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<br /> ��� l. Fiiqaaent of�inctpsl,Laterest aad A.3te CGae�e. Barrower shall Qay when due the principat of.snd int�rest oa. - , « < . : s _
<br /> Y•�. `(j � � ' ��
<br /> -�� F-�.y• thc debt evideaced by the Note s�nd late charges due under the Note. -
<br /> n , �. �
<br /> 'a=��:��`� Z. Moat�ly payments of Tctxes.Insurance and Othe�?Ciiurges. Borsower shalt inctude in each monttily paymen� •,��; � 4
<br /> ��� �.. ts �
<br /> - �r�,#; togethcr witf�the prins��t and int�rest es set forth in th�Afote and any I�te chargcs.an installment of aslY(a)Wxes and ,� , .
<br /> __ 3i spacial assessmeats Icvied ot to b�levied against the Preperty.(b)lcasehold payments or ground cenu on the Property,nnd �,�.
<br /> —•�:� (c)Premiums for insumnce�equi�d by F�mgaph 4. ' � �`
<br /> ---�t� _�,�; Eash monthtx instullment for items(u).(b)and (c)shall equal one-twethh of the annual amounts.as reasonabiy , �
<br /> _• r estimated by Lender. pIus an amount suffccient to maintain an addittona! balance of not more than ane-sixth af the , �' F 4=
<br /> _����.� � t.�.,_ estimated nmounu. Th�full a[uival amount for each item s h a l l b e accwmulat e d by�.ender within a period endin g�ne
<br /> �� atonth before an item woutd 6ecome d e tinquen� I.en der s h a U ho t d t he amoun t s c o l l e c t e d i n t r u s t t o p a y i t e m s(a).(b)a s i d • .. . :
<br /> `�f' �`^ (c)6eforc they become delinquent. �
<br /> .�- - .�..�., .
<br /> 4�— - �,��-.,• . if at any amc t�c totaf of the gayments l�eld by Lender for items(a).(b)and(c),tngether with the futus�.monthly _ _
<br /> ��.-•.c ,�. payments for such items'payable to Lender prior to the due dates of such items,exceeds by more than one-sixth the - . ,, ;.
<br /> �` ,'�t.� estimated atnount of payments tequim�!to pay sach items when due,and if p�ymenu on the Note ate cur[en�then I.ender � .
<br /> shaU eith�r refund the excess over one-sixth of the estimated pa�rmenu or credit the excess over one-sixth of the estimated _ � `-
<br /> ���:�. paymeats to siabseguent payments by Bormwer.at the option ot Bomnwer. If the total of the payments made by Bomnwer -�� °,:;�
<br /> . ��a for rtem(a),(b).or(c)is�nsnfficient to pay the item when dae.theA Borrower shall pay to Lender any amount necessary to . •
<br /> " i i'� -;� =�, make up tfie def�cieACy an or before the date the item becomes due. < '' ;•�� ''
<br /> ;� -`' . As used in dus Securiry tastrument,"Secretary' means the Secre[ary of Housisig aud Uiban Devetopment or his or hec . � �•;�,` .. , ." •.
<br /> :^� designee. Ir.any yeas in which the Lendermust pay a mortgdge insurance premium t;,the Secretary,each monthly payment •. - :
<br /> :� : - :Y shall also inctt�de either: (i}an installment of�he annual martgage insurance premium to be paid by Lender to the • � . '::�-.�_
<br /> _,;,�,,,::� - Secretary,or(ii)a monthly charge instead of a moRgage insurance premium if this Security Insuvment is held by the ' ��.�,�,�.�
<br /> ,r-t,h�•.;. gecretary, gach monthly installment of the matigage insurance premium sha116e in an amount sufFicient to ar,cumulate the _ .
<br /> _ .� � ' . fiill annua!mortgage insurance premium with I.ender one month prcor[o.the date the fuU annual mortgage insutance . ; • � _
<br />_ �� premium is due to ihe Secretary:or�f tlus Security Insuument is held b�the Seccetary.each monthly charge shall be in an �
<br /> � i. _ ''� �' amnunt equal to one-twelfth of one-half per¢ent of the outstanding princ�pal balance due on the Note. �. r �:'"�
<br /> '.' w.-';�; � If Bo�wer teaders m Lender the full paymeat of atl sums secured by this Security Instrument,Bormwer's account . ' �°
<br /> ;.`� t ' � ` • shall be cnedited Evith the balaace remaining for aU installments for items(a).(b)and(c) and any mortgage insurance . .:� '
<br /> r:
<br /> �. .�,-x�_
<br /> � `'` premi�rn installment that Lender has not become ob3igated w ay to the Secmtary,and Lender shall rom dy refund an�r •
<br /> - _... ., . • �-
<br /> . .
<br /> -- -� • �� .
<br /> �..:,.i-:-,�_ ._. _..._ .__. ..-�x�c.ss funds-to Borrower.�Immediately-prior to�a�faiectosure�$aIe of the-I�roperty nr-iu acquisition.byJ.ender..Borrowees . ---. .------'-. •"'.
<br /> - - '� �� = accoum shall be credited with any balance remammg for all installmeats for items(a),(b)and(c?• • , . , �'
<br /> _- :•'�:�.- ' n of Fa en3s. All a ents�usder Para hs 1 aad 2 shall be applied by Leader as follaws: • . •��}/-��
<br /> ' � 3. Appl�c�$o y�l P Y�! $�P �-.� r�
<br /> . , y�a. .
<br /> j'�•'.:;;:� �� �T,to the mortgage uunrance prerrnum to be paid by Lender to the Secretary or to the monthly charge by the • ° �r ,+r'�
<br />�; .,.,°;� :� �x'�"�, gecr�etafy instead of the monthly mortgage inswance premium; ..
<br /> _ -;���,---:= .--.�•-�� S�,to any taxes,special assessments,leasehold payments or goond renu,and fire.flood and other hazard �--�-'
<br /> _ P'r�'F'F:�:, ���,i 1115111'3IICC pICRl1UIIlSs'dS fCt�111I?/�.� . �� <
<br /> .;. '- :'_ss..;.��.+ ' , ;' r �S
<br /> - '.::'�.� . . :-= � THIRD•to mterest due under the Note; � << . ` •`', '
<br /> _� ',��:;_�,�j,�.: � �O11RTH.to amortizadon of the principal of the Note: - '
<br /> . <.� .•� � ,$Ij,to late charges due under the Note. -
<br /> . ' :::f�-.�-:';•f;�; .�
<br /> �� �'j�,�:�•, o ;. 4. F'u e,Fiaod and Ottter Ha�.ard Insurattce. Borrower shall ins�ue all impmvecQeants on the Property,whether now •:�• .•�. '��
<br /> �t ' ;���.���� � in eaistence or subsequentJy erected,against any hazards,casualties.and contingencies,including fire.for which Lender :�
<br /> reqa9res insurance. This insurartce shall be maintained in the amounu and far the periads that Lender requires. Borrower ' ��'���. _
<br /> ' ,;;°I shall also insure all improvements on the Property,whether now in existence or subsequently erected.against toss by tloods •
<br /> - •'` ta the exteat requued by the Secretary. All insurance sha(1 be carried with companies appmved by Lender. The insurance ' ' :'.�✓�,+
<br /> _._, Y " -�*�,.,� ' policies and any ienewals shall be held by Lender and shall include loss payable clauses in favor of. and in a form , � {�•:;.
<br /> � � .•.. ac�ptabte to.L.ender. - ---- .-•, :,_:
<br /> , � .. , �,�,s `�' �a� . I n t h e e v e n t o f t o s s.B o r r o w e r s h a l l g i v e l.e n d e r i m m e d i ate notice b y mail. Lender ma y make praof of loss if not :..�
<br /> ;'ri; �P: •:.,....�. : .
<br /> � =�'��'.t.•_ '� made promp l ly by Borrower. E ae h insurance company concem e d is h e r e b y a u t h o ri z e d an d d'u e c t e d t o m a k e p a y ment for • _ +J};
<br /> ' " � �:�:' sach loss directly to Lender,instead of to Borrower and to l.ender jointly. All or any part of the insurance proceeds may be � �
<br /> :!� applied by Lender.at its option.either(a)to the mduction of the indebtedness under the Note an d t his Sec�rity I nstru�nen� . . ���_
<br /> . 'F4.:d.. . ..
<br /> ,,;l.,;__ f u st w any d e linquen t amoun t s a g p li e d in t he order in Para g r a ph 3.and then to p r e pa y ment of principal,-or(b)to the , ,
<br /> t�", - :���';�;;�;;c• m��ration or repair of the dama�ed property. Any appGcarion of the proceeds to the pzincipal shall not extend or postpone .
<br /> „ • the due date of the monthly payments wh►ch are referred to in Paragaph 2.or change v'�e amount of such payments. My . .
<br /> -• � excess insutance proc�eds over an amount required to pay all outstanding indebted�ess under the Note and this Security �
<br />' ' i__ Insuument shall be paid to the enriry legally enuiled thereto. '`'�
<br /> .�--::
<br />�� .s. r•_• In the event of foreclosure of this Security Insuument or other transfer of titte to the Properry that extinguishes the . `.=?�
<br /> • � � ���;� �� indebtedness.all right,titte and interest of Borrnwer in and to insurance policies in force shall pass to the purchaser. • �� +r,,,�.-"�
<br /> �' S. Occups�ncy, Preservat�on, Maintenance aad �otection o f t he P rope�y; Borrower's Loan Appltcatlon;
<br /> -. : �.�:��, : n ; �,,:
<br /> •^;•.�_:.:;�•:: . . Lease6nids. Borrower shall occupy,establish.and use tf�e�roperry as Borrower's pnncipal residence within sixry days . . . ,
<br /> + `�-�`' ' ��• after the executian of this Security Instrument and shall condnue to occupy the Property as Horrower's principal residence „ ,
<br /> • '' �� „�.;. for at least one year after the date of occupancy.unless the Secnetary determmes this requirement will cause undue hardship
<br />�. -:'��,�_�.• for Borrower. ar unless extenuating circ�tristances exist which sire beyond Borrower�s control. Borrower shali notify .
<br /> {,.�._..�
<br /> r
<br /> - t�,,, .�. � Le n d e t s o f a ny e x t e n u a d ng c i r c�u n s t a a c e s. Qorrower shall not commit waste or destro y,dama ge or substandally change
<br />�` %�'' �� "� tite Property or allow the Property to deteriorate.reasonab'.�wear and tear excepted. Lender may inspect the Property if the � .
<br /> r�., u. < ,
<br /> Flvperty is vacant or abandoned or tiie loan is in default Lender may take reasonable action to pnotect and preserve sach
<br />-- vacant or abandoned Property. Borrower shall also be in default if Bolrower,during the loan applicarion process,gave , • . . .
<br /> materiall�r false or inaccurate mfom�ation or statements to Lender (or faiied to provide L.ender with any matenal •
<br /> informauon)in connection wIth tlie loan evidenced by the Noie,inciud'sng.but not limited to,repmsentarions concemutg • , •
<br /> Batrower's occupancy of the Property as a principal residence. If this Secunry Instnunent is on�leasehold.Borrower shall .
<br /> comply with tttc proviscons of r,he lease. If Borrvwer acquires fee title to the Property,the►easehold and fee title shall not .
<br /> be merged unless Lendes agees to the merger in writing. ,
<br />" '�' 6. C6arges to Borrower and Protectton of Lender's Rights in the Property. Borrower shall pay all govemmental
<br /> -'�--"`�••--s��"'�' or municipal chaiges.fines and impositions that ace not includrd in Para�aph 2. Borrower shall pay these obl�gations on ,:
<br /> -*�- ' ' time di�cdy to the enUty which is owed the paymenG If failure to pay would adversely afFect Lender's interest in the �
<br /> � _ = Propexty.upon 1.ender's request Botrowet shall prompiiy fumish to Lender receipts evidencing these paymenu.
<br />-- -- ' � If Bormwer faiLs to make these payments or the paymenu required by Paragrapb 2.ar�fails to perform any other �•
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