monthlY PaYmeat �`.�.4�� n....�.__
<br />= - . �� ;, . - shall aLso include either. (i) �installment of the annnat mortgage insurance preminrt►to be paid 6Y Leatder to ttte �
<br /> : . ' Secretary� or(ri)a manthly charge irutead of a mortgage insuiance premium if this Secauity Inshvment u held by the • �-�.�v_
<br />_ � ° � � � gecretary, g,ach manthly nastaUment af the mortgage insurance ptemium shall be in an amonnt sufficient to accumalaie the
<br />- full annual mortgage iasnrance premiun►witb�.ender one month prior to the date the fuU annual mortgage insufance � ---- -
<br />- �'_•,� . `�• prematm�is due to the SecretaRr,or if tins Security in�mment is held by the Seccetary.eac6 mmuWy chatge shall be in aa =_- -
<br /> - ' ' � amount equal to one-twelfth of one-half pericent of the outstanding principal balance due on the Note. __
<br />_ . .� . � . •_ . . ' If Bortower tenders to l.ender t6e fiill payenent of all sums sec u r e d by t i i is Security Insmtnten t,Bosmwer's accoans _.----
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<br />� •... __ :,__......-_—. �._ : ... shall be rredited with th�balance remaudn for aU instatlments for items(e),(b3 and�aand anY mflrt�g�insivance_ _ --
<br /> •>, . � _
<br /> premium installment that Lender has not become obfigated fo pay to t}ie Seciet�ry,�ntl� shall promptly�:efaad any ---
<br /> excess funds to Barrower. Immediately prior to a foreclosure sfsle of the Property or iu acquisition by Lender.Borrower�s �_-..-s
<br /> � � acco�mt shall be credited with any balance remairring for all installments for uems(a).(b)and(cl. . -_
<br /> - . � . : � 3.•App1lcation of Payments. All payments under FaragraPhs 1 and 2 shall be applied bx l.euder as foUows: . �
<br /> F1RS7`.to the mortgagz msvrance pueuunm w be g�-:•3 by Lender w che Secretary or to the monthly charge by the o,,,�_
<br />_ . :-_ ._ - - g��y instead af[ha:��nthly mongage insuranx preaunm: -- - �= `
<br /> , ' ,� �. �OND to any tax�s,special ass�nents.leasebold payments or ground rents,and fue,flood and other ha7ard ����_
<br />_,, insurance piemiums,as cequired; • - --_
<br />-,�. . ,, . . THIRD-t3 uaecest due ander the N�w g!=�=-
<br />� • _. . ._ . FOURTH'to amora7a-:.�of the principal of the riote: � :!;a
<br /> -� • � �,to late charge��e under the Note. 's''.
<br /> 4. Fire,F[ood sud Ot�er Aazard insurance. Borawer shall iasuze all im��emerru on the Pmperty.w�:�er now _ .
<br />� � ' in existence or subsequentty erected,against any hazard�,casualties,and contingenetes,ineluding fire.for Kfi�i�Lender
<br /> - ' � �equires ins�:se. 'Ii�is insurance shaU 6e maintained in the amounts znd for the periods that Lender requnes. Barsower
<br /> ' � ' shall also msur all improvements on the Property,whether now in exist�ce or subsequently erected.against loss t�'floods �;
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<br />- . - -- - to the extent rey�red by the Sec�etary. All insurnnce shall be carried aith companies approved by Lender. T&e atsurance ' . ,
<br /> � ' . � , policies and any renewats shall be held by Lender and shall inclade toss paya6le clauses in favar of,and � a farm• r •Y��".��
<br />_ . . acceptabl�to.Lender. .
<br />- ' : ' In the event of loss,�orrower shaU give Lender immediate notice by mail. I.ender may cnake pioof of loss if not .�:�
<br />_::, " ��� � � � made promptly by Botrower. Each insurance company concemed is hereby authorized and directed to make payment for
<br />�� . � such toss di:ecdy to Lender,instead of to Borrower and to Lender joint��y. All or any part of the insurance praceeds may be ____
<br /> � � • applied lry Lender,at its option.either(a)to the reduction of the indet+tedness under the Note and this Secunry Insoivmen� �J
<br /> _ - � ` � fust to any delinquent amounts applied in the order in tsuagaph 3. and then to p�epayment of principal,or(b)to the . .ls�
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<br /> - ' � testoralion or repair of the damaged pmperty. Any app'��tion of the proceeds to the principal shall not extend or postpone ,.�i'l-�*..�ti
<br />- ' • � • '".•�� � the due date of the monthly paymenu which are refemd to in Paragraph 2,or change the amount of such pa}+��ss. My :�~- _
<br /> � . ' excess insuraace proceeds over an amount required to pay all outstanding inde6tedness uader the Note aad tt<s Security s���—
<br />�?.. ` • Inswment shall be paid to t�ie enrity legally en6tled thereto. "" "`��,
<br /> -`��:;;�;;;� . ,� ,�:. ,:. � In the event of forectosurc of this Security Inswment or other�ansfer of titte to the Property that exdnguishes the ; s- �
<br />=��•��'-° ' inde6tedness,all righ�dde and interest of Boaowcr in and to insurance policies in force shall pass to the purchas:r. �'����-
<br /> :�i� :�.�'���,�.�,,;,� . S. Oxupancy;Pr�atioa, Matntenance and Protectton of the Property; Borrower's l.aan A�at�cation; �� 'T*�'�l- .-.
<br /> �: +��. :�,�. . . • I.easehoIds. Borrower shall occupy.establish,and use the Propercy as Barrower's pnncipal�esidence within sixty days ���_ .�,;�::.•„�
<br /> .'' ,�,�_' � • after the execurion of this Security Inswment and shall continue to occupy the Property as Bonower's principal residence �,;; • G'
<br /> �. for at least one year after the date of occupancy,unless the Seccetary detertmnes this requirement wiU cause undue hardship -
<br /> � ;� ,.: for Borrower. or wless extenuating circumstances eaist which are�beyond Borrower's conirol. Borrower shaU notify � ,. ,
<br />�'�( � �� . • Lenders of any extenusun;circumstances. Borrower shall not commit waste or desvoy.dama�e or substantially change ,•,r �•
<br />-- . .';°�;� the Ptope�ty or allow the Ft�perty to decerionte,teasonable wear and tesu excepted. l.ender may inspect the Pre,�erty if the , ' .;;� �,
<br /> r'�� - , Prnperty is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and pr.serve such , .. ,_
<br /> ' • . vacant or a�andoned Property. Borrower shall also be in default if Borrower.dvring the loan applicadon�.roc�ss.gave .. . �
<br />-�. �,�. ._ , . , materially faIse or inaccurate information or statemenu to Lender (or faited to provide Lender with any matenal �,,,
<br /> - � • � information)m connectioa wit1�the lvan evidenced by the Note,including.but not limited to,sepresentadons conceming • :
<br /> ;� .# ._.�;. � � Bo�rower's occupancy of the Property�a principal r�tdence. If this Security Inswment is on a teasehold.Boirower shall . .
<br /> comply aith the provisicns of the lease. If Bormwer�.quires fee title to the Prop�esy.thc leaSehold and fee titie shall not
<br /> "� ,; � be metged unless LendeT�.�-ees to the merger in wri�;.
<br /> • � 6. Ct�es to Botrower and Yratection of Lender's Rigt►fs in the ProFe�ep. Borrower shall puy a11 ga:emmental �
<br /> � ' � � �'• � cr mnnicipal ct�arges.fines end Impasiucas that are not inctaded in Paragapb 2• 8orrower shall pay these obligations on . . _
<br /> � time directly to t6e entiry which is a0.�+�she paymenG If failure to pay �vould adversely affea Lxnder's interest in the
<br /> r• • �� ' . ' • property,�gcn Lender's tec;uest Boaower shall promptly fumish to Lender receipts evidenc�ng these payments. . .
<br /> �=• ��' If Botrower feils to make these.pay�ients or the payments required by Pa.�graph 2.or fails to perform any other . . ..
<br /> a. � . .�. �« covenants and a�reements eontained in this Secwity tnswment,or there is a legal proceeding that may s�gni�cantly affect . , -�.
<br /> . . Lender's rights m the Property(such as a prnceeding in bankrupicy.for condemnanon or to enforce laws or regulations). � .
<br /> . then l.ettder may do and pay whatever is necess�y to protect the value of the Yroperly and Lender's righu in the Property. . .
<br /> ._;. ��;,• , including payment of taaes.hazard insurance and other items menfloned in Paragraph 2. � •
<br /> �:. � . • My amounts disb�used by Lender under this Paragaph shall become an addittonal debt of Borrower and be secured � :
<br /> - � • •. by this 5ecurity inswment. These amounts shall bear interest from the date of disbursemen�at,the Note rate.and at the 4 •
<br /> _ • _• . ' opt�o�of.I.ender.shall 6e immediately due and payable. . I . . • .
<br /> • � ' 7. CondemnaUaa. 'ihe praceeds of any award or cia3m for damages,direct or consequendal.in connection with any �
<br /> �' ' condemnation or other taking of any part of the Property.or for conveyance in pluce of condemnation,are hereby assigned � ., .
<br />_^� and shall be pai�l to Lendes to the extent of the full amuunt of the indebtedness ihas remains unpaid undes the Note and tlus .
<br /> ' � • Security Inswment. Lender shall apply such psaceeds to the reduction of the indebtedness under the Note and this Security � . •
<br /> . : . ..
<br /> _-�_ . �
<br />-_:� . Instrument. fust to any deWtquent amounts applied in ihe order provided in Pamgraph 3.:uid then to prepayment of .
<br /> `�.,�`'�-. .-- ` . --, -.- • pri���y{r�s3. Rs-�y aFplicatiaa af thr p�ia the pnac�pal shall not extertd or pnstpmie the due date of the monthly ,.
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