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<br /> � 92_ 1o�os,�
<br /> �Y l. p�y ateat of Prladpal.Intcreot oad Lale Chpr�e. Borrower rhall ps►y when due the principal of.and interoct on,
<br /> 1he debt ev(denced by ihe Nous nnd late charyea due under thc Note.
<br /> 1 MontblY psymeab of'11uca,lnwrauce�ad Othe�'Char�a. Borrower ehnll include in each monthly payment,
<br /> toQetlKr wlth the principal and interc�t� at foAh in�he Note and any lote charges.en installment of w�y(A)�e� and
<br /> - _. .� .; spxfa!arsessmenta kvied ar to be Icvicd against tho Propeny.(blleasehoW payments or ground rcntr on the Property.u�d
<br /> (c)p�tniums for insurance requircd by PoraQraph 4.
<br /> PACh monthly in�tallme�t for items (a). (b) and(c)shall equal one•twelfth of tha unnual amounis. as reosonably
<br /> • esdmatod by Lender. plus an �unount aufiicient to maintein en eddit�awl balance of nat moro tha► one-aixth of the
<br /> tadm�ted tmounts. Tho lull annu�l anwunt for each item stw11 be accumultued by Lender within a p�rlod encling one �
<br /> month 6efare an item would become dolinquent. Lendor shall hold the�+mounw collected in t�ust to pay items(a).(b)and
<br /> ' (c)before they becoms delinquem.
<br /> �"�"�`=��f� !f at nny dme tha total of the paymenta held by Lender for itema(A),(b)+md(c),together wlth�he future monthly
<br /> r-1 S�, paymenta for euch items payable to Lender prior to the due detes of such items,eaceeds by more than one-six�h the
<br /> � estGnatod amount of paymenta required topay such items when due,and if pa menta on the Notc are current,then I.ender
<br /> "�� shWl eitt�er refund�he eacess over one-siath of�he esdmated payments or c�t the excess over one-sixth of the estlmated
<br /> ��r'i:'�,.cy.K
<br /> _ •w���.,,�; paymenta ro subccquent payments by Bomawer.at the option of Borrower. If the tdal oi the payments mtui�by otrower _
<br /> ����.,..�`-�,'.--�; for item(a),(b),or(c)is insufticient to pay 1he item when duc.then Borrower shall pay to L.ende�any emount necesrary to
<br /> rnake up the deficiency on or before the date the item becomes due.
<br /> ���A,.�.y�: . ��
<br /> Aa used in thia Savrity lnsnument,"Socnetary means the Secretary of Houstng and Urban Development or �s or er
<br /> �„.,..: designx. In any year in which the L.ender must pay a mortga�e insurance pnemium w the Secretary.each monthly pAyment
<br /> �,,:M.�,.., ,�,. shnit �Iso include either. (i) an installment of the annual mortgage insurance premium to be paid by Lender ta the
<br /> n Secnetary.or (ii)a monthly charge inatead of a moAgage insurance premium if this Secu�ity Insdument is held by the
<br /> -=_f___ _-- Sa�et�y. Each monthly installment af Ihe mortgage Insurance premium shull be in an amount sufficlent to accumulate�he
<br /> - �-� � ,��,. -.n°•• full ennual mongagc insurance prcmium with Lender one month prinr to the dnte the full onnual mortgage insurance _
<br /> ��.�'u. .�., ..:'_.:"'. premium is due to the Secretary;or if this Security Instrument is held by the Secr+etery.each monthly charge shall be in an
<br /> �•''"'.�=-"'°s anwunt equal to or�e-twelfth of one-half perrent of the outstanding principnl balance due on the Note. °''
<br /> �� � If Honower tenders to L.ende�ihe full payment of all sums secured by this Securiry Instrument, Sorrower�s account
<br /> .s..�._..�... , : -
<br /> • :. .,_ shall be credited with the balance remaining far sill installments for items (u), (b)und(c)and any mortgage inaurance �
<br /> ,,.�Y � � pRmium installment that Lender has not become obligated to pay to the Secretary,and Lender shall prompqy refund any
<br /> — � excess funds to Borrower. Immediutely prior to a fo�eclosure sale af the Praperty or its acqaisition by Lender,Botrowerl� _
<br /> �-��:�:.�'�''a� '�: axount shell be crodited with uny balance t+emnining for all in�taliments for items(A).(b)and(c)• �
<br /> � � 3, Application of Pwyments. All paymcnts under Paragraphs 1 and 2 shall be npplied by Lender es follaws:
<br /> %: � � �' '� F�gST.to the mortgage insurance premium ta be paid by Lender to the Secretery or to ihe mnnthly charge by the
<br /> ' Seca instead oP the monlhly mongage insurance premwm; �='
<br /> ,,�::�,.,�_` '.`�"', ,��.to any taxes,special assessments�leasehold payments or ground rents.and fire.flood end wher hezerd
<br /> l` insurence remiums,as mquired:
<br /> ,�I�Ob,Sk =;r'�� - P - -
<br />_ --` :� �• � '1'Hlltu,to uueres[due under the No[e; `
<br /> •�• �"'�"`�'°'``� � EQj�,to amonization of the principal of the Note;
<br /> ��,` '' �,to late charges due under the Note.
<br /> 'T� 4, Fyre,Flood and Other Huard Insurpnce. Borrower shull insurc all improvements on the PropeRy,whethcr now
<br /> -_� � • ' • in existence or subsequently erected,against any hazards,ca�ualties,and condngencies,including fire,for which Lender
<br /> — requircs insurance. This insurance shell be mAintained in the amounts and foc Ihe periods thnt Lender requir�es. Borrower
<br /> -,- �� - `'�; •�� ' ', shall also insure nll improvements on the Properry,whether now in existence or subsequently erected,ogmnst loss by flaods �,_
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<br /> • �•• to the extent required by the Secretary. All insurance shull be carried with companies approved by I.ender. The insurnnce E._;
<br /> - policies and any renewals shall be held by l.ender nnd shall include loss payable clauses in fuvor of. and in a form
<br /> � ' �'`�';• ,..� acceptable to.Lender. _
<br /> . .n� !n the event of loss,Borrower shall give Lender immediate notice by muil. Lender mny make praof of loss if not
<br /> . s' ,,,,,�.,: . . mode promptly by Borrower. Each insurAnce company concemed is hereby authorized und directed to make payment for
<br /> i-�'�. - " such loss direcUy to l.ender,instcad of to Borrower and to Lender joindy. All or nny purt of the insurance proceeds muy be
<br /> a lied by L.ender,at i�s option,cither(u1 to the�duction af the indebtednes�under the Note and this Security Instrument,
<br /> r�� '`'� �rst to any delinquent nmounGs upplied in 1he order in Parngmph 3, +ind then to prepaymem of principnl, or(b)to the -----
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<br /> __ ,�,�,,,: restoration or repa�r of the damaged propeny. Any applicAtion of the proceedti to the principal rhall not extend or postponc _
<br /> _� the due dute of the monthly payments wh�rh•rre refcrred to in Prrugroph 2,or chunge the amount of such payments. Any _—
<br /> -_-_ . � �4 ��� excess insursince proceeds over an wnount required to puy all autstanding indebtednrxx under the Note and this Security '�
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<br /> �' •.��a . � Instrument shall be paid to the entity legally cnutled thereto. �',�_
<br /> ;'�` � In the event of foreclosure of this Securily I�slrument or other trunsfer of tiUe�o the i'r�perty that extinguishes the
<br /> *� � indebtedness,nll right,tiUe nnd interest of Barmwer in und to imunuice policies in forcc,hull pass to the purchnser.
<br />- � ,"�=,• .�+; , S. Occupancy, Preservatlon. Muintenance und Protection oP the Property; Bormwer•s I.oan Applicatlon; �_�-_
<br />_�.. • . Leaseholds. Borrower shall cxcupy,e�tAhlish,and use the Pmperty us Borrower's principal re�idence within s�xty duys ___
<br /> ;� � � efter the eaecution of this 5ecurity Instrument und shall cuntinue to cxcupy ehe E'rop�:ny u.+Born�wer's principal residence ��_
<br /> ;?r � for at lesist one year ufter the dute of accupuncy,unless thc Secretury determines this n:yuirrment wiU ruuse undue hardship �':.�'
<br /> es
<br /> �.�.a: , for Borrower, or unless extenuating circutristanres exist which urc beyond BurroH•cr's wmrol. Bnrtower shall notify
<br /> = „ • . Lenders of uny extenuuting circumstoncP+. Borrower shall nat commit waste or de.�roy, d;unage or subtitantiully rhange __
<br /> �: ' ° the Pioperty or allow the Property to dereriomtc,rcasonuhle wear and�ear cxrcplyd. Lrnder m•ry mspect the Property if the ��
<br /> -- � property is vucunt or Abundoned or the luan is in defpult. Lender may��ke na�an•rbl�uction to protec�ond pmserve such i_.
<br /> _ � vucnnt or ubandoned Property. Borrower shull ulsa he in dcfault if Bom�wer, durin�;the luan upplicr�ion process, guve �.
<br /> � muteriallY fnlse or inaccursite informution ur statements to Lender I��r failed w pnwiJe L�nder with any mutenal ,;,;
<br /> informatton) in cunneclion with thr luan evidenced by the Notr, incluJing, bw nut limited W, reprcsentalions con¢eming -
<br /> � Borrower's accupancy of the Propetty a�u principal residencr. If Ihi+Srrunty Imtmment i.on a Icusehold,Borrower shall
<br /> , comply with the provisions of the lease. If Borrowrr•rrywre.fer ude tu th�Ru�xny,the le•ruuhold:md fc� tille shall nut , .
<br /> • be tne�ged unless I.ender ugrce.ta the mcrger in wn�ing.
<br /> t � 6. Charges to Borrower aad ProtecUon of Lender's RiRhts in the 1'ruperl��. Rorcawrr.h•rll pay ull tiuvemmentul
<br /> , � or municipul chnrges,fines und imposi�ions�hat:ut not included in Paragraph'_. [lurn�wrr�hall pay the�u6hgutions on
<br /> ;K. .�., lime direcdy to the entity which is owed thc paymad. If failurc to pa�• wuuld ;�dvrn�ly atlec� Lender; intrrrst in thr �
<br /> •�. � PropeAy,upon Lender's reyucst Bormwer�hall pn�mptly fumi<h a�Lrnder reccipt.cviJenrin�:thrrc paymrnt�.
<br />��.� - If Borrowcr fnils to muke the.e paymrnts or thc pa�•mrnt� RyuircJ hy 1'.auEraph 2,or fail. tu perturm any uther
<br />- covenunts und ugreement�contained in thi.Sccurity Im�mment,or them i.a IeE:�I prvxeeJing thul muy+igniticantly affect F
<br />= .. -�< _. Lender's riehts in the Propeny(�uch a�a pnxccJing in b;uil.ruptcy.1'ar ranJemnation ar to cn(urce laa+ur nFulaliimtil, i
<br /> then Lender muy do und pay wh�tevcr is n�tie,sary to p►utect thc vrWr ot Ihr 1'�operty:md�enaer'�rign�+in►nc rn,pcny. �
<br /> � T�_ • - including puyment of wxe� htvarcf intiurance:uid othcr item.mrntianed in P.�rrgraph 2.
<br /> � Any amountti disbuneJ by Lender unJer Ifii�Paragraph.hall t+rn�mr an additiunal deht ul'Bum�a�r and he.rcund
<br /> � � u by this Securiry Inswment. Thex amoun�s,hall brar inten.t from the datr ut'di.bunement, :►t�he No�r r�tr.�nJ ut the i
<br /> • option of Lender,shUll be immediutely due and p•ry�ble. F
<br /> � 7. Condemnation. The proceed�of;u�y aw•:ud ur rlaim for dumage.,dircct iir ci�m��yuentiul,in connertiun with um r
<br /> ' �. • • condemnstion or othcr takin�e of any part of thc Pn�perty.��r for romrvanrr in placc�H runJemnatiun,•rrc herehy a.�iEned
<br /> ., � � • ond ah:Jl be p•riJ to L�rnder to the ettem u(Ihr(ull amuunt i�f Ihe indebtrdne�+th�t rcmaim unpaid widcr the Nutr and thi. �
<br /> , �" � 5e�urity Instrument. Lender�hall opply ruch pnk�eJ.tu th�rcJurhon i�f the inJchtrJnr..unJrr the Nutr unJ�hi.Srrunt�
<br /> e•
<br /> ° ,�,, Instniment, fiat to any dclinyucnt amount. applird in 1hi unlrr providc� m Paracraph ;, and thrn t�� prcpaymenl ut'
<br /> principal. Any upplication �f the pnxrrJ. w thr principal .hall niit ettcml ur�x��tp�mc Ihe due dalr ut the monthh• y
<br /> .t. ., �� ��¢r:n�.l►ti+¢e�� �
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