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<br /> ��s'-�� . 1. �yment�Pslu,cTpa�.Iater�s4 e�d La�te C�as�a Bono�ver sha11 pay when due the principal of,and interest on. '�` • .f =_
<br /> ;����; � ` •t h e d e 6 t e v i Q c n ced b y t�e No.e and late c t r a r ges Sue undPr tite Note. `"� -
<br /> -,���.,�• �. �qn�y��y�tents p�Ttises,Irtsuraace s�nd Oiher C� Borro�ver s h a l l inc iu de irt e a r h m o n t h i Y p a Y m e n� . -^� t; .
<br /> �'�����'. top�ther svitb the princ►pa!and intemst as s�t foreh in ttee Note and any tate cbarges.an instaltmen.of any(al taxes�td .� � � :.� �
<br />`�~`�` " ,special assessments[evied or[o be l�ci8d agair►�t the FroP�tY•t6)[easchold paymenis or�round rents on the Property.and . �. _
<br /> �
<br /> ���� (c)greuuums for insurance required hy Paragraph 4. , ; �'-
<br /> - -�Y Eac� �nor,shIy instalIment for items (aj. (b}and (c) s6a11 equal one-tweifth of the annual umount,.as reason�biy . `` `t ' _
<br />:��'.T�°;n' es�matcd by Leader,plus an arnount suffecient to acaninin an�dditiana16a1ance of not mare than one-sixth of the estimatcQ "� . �<: '
<br />-;.'���';�� � ' amouats. 'ihe fult annual amount for each itecn shaII be accumult�teed by Lender w�ithin a perind enQing one month before an �. - ';�,,r'.,<.�`• �`_�
<br /> �r- Rem would become detinquent. [xadesr shall hold the amounts callected in nvst to pay rtgms(a>,(b)and(c1 before they : fi s� •�,,, �
<br /> ._. . . becorr.e deGnquenw x, :
<br /> _f. � _,. ,� .. If at any [ime the t�tat of rhe�yments 3ieid by f�tder for iteins(a).tb3 anc!tc):tage�her with the future mnnthtY . • . �- _ _.
<br />��� ;•:,�'� �.•. Paycnent�for such items payable to Lender pnor ro the due dates of sucb iterras.exceeds by�nore than one-sixth the estimated <c�_ >
<br /> ,Y,�# • ,
<br /> amoUnt of paymems cegiured to pa�t such items whcn due. and if p�ym.ertts an the Note are cauren4 then I.ender ,
<br /> > '� �� � shall e'iher refund the e�cess avet one-suth of the esdmated(raYn'-etlts 4r credit the excess nver one suth of the estimated , � �� ;� � •`
<br /> " ; �— ---- �ymencs ta�iuseqarn3�ayru�t'cis�.y:orro�.���ticsc sf SssrrQ�er..If Lhe tota1 of the paymeau made by Borrower -<,� � ' t_
<br /> `�'.�_.�'• for item(a).(b).oi tc)is insuffrcient to pay the item when due.then 8otrower s�n�!p�y.to l.ender any amount necessary co :,,.�,s�:y„ ��.
<br /> cuaice up the deficiencg on ar before tl�e dats the item becouies due. ' �
<br /> � � .n i�����.�s.�`�'T.
<br /> tY� , � d Urban Develo ment or his or t�r � ' _
<br /> ��: As used in this Secarity Tnstrum�en4"S�"m�the Secretary of Housiqg,rn P =-
<br /> Y'-= des{�.ee. In any year in which the I,ender must pay a mastgage insutance premflum to the Secn�tary(ot any year um cvhicb -
<br /> .���;��-�-. such.p�etz,uwn would i�ave bcen required if the Leader srill.hetd th�Security InswmEnt).each monthIy payment shall also E�� f'���� ,�-
<br /> �.;.���� iac1U�eith4r_ (i)an instaltmer_t of the annuai mortgage insucaRCe premium to be paid by ixnder fo the Secresary,or(n)8 �.� `_
<br /> � �c:. � • mo,qtbly,charae instead nf a mortgage insurance premium if this Secnrity Isistrument is held by the Secretary+s Each monthly ��,x. _..�_�__
<br /> -�"-°'�''����``�'�' installment of the mortgage insarance pnemiwn shail be in an amannt st�fficient to accumulate the full annual mortgage
<br /> ��-
<br />_~�_`�''�'�� insaraace premium with Lender ane monlh prior to the daoe the fuA annual mortgaoe insurastce premium is due to the �.:*�---
<br /> �x`�� � S or if this Security Insueiment is hetd by the Secretary, each monthty charge shall 6e'in an amount equal to '� `_-
<br /> � -"'•" V �of flne-hali percent of the nutstunding princlpal balance due on the Mote. � ,�,:;�_ _-
<br /> ?:���_�,�,'•, If Borro�ver tenders w Lender the fuU Qayment of aIl sums secured by this Secnrity Inswm�ib Bosraw�'s secouas �.•_��-��--_�:,
<br /> ��-���, shall 6e credited with.the batance remaining for aIl installments for itc7m(a).(b) and(c) and any mnrtgage Inst�nn�ce _��_
<br /> � =�;;: premium iastaUment that.L�nder has not become obligated to pay to the Secretary.and[.ender shall promptly refnnd any YW_�_
<br /> __ . exoes�funds to Borrower, �mrr�ediately prior to a Eoreclosure sal�of the Property oi its acquisi6on by Lender,Borrower'$ � �,;;;:,,.
<br />-" �'��, accounc shall be credited with any balance remaining for all installments for items(a),(b)and tc). �—
<br /> .' .,,� 3. A p plIcation oi Pa y ments. All payments under Paragraphs 1 and 2 s6a11 be applieA by Lender aS follotvs: �'����
<br /> �- .--°°--�-� FIIiS'�to the martgage insurance premium to be paid by L.ender to the Seccetary or to the monthly charge by �---=''�'�"�'
<br /> ��%;� the Secretary instead of the monthly mortgage insurance premiam: -- -
<br /> ,._ •_
<br /> - — _ ��th'.�;�cr�y=ta�ces.sp�iai�ssessments. Ieasehvhl�,ayt;�a�ar gru:�rani�.�.f,r�Qand.aa ,o _�__ '- - ._- -��- _-
<br /> '� '. hazarct insurancc premiurrLs.as requaed; -� - �.,
<br /> IFt w'interest due under the Note;
<br /> ,�,4 FOU '�taamortization of the principa!of the Note; . , �
<br /> �� '•• "• '.�'f.' F___��_'F!,to[ate charges due under t�e Note. �
<br /> �'` • �" '� ' . 4. Fire,F[aod snd OtBer HazarO Insaranc� Bosrower shall insure all improvements on tt:e Property.whether now -
<br /> �,S;s;.:: i,::• .
<br />_.:,;.,;tm_,i � P�existence or subsequendy erected. against any hazards.casualties,and contingencies, including fire. for whirh Leader
<br /> ��-,;.�.� .
<br /> �rr;:'�fj�s�,.f.�.; erc�u i t t r s i n s u r a n c e. T h i s.i��u r d n a c s h a l l b e m a i n t a m e d i n t h e a m o u n t s a n d f o r t h e p e ri o d s t h a�Lender r e quires. �Borrower �,_
<br />__-=4%"'�'�i• �•' ' sitall atso ia5ure all impravements on the Property.whether now in existence or subsequently erecced.agamst toss by floods
<br />'".:�:�ty�,.yn�.:vf:1'. ��e extent.required by the Secretary. All�insurance Sh a ll be carried witt►companies approved by LendeT. The insurance --- -
<br /> , ';`:��`��� � poticies aad any rene�vals shall be hetd by Lender and shal!include loss payable clauses in favar of,and in a form acceptable
<br /> �r. �:.;,.�;} to.Lender. -- —
<br />��`•-;�« _ � In the event of lo.ss.Borrower shall give Lender inunediate norice by mail. Lender may makeproof of loss if not made •
<br /> - �,�.fa-•'�-
<br />":;.`����,�. • promptly by 8orro�ver. Each insurance company concemed is hereby authorized artd.directed�to make payment fur sach loss ,�
<br /> '`�'""' ' '`�`'�;• � d'uectly to Lender,instead of to Borrower and to l.ender joindy. AU or arry part af�tie insurance procceds may be applied by _ �=-
<br />...�-��;r��Y�"��,ii!••.. .�-.�..�.��
<br />, .- , ;s�:-;,: .. Lender.at its op6qn.efther(A)to the reduction of the ind�btedness undec the'*�Iot��this Secunry Inswmeni.fust m any ��_
<br /> '�•'- � ����'�� � delinquent amounts ppplied in the order in Paragraph 3,and then to prepayment of princ�aJ.err(b)to the restoration or repair
<br /> _;_�;�.�t�!�f�ti4',�`,; �rr+e`= —
<br /> ;,;:,,,-� of the damaged pmperty..Any applicadon of the proceeds to the pnnc�pal shall r.ci��:nrf oc�a�one the dae date of the
<br />°�:;;�r;`��`'' monthly payments which are referrr.d ta in Paragrnph 2, or change the amovntat sncf�•p�aymeut�. Any excess insuranoe -
<br /> `'"�� ceeds over an amount required to pay all outstand�tndebtedness under the Nat�and this Scxuriry Tnswment shull6e __ _
<br />`.;i:�;�s;�y:,„y r : k�g. -_-
<br />�-�=s: ; �"rd to the entiry legally entided thereto.
<br />`�:"`"' '`• Yn the event of forealosure of this S'ecuriry Instrumcnt or other tran5fer of[itle to the Property that cxtingui�h�the
<br /> ` '• ' �- -�`',� indebtedness,all righ�titte�r►d intetest of Borroa�er in and to insurance policies in foree shaU pass to the purchaser. `�°'r��•�:'=
<br />_ :'..,> � �',,� . . 5. Qa�pamcy. Preservutlon, Msintenance and P�cotectioa of ihe Property: Borrower•s Loan AppUca@oa, ti��'���e�,_
<br />•'=4:y�`�: �� �-, l.easeh�►ids. Horrower shall occupy,establish.and use the Property as Barrower'c principal residence within sixty days after p-G_;;�_�,_-
<br /> ►
<br />�',;,f;7'�.��.-''� t�.:e execution oF this Security Insvument and sha11 cantinue to occupy the Property as Borcower's principal res�dence for at ;;�i;� "=z
<br /> T_z ,.s�-�;,: t�;.. • � -
<br /> sti;t:r" � : •�. 4�st one yeac after the date of occupancy,unless the Secretary determines this requirement�ill cause undue hardship for '" �;�",�� �`^�� �
<br /> • ..,, , Borrower,or unless extenuating circumctances exist which are beyond Borrower's convol. Borrower shali noafy Lenders of - .
<br /> :=: �= ,� :'�� , any extenuati�b circumstances. Borrow•er shall not commit waste or destroy,damage or substanpally change the Property or . � . :'•,,::�,_��;;�:t� '
<br /> {'-_ �''� aitow the FraFercy co deteriorate.reasonable wear and cear excepted. Lender may mtipect the Ptoperty if the Property is • sw.
<br /> '�• Y ,.�"I.ri.R�l-�,''
<br /> •�,,.;•��-��, " vacant or abandoned or the loan is in defauIt. Lendet may take reasonable action to protect aitd preserve sach vacant or ;r,� .,
<br /> J r. .Y 5,'��'.`.:. ��
<br /> ,�: ryi� abandoned Property. Born�wer shall also be in default if Borrower,tluring thc loan application pmces.s,gave materially false •
<br /> '�� ?•�' ' ' or inaccvrate information oc ntitements to Lendcr(or fai:�d to provide Lender with any macerial informatiun)in conqection � .
<br /> °`��`�-e�;-� cvith the toan evidenced by the Note.inctuding,but no:[:mited to,repre�cntauons cnncerning Borrower's ac�:upancy of ihe .
<br /> s=='�""�r�'. •Propeny as a priacipal residence. If this Secunry instrument i.s on a Irasehold.Borcower shall compty wiih the provisions of _. �� � • -
<br /> --;n+-,�,:�:�� . , . .. . .
<br /> ::.i;�;=:;�t;;.. , t h e l e a s e. I f$o n n w e r a c q u'v e s f e e t i t�e t o t h e P r a p e rt y.the Icusehold and fee title shall not bc merged untess I.ender agrees to
<br /> ':;��u'r-`1:�.�' c.�ie�nerger in vmdng. . ,
<br /> --::�-�4` ���' � 6. Chac�ges to Borro�ver and Protection oY Lendee's R1gh�s in the Peoperty. Borrower shall pay all govemmental .
<br /> :;.;=;:��^.'_-u.
<br />.. �;,e�,� or municipal charses.fiirs and impositions that are not included in Pnragraph 2. Sotta«�er shall pay thes.obi�gations on
<br />- =''= �'�` � time d'uecdy to the entity which is owed�he payment. If failure to p�y woutd adversely affett Lsnder's mterest m the
<br /> `��w°�"`'���'• Property.upon l.�ender's request Soaower shall prompQy fumish to l.ender rcceipts cvidcr.cin��hc�e payinenGs.. �
<br />- ��.a:u`.T_•'". .
<br />::_;�� ,���'-' � If Hormwcr fails to makc theae payment�or the payments requirecl by Parngraph 2. or iails io perform:u�y other :
<br /> T � onvenant�.and.a$reemerrtv contained in this Security inshvmcnt,c►r the� is a legul proceeding that may stgniflcantly affect .
<br /> �a� '"�� � Lcader's rights in the Prape�cy(such�s a proceeding in dankruptcy.Pur condemnution or to enforce laws or rcguladons). � �
<br /> t;.� � � ° th°ttl L.etldCi Rl:ry do and pay wi�ainvri i�iece�.�,y tv���tect t�e�aiuc cf thc�rope�;and l.end�7 s n�s in !he PropenY• -`�; - -�--
<br /> �•�?'R-�•� ';� including payment of tazes.hazard insurance and other�tems mentioned in ParagraRh�3: � . .
<br />;.y,:�.• .
<br /> . Any amounts di+bursed b�l.ender urider this Paragraph shall become an add�►ional debt of Bnrrower and bc secured by
<br /> _�:=;.:s'.',`.:° �r. '� this Security Instrument. These amounts shalt bear intecest from the date of dis6urscmen�at the l�iote tate.and at the optio�� �, •
<br /> � � � • of[.ender.shgll be immediatety dae und payable. : '
<br /> E.}J ��'>j '�. Co�temaatioa 'fhe praceeds of uny award or claim for dama�es.direct or cunscyucntial:in connection with any ,; _
<br /> .• . ��^�?� ' :�i condemnauon or other taking of any p�rt of the Property,or for com•cyance in place oF condemnauon,are hercBy assigne�i ,.. � . . ,
<br />.���'� ::;y;:•";.�•i astd sha11 be paid to Lertder to the exsent of the fuU amaunt of the indebtedncts that remains unp;ud undcr the Note and this ' '4 ..
<br /> Security inst4ument. l�cnder shall apply such procce�ds tn thc reduetiun uf thc indebtedness under thc Notc;uid thi.Sccurity
<br /> � _ �i InswmenG first to any �eGnquent amnunts nppLcd in O�c order ptovided in Parasraph ?. and thcn ta prcpayment uf
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