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<br /> - . . � 1. Pa en4 af Priacipal,Inter�t aad Late CSa�a �orrowes shall pay when Que Ypnncipal of_and'uiteiest on,
<br /> y `t�'` �• � �� �`� the deEst e'd�enced by the Note and lat'e chargas due under the Note. . ' . '�
<br /> " •• 2. Monthly payments of 7haces►�ce aad Othee Charges. Borrower shall inctude in each monthlY P�°�� .,''�•� � ' .��.
<br /> .. . ` " wgether with the principaJ and inteiest as set foRh in the l�ote and any late charges,an instaltment of any(a)taxes and i . �r
<br /> :'';���•:�, . �� _'� �� s�ecial assessments lev�d nr to be tevied against tha Property,tb)leasehold payments or ground rents on the Froperty.and �' `< < . . , • ,. �
<br /> '��f� . � ic)Ptemiums for insurance c e q u i c e d bY Pa*agraPh 4. � ,
<br /> � ' Eacl�.montdily installment for items (a).'(U) and.(c)sha11 eqaal one-twelfth pf t;ie annual amounts. as reasonably ' �� 'z,:
<br /> � eslimated by I.ender, plus an amaunt sufftcient to ptaintain an additional balance of not mare than one-sixth af the ; - • -
<br /> 8A
<br /> � � estimated amounu. The fn11 annual amount for each item shall6e accum u laz e d by Lender within a p e r iad ending one
<br /> ' montti befo�an ifem would become delinquent. Le�er shall hold the amounts collected in tn�st to pay items(a},(b)and _ ;__ •_. _
<br /> �..:��.��: .
<br /> --- `,.;— - (c)6 e f o r e t 6 e y become delin qncnt. an d(c).to e r w i t h t h e f u t m e monthl y ° �-- —
<br />- � If at aa}�hme the total of the paymenu held by Lender for items(a).(b) P� .
<br /> , ��" � , ,' payatents for,such items payable to Lender prior to the due dates of sucb items.eaceeds by more thaa one-s'vtth the , .
<br /> ' estimated amount of payments required w pay such items when dae,and if payments an the NoLe are cwrent,then Lender,
<br /> ' shail either nefund the excess over one�i.tth of the estimated payments or credit the excess over one-siath of the estimated .
<br /> � �,. ;. �� ` paymeats tn subsequent payments by Bormwzr,at the o�tion of Borrower. If tha total af the paYmet►ts made by Borrower , - _: `
<br />- ., , .� , •: for item(a),(b),or(c)is insufficient to pay the item when due.then Borrower shall pay to Lender any amount necessary to �
<br /> � mak+�up the deficiency on or before the date the itetn becoraes due. �r�,`>=. �� . . .
<br /> '�,4.��� •.- As used in this Security Instrument,"Secretar7+"means the Sacretary of Kousing and Urban Devetopment or his or her , . ' �
<br />- ::t �;':,;` designee. In any year in which the Lender must pay a mortgage ia�rance premium to�e S tecretary.�d b �n�W the . '
<br /> shall also include either. (i) an installment of the annual aiortgage insurance pie um . P Y , , �,a�
<br /> - .' . g��yr,or(u)a monthly charge instead of a,mortgage u►su�ance premium if this Secunry Inmumeni�s held by the _ Y. -:1�.:f,
<br /> , �- i� ' Secretary. fiach munthly instaliment of the tnortgage inswance premitun shaU 6e in an amotuit sufficient to accumalate the �< <.. �...
<br /> '' full annual mortgage insurance premiwn with Lender one month prior to the date the ful!annual martgage instvance � ,._.,f' :;�y
<br /> '. • - � . ' • pn�tnium is due to the Secretary:ar if this Sec�riry In$miment is held by the Secretary.each monthly charge sha116e in an ;, ,
<br /> • amount eqval to one-twelfth of one-l�alf percent of the ouutanding principa16alance due on the Note. ' �a`..,�:_;'•:`.:=;�:__,
<br /> " � ` • If Bormwer tenders to Lender the full payment of all sums s e c u r e d by t h i s Securi t y Instrument,Bom�wer's account� .:�-. .-�; -,.-_�:
<br /> �� `. . -� � � � shall be ctedited with tbe balance remaining for all installments for items (a),(b)and(c)and any martgage instuance __ _
<br /> ,_• . .._ �.. _._ r .._ _: ._.._.. ga P Y . _Pr°_ P Y - -- ,,t�'r.
<br /> ` � . � preniiumins(allnt�arthaa-Lender�hasnotbecome abli ted-to a sos}ie Sec�tary>and,l.ender shaU m tt refund any ----.-- � _
<br /> • ' ' ' � excess funds to Borrower. Immediately prior to a foreclostue sate of the Property or its acquisition by'L.ender,Borrower'� -- :.,�,--
<br /> . �' . account shall tse credited with any balance remaining for all installments for items(a).(b}and(c)• ��•� .��
<br /> � �•�. .� . 3. ApplIc�t�on of Faymeats. All payments�nder Faragr�phs 1 and 2 sha116e applied by Lender as follows: {,: �_,
<br /> � ' .,. , ' 1tS�,' to the mortgage insurance prettuum to be paid by Lender to the Secretary or to the mont6ly charge by ths � '�.,: : `
<br /> • �,:-:•;._.,. ,. ..�,'.:...,
<br /> - r , _ . _ g��ry_�ad of the monthly mortgage insucance prem�!un;
<br /> _ . �. .' CO to any taxes.speci a l assessmenu.tease h o l d p a y m e n t s o r g r o w t d r e n t s,a n d f i r e,flood and other hazard ., .�,,'� .
<br /> • . . .. insurance premiums.as reqwted: . , `.:
<br /> . . ' �� THIRD•to interest due ua der t he N.L; - : r
<br /> : � '• - .. . FOiJRTH•to amortization of the principal of the Note; . :.;�,
<br /> i. ;.- `. . .'1:_ �,to late charges due under the rtote. .
<br /> • • q, Fire,Ftood and Other Hazard Iasurance- Hoirower shaU insure all improvements on the Proper[y.whether now
<br /> � � • in eaistence or subsequentty erected,against any hazards.casualties,and wntingencies,including fire,for which lxr►der
<br /> " � iequires insurance, 'Chis insurance shall be maintained in the amounu and for the periods that Lender requires. Borrower . .� _
<br /> ' � �� � - • �shaU aJso insure all impmvements on the Pcoperty,whether now in existence or subsequently erected.against loss by floods .��
<br /> - � to the extent uired by the Secretary. All insurance shall be carried with campanies approved by Lend f.dein a farm `'' �';�
<br />_ .. -- pokcies and a�ny renewais shall be held by Lender and shall include loss payable clauses in favor o. ry� __.
<br /> -= acceptable to.l.ender. , '•F: .
<br /> � �� In the event of loss.Borrower shall give Lender immediate notice by mail. Lender may make proof of toss if not :� Z.p �
<br />- � �- made pmmptly by Borrower. Eacb insurance company concemed is hereby authorized and dimcted to make payment for „�,
<br /> (r � ` ' • - such lass dim,ctly to Lender.instead of to Borrower and to Lender jaintly. All or any part of the insutance pmceeds maY be � ,;�,�
<br /> _ , �•"•. '� ';� ' ap�lied hy Lender.at its opuon,either(a)to the reduction�of ihe indebtedness under the Note and this Secwiry Instrumen� _ , �r��.•__
<br /> f-. •:'� � fitst W ariy delinguent amotu�ts applied in the order in Paragraph 3,and then to prepayment of principal.or(b)to the ,.;,,;-�
<br />�, , ; '," '.' -:.
<br /> restomtion or repau of the damaged property. Any application of the pr�oceeds to the principal shall not eatend or pastpone ,..
<br />- �`�� the due date of the monthly payments whuh are refemd to in Paragraph 2,or change the amount of such payments. Any . . :: �•g_.:.
<br /> A % „ � � `.:•�'.:� ' �
<br />_ � � • excess insurance ploceeds over an amount required to pay all outstanding mdebtedness�mder the Note and this Securi i:,,-- �
<br />; 1� ,�` N'- insuutnent shall be paidto�the entity IegaUy entitled thereto. . ; �.`-'t:;�,;� ;-
<br /> In the event af foreclosure of this Security Insm�ment or other transfer of tide to the Property that extinguishes the ,, - :• � .
<br /> - � .��'' indebtedness.all rigl►t.title and interest of Borrower in and to insurance policies in force shaU pass to the pucchaser. • `-�a� ..��.:
<br /> • • � S. Occupancy, PreservaUon, Maintenance and Protection of the Property; Borrower's Loan ApplIcatton; • ,; .
<br />�' : . ,. : Lqseltolds. Boaawer shall occupy.establish.and use the Froperty as Borrowers principal residence within sixty days , � _;-
<br />- • after the execudon of this Security Instrument and shall tontinue to occupy,the Properry as Borrower's principul rescdence �
<br /> . - . . � for at least one year after the date of accupancy,unless the Secretary determmes this reqwrement will cause undue hardship .. .
<br /> - •�'� • . �� for Borrower. or unless extenuaring circutristances exist which are beyond $orrower's conuol. Bosrower shall notify
<br /> l.enders of any extenuating circumstances. Borrower shall not commit waste or desuoy,damage or subssantially change
<br /> - "�' • � ' � � � the pmpesty or allow the Properiy to deteriorate.reasonable wear and tear excepted. Lender may mspect the Property if the
<br />-� ' property is vacant or abandoned or the loan is 9n default. Lender may[ake reasonable acuon to pro�ec�t on processe Save •�
<br /> � � � vacant or abandoned Property. Borrower shaq also be in default if Borrower.during the loan app' p g , , •.
<br /> ` materially false or inaccurate information or statements to Lender (or failed to provide Lender with any matenal --.
<br /> ', • ' � �. information)in connection with the loan evidenceA by the Note.including,but not lim�ted to,representations conceming
<br /> " � � Borrower's occupancy of the Property as aprmcipal residence. If this Secunty Instrument is on a leasehold Borrower shall �
<br /> • '•�� comply with the provis�ons of the lease. If Horrower acquires fee title to the Property,the leasehold and fee title shall not •
<br />� ' .` be mer�ed untess Lender agrees to the merger in writin�. .
<br />_'; ' � ��, 6. Charges to Borrower and Protection of Lender's Rights in the Property. Bonower shail pay all govemmental
<br /> � . or manicipal charges,fuies and impositions that are not included in Parag,raph 2. Borrower shall Qay these obligations an . � .
<br /> • ' time directly to the enGty which is owed the payment If failure to pay would adversely affect Lender's interest in the .
<br />�: : - .:� ,`"�� � property.apon l.ender's reyuest Borrower shall promptly fumish ta Lender receipis evidencing these payments. .
<br /> � ,��,�-•�• lf Borrower fails to make these payments or the payments required by Paragraph 2.or fails to perform any other
<br /> - '�� ? � covenants ani!agreemenu contained in th�s Securiry Instrumen�or there is a legal proceecWg that may s�gnifscantly affect ,''° �.
<br /> • � Lender's rights in the Property(such as a pmceeding in bankruptcy.for conc�emnation or to enforce laws or regulations),
<br />- -. , •, • then Lender may do and pay whatcver is necessary to protect the value of the Property and Lender's rights in the Property. . .
<br /> � inciuding paym:nt of taxes.hazard insnrance and other uems mendoned�ie Paragraph 2.
<br /> • • Any amounts disbursed by Lender under�this Paragraph shtill become an additional debt of Borrower and be secured
<br />-., -- .. ' , by this Security Inswment. These amounts shall bear interest from the date of disbursemenr,at the Note rate.and at the .
<br />- `'� . . - - option of Lender,shall be immediateIy due and payable. . .
<br /> 9. Condemnation. The pmceeds of any award or claim for damages.direct or consequential,in connection with any
<br />- �' " condemnation or other taking of any part of the Property.or for canveyance in place of condemnation.ate hereby assigned !
<br /> -�� � and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and Jvs
<br /> ' � Seeurity lnstrument. Lender shall apply such proceeds to the redac6on of the indebteilness under the Note and this 5ecuriry
<br /> " � (nsmimeq4 first ro any delinquent amounts apphed in the order provided in Paragraph 3. and then to prepayment of !
<br /> �- - -_---_ --`--� grinci�l. Any applicauan of the proceeds to the principal shall not extend or postpone the due date of the monthly ;
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