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<br /> TUC}�THER WI'fH ail the impr�vements now or hercafter crectcr! on the property, and ctll casementx, rlght�.
<br />_= uppurtcnanres.rent�;,roynities.mincrnl.oil Artd gn.4 r�Bhtx und prafits.wuter rial�ts and xtack und all flxtures no�v ar herc,atter A
<br /> pnrt af tt►e propcny. Ail replaccmen�v and additions shnll niro be cavcred by thiw 5ecu�ity Instrument.All uf the forcgoing is
<br /> refcrred t�in thls Security Instrum�nt as the"Propcny."
<br />" BORROWER COVENANTS that 8arrower is lawfully aejse�i of thc cstatc hereby canveyod and has thc d�ht to gmnt nnd
<br /> canvey the Property and thut thc Property is unencumbered,except for encumbruRCCr af record. B�rrower warrants artd wip
<br />� dcfcnd gcncrally the tItte to thc P�•a�ety aguintit uli cluims And dema�ids,subjeci w uuy eiKUmbrsnces of recard.
<br /> 1.Prnyment of Frincipal,dnternst ond Late Chnr�e.Horrower shuil pay when due the princIpal of.und interest an.the
<br /> debt evIdenced by the Nate und late churg�due urtder the Nate.
<br /> 2. Monthly Peyment o! Tazes, Insurntt�e und Other Charges. Borrower shall irtclude in euch monthly pay�ent.
<br /> tagetlzer with tlie principat attd inte�est as set forth in the Note r�nd nny late charges.a sum for(a)taxes artd apert�l�.ssessmenta
<br /> tevied or to be levIed a�ainst the Property. (b) leasehold payments or �rourtd rents on the Property, and(c) pnemlums for
<br /> insurance required urtder parngraph 4. In any year tn which the i.ender must pay a mortgAge insUrance premium to the
<br /> Secretary of Housing and U�an Development("Secretary•)�or in any year in which such prem{um would have been requlred if
<br /> I.ender still held the Security Instrument,each monthiy payment shall also include either: (i)a sum for the acuwal mortgage
<br /> insurance premium to be paid by Lender to the Serretary,or(ti)a monthly charge instead of a mortgage insutance premtum if
<br /> this Security Instrument is held by the Secretary, in a masonable aniount to be determined by the Secretary. Excert for the
<br /> monthly charge by the Secretury.these items ere called "Escrow Items°and the sums pa�d to Lender are called"Escrow Funds."
<br /> [.ender muy.at any time.rnllect artd hold amounts for Escrow Items in an aggregate amount noi to exceed the mnximum
<br /> amount that may be required for Borrower's escrow acoount urtder the Real Estate Settlement Procedures Act of 1974. 12
<br /> U.S.C. Sectlon 26t11 et seq, and implementing r�egulations. 24 CFR Part 3500� as they may be amended ftom t�mB to tlme
<br /> (°RESPA").excepi that the cushton or reserve permItted by RESPA for unanticlpated disbursemenu or dlsbuisemenu betore
<br /> the Borrower's paymertts are available in the account may not be based on amo�u►ts due for the mongage insurance premium.
<br /> If the amounis held by Lender for Escmw Ieems exceed the amounts permitted to be held by RESPA.Lender shall deal
<br /> with the exccss funds es required by RESPA. If the amounts of funds hetd by Lender at any dme are not sut�icieni W pay the
<br /> Escrow It�ms when due, I.�nde,r may notify the Borrower ared nequine Botrower to make up ihe shortage or det"uiency as
<br /> pennitted by RESPA.
<br /> The Escrow Funds are pledged as additIonal security for ell sums secured by this Security Insuument. If Borrower tenders
<br /> , to L.ender the ftal payinent of ail such sums,Bornnwer's account shall be credited with the balance cemaining for all Insmllmeat
<br /> items(a). (b), and (c)and any mortgage insurance premium instalirrtent that l.ender has not beoome obligated to pay to the
<br /> Srrretary. and I.ertder shall pmmptly refund any excess funds to Borrower. Immadiately prIor to a foreclosure sale of the
<br /> ' Property or its acquisition by Lender,Bomower's aocount shall be cre�ited with any balance mmaining for all instellments for
<br /> items(a),(b).and(c).
<br /> � 3.Application of Psiyments.qlt paymenu under paragraphs 1 and 2 shall be applied by Lender as follows:
<br /> First,to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary
<br /> instead of the monthly mortgage insurance premiwn;
<br />' Second,to any taxes.specinl 3ssessments.leasehold payments or ground rents.and fire. flood and other harard insurance
<br /> premiums.as required;
<br /> � Thicd,to iatemst due ander the Note;
<br /> : Fourth.to amorti�ation af the principat of the Note; .
<br /> Fifth.to late cher�es due urnler the Note.
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