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<br /> I ` 96""�.«iZ�1►9 LOAN N0. 1 5:�s z i a e o e =—
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<br /> � 1.Paymani ot Princlpal,lntarest antl l.�to Charpe. Borrower sl�all pay when due the princi�al ai,and Interost on,
<br /> tttie dpbt ovkiPnced by tha Nate and lato charges due urxlar tha Nota. l��"`
<br /> 2.fV�onthly Paymartt�ol Tax�s,Insu���a,on.-D Oihar Char9e�. 8orrower shall Include in each monthly �"�
<br /> payment,toflether with the princi�a1 and Interost As set forth In the Note and any lata charges,a sum for(a)taxes and �_=
<br /> speclal assessmants tavisd ar to bo lovlod a�alnst the Property, (b)teasehdd payments or ground renY9 on the �:-
<br /> Propehy,and(c)Euomiums for Insu�ance requ(red under Paragraph 4.In any year In wh�h the Lender must pay a ,_r.
<br /> mort�age Insuran�o premlum to the Seetetary of Housing and Urban Development('Secretary"),or In any year In which
<br /> � suchp�amium�coud have been raqufrad ff LRnder stAl hetd the Security Instrument,each monthly paymertit shail aiso '�
<br /> � Inciude either.(i)a sum for the a��nual martgage insurance premlum ta he paid by Lerxler to U►e 3eeretary,or(Il)a E---'
<br /> ; monthly charge instead of a mt�rtgafla Insurance promium tf this Security Instrumsnt Is held by the Secretary.In n �`
<br /> � reasonabta amount to�e determineci by the Secretary. Excopt tor the montt�y char�o 5y tho Secretary,these items �`=_
<br /> � are Ca��ed"�scrow Items"and the sums paid to Lender are callec!'Escrow Fu n ds"
<br /> Lender may,at any time,cdlect and hdd amounts for�sGrow itoms in an agqregato amount noi to ekcsaci the �`-
<br /> , m a�c i m u m a m o u n t t h at ma y ba r e quired tor Borrowar's escrow account urxier the Roal Estase Sattlomant Procedures ���__
<br /> � Act ot 1974,12 U.S.C.�260'at seq. and lmptsmenting regulations,24 CFR PaR 3500, as they may be ame�x i e d irom �_ ,
<br /> ' � time t�2lme("RESPA"),excapt that the cushlan or�aserve permitted by RESPA for unanticlpated disbursements or '�
<br /> I disbursemonte betore the Borrower's payments are avallabte In tho account may not be based or►amounts due for the
<br /> I m0itgaqe Insurance premlum.
<br /> i It the amounts hetd by lerxier tor Escrow Items axceed the amaunts permltted to be hacd by RESPA, Lencler shall
<br /> deal wkh the excesa tunds es requked by RESPA. If the amouns of tunds hetd by Landac at any time ara no2 seff�lent
<br /> to pay the Escrow Items when dua,lender may notiiy the Bo�rower and requlre Borrower to make up the shonage or ___
<br /> ` defic�ency as permftted by RESPA. �;�=-
<br /> The Escrow Funds are pledged as additbnal securiry tor alf sums secured by this Security Instrumen2. ff Borrower �s
<br /> � tenders to Londer the fufl payment of all such sums,Borrower's account shall be credited w'dh the baSance remalning _
<br /> for all lnstaliment items(a), (b).and(c)and any mc,rtgage Insurance premium insialiment that Lender has not become
<br /> � obilgated to pay to the Secretary,and Lender sihall promptly refund any excess iunds to Borrower. Immedlately prlor to
<br /> _ a foreclasure sale oi the Properry��its ac uisitlon by Lender,Botrower's account shal�be credited with any bataatice .
<br />. �ematNnq for atl InstaU�s�en2s for ftems(a),�b),and(c). „ �,� ,,.��,�n�r{p,�3S ft�IIC�WS' -
<br /> ` �- 1 3.AppUc�tion of P�ynwnts. Ail payments under Parayraa�i�1 a�2.�h�..•b����l�,. 1 ---
<br /> � FIAST•to the mortgage Insurance premlum to be paid by Le�der to the Secretary or to the monthly char9e by the
<br /> ; � Sec r e tary fn s iea d o f t h e m o n t h(y m o r t g a g e I n s u r a n c e p r e m i u�nts o�groU�d rents,and flre,flood anci other hazard =�•
<br /> ' $ CE OND,to any taxes,special assessme�is,leasehold pay
<br />*• a insurance pramiums,as�equlred; �'
<br />: � � THIRD,to interest due unde�the hoie; :r�-•
<br /> FOURTH,to amonization of the pr�cipal of the Note; :�=-
<br />���.� ��I ,to late charges duo under t�e Note. �=
<br /> 4.Fire,Flood and Other H�u►;9 f�surance. Borrower shall in�ure atl improvements an the P�operty,whether --
<br /> u►
<br />;'�' � �o w I n e x i s i e n c e o r s u b s e q u e n U y e r e c t e d,a g a i n s t a n y h a zards,casualties,and contingencies,including fire,for which e
<br />�..� Lender requires insurance.This insurance shail be maintained in the amounts and far the periods that Lender requires. _
<br /> - Barovirer shall also insure all improvements on the Property,whether now in e��stence or subsequently erected, __
<br /> againsi loss by floods to the extent requir2d by tha Secrstary.Atl insurance shatl be carried with co�npanies apRrov2d
<br />- by Lender.The Insurance pollcies and any re�owals shall he hcP�by Lender and shall inc'ude loss payable clause5 in
<br />:j;�� favor of,ancS In a fom�acceptabte to,Lender.
<br /> "` I�the event of loss.9onower shall give Lender immediate notice by mail.Lender may n�ake prrsof ui lo;s'd not
<br />'� _ mu�lw�xrxnattv bv Borrower.Each insura�ce company concemed is hereby authorized and directed to rnake payment -
<br /> ='�_- for sucl:loss dire;.tly to Lender,instead of to Borrower and to Lender�olntty.fui or any paR oi ine+nsur-,u z�-�N�c+c:�s `
<br /> , � may be appiled by Lender,at its optEon,either{a)to the reductbn of ti�e indebtedness ur�der the Nota and this Sectuity
<br /> Instrumer�,flrst to any deUnquent acnounts appifed in Yne order in Paragraph 3,and thei►to prepayment of principal,or
<br />'���' (b)to the restoration or repair of the damaged property.Any appUcation of the proceeds tothe principal shatl not __
<br />:�, ext¢nd or postpone the due date of the monthly paymen4s which are referreci to in Pa�agraph 2,or change the arnouni
<br />°�. of such payments.Any excess lnsurance proceeds over an amount requlred ta pay all o�sistanding indabtedness under
<br />�� the Nate and this Security Instrument shall be patd to the entity legalfy enii�ed thereto. - -
<br />:;� . In the ever�t of foreclosure of this Security Instrument or other transfer of title to the Rro�eity that extinguishes the -
<br />-.�: indebtetiness,all rlyht,tNe and inter�si of Borrower in and to insurance poiicies in force sh;�pass to the purchaser.
<br />;� '.,� 5•pccupaney,pnservation,�Ilaintenance and Protection of the Property;Borrov�er'�losn Appllcation;
<br /> __._..��..►, .,.,.+......•►...u.�,...n.�.�e•R.�.rnw�+►'c rxinrinq)rw¢iderx�Wlthlrl SixtV d3VS
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<br /> � after the execudon of thls Securiry Instrument and shall continue to occupy the Property as Borrow�er s principal —
<br /> resldence fw at least one year atter the date of occupancy,uNess the Secretary de*.ermines this requirement will cause
<br />;,,� undue hardship fw BoROwer,w ttr�iess eMenuating ctrcumstances exlst which are beyor�d BorrowePs contrd.Borrower _
<br /> ' shall notify Le�de�s of any extencatiag circumstances.BoROwer shall not canmit waste a�desiroy,damage or _
<br />�� subsiant{ally change the Peoperty or allow the Property to deteriorate,reasonable wear^.r�d tear excepted.Lender may
<br /> inspect the Property�f the Property is vacant or abandoned or the loan Is U defauit.Len�ier may take reasonable actbn
<br />;� to protect and preserve such vacant or abandoned Property.Borrower shall atso be in defauit if Borrower,during the =-�-
<br /> ��' loan applit�tion process,gave ma2eriaUy talse o�inaccurate informatlon or statements to Lender(or faAed to provide
<br /> �'� Lender wfth any material iMomsattor��in connection with the loan evidenced by the Note.including,but not limited to, -
<br />'`�� representations conceming Bor,ev:e►'s xcupancy of the Properry as a principal residence.If this Security Instrument is `
<br /> � on a leasehdd,Borrower shall comply with the provislons of the lease.If Borrower acqui�es fee fdle to the Property,the �-
<br />. ; � leasehdd and fee tNe shatl not be merged uNess Lender ag�ees to the merger in writing. _�_
<br /> 8.Charges to Borrower and Protoctlon of LendK's Rights in tiw Property. Borrawer shall pay ali qovemmental ��
<br /> or municipai charges,flnes and imposftions that are not included in Paragraph 2.Borrower shall pay these obligations
<br /> "ss on time diredly to the eniiry whlch is owed the payment.If failure to pay would adver5ely affect Lender's interest in the
<br /> Properry,upon Lenders request Borrower shall prompUy fumish to Lender recetpts evidencing these payments.
<br /> 't�t � ff Borrower 4aAs Yo make�hese pa �� nts ar ilza p�.yrssa�:s reqe�i by Paragraph 2, Qr fa�s to pe�to�n any other --
<br /> � � � covenants and agreements contained in this Security InstNment,or there is a legal procaeding that may signiflcaruly ,
<br /> affect Lender's rights tn the Property(such as a proceeding i�b a n kruptcy,for c o n demna t b n or to entorce taws or
<br /> regulations),then Lender may do and pay whatever is necessary to p�otect the value of the Property and LEnder's �. -
<br /> rishts in the Property,lncludirsg payment of taxes,hazard insurance and other items mentbned i�Paragraph 2. 14=,
<br /> My amounts disbursed by Lender under this Paragraph shatl become an additional debt of Borrower and be =:
<br /> secured by this Security Instrument.These amounts shall bear interest from the date of disbursement,ai the Note�ate.
<br /> and at the option of Lender,shall be immediaiely due ar�d payable. --
<br /> 7.Condemn�tlon. The proceeds of any award or ctaim for damages,direct or consequenttal,in connectbn with �
<br /> any corsdemnation or other taking of any part of the Property,or for conveyance in ptace of condemnation,are hereby
<br /> asslgned and shall be paid to Lender to the extent of the full amount of the indebtedness that rematns unpaid under the
<br /> Note and this Security Inst:ument.Lender shall apply such proceeds Lo the reduction of the irxlebtedness under the F�=
<br />� Note and thls Security Instrument,first to any delinquent amounts apptied in the order provided in Paragraph 3,arxi
<br /> � then to prepayment of principal.Any application of the proceeds to the principal shatl not extend or postpone the due
<br /> j � F�A NEB A sKA GEEO OF TRUST s'��'
<br /> , I$C/FMOTNE//0691/(5�951•L PAGE 2 OF 4
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