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<br /> c�Y �'� L Payment of Prindpal,IInterest and Late Charg� Bam�wer shaU pay when due the pn'�c��o��tcrest on, ` � -
<br /> � . `�5�• the debt eufdenced by the Note aad tate charges due under tfie Note. � �
<br /> --�� �`� ' � Z. R2ont6ly payments of Taxes,Insarance aud Other C6seges. Borrciwer shali include in each monttily payment: , . _ . ",�
<br /> rr
<br /> .,' �•:`�.`�� � together with tRe priacipal and intecest as set forth in the IVote and any late charges,an installment of any(a)taxes and . ` . .. :.�=
<br /> �..�'. � •` �, special assessments levied or ro be levied agamsi the Froperfy.(b)leasehold payments ar ground c�ents on the Property.and _ ,. : ,,�
<br /> ., �
<br /> < (c)premiums far insurance rec{uired by Paragraph 4. ' .•
<br /> --�•:<•• �� . Each monthly instalIment for items (a),(b)and(c)shall equal one-tarelfth af ths annual amounts.as reascmably
<br /> • L - �,C��,. u''r
<br /> -- � estimated by Lender. p}ns an amouat svfficient to tnaintain an additional balance of n�t more than one-sixth of the � , ,
<br /> ��. .. .` ' estiinated amounts. 'ti�e full annual amoum for each item shall be accumulated by 1-ender withit►a period ending one . .
<br /> _ - �. ��..--=�.?y -� . month before an item would become delinquertG Lender shall hold the amounts callected in trusa to pay itea�(a).(b)and _ ��
<br /> _ _ (c)before they become delinquen� �; _ _
<br /> �,Y� ,- .� If at any ti�ne the total of the payments held by Lender for items(a),(b�and(c),tog�ther a�idi the firtune monthly
<br /> � paymenis for such items payabte to Leaider prior to the due dates_of such items,exceeds by more than one-sixth the
<br /> r, �• - • estimated anlount of payments nequired to pay such items when due,and if payments on the Note ate current,then Lender ,
<br /> ' - shaU either refimd the excess over one-sixth of the estimated payments or credit the excess aves one-sixth of the estimated _ ;. .�_ ; _
<br />- , ` �. " . _ payments to subse�uent payments by Bomnwer,at the oprian of Barrower. If the total of the payments made by Borrower
<br />- . ' � for itsm(a),(b),or(c}is insufficient ta pay the item when due,then Borrower shall pay to Lender any amount necessary to , : . • ,
<br />_ � ' ' • matce up the deficiency on or before the date the item becomes due. � .� • � �
<br /> � ps used in this gecurity Insnument,"SecreEary"means the Secretary af Housing and Urban Devetopment ar his o�her ,
<br />_ , desigaee.-In any year in which the Lender mast pay a mortgage insurartce piemimn to the Secretary,,each monthty payment '`
<br /> ' ' shall also inclnde either. (i) an installment of the annual mortgage insurance premium to be paid by Lender to the • .. . .
<br /> `.'.':; -.::.��� Secretary.or(ri)a�momhIy char�e instead of a mortgage insurance premium if�his Security Inswment�s held by the
<br /> � Secretary. Each monthiy installment of the mortgage insurance pn:mium sha116e in an amount sufFcient to accumotate the . .. _ _?
<br />- ' fiil1 aimual mortgage insnrance pre!nium with I.ender one month prior to the date the full annual mortgage insurance . , �< • ..
<br /> �; premium is due to the Secretary;or if this Security Instrument is held by the Secretary.each monthly charge shal!be in an
<br />_ �,.�'� : � amouut equal to one-twelfdi of one-half percerit of the outstanding grincipal balance due on the Note. �� i� . :' : . -
<br /> If Borrower tendets to Lender the full paymeat o�all sums secured by this Security Insuument,Borrower'�account • . ..
<br /> ` �' ' ' '� ' sha11 be cmdited with the 6alance remaining for all installments for items(aI.(b)and(c)aad any mo e insurattce
<br /> . .. . ��
<br /> ,- -=..=�..-.--., -- - --. ._..__. ..._premium.installmentihat.l.�ad�r has not,become obligated to_pay to the Secretary,and Leuder shall promptiy refimd auSr ,,'�.
<br /> � ' � "' excess funds to Bonnwer. lmmediately prior to a foreclosure ssle o�tlte Piopeify or its aCqtttsiti�strby Ixnder;$or[uwer's -� �---� - -- --�-�--�_� .
<br /> ` �:
<br /> � � • � � account shall be credited with any balaace remaining for all instaWnents for items(a).(b)and(c). ;�`.
<br /> - , • . 3. AppUcation of Payments. AU payments under Paragraphs 1 and 2 shall 6e applied 6y Lender as iollows: • �>>.�'`�-
<br /> . , F�$�,,to the mortgage insurance premium to be paid by Lender to the Secretary or to the manthly charge by the ;;< ' —
<br /> • Secretary mstead of the monthly mortgage insurance premium; ,� ' �� ~-'�
<br /> - ; � - -SECOND:to ai►y taxes,snerial assessments.lease ho l d paymen u or gmu n d r e nts,and fue.flaod andother hazand : "'�. ••�s• _
<br /> .. .. . . insurance piemiums.as re9uued; ' i4 t • �„
<br /> ' . � . ` I�i KI D,to inteiest due iutder the Note: ;
<br /> -• FOURTH-to amortizauon of the principal of the Note: ` � `
<br /> � ''._.�_:._'�' F�,to tate charges due underthe Note. �
<br /> • • ' 4. Fire,Floud and Oth�r Haa:.�t!IIr.s�essnc� Boaower stiall insure a11 improvements on the Propecty,whether now _ _ �: ,�"'�r
<br /> . � �� in existence or subsequently erected.against any hazards.casualties,and contingencies,including fiie.for which Lender • . `•��� •
<br /> requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower ,;
<br />- � shall also insure all improvements on the Praperty.whether now in existence or subsequendy erected aga�nst loss by ftoods ��•_��• �a��
<br /> • to the extent reqaired by the Secretary. All insurance shail be carried with companies approved bv Lender. The insurance �' ���
<br /> :•�-.� .' � - - - -- - policies am1 any renewals shall be held by Lender and shall 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 immedia[e notice by mail. Lender may make proof of loss if not , � -: . _
<br />- . ' ' ' ' . � made promptly by Borrower. Each insurance company concemed is hereby authorized and directed to make payment for . •;;: ;:'
<br /> "-' � ' such loss directly to Lender.instead of to Borrower and to L.ender jointly. All or any part of the insurance proceeds may be � . �� %��
<br /> ± 4:. .. ' � ' �• applied by Lender.at its option.either(a)to the reduction of the indebtedness under the Note and this Secunty Insmiment, `,`�%/�
<br /> _ . . t"irst to any delinquent amounts applied in the order in Paragraph 3,and then to prepayment of principal,or(b)to the _ _
<br /> - ' �' � . restoration or repa�r of the damaged property. Any application of the proceeds to the pnncipal shall not extend or postpone
<br /> i� : • � the due date of the monthly payments which are referred to in Paragraph 2,or chan�e the amount of such payments. Any ,
<br />-- • � � ,•� eacess insurance proceeAs over an amount required to pay ull ouutanding indebtedness under the Note and this Securiry
<br />- �._. � � .. Instrument shall be paid to the entity legaliy entitled thereto. � _
<br /> � � [n the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the ' �. •
<br /> � � � " indebtedness.all right,dde and interest of Borrower in and ta insurarice policies in force shall pass to the purchaser. �� �:�
<br />- . � ' S. Occoaancy, PreseevatIon, Maintenance and ProteMion of the Property; Borrower's Loan Appltcatton; � � •• �
<br /> Leaseholds. Borrower shall occupy.establish,and use the Property as Borrower's pnncipal residence within sixty days
<br /> � � ; . �• ' after the execurion ot'this Security lnswment and shall continut to occupy the Property as Borrower's principal residence •
<br /> . • - for at least one year after the date of occupancy,unless the Secretary determirtes this reqwrement will cause undue hardsfiip .
<br /> for Borrower, or unless extenuating cireurtistances exist which ace beyond Borrower§control. Boaower s6a11 notify .
<br /> ' • � Lenders of any extenuadng circumstances. Boaower shall not commit waste or destroy,damage or substantially change
<br /> � � the Prope�ty or allow the Prorperty to deteriorate,reasonable wear and teaz excepted. Lender may inspect the Property if the
<br /> , , ,„ Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such
<br /> � vacant or abandoned Property. Horrower shall also be in default if Borrower.during the loan application process,gave „
<br /> , � . materially false or inaccurate information or statements to Lender (or failed to pravide Lender with any material
<br /> � ' : �. � information)in connection with the loan evidenced by the Note,inciuding,but not lim�ted to.representations conceming
<br /> � ' � Borrower's occupancy of the Property as a principal residence. If this Securiry Instrument is on a leasehold.Borrower shall
<br /> , " • comply with the prov�sions of the lease. If Borrower acquires fee title to the Property,the leasehold and fee title shall not
<br />- �� . � � be merged unless Lender agrees to the merger in writing. �' '
<br /> - '� 6. Charges to Borrower aad Protectlon of Lender's Ri�hts in t6e Property. Borrower shall pay all govemmental �
<br /> - •� • ' or municipal charges.firtes and impositions that are not included in Paragraph 2. Borrotiver shall pay these obligations on
<br /> � . - - . time direcdy to the entity which is owed the payment If fuilure to pay would adversely affect Lender's interest in the -
<br /> • ` Property.upon Lenders requcst Barrower shall promptly fumish to Lender receipts evidencing these payments. .. .
<br /> � � � if Borrower fails to make these payments or the payments tequired by Patagraph 2.or fails to perform any other
<br />- - . � � • • covenants and ag�eements cnntained in th�s Seeuriry Inswment,or there is a legal proceeding that may stgnificantly affect
<br /> _ ,. .�� � �� ,. l..ender's rights in the Property(such as a proceeding in bankruptcy,for condemnahon or to enfarce laws or regulations). �
<br /> � • • then Lender may do and pay whatever is necessary to protect the value of the Property and Lender?s rights in the Propeny.
<br /> ' � � including payment of ta�ces.hazatd insursutce and other items mentioned in Paragraph 2. �
<br /> � • � . �. My amounts disbursed by i.ender under this Para�raph shall become an additional debt af Borrower and be secured �
<br /> • Dy this 5ecurity Instrument These amounts sha116ear mterest from the date of disbursement,at the Note rate,and At the �
<br /> - . . � • optcon of Leader,shaU be immediately due and payabte. � � � �
<br /> - ` . - 7. Condemnatton. The proceeds of any award or ciaim for damages,direct or conseyuential,in connection with a,�y !
<br /> ' � ' � condemnation or other taking of any part of the Property.or for conveyance in place of condemnation,are hereby assigned I . �
<br /> �. � attd shall be paid to Lendet to the extent of the full amount of the indebtedness that remains unpaid under the Note and this k
<br /> � .'. `. Securiry Instrument. I.ender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security `
<br /> . � � � Instrument, first to any delinquent amounts applied in the order provided in Paragraph 3, and then to prepayment of (
<br /> � principal. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly [ �
<br /> [ �.
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<br /> . . • . (YQSe 2�4 page�) i �
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