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<br /> _"� l. p�y�t�/pr4�cipd,lnterat�pd I,ale Cbu�e. Bormwer�iwll pay when duo�ho pdncipal of.and intercst on.
<br /> -- --_= thc debt av[denood by the Note and lata chugea due undsr the Notc. ment.
<br /> : ��_,...�.__:. -��_� 2. ll�antWY M9�n t a d'i�a�l a s n r a n c e�a d O l h e r C h a r�e s. B a r ro w e r a h a l l i n c l u d u i n exh monthl Y P�Y �_
<br /> ,,�"��`-�.:� to�ether with the prfncip�l+uid interert as set focth in Ih► Note a n d eny late charges.+u�insu►Ilmcnt of any (a)tuxe� and
<br /> °�ra��b_� spc�cci�l a�sessrtknu levied or to 6e levied egainst the Pmperty,(b)leasehold paymen�s or ground rents on the Property,and
<br /> (c)premiwns for in�urance nequit+ed by Paragraph 4.
<br /> ���'.� Each monthly inrtaUment for items (a),(b)und lc> shall equal one-twelfth of the annuel amount�, as�asonably
<br /> '' . • '=... estimoted by Lender. plus en amount aufficient ta mvntaio pn edd�tions+l b�lance of not more thnn one-sixth af the .�-- --
<br /> � ��� estinuted nmuunts, 'i'he full annual amount for euch ftem shall be occumulated by Lender within A pe�iod ending one
<br /> _�. ' �:`-��. month before an item would become delinquent. l.ender shall Iwld the wnountc callected in uuu to pay items(a).lb)wid _
<br /> •$•s`�•: ` ' (c)befa�e Ihey become delinquent.
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<br /> ��"'-'' If at an pme the total af the payments held by Lender for items(a),(b)and(c).to ether wilh�ho fu�ure monthly
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<br /> 'i`��'��x'�`� " payments for such items payable to Lender prior to the due dwes of such items, exc s by more than one-sixth the
<br /> !:�::�•�"•4�`'�'��.` � espmated amount of payments required to pay such icems when due,und if payments on the Note are cumnt,then Lender
<br /> i� `_�.-;:-!-,�,'-�;�qt..°.`;: shell either�efund the escess over ant-sixth of the estimuted payments or credu the exce.rx ovcr one-sixth of the esdmated __
<br /> � . �°}��+ � paydKnts to subsequent paymcnts by Borrower,nt the option of Bomower. If the total of the paymems mede by Borrower _
<br /> !�r':az�Ac.�—��,„;. for item(a).(bl.or(c)is msufficient to pay the item when due,then Borrower shall pay to Lcndcr any amount necessary�o �_
<br /> '4.��. � mwke up the deficiency on or before the dace the item becames due.
<br /> �..,�,��a`° As used in�his Securiry Instrument."Secretery"meons�he Secretary of Housing and Urban Development ar his or her
<br /> "' °'"""'ffi�'�� designee. In any yeac in which the L.ender must pay a mortgage insurance premium ta the Secretary.eoch mon�hly payment
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<br /> • �.='"�'.• shall also include either. (i) an installment of the annual mortgage insurance premium to be paid by Lender to e
<br /> ?'"��� � � •e Secretary,or(ii)a monthly charge instead of u moAgage insurance premium if this Secudty instrument �s held by the a�:�.,_.
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<br /> � ' �"��� "� � Secrctary. Each monthly installment of the mortgege Insurunce premium shall be in an am�►unt sufficient to uccumulate the __
<br /> — �• f���" ��' � full annual mortgage iagurw�cc premium with Lender one month prior to the dato �h� full annual mongage insur+u�ce _ ___
<br /> '�"'� •,•�r�":."`'`'�' .� �he tary;ar if this Security InsUument is held b the Secretery,each monthly charge shall be in an
<br /> - '?���;��,;. .. premium is due to Secre ?'
<br /> _ ;� amaunt equal to one-twelfth of ane-half percent of the outstanding princ�pal balance due on the Note.
<br /> J�`•�," ' ` �� � If Borrawer tendera to l.ender the full payment of all sums secured by this Seeurity Inatniment,Borrowerk accoum _,_�_
<br /> :?f'. shall be crcdited with the balunce remaining for nll installments for items(a), (b► and(c)und any mortgage insuronce ��
<br />;'�;;;'�% s • pnemium installment that l.ender has not 6ecome obligated to pay to the Secretnry.und Lender shall promptly refund nny �•—,:,-,
<br /> ���''''� • ` �' excess funds to Borrower. Immediately prior to a foreclosute sale of the PropeRy or itR acquisition by Lender,Bomower�s _
<br />°' ^ ,} account shall be credited with any balance remaining for all installments for items(n),(b)und(c). �::.
<br />';`� • „`-.•.. +�• 3. Ap Ikation ot Pwyments. All payments under Pamgrapbs 1 und 2 shall bc opplied by Lender as followx: �3s,
<br /> �to the mortgage insurance premium to be paid by Lender ta 1he Secretury or to the monthly charge by the � .;_
<br /> � Secre insteud of the monthly moRgage insurnnce prcmium; � .
<br /> �� � � �a ,to any taxes,speciul assessments,leasehold payments or gmund rents.and fire.fload and aher hezard _
<br /> , . — �� ; , insorancc prcmit�ms.asrequlsed: __
<br /> �� . ,,,.� ,to interest due untle�the Note;
<br /> `
<br /> , ,s���.,- �- Q(,�.ta nmortizaaon of Ihe principal of thc Notc;
<br /> .., • �.to late charges due under Ihe Nae. --
<br /> 4, �ire,F9ood and Other Nazard Insuraece. Bon'awcr sh�ll insure all impravements an the Property,whether now _
<br /> • � � in existence or subsequently erected,against any hazards.ca.9uultiew, and contingencies,including fire,for which Lender
<br /> � cequires insurance. This insurance shnll be m,�intained in the amoums ond for the periods that l.ender requires. Borrower _
<br /> shall also insur�all improvements on the Ropeny,whe�her now in existence or rubsequently erected.�gamst loss by floods
<br /> �,`��`',` ' to the extent required by the Secretury. All insuronce shall be curried with companic+upproved by Lender. The insuranre �
<br /> � � polic[es and eny renewnls xhall be held by Lender and shull I(ICIIi� IOSN payable cluus�s in fuvor of, and in u fortn
<br /> ��..', ,� � •�, � acceptable to,Lender. `___
<br /> � -•• In the event of lasx. Barrawcr shall give Lendcr immedic�te notia: Ny m�il, Lcnder may msdce proof uf loss if not
<br /> `,y�:�'�?;':'• m�de pmmpdy by Borrower. Euch ingurance company concemed is hereby authorized und directed to make payment Por
<br /> � �•�`��.•,;; , . • such loss direcUy to Lender,instead of to Borrower smd to Lender jointly. All or uny purt of Ihe insun�ce proceeds muy be fv.-
<br /> �`� applied by Lender,nt its option,either(u)to Ihe reductian uf the indebtednesx under the Note s►nd thi�Secunty Instrumen�
<br /> � first ta any delinquent umounts upplied in 1he urder in P.ui+gruPh 3, and Ihen to prepayment of principul,or(b)ta the �,�._
<br /> • restoration or repair of the dnmaged property. Any upplication at�hc proceeJs to the pnncipal shall not extend or postpone R,r�_
<br /> , the due date of Ihe monthly puymems which:+re refemed to in Parakroph 2,or chungr the amount of such pnyments. Any E.=-_
<br /> excess insurance proceeds over an+unount reyuired to puy ull outtitanding mdebtednrsx under Ihe Nute und this Securiry ,�
<br /> � Instrument shWl be paid to the entity legally entiUed�hereco. E'::`:.�`
<br /> ..a., � In the event of foreclozure of thi.r•Security Inswment or other trunsfer of tidr to thc Property that extinguishes the �-�
<br /> �� indebtedness,all righ�.�itle und intercst of Borrowrr in:uid to insur.►nce policies in I'orcr.hall pa.ti t��the�urchaxer. �"'`
<br /> 5. Occupancy, Preservotion, Muintenance end Prolertion oP the Properly; Borrower s Loan AppBcation; _
<br /> ' I.easeholds. Borrower shull occupy,e,�ablish.und use the Property uti B��rcower+ principal rc,idencr within s�xty dnys _ -
<br /> �'�"-.� afler the execution of this Security Intiwmenl und.hull continue to c�ccupy the Pmperty ati Bormwer's principal res�dence
<br /> . � for at kust one year ufler the dutc of�x:cupuncy,unlexs the 5crrct:try determinrs thix rcyuiremenl will cuu+e undue h•rrdship �,--`'
<br /> � for Borrower, or unless extonuating circu�ristances exist which uro beyond Born��ver. control. Bortuwer sholl notify �;,.
<br /> � Lenders of any extenuating circum.tunces. B��rro�•er+h�l�nut commi� wa,te or destrua, dumug�or aub+tsmtiully chunge
<br /> � the Property or allow the Pmpeny to Jeteriurute.rca.onahle w�ar and tear excepted. LcnJrr muy�n.pect the Pmperty if the
<br /> Prnpeny�s vacunt or abandaned or the loun i, in defoult. Lender muy tukc r�usimablc artion to pn��ec��nd preserve�uch
<br /> vacnnt or abandoned Propeny. Borrower sh•rll ulso he in defauli it Borrowcr,durinE thc laun applic�lion pnxess,gavr
<br /> materiall� fulse or inuccwatc infnrtnutiun i�r �talememx tu Lendrr lur failed to pruvide LcnJer ���ith uny mulenul f
<br /> ° informauon)in connection with th�lo:m evidcnced by the Notr,including,hut niA limucd tu.rrprc,ent•rtions conreminF
<br /> �� Borrov�er�uccupancy of the Property a�a principal n.idcnc�. If ihi�Seruriry In,trumrnt i,un a Icauuhuld.Borrower shall
<br /> .'� ° ., comply wilh the prov�s�on�uf Ihc leutir. If BoROwcr aryuirc.fce titl�tu�hr Prupcm•.Ihr IcaseholJ and frc title shall not y
<br /> " be merged unlexs Lender ugn�es to thc mcr�cr in wrrting. �
<br /> ' 6. Chary�es to Borrower and Protection of Lender's RiRhts in the Properl��. Horm��'cr�hall puy all�;ovrmmrntal �
<br /> ; , or municip�l churgex,fines und imputiitiim�th��ar�no� inrluJrd in Paragraph�. HuRO�vrr.hall pay the.e obligation��m ;
<br /> time directly to the entity which is uwed thr p•ryment. If failure tu pay woulJ ud�•rncly nfl'rrt Lcnder:interr.t in the �
<br /> � ' Property,upon Lender:n:yue+t Borruw•cr+hall prompdy fumi.h to Lrndrr rcr�ipl+rviJcnr�nE ihr�e paymrnt+. ,
<br /> If Borrowrr fnils to makc thc�r paymrnts ��r Ihc paymcnt, rryuirrJ hy F'era�raph .. ur t:►il. tu �x rti�nn :my uther
<br /> -._ .._.�_.........,...........,��.c.,.,,��.,�h�.S.•�vrin•Instromcnt.ur thcn i.u Ir�al pnxcrJinE lhut may.i�;niticunUy affcrt
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<br /> . " Lender�rights in the Propeny I�uch a.a pnxcrding in hanl�ruptcy. li�r r�mdrmn•rtiun ur la emonr la��.ar r�guiaiionxi.
<br /> then Lendcr muy do and pay whutever i.necr.+ury tu prut�ti�thc vuluc ut thr{'ru{xny and Lrnd�r:righ��in thr{'mpen}•.
<br /> including puyment of wxrti,huturd in�urancc:md���hcr ucm�mcntiunrJ in F'uraEraph_'.
<br /> Any atnountti disbuned by Lcixirr unJer il�i�Paru�iupl�.hall txtrumr an additiun•rl J�hl��I HaR����rr and ix�rrurc�i
<br /> by this 5ecuriry Instrument. Thexr umounts,Ball Ixar in�cm�t imm thr dutr ut'Jishunemcnt,at thr Nutr�utr.und ut thr
<br /> optior.of Lcnder.�hall!+e immediatelv Jur and p:�vable.
<br /> � 7. CondemnatMn. 'fhe pnxeed,��f any award ur claim t��r Jamagr+.dinct ur cun.ryucmiai.m cuuu«�i�m�.iiiti.:i»
<br /> wndemnution or other�;�kinF of i+ny pan of the Propeny,ur lur runvcyuncc in pl�rr af c�mdrmnauun,arc hcrehy a++i�;ncd
<br /> � unJ+hull be puid�o Lendcr to ihe rxirm ot'the I'ull amnum ul th�indrhtednr.,Ih;�l nmain,unpa�J widcr thc N��Ir and Ihi.
<br /> �� Securiry Instrument. Lender�hall apply�uch pnxreJ+tu thr nJuru�m uf�hr mdrhtedne.�under thr Nuir:md�hi+ticcurit�
<br /> Instrument. fint to :my Jelinyuen, :�maun�, applied in �hr onler pm�•iJrd �n P;rcagraph �. and Ihrn tu �1RF1J\Illl'tll ul
<br /> . � principal. Any applicati��n of thc pr�kccJy tu thc prinripal ,hall nut rxtrnd ur �w,tpunr �hc Jur �I:ur ut thr monthl�
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