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<br /> ° •1. ���e�t�lritlMl,We[eA a�d LMe�Barower ahall py�dae d�e pin�tpvJ oE,aad int�est ort, . `,
<br /> Wc debt evida�oed bY�be Note and 1�te cb�rses�ue mrdcr tln Kae.
<br /> . � 2. lYiwtri�N1�e�ts d 71�sa.Lwea�oe�d OUrr Ci�esa� Bonowa adll include ia aadrrt�ood�lY WY�+•
<br /> �thet witb t6e yrh�a[ad intenst�s set facth in the Nofe�od�ny late cl�uges.an nu�ltment of any(a)taxe.s and
<br /> apa�al asaessmeds lev;oa ar w be tevioa.g�t the.rnopeny,(6?lea�how p.ymrnt�or gc�ouoa reats a,tl�e pmpe�ty,ana
<br /> ��>Pre�aumu for iiosmaoce ial�im�d 6Y PaAg�apli 4• .
<br /> - �h maWhly u►svlimeat for i�as(a�(D)snd(e)shall eqtnl onz'twtlflh af the aonu�l�mow�ts.as teawnably
<br /> e.stias�ed bY l.ender, dns an amo�mt s�cia�t ta maimemi ms additiam!bai�e af oot more s��e�sh a�f ibe __�.___�._.___
<br /> 'estimaud�notmts. 'i�e fult aeouai amouat far each item shaU 6e acc�ed by l,eoder withint a period endiag one _
<br /> moorb befae sn item vraild became delioqueiu. I.enda s1uA bold tbe amamts collected in tnut to pay itema(a),(b)�d
<br /> (c)6efaR tf�ty becua�e delinqnen� . —-
<br /> � � If at any time tbe taal of tUe psymeots 6etd by i.enda for items(a).(b)wd(c),wget6er with U�e futune monthiy ---
<br /> paymem far sach itans p►yabk w Leader piac w tbe dne dates of suc6 itertu,excoeds by more thaa aie-siath tbe
<br /> e�imaoed amou�of p�Ynxnts mqumed to pay sach iteats vr1Kn du�aad if paymmts aa the Pkte a�e cumeat,ifien I.eadet
<br /> shalt e�r iefimd ihe excess over aoo-sutW of the estimated paymeuts a cndrt t6e excess ova one-si�th of tUe euinaated --
<br /> p►Y���PaY�aY Bosmwar,at the opdoa of Bonuwer. If the Wtal of the paymttus made by Bomuwer
<br /> far item(a).(b).or(c)is uuu�'iciait w pay d�item wl�cn dae,tlxn Bonower shall paY to l.ender auy amo�mt aecessary co -._
<br />� ' .maice up the deficiwcy on ar 6efae the date the�tem becomes due. � " __-_—-
<br />__ � As�od ia tbia Seamty Inmumtat,"Secretacy"�s the Societuy of Housieg aad Urban D�vetaprt�u or his or ber �-� _.
<br /> . desigaee. In�e►y ye�ia which ti�e l.ender must pay a mwtgage msurmoe p�emium tn the Seciemry,eac6 uioutlil9 Paytaea� _
<br /> shall atso inclode eitba: (i)an installaxnt of tbe anaual mortgage insarance premitim to be paid by Lender co the �.:� —.
<br /> Sec�etaty,a C�st mo�ubly charge iastead of a mortgage insurance pemium if this Security Ias�n�ment u held by the J���
<br /> - Secnt�y. F.�cit monthty instailrnent of thc matpge iasur�e pi�emium sbatl6e in an amoant s�t to aecumWate the �"=
<br /> '� full aonual mo�tgsge tas�naace pnminm with i.ender one mauh prior w th�dau the full an�al martgage insnrana ,�-
<br /> _ . p�eutiom is due to�he Sect+etary:or if tl�is�Insuoitjent is held by the Sec�etary,exh monibSy charge shall 6e in wt ; -'''..�,� ;�
<br /> amoont oqoal w onatwelfth of one-half pe�ent o tAe outttanding principai balance doe a�the Nou. • �.� =
<br /> �-` ff Bornower tendets to.l.ender the full paytineat of all sums secund by this Security instrument,Horrowar`s�t , . .,�, ��._::_-
<br />-:r_' —
<br /> _ • sls�U be ciediud witH the l�alance ct�r�ainiag for all instaltmenu for.items(a).tb)aad{c)aait anl►moitgage.�surance �,�„• -
<br /> - � ` pemiam iccct�lhnen:ihat Lender has not become obligaud to pay w the Secretary,an.��.sl�all,P�P�9�'�an� . . �:��,.-:
<br />_ _. �`'_ excess funds to Bomnwer. Tmsnediauly prior to a fareclosute sale of tha Ptoperty ur its acr�a�+itiian,3sy l.endet,:�aiiowers �'';�- � -
<br />_ , x;,� ' secount shaU be credited with any balance rtmaining for sII instaiiments for items fa).(b}arid{cS_:` :": • -' ',�`* �., .
<br />-. 3 A p p i l c a t l o n o f A�yments. AU payments under P a r a g r aphs 1 and 2 sliail be apptied hy Lena,-r as foUovv�: "i;:.._-
<br /> ' " ��,to 1he moBgage insuranee premium to be paid by L.ender to the Secretary or twttre monthly ch�rge 6L�e �'T � ._ � _-�.
<br /> � i n s t*,a d o f t he mon t h ly mort e insurance prem�um: ° � �-,``,�`+;~`--
<br />. SeccetatY $a8 . •.� ..
<br /> .
<br /> . a h �d .::� -
<br /> . '; ��,w any taxes,special assessmeats,leasehold paymea�or ground re�iu,a�d fire.fTood and ther azar ,�.�,.��
<br /> ' insurance ptemium4,as�q uired: -_�:...r,�T:•�
<br /> '+;`,� �S: �(Bp,to interest due imder the Nae; � � . _ -
<br /> .: ,;�,.�:�
<br />• -'°.i: •.�jJ�,to amortizarion of the principal of the Note: . • ;.�*--_
<br /> �`` �,ta fate charges due w�dar tbe Nate.
<br /> ��z•=:
<br /> • . 4. Ftt�1�7aod�ad tki�Hazard Ies�urance. Bamnwer sdall insure all improvetnents on the Ptoperty.�v}�hes now -_� =`-`-
<br /> ��� im existence ar subseq�emsiy e�ected,against any hazards.casualties.and wntin er�es,inaludi» fire,for a�hic�3.ender °�`�
<br /> e� 8 S ?�_-��.•:•��.
<br /> reqauzs in�. 7'his Ynsurance shall be maintained in the amounu and for the periods that Lender reyuires. �orrower ?�•;:..
<br /> �,��„s
<br />.. • .., �' ';� , �}�����1��provements on the Property.whether now in existence or subsequently erected.against toss by floods • �
<br /> ;' ,.� .:..`::"�' to tLe extent regaired by the Secretary. All insurance shall be carried witb companies approved by ixnder. The insurance
<br /> '=�,.��;�� policks and any renecvals shall be held by l.ender and shall include[oss payable ctauses in favor af,and in a form - _ _
<br /> - �,'� '��-'`_'� acceptable to,l.ender. ,
<br /> =� •,�;,?t,� �.
<br /> In the evetit of toss,Borrower shaU give Lender immediate notice by mai1. Lender may make praof o£toss if not _ •, _
<br /> "# made promptly by Botrower. Each insurance company concerned is hereby authorized and directed to make payment for _ -
<br /> ` such toss diraKly to Lcmder,instead af to Borrower and ta Lendcr joimly. AII or any pan of the insurance proceeds may be ,-
<br /> �,?,�,:�i _ app Ged by l.ender.at its aption,either(a)ta the reduction of the indebtedness under the Note and this Securiry Inswmcnt, „.
<br /> = first to any del�'nquent amounis applled in the order in Paragaph 3,and then to prepayment of principal,ar(b)to the _ _
<br /> �%-`-",� � ' iestoradon or repalt of the damaged property. Any application of the proceeds to the princ�pal cha11 nat extend or postpone •.
<br /> • ���'� ��- t1'�e due date of the monthly payments which aze referred to in Paragraph 2,or changc the amaunt of such payments. Any � � _-
<br /> � � ` �y`� �:�' excess insurancc proceeds over an amaunt required to pay aU outstand�ng indebtedness under the Note and this Security =
<br /> • ��'��` ��� Insttument shall be paid to the entity legally entitled thereto. • ° `
<br /> . . • ,.,•��,�. -
<br />� , In the event of foreclosure of this Security lnstrument or other transfer of titic to the Property that extinguishes the . . , .-_
<br /> . �•: - indebtedness,all righl,title and incerest of Barrowcr in and to insurance policies in farce shall pass w the putchaser. � ,� -
<br /> '�',- 5. Oawpancy, Preservation, Maintenance and Protection of the Property; Borrowe��s Luan Applkation; , . x:
<br /> • °� •:' f.ea�el�olds. Borrower shall accupy.establish.and use thc Property as Borcower c pnncipal resi�er.ce witlt�e�ssxty days ' - .
<br /> '' ''; aE;er the executton of this Securiry Instrument and shall continue to accupy the Prope�¢y as Borrower's principa;fesidence . •
<br /> �' J ' :��'� �' for at least one year after the date of occ�rpancy,unless the 5ecmtary determitms th's.reqwrement will cuuse undue hardahip �� •
<br /> . , . �� ae-�s� `��' ' for Barrowec cx ualess extennating c�revmstances exist which are �yond Borrower:s cantrol. Bortower shall notify ., - ,
<br /> � , l.endeis of a�°extenuating circnmstances. Borrower shall not comm:t waste oc destroy.damage or substantially change
<br /> '" '� '� • the Property or allow the Pro�erty to deteriorale.reasonab2e wear and t�ar excepte�. Lender may inspect the Property if the '
<br />— _-_- - �; '_---,-- - Propetty�s vacartt or abandorred or the loan is in default. l.cndcr may take reasm2:ale aciinn to protect and preserve such
<br /> � _.�
<br /> . �':,�,;. ::f vacant or abaadoned Ptopert�. Boaower shaU alsa he in default if Borrnwer.d:.�ing the laan application praeess,gave
<br /> ;. :�� , , materially false or inaccurate infrnmatioit or statements ta Lend�s (or failed to providc Lender with any materlai � •.
<br /> . ", `�• � infotmatton)ln connection with the loa,rt evidenced by the Note,includin�,but not tim�tcd to.representations conceming
<br /> _��',`'�'. Borrower's oeeuQaney of the Property as 2 principal re�+idence. lf tr:�5^curi�y tnstrument is on a teasehold,Banower shall �
<br /> , '.. �•�,�;• �.:' �` compiy with the prov�sions of the tease. IP Borrower acquires fee i;,.ro the Praperty.the leaschold and fee titic shalf not � •
<br /> • �'��'?• ;;, :• be merged unless l.ender agrees to the merger in writir��. :
<br /> "'";�% � •� � 6. ChnrRes to Bo�rnwe�and Pratection o[Le�¢Qer'sltip,hts in the Property. Borrowcr shall pay att ra►vemmental ; ���
<br /> .�.�,_ .
<br /> c.*��•.:�*�� ° or municlpal churges.fines and impositions that are nat induded in Paragraph 2. Banowcr shall pay�hese��.��ations on
<br /> � . •' time directt}ta the entity which is owed the payment. If faiture r4 i,ny w�uld ndver�ely uffect Lender:s inserest in the �' •
<br /> ' � Property.upoa lxnder ti reyuest Bonower sha11 promptly fumish to Lender rereipts evidencing these payments. `
<br /> - . - ' � If Borrowet fails to make thesc payments or the payments required by P�graph 2,or fails to perfomr any other � ,
<br /> � � eovenants and ag�eements eontained in this 5ecurity Instrument.or there is u Irgal proceeding that ma�significanily affec� 'p
<br /> '°` ' � Lender�rights in the Ptoperty(such s��proceecting in bankruptcy,for condemnatian or to enforce nws or regutationq). 1
<br /> _. . ._' ,_ :__ then l.ender tn�y do and p�y whatever ic necexsary ta pratect the valae nf the Property snd Lendcr's• dghts in the Propetty. . i. ' '.
<br /> . including payment of taxes.harard insurance:�nd other�tems mentioned in PuragraQh 2. .
<br /> • �".� My amounty disbutsed by l.ender under this('ura�raph shaU bccome an uddu�anal debt of Horrower and be serure�! � �
<br /> '. . by this Securiry Instrument. These amounts shall trear interest ftom the date of dis6ursrment,at the Natc tatr.and:�t thc ;
<br /> • optioe of Lender.shall be immediateiy due and p�y:�ble. ;'.
<br />. ' �• 7 Condemeattom 'fhe proceeds of any aw:ud or cl�lm for�lamages.direct�r cnnsequenti�l,'in cunnectlon with any E
<br /> � , . ' ' rot�demnation dr other wking of any part of the Ptaperry.or for conveyartce in plare nf rorrdemn�tion,nre hereby assfgned I .
<br /> ' � '. and sha1)be pa9d tb Lender to ttie extent of tlte full amount af thc indebteciness that remains unp';►id under the Ndte and this ;
<br /> - - -' _ - - 5ecutiry insm�mettt Lender sttali apply such proceeds to the reductian af the isdebtedrress under the i�iote��this 5c�ity - • _ -°`. -
<br /> � ' ' Inshutnent,flrst to nny de�uent amouats npplicd in thc order provided in Para�ph 3. au►d then to prepayment nf �
<br /> � - ptincipptiii. .My gpplication nf the proceeds to the principal shall nat extend or postpane the due datc of the monthly • ' '
<br /> � •
<br /> _ . • _ �OQ.¢f:��4 paeE:l • - - - - -
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