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<br /> - !. P� meat af Princi Inte�exl and Lale Clw�{e. Bortower shall pay when due thc princfpal of,and lntercst on. �"'~�
<br /> Y �� > �v r 4:,:2t.' _
<br /> .. 1he debt evldenced b the Nwe a�d late char es due under 1he Note. �^ . � . —.
<br /> ' 2. Monlhly piyments of 7faxe�lneurance and Olber Cbtu�ges. Borrower shall include in each mon�hly pnyment. .. .
<br /> iogether wlih the pdncipal and intercal as set fonh in ehe Note and eny lute charges,on installment of nny (a)twces end , ^
<br /> i " •• �pecfol asaeaamente kvied or to be levied egainst�he Property.(b)le,asehold payment�or�round nenls on the Property.and � ` �:•=�, -
<br /> (c)prcmiums for insurence rcquired by Paragraph 4. � � �����".
<br /> �ach moMhly in�tallment for items (a), (b) and (c) shall equai one-twelfth of the t+nnual amoums, ag reusonably , •
<br /> � �. eatimnted by Lender, plus an amount sufficienl to muintain an additionel balunce of not morc then one-aixth af the
<br /> esdmeted omounta. 71ie Pull annua!amount for each ium ahall be accumulated by Lender within a period ending one
<br /> . month befarc an item wauld become delinquent. I.ender:h�ll hold the amou�ts collected in uiwt to pay items(a),(b)and � �
<br />- --- (c)before they became delinquent.
<br /> � • If at ony time U�e caal of the payments held by Lender for items(a).(b)and(c),tagether with the futurc monthly . � � f
<br /> payments for such items payable to Lender pdor !o the due dates of such itema,exceeds by more than one-Rixth the �
<br /> estimated amount of payments rcquired to pay such iterns whcn duc,and if pa ments on the Note are curcent.then Lender
<br /> ahall either refund�he excess over ane-sixth of�he estirnated payments or c�t the eacess over one-sixth of the estimated •
<br /> paymenls to subsequent payments by Bormwer,at the option of Bomnwer. If[he totel of the payments made by Bormwer
<br /> for itcm(a),(b),or(c)is insufficient to pay tha ftem whcn due.then Bomnwer shall pay ta Lender my amowit neceeoery to ' •� .
<br /> _:. .. make up�he deflciency on or befare iF�e date the item becames due. � •� �•' �'
<br /> As wed in this Security lnstrument,"Secre�ary"means�he Secretary of Housing end Urban Development or hts ur her • _, ,�.� '
<br /> desi . In any year in which the Lender mustpwy e mortgagc insurance premium to the Secrctary.each monthly psyment �'��'`�'�`��''
<br /> , shal also include either: (i) an installmrnt of the annual mortgage insurance premium to be paid by Lender ro �he , �_ �'��
<br /> .�;-�.�
<br /> . Secretary,or (ii) a mon�hly charge inatead af a matgage insurance promium if this Security Instrumenl is held by the �';'",..,:�'
<br /> , ' Secretary. F.ctch monthiy installment of the mongege Insurance premium shall be in an amount suffieient to accumulate�he , '�`"-'
<br /> � full annual moAgage insurance pnmium with Lender ane month prior to the date the full a�nual modgage insurar►ce � -
<br /> premium is due to�he Secretary;or if thia Secudry ]nstrument is held by the Secretary,esch mon�hly chnrge shalf be in an .� • -
<br /> _ amount equal to one•twelfth of onahaif pereeni of the ouutanding principel belance due on the Note. �. . "�`'"`'�.
<br /> - lf Bomower tenders to Lender the full payment a9'aA sums secw+ed by this Secu�ily Inslrument,Barrower 4 sccount � e ,, .,sr:'
<br /> i shall be crcdited with the balance rcmaining far all inatallmenis for items(a),(b)and(c) and any mortgage insurance • �-
<br /> � � prcmium installment that Lender has not become obligaled�o pny to the Secretury,and Lender sheil pmmptly refund an�r __
<br /> _ � excess funds�o Borrower. Immediately prior to a fareclocure sale of�he Propeny or it4 acquisition by Lender,Botrower s � _
<br /> account shall be credited wi�h uny balence remaining for all instaliments for ilems(a).(bl end(c). __-
<br /> 3. Application of Poyments. All paymems under Porngrnphs I and 2 shnll 6e npplied by Lender us Tollows: : .�J�
<br /> pg�,T to the mortgage inaurance premium ta 6e paid by Lender to the Secretary or to the monlbly chnrge by the :�r,,�
<br /> , Secrct instead of the monthly mongage Insumnce premium;
<br /> � �,to any taues,specinl assessmenta,le�uehold payments or ground rentx,uod fire,flaad and other hazard ; •• ' "�
<br /> insurencepremiums,es uired; ' ����'�����
<br /> � .>.��iF.
<br /> THlRp.to interest due u er the Note;
<br /> ' �!�,to amoniwtion uf the principal oi the Note; ����'
<br /> , F�.to Inte charges due under the Nate.
<br /> 4. �ke,Elciod and Ofher il4z4rd lnsur�ncz. aorrawer shall insurc al!improccments an the Property.s!�hether ssnw -��
<br /> , in existence or subsequently erected,against any hazards,cusualties, and cantingencies,including iire, for which Lender '�''���
<br /> _� I requires insurance. This insurance shall 6e maintained in the amounts nnd for ihe periods�hnt Lender requires. Borrower ,;
<br /> shall also insurc all improvem�nts on the PropeAy, whether now in existence or gubsequemly erected,ugainst loss by floods
<br /> - to the extent required by the Secretary. All insurnnce shall t►e carried with companies npproved by Lender. The insuronce ..
<br /> policies and any rcnewnls Rhall be held by l.ender and shall include loss payable clau�es in favor of,und in a fortn . ��i�'
<br /> acceptable to,Lender. , .. ,
<br /> In the event of loss,Borrower shall give Lender immediute notice by mnil. Lender may muke p�aaf of Inss if not
<br /> made promptly by Borrower. Each insurance compeny concerned is hereby uulhorized and directed ta muke puyment for
<br /> such loss directly to Lender,instead of to Borcawe�and to Lender jointly. All o�uny part of the iasurance prnceede muy be ,.
<br /> applled by Lender,at its option,either(n)lo the reduction of the indebtedness under the Nnte und Ihis Security Inslrumen�.
<br /> tirst to any delinquent amoun�s applied in the order in PnrogrnPh 3, And lhen lo prepnymcm oF principul, or(b► �o Ihe
<br /> resWration or repair of the damuged property. Any applicntion of the proceed4 to the principal shall not exlend ar postpone
<br /> the due dete of�he monthly pnyments which are referred to in Porogrnph 2,or chunge�he umounl of such payments. Any
<br /> excess insurance proceeds over an amount required to pay rll outstanding indebtedness under the Note and this Security
<br /> lnstrument sholl be paid to the entity legally entitled�here�o.
<br /> In�he event of foreclosure of this Securiry Instnament or other trnnsfer of title to�he Praperty �hot extinguishes �he
<br /> indebtedness,all�ight,title und in►erest of Borrower in s�nd to incurnnce policies in faree shall pu.+s to tix purchaser.
<br /> - S. Occuponcy� Preservotfon, Maintenance ond Protection oi'the Property; Borrower's Loan Applkation;
<br /> � Lease6olds. Borrower shall occup ,establish,and u�e the 1'ropeny as Borrower's principal residence witbin 4ixty days
<br /> .c
<br /> ' after the execulfon of this Security nslrument and shal l coniinue to occupy the Propeny ns Borrower's principal residence
<br /> : for at leasl nne year after the dnte of occupancy,unless the Secre�ary determines this rcyuirement will cuuse undue hurdship
<br /> I for Bortower,or unless exlenuating circu�stances exist which are beyond Borcowerg contml. Horrower shall notify
<br /> Lendess of any exlenuating circumslunces. Borrower sholl not commit waste or deslroy,damage or substantially chnnge
<br /> the Praperly orallow the Property to deteriarate,reacon�ble wenr nnd tear excepted.'Lender muy inspect�he Propeny if�he
<br /> • � PropeAy ia vacant or abandoned or the lonn is in defaull, Lender muy mke rea.gonable action to protect and preserve such
<br /> • vacent or obandoned Property. Bomawer shall also be in default if Bormwer,during the loan applicntion process,gave
<br /> ' � materially false or innccurate information or statements to Lender (or fuiled to provide Lender with nny mnterinl
<br /> , � informution) in connection with the loan evidenced by the Note. includine,hut nnt limited to.reprcsentations conceminP
<br /> � Norrower+s occupuncy of the Property as ap�incipAl residence. If this Securi�y Instrument is on a lensehold,Borrower ghnll
<br /> � , comply wf�h Uie provisions of the leaae. If BaROwer ncquircs fee title to the Propeny,�he leasehold and fee title shall not
<br /> bc merged unless Lender ogroes to the merger in wri�ing.
<br /> -- ; • 6. Charges to Borrower and Protecllon of Lender's Rights in the Property. Borrower 4hall puy nll govemmemul
<br /> - • or municipul chnrges,fines and impositions thal ure not included in Parogroph 2. Borrower shul)puy these obligalions on
<br /> time dircetly to the entity which is owed the payrnent. If failure to pny would adversely uffect Lender�: interest in Ihe
<br /> Property,upon Lender's request Boirower shull prornptly fumish to Lender receipts evidencing Ihese payments.
<br /> If Borrower fails �o make these pAymenls or the payments reyuired by Purngraph 2, or fails to perfortn uny othcr
<br /> covantints and agreements contnined in this Security Ins�nunent,or there ia o legnl proceeding thul may signiPicuntly uffect
<br /> Lenderk righta in the Property(such as a proceeding in bankruptcy,for condemnution or to enforce laws or regulntions),
<br /> then Lender mey do and pay whatever is necessury ro prwect the value of the Propeny nnd Lender�s rights in�he Property.
<br /> including puyment of laxes,hazard insurance and other i�ems mentioned in Poragraph 2.
<br /> � Any amounts disbur�ed by Lender under�his PoraArat�h shnll become an udditionnl debt of Bo�rower nnd lx secured
<br /> ) by this Securily Instrument. 71�ese umounts shall bear interest from the dnle of disbursemen4 nt the Note rote,und at Ihe
<br /> . option of Lender,shall be immediately due und paynble.
<br /> 7. Condemnatlon. The proceeds of any nwurd or clAim for damuges,direc�or conseyuentipl,in connection w•ith uny
<br /> • condernnation or other tuking oF nny purt of the Property,or for conveyunce in pince of condemnu�ion,are hrrehy uxxi�ned
<br /> and shall be paid to Lender to the exlent of the full amount of the indebtedness thut remains unpuid under thc Note und thiv
<br /> _ Security Instrument. Lender shul)npply such proceedc to the reduction of the indebtedness under the Note und this 5ecuriry
<br /> - Instrument, first to uny delinyuent umounls upplied in the order provideJ in Pnrugraph 3, und then tu prepayment uf
<br /> principal. Any applicntion of the proceeds to the principal shall not extend or poa�pone the due Jute uf�he monthly
<br /> • rpa�e 2 nje paar:►
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