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<br /> , '= ` BORRO�VER COVENANTS thut Boitower is lewfully scized of the estate hereby conveyed and ha.s the dght to gmnt �_
<br /> ' und convey the Proper4y und that the Property ia urtencumbered,except for encumbtance.q of record. Borrower warrw►tg and �
<br /> will defend generally the tide to the Property e�einst�I claims end demands.subject to any encumbranccw of record. _,
<br /> ;.:� . .•.} , _
<br /> ' UIJIFORM COVENANTS. �
<br /> . • ' l. Aayment of P�[ndpul,Iaterest and Late Cha�te. Borrower sdaU pay when due the principal of,and iiicerest on. _-'
<br /> --` �'` the debt evtdenced by We Note and late charges due wdert�he Note. —
<br /> "'� ��� 2. Monthty Payment ot Texes,Insvranoe�oncl Otlter Charges. Borrower shall Inciude in each monthly payment, --
<br /> f4�.2`_L�}!„-.{-
<br />'��d�: together wlth the prinsipal and intemst as set fort6 in Ute Note and any late charges. a sum for(a) tanes and special �
<br /> assessments levIed or to bo levted against the���erty, (b)lcc�ssehoid payment� or gruund rents on the Propeny. end
<br /> �� (c)premIums for insurance requIred uader Para 4. In any year in wtuch the I.ender mu.gt pay a mortgage insw�ei►ce a
<br />_ .�, premium w the Secretary of HousIng and Ucbaa�crelopment("Secretary").or in any year in which such premium would
<br /> �-?x} have been�equimd if Lender stili held the Securlty Lstrument,each monthly payment shsU also include either.(i) u sum for �
<br /> "� - .��.� the anaual mortgage iasurance premium co be paid by Leuder w the Secretary,or(il)a moathly charge iastead of a mortga�e =
<br /> � • ��# Insurance premium if this Se�urity Instrument is hdd by the Secretary,in a reasonable amount to be detern�ined by the =
<br /> Secnetary. F�ccept for the monWly charge by the Secretary,these items are called"Escrow Items"end the sums pald to Leader _
<br /> '::�r..:, :�: are called"Escrow Funds." =
<br /> ;�;':, :,�: Lender may.at any time.collect and hold amounts for Escrow Items in an aggregate amount not w exceec!the meximum =
<br /> -�-•�°��� amount that raay be requirerl for Sorrnwe�'s escrow account under the Real Estate Seulement Procedures Act of 1974,12
<br /> ��;::�';:" . U.S.C.$ 2601 eL F�q. and ImplemenUag ngulatFare. 1A CFR Part 3500. as they mey be amended from ti�e to tuae -�-
<br /> ;-�,�;•_;�,
<br /> ;:;;�; ,.,, ("RESPA").except that the cushion or reserve pem�I�ecl by RESPA for unandcIpated disbwsemeats or disbursemen�before _-
<br />'"`_g"t��� the Bomowe�s payaeenu are available in tlte account may aot be based on amouats due for the mortgag�im•rance pi•�ium. �
<br /> :__�•'�"•'�! If the amouata held by Lender for Fscrow Iteam excced the amounts pernritted to be held by RESPA,Lender s�sll deal
<br /> �. wlth the eacess funds as required by RESPA. If the vuouats of funds held by Lender at eny tuae are not sufficlent to pay ttce a_
<br /> -�si:` Escrow Items when due.Lender may notify the Barowa and re�uire Bormwer to make up the shortage or defciency as -"
<br /> ��:;�'•''u. • peraiiued by RESPA.
<br /> ;�,.:.r ' The Escmw Funds ere pledged es addieonal sxurity for all sums secured by this Secvrity Insuumeat IF Borrower -
<br />`'h"�^t",.., . tendeis w Lender the full paymeat of ell sucb sums,Bonowe�s account ahell be credited wIW the balance remaining for a11 _
<br />,:_.,�; ,, installment ltems(a).(b).end(c)aad eny mortgage insurence premium installment that Lender has not become obligated w
<br /> _.,�,., pay to tlte Secretery.and Lcnder shall promptly refw�d aay excess funds to Borrower. Immediately prior w a foreclawre sale �
<br /> _ ��;.�'f�• of the PropeRy or itsacquisitlon by Lender. Bornowds aceount shall be credited with aay balance cemaining for sU
<br /> _:-::;�::x^ , installments far items(a)�b),and(c).
<br />---�-•• 3. Applk�atfoa o�Payatents. All payments wder Peragraphs 1 and 2 shall be applied by Leader es folIows:
<br /> •`�'='��� �,Sa,to the snort�v��rnn��tr�i»�ta,ix� �ni�i hy T ender to We Secretary or to the monthly chatge by .
<br /> .�n:r;:;�r.�,� the Secretary itl8tesd of the montWy mortgage im�aaance premium;
<br /> �:x`�t �F�O�iD• to any taxes. specIal assessaaents,leasehold payments or ground rents. end fire. flood aad otha
<br /> _- . s haaaM insurauce premiums,asr�uir+ed;
<br /> ....,.�„
<br /> --�,:�'•�' �,D_,to interest due under the Note;
<br /> ----=- � RTH,to amortizadon of the principal of tlx rTote;
<br />_:=v=�-�+c�� �,w late charges due under the I�fote.
<br />::: °` ° =r�z=� 4. Fire,F1ood and Other Hazard L�suraacG I3arower shall ins�re aU improvements on the Property,whether now —
<br /> ""'�``�` �n existence ar subsequently erected, agaiast any hazards. c�sualdes, and condngencies. including 6re, for w6icd Lender
<br /> �--"""``��'� �qvires insurance. 7bis ins�reace shall be maintained ia the amounts and for the periods that I,eader requires. Borrower
<br />���'��`�� shall also insure all v'nprovements on the Pro�eny, ahether now in eaistence or subsequendy eree.�1,against loss by floods
<br /> -""�`"�°�" w the extent requirei Yy the Secretary. All uisurarne s6ell be canied wlth compauIes appmved by Lender. 11ie insw�ance
<br /> --_��-� po3icies and any reaewals sLall be heId by Leader and shaII include Ioss payable ctauses in favor of,and in a fom► saeptabie �
<br /> = w,I.ender.
<br /> - In the event of loss,Bocrower shall gtve I.eQder irnmediate aodce by mail. Lender may make pmof of loss if not made
<br /> � promptly by Borrower. Fach inauraace company coacemed is hereby authoiized aad dlrected to make payment for such loss
<br /> � =�-:i dic+ecdy to I.euder,instead of to Bomower and w Leader joindy. All or any part of the insurauce procxeds muy 6e applied by
<br />---- ---_- Lender,at its option.either(a)to the redueti�on of t6e indebiedness under the Note and this Secunry Insavment,fvBt w any
<br /> delinquent amounts applled in the order in Peragraph 3. and dien to prepay�nent of princIpal,or(b)to the nesLoradon or repair
<br /> ____ of the daraaged pmpetiy. Anyapplicarion of the pra�e�eda to the ptIncipal shall not extend or postpone tbe due dete of ttee
<br />--__:;�� mondily payments which are refemed to in Paragraph 2,or change the amount of such paymenm. Any excess iasurance
<br /> ptnveeds over an amouatroqwred to pay all outstanding�ndebtedness under the Note end Wis Security L►strument shall be
<br /> ____-- pa�d to the entiry legally entitled thereto.
<br /> --- 1n the event of foreelosure of this Securlty Instrument or other uensfer of fltle ro the Pcoperty that e�cdaguishes the
<br /> - iadebtednesa,ell right,tltle sud interegt of Borr+oaer in and w lnsurence policies in force shall pass w the purchaser.
<br /> ---= 5. Ooaipaacy, Preservatlon, Msfnte�nce and Protedion of the Property; Borrower's Loan Appllrsttion;
<br /> -= I,easeholda Bormwer ehall oavpy.establish.and ute tln Property as Borrower's pnnapal residence withjn sixty days atter
<br /> _ .;_�„� the eacecution of this Securlty Insuument and shail watinue to occupy the Pro�erty as Borrower's principat resldcax for at
<br /> - �° least one eat after the date of occu an unless the Saxe det�miaes tlus ardship for
<br /> -- ..::�-:� Y P �Y, �Y c+equirement will cause undue h
<br /> Borrower,or unless eztenuating circumstances exist which are beyond Bomowei's conorol. Borrower shall notify Leaders of
<br /> � -�--�-'`' aay extenuating ci�Cwnsiances. Borrower shall not rommit waste or desti+oy.damage or subsmntiaUy chan�e the Property oz _.
<br /> �-=-�:�oF�• ullow the w deteiiorate.reasoaable wear and tear ex ted. Lender ma in the Pro �f the is
<br /> - �� �rt3' �P Y � P�Y� �P�Y r�
<br /> =�LL:=���� vacant or abandvned or the loan is in default I�ender may teke reasonable ac6on to Qmtect and preserve such vacant or �
<br />-- -�.���sz� abandoned Property. Borrower shaU alsa be in default if Borrower,during the loan agphca6on pmcess,gave materially false _
<br /> ��'=�v��� or inaccurate infom�atton or swtements to Lender (or failed w provlde Lender with any material infomu�tlon)in connecdon =
<br /> "��•`r� with the loan evidenced by the Note.includin�,but not limited to,representations concerning Borrower's oocupancy of the �
<br /> ��`;�a''' ' Property as a prInctpal resideatce. If this Secur►ry Insn�ument is on a leasehold,Bomower shull oomply with the provisiona of
<br /> �';�'�-:�� the lease. If Bormwer aoquice3 fee tifle w the Pcopecty, the leasehold and fee Ntte shall not be merged unless Lender egrees to _
<br /> .,;-::.a�"�'.. '.�. thC IACi�CI IA W[lUIlg. _
<br /> -�1.R� 6. Charges to Bon+ower and ProtectFon oiLender's Rights fn We Propertgr. Bomower shall pay sill govanmental -
<br /> or municipal charges,fi�es aad imlmsidons tbat arc aot iacluded in Paragraph 3. Boirower shaU pay Wese obligadons on
<br /> ._ s� `.L.....L:J. L •S�� .....�� i0 i.it...�.�.. ..� ......i.i e.i....en1.. aCC� i ruld o infarnef in tM
<br />_,•• _ uiuv vucru7 w un. wua� ...aa�ns w v..w r...ro�..raar u ....w.w �..� :. ...w � �............�.. .. ....��... �M �
<br /> �`-=•,.. .-�. Pcvperty.upon I.ender's request Borro�ver s6all prompUy furnish to L.ender neoeipts evidencing thesepayRtents. �
<br />- " If Bomower fails to m�lce these payments or the payments require3 by Pata�aph 2. or fiils to perfam any other �
<br />'i+i7-��'.�.�''`��� � -
<br />;r•,?,;... . covenants and a�rceraents cantained in this Securit�Ins�umen�or the�e is a legel p�oe�ing that ma s�gnificand a`fect �
<br /> eve y
<br /> Lender's rights �n the Pnoperty(such as a prooeeeLog in bankcuptcy, for condemnatton or ro enforce laws or adons).
<br />- � : then Lender may do ead pay whatever is neoessary to �rotect the value of the P�perty and L,ender's ri�hts in the Pi+operty, _
<br /> : � ' - including payment of taues,dazard insurance and other uems men6oned in ParagraFh 2. -
<br /> My amounts disbursed by Lender under this Peragraph shall ba:ome an addrtional debt of Bornower and be secure�by �
<br /> thia Secvrlty Inswment 'Ihese amounts shell bear interest from the dnte of disbursemestt,at the Note rate.and at the option �
<br />- ,. « of Lender,shull be immediately due and payable. �
<br /> � i
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