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<br /> '�,.;y�.;. : . , . 1. Paymient of Prindpal.IntereSt and Late Ch9rge. Boirower shall pay when due the principal of,aad inten�st on, .
<br /> '`;�,:� � :� the debt evidencad by the Note�d Iate charges dae under tfie Note. _�----
<br /> -'�;: _ 2. lY[ontIifq payments of T�Ljsur�nce aad 04her Ct�arges. Borrower shaD include in each monthlY Pay�ag�►t, ---
<br />.•:.���..• , togedier witb the principal and imerest as set farth in the Note and any tate charges.an installment of any(a)'ta.+ces aad •,
<br />- �i`y� . , special assessmeats levied or to be Ievied againsc the Froperty.(b)leasehold payments or ground rents on the Ptoperty,and —
<br />__'�t�*3T�^?. . • —
<br /> . . , (c)presniums far insuzance r+equired by Pa:agcapb 4. _--
<br /> g a�
<br /> .. .,.: . • Fach monthl}� instaltmena for items ta),(1�)and(c�shall equal one-t}veifth of the anaaal amounts,as reasotrabZy =_
<br /> �,m." ` � `\z' ' � estiruated by L.ender.plas an amount sufficient to maintain an additional balance of not,more than on�sixth of the �—
<br /> � estim�ted amo�mts. 11is fWl annual amaant for each irem shall be accumWated by Lendei within a pe�iod enr�ng oae �___
<br /> - `�>„.._:..�'`=;•,__ . •month 6efore an item would bedcome delinquenL Leader shall Itold the amouns collected in m�st io pay items(a3,(b)aita `-°----
<br /> " r �'%�• (c)before they hecomc delinquen� ' �
<br />� � If a!any time the total of the payments held by Lender for items(a);(b)and(�c).toget�er with the futore mmi4hly
<br /> ` . Payments fur snch ioeWs payatsie to Lender prior to the due dates of such items,exceeas by�more than�one-sixtb the
<br /> : ' �' .�.,.;°'�. ;'� estimated amount of payments cequired to pay sach items when due,and if paytnents on the Note aze cUrrent,then Lender
<br /> • s1�aU either refund the excess over one-sua6 of the estimafed payments or cnedit the excess over one-sxth of the esClmated
<br />_ • .. payments to sabseguent payments by Borrower.at[he oprion of Barrower. ff the totat of the payments made Iry Bormwer
<br /> for item(a).(b),or(c)is insufficient to pay the item when due.then Harrower shail pay tu Lender any ammmt necessary to
<br /> � . make up the deficiency on or before the dare the item becomes due. .
<br /> . � .. ' • . - As used in this Secunty Inst�ument,"Sec�etarY°means the Sec,zetary uf Housing and Qrban beveIopment ar lu's ar her
<br /> - • , • ;�y:�' designee..In any year in whicb the LenGe�must pay a martgage insurance premium to the Secretary.each monthlY PaYment
<br /> ==4' � shall aiso include either: (i) an installment oF the annual�ortgage insvtance premium m 6e paid bY Leade�to ti�, _
<br /> � ��- ' Secretary,or(ii)a monthly charge uutead of a mortgage insurance premiurn if this Sec�crity Instrumeni is held by tlLe -
<br /> ' , . •' Seccetary. Each monthly installment of the martgage insurance premium sha1I be in an amount s�ciert to aa�nmal�e the
<br /> _- • • � • � �ull am►ual mort�ge insursnce preudum with I.ender one manth prior to the date the full annual mortgage insuramce . -
<br /> ° : , ; piemiwn is due to the Sectetary:or if tlus Securiry�In.stramem�s he2d b�r tue Sectetary.each mmnhly charge shaU be in an
<br />'� � . • amoant equal w one-tweifth of one-half percent of the ouutanding princ�pal6alance due on theNote. _
<br /> _, � '
<br /> � � �� If Bormwer tendets to Lender the fuU pa eni of alt sums secuied by dvs Security Insaument,Borrower's account
<br /> .. := ._��:.,. _ .
<br /> :� • . . " "-- �- ---.... ---�- �shall-be�credited�-�ith the balance remaining- or_all.insiallments.for�tems�a),(6).-and-(c).�►d�ny�nqrtgage insurance. .__.
<br /> .. � premium installmeat that Lender has not become obligat,zd to pay to tbe Secietary,aad I.ender sball prompdy refimd any
<br /> . ,: =�`- �" excess funds to Borrower. lmmediately prior w a foreclosure sale of the Property or its acquisition by Lender,Barmwer's _
<br /> �`'' ' � ' axount shall he credited witb any ba�ance temaiaing fos all installments for items(a),(b)and i�)• � ----
<br /> � � '� 3. Applicatioa of Payments. All pa}mients under Yaragaphs 1 aad 2 shall be�pplied by Lender as follows: °°---
<br /> •• -� •• � °�� � S to the mswance 'um to be azd b Lender ro the Sec�e or to the�nomtil c e b the �
<br /> . . ; --.- �T._T...- - m��$e� Frem�- -_. P. Y. �Y - . y. �--.Y -----
<br /> • ' , Secretary�nsfead-of flie monthiy inortgage wsuiance premi�im; • ' �°�=
<br /> �� � SECOND.tn any taxes,special assessmenu,leasehold payments or ground rents,and fire,fiaod aad other hazara ����-
<br /> , ` . ia5urance premiums,as required; ��'r�� .
<br /> . ' TMRD•to interest due under the Nou:
<br /> , '� • - F�31�RTH.to amortizadon of the principal of the Nate;
<br /> •�,to late charges due under the Note. ' "
<br /> • 4. Fire,Flaod and Other Ha7ard IaSUrance. Boaower shall insure all improvements on the Peoperty.whether now
<br /> . , ' in existence or subsequendy erected,against any hazards,casualties,and contingencies,including fire,for which I.eftder e '�
<br /> , � ,.;_ requir�s insia�ance. Tt�is insurance shaU be maintained in the amounts and for the periods that Lender requines. Borrower :";;,,.,...
<br /> • ' ' shall also insure all improvements on the Property,whether now in existence or subseguently erecced,against loss iry floods `
<br /> • . - - to the extent required by the Secretary. AU insw�artce shall be cazried with companies approved by Lender. The insurance
<br /> � . policies and any renewals shall be held by Lender and shatt include loss payable clauses in favor of. and in a form '�'•�
<br /> . , ' acceptable to.Lender.
<br /> '•� .' ' In the event of loss,Borrower shall give Lender immediate notice by mail. Lender may make prnof of loss if not 1'' � _
<br /> �., • ° made promptly by Sorrower. Each insarance wmpany concemed is hereby authoriud and directed to malce payment for =�;�j��:�
<br /> • ' such loss directly to Lendes.instead of to Botrower and to I.ender jointly. All ar any part of the insurance ptoceeds may be �;i�
<br /> �:
<br /> , .. � applied by Lender.at its option.either(a)to the:�edaction of the iadebtedness under the Note and this Secunty Instrument, � •��. _
<br />. • �� ; first to any detinquent amounts applied in the order in Paragraph 3,and then to prepayment of principal,or(b)to the , �� `
<br /> . ceswradan or repair of the damaged prnperty. Any application of the proc.�eds to the pnnc�pal shall noi eatend or Qostpane -�+%'�'�'•`;
<br /> ' '� � `•`�:� � the due date of the monthly payments which are referred to in Paragraph 2,or change the amount of such payments. Any .�;� = �-•' � � -
<br /> ,,�. .,,..,� - excess ins¢tance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Sec�uity ; . . � - ,
<br /> � Insuument shali be paid to the enti�legally entitled thereto. � . � .-t ..,;'
<br /> • �n the event of foreciosure o this Securiry Instrument or other transfer of title to the Property that eMinguishes the � �• �
<br /> � '�.�t � � indebtedness.all right,tide and interest of Borrower in and to insurance policies in force shall pass to the purchaset. '. . '.`}ir,,,•'��°
<br /> � • � • . 5. Oocaipancy, Prese�vatlon, Maintenance and Protection of the Property; Borrowe�'s Loan Appliartion; ' .+;- .
<br /> � � Leasehoids. Borrower shall occupy,establish.and use the Property as Borrower's pnncipal residence within sixty days •
<br /> � ' . after the execution of this Security/nstrument and shall continue to occupy the Property as Borrower's principal residence ;
<br /> . for at least one year after the date of occupancy,unless the Secretary determines this requirement will cause undue hardship � .
<br /> . � for Bmrower. or unless extenuating cusumstances exist which are beyond Borrower's conuol. Borrower shall notify � � .
<br />- ' • �.� Lenders of any extenuaturg cizs�unstanccs. Borrower shall not commit waste ar destroy,damage or substantially change . • �
<br />- � � the Property os allow the Pmperty to deteriorate,reasonable wear and tcar excepted. Lender may inspect the Ptoperty if the . .
<br /> ' • Property is vau�nt or abandor�ed or the loan is in default. 4ender may take rer�sonable action to protect and preserve sucfi ,
<br /> - �: ��' : vacant or abandoned Property. Bortawer shall also be in defauit if Borrower,during the loan application process.gave �
<br /> • .< . .. material{y false or inaccurate infom�tion or statemenu to l.ender (or failed to provide Lender with any material ,
<br /> . . infoRnation)in connecdon witl�the loan evideneed by the Note,including,but not limited to,representations conceming ,. .
<br /> ' Boirower's occ�iQancy of the Ptoperry as a prineipal residence. if this Security Instrument is on a leasehold Borrower shall �
<br /> �:..• �� compfy with the prov�stons of the tease. ff Borrower acquires fee titte to the Property,the leacehold and fee titte shall not � , .
<br /> • ' , be merged unless Lender a�nees to the merger in writing. • ` .
<br /> ' . 6. Charges to Basro�er and Pratectton of Lebder's Rigbts in the Property. Horrower shall pay all governmental � .
<br /> �' ' ot municipal charges.fines aad impositions that are not incladed irr Paragraph 2. Bo�rower shall pay these obligations on � •
<br /> • " time di�ecdy to the entity which is owed the payment. If failurc to pay would adve�se3y affect Lender's interest in the .
<br /> . . • .,a:�� . Property,upon Lender's request Botrower shall prompdy fumish to Lender receipts evidencing these payments. � . �
<br /> • •• i If Borrower fails to make these payments or tHie payments required by Faragraph 2,or fails to perform any other . �
<br /> • • covenants aml ageements contaiaed in this 5ecuriry Instrumerit.or there is a legal proceeding[hat may significantly affect
<br /> - . . � Lender§rights in the PYOperty(such aq a proceeding in banlwptcy.far condemnation or to enforce laws or regulations). , ' '
<br />-- � . � • then Lender may do and pay whatever is necessaryi to protect th�valU�of th�Propetty and Lender's rights in the Property. �
<br /> ' � � including payment�of tanes.hazard insurance and other items ir,.enrioned in Paragraph 2. . '
<br /> gra
<br />- My amounts disbursed by l.ender amder this Fara�saph shall6ecome an additional debi of Borrower and be secured " •�
<br /> ' � �°' by tLis 5ecu�ity Inshvmen� These amounts shall bear mtetest ftom the date of disbutsement.at the Note rate.and at the .
<br /> - � . -. - option of l.ender„shall be irnmediately due and payabte
<br /> -. .�' • � . ?. CflaBemnatIon. Ttie proceeds of any award or ciaim for damages.direct or consequential.in connecdon with any
<br />— • � condemnation or other ta&ing of any part of the Property,or for conveyance in place of condemnation,are hereby assigned � . � .
<br />- '� '. • ' and shall be p;dd to Lender tv the extent of the full amount of the indebtedness that remains uopaid under the Note and this ' �
<br />�; � •. � . Securiry Instrument. i.ender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security
<br />—� �_; instntmeny�irst to any deLinquent amounts applied in the order provided in Paragraph 3,aad then ta prepayment of
<br />� �°� . - pm[cipat. Mq appticauon of the proceeds to the pmicipai sfiati not extcrta ar pvstp�me the du�datr uf 1t�c muntniy . - - -�.__ ..
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