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<br /> ` • 1. Ppyment of Prlacipal,Interest and Lale Chn�e. Borrower ahWl pay whcn duc thc principol of.w�d intercw on.
<br /> . `;' �.;,�T, �he debt evi/enced by theNotc and late charges due under the Note.
<br /> � �' 2.. Monthly payrnmta ot 7'axes�In�wraace and Olher C�es. Borrower sholl lncfude ln each�nonthly payment,
<br /> � ',,,,,,,,;,,_,,,,.•,. ., .�, together with the principal and interost ax set forth in the Note an any lete chnrges,an iastallment of uny(a)wxea and
<br /> � `i�=;� ,'� ,1 apecf�l nssessmente Ievied ar to be levied againat the Property.(b)leacehold payments or�round renu on the Property.and
<br /> ::�-,,,, (c)premiums for inaurance required by Pemgraph 4.
<br /> ��: Esch monihly instellment for ltemb (a), (b) und (c) shall equal one-twelfth ot the unnuul nmaunts,ns ao�nabty �
<br /> ��,' :;, , esdmated by I.ender, plas an amount sufticient to maintain an additional balance of not mote �han one-sixlh oP the
<br /> ����,:�����'� estimated amounte. The full annua! amount for each item shull be accumulated by Lender within a period ending ane
<br /> - —��""'`.:'�` month before an item would become delinquent. Lender ahall hold the amoun�s collected in trusl to pay items(a),(b)end
<br /> '�'`.�� � (c)6eforc they become delinquent.
<br /> -: '�:�. .�,-, �• !f at eny time the total of the pa ments held by Lender for items(u).(b) end (cj. together with the future monlhly
<br /> ��y;�;, payments for such itema payable to �ender prfor to the due dates of such itema. exceeda by more than one-sixth the
<br /> -- �,�}� ���.,y., estinwted nmount of payments rcquired to pey such itemR when due,and if payments on the Notc are current,then L.ender �,
<br /> shell ei�her refund the eacess over one-sixth of the estlmated paymenls or credit the excess over one-sisth of the estimated
<br /> `� ri�� �� ;�` payments W subsequent payments by Borrower,at the option of Borrower. !f the lota!of the payments made by Borrower
<br /> d .., for item(a).(b).or(c) is Insufficient to pay the item when due,then Borrower shall pay to Lender any amount necesssuy to
<br /> '�%'n��'�-�:^�;. ...�,�_, meke up the deflciency on or bofore the date the item becomes due.
<br />� �•� � ,...;, As uced in this Securiry Inspvment,'Secretary"means the Secretary of Housing and Urban Development or his or her
<br /> � �_;. � ' ' designee. In any year in which the Lender must pay a mortgage insurance premium to the Secretary.each monthly payment
<br /> ���' . _L,.::',.� � `; ahall also include eithee (i) en inatalltncnt of the annual mortgage insurance premium to 6e paid by Lender to the
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<br /> � +�=--_ --.�_-�-=- - Secretary, or(ii)a monlhly cherge instead of a mort�age inaurance premium if this Security Inswment is held by the _,
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<br /> ,i.. � ', Secretary. Each monthly instaliment of the moAgage insurance premium shall be in an emount sufficient to eccumulate the _
<br /> full annual mortgage insurance premium with Lender ane month prior to the date�he full annual mortgage insurance _y
<br /> ' premium is due to the Secretary;or if this Security Instrument is held by�he Secretary,each monthly charge shall be in an __
<br /> : ' .,,::: ,� . amount equal to one-twelfth of one-half percent of the outstanding principal balance due on the Note. -
<br /> • . ^'•�:- If Borrower tendera to Lender the full payment of ell sums secured by this Security Instrument,Borrower's account -n�
<br /> � � '�"��'-.• shell be credited with the bulance remaining for ell in�u+llments for items (u), (b) nnd (c) and any mortgage insurence __
<br /> , ,, ;��-_�; premium Mstallment that Lender has not becomc obligeted to pay to the Secretary, ond Lender shall promptly refund uny a;._,
<br /> . a excesa funds to Borrower. Immediately prior to a foreclosure sule af the Property or ils acquisition by l.ender,Borrower�s
<br /> `� account shall be credited with wny belanre remaining for all installments for items(a).(b)and(c).
<br /> 3. A licatton of Pnyments. All payments under Paragrnphs I and 2 shall be applicd by Lendcr as follows:
<br /> .�?`'�`��"�-"��°` �$$�to the mo�tgage insurance premium lo be paid by Lender to�he Secretary or to the monthly ch+uge by the _
<br /> � ' �' ri b •�� S�ec�ro�ta�ryinstead ofthe monthiy morlgage insurancc premium;
<br /> _ .�:i'��a`._:�'.�._,-;;;. $ECOND,to Any uue�,apeciul assessments,teaxehold puymentx or ground�ents,und firo,f1anJ und wher huzord
<br /> � °'` insurance pr+emiumx,as reyuired;
<br /> °��� : �� • •�j$(2,to interetit duc undcr�hc Notc;
<br /> , ,. FOURTH,to umonfzation of�hc princfpal of the No�c;
<br /> �±g,,' �,to lute chrrrgrx duc undcr ihc Nutc. _
<br /> � 4. Fire,Fluod andOlher HazArd Inxurpnce� Borrower+hull intiurc ull improvcmemx on�hc Prop�:rty,whether naw
<br /> ; '� ,,�-•• in exixtence or subsequently erected,uguimt uny hu-r.urds,ciixuultirs,und runtinge�icies, including 6re, for which l.ender
<br /> ` , reyuires incurance. Thiti insurcince tihnll be muintuined in the umounts�nd for the prrioci+that Lender reyuires. Borrower
<br /> . shall ulso lnsure all improvements on the Propeny,whethcr nuw in cxititence or xubseyuendy ereded,ugainst losa by tloods _-__
<br /> ' � „ to the extent required by Ihe Secretury. All insurunce xhall be c�ie�wilh compnnie.r opproved by L.ender. The insurunce
<br /> . . „ policies end any renewuls shnll be held by Lender und shull incluJe loxs puyable clausec in fAVOr of, nnd in A fortn
<br /> '} ' acceptabte to,Lender.
<br /> jr•�� � � �. In the event of lozs, Borrower shull give Lcndcr immediulc notice by mail. Lender may muke proof of loss if not -
<br /> made prompUy by Borruwer. Euch insurance compuny concemed i.her:by uuthorized and directed�o muke payment for '-
<br /> �}.. , „ ,. such loss directly lo Lender,instead of to Borrower and to Lender oinU All or un art of the insurwice roceeds ma be �°-
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<br /> �'�." • applied by Lender,ut itsoption,aither(n)to the reduction of the indebtedness undcr the Note und this Secunty Instrument,
<br /> �;� . first to any dclinquent wnounts upplied in the ordcr in Purugruph i, and Ihen to prepayment of principnl, or(b) to the Er_:_
<br /> %�-'�ir • restorotion or repnir of the damaged properiy. Any upplicution of the praceeds to the principal shall not extend or postpone ...
<br /> - � , •.� the due date of the monthly puyments which ure referred to in Rrragruph 2,ur chan�e the amount of such payments. Any '�"'��
<br /> excess insurunce procc:eds over un umount reyuired to pay all outstunding indebtedness under the Note and this Security �"��
<br /> Instn�ment shnll be paid to the entity legally entitled thercto. --
<br /> � . In thc cvent of forecloQUre of this Securiry Instrument or o�her trunsfer of tidr�o thc Property that extinguishes the --=_
<br /> ', � indebtedness,ull right.title und interext of Bortower in und to insurunce policiex in ti�rce tihall pass to the purchaser. =-
<br /> � , 5. Occupancy. P�servution. Maintenance and Protection of the Property; Borrower's Loan Application; ---
<br /> , , 4 „ I.easeholds. Borrower shnll cxcupy,c�tablish,und uxe thc Property ax Borrowerti principul residence within sixty dnys =__-
<br /> after the execution of this Security Intitrument and shuU continue to ixcupy the ProFxrty ax Borcower's principal residence .
<br /> •�,���.�,.,, , for at least one year afterthe date of ucrupancy,unless thc Secretaty detem�ines thiti requircment will cuuse undue hardship
<br /> , � � for Borrower, or unless extenunting circurristance+ exi,t which an Fxyond liormwer:cnntrc�l. Borrower shull natify _
<br /> " ' Lenders ot'any ex�enuuting circumstanccs. Bormwer xh•rll no�c�immit wu,�e ur Jc.troy,Jamuge ur substuntiully rhunge
<br /> . the Property or allow thc Propeny to detcriorute,rcu+onable wcur anJ tcar cxrcptcJ. Lcndcr may inspect the ProExrly if Ihe
<br /> : �.- � Property is vncant or UMmdoned or thc loun is in default. Lcndcr muy tuke rcuzonuMe action to protect unJ prcxrrve tiuch f
<br /> �� vncunt or ubundaned Property. Borrowrr shull niti�i Ix in defuult if Bcxrowcr, during the loun applicatinn process,guve �
<br /> materially f'al�e or inaccurute infortns�tiim or stcnemrnls tu LcnJcr lor failcJ to priwidc Lendcr with uny muteriul
<br /> . ' , informution) in ronneclion with the loan rvidenrrJ hy tlx Nate,mcluding, hul nut IimiteJ to, reprexentations a�nceming �
<br /> • ' ' Borcower s occupancy of the Propeny us u�rincipal rc+idence. If thi+Sccurity In,�rumcnt i�nn a Icusrhi�ld.Burci�wcr.hull �
<br /> � comply with the provisicx�s of Ihr Ira,r. II Barruwrr acyuirc� tcr tiUe a��h�•I'm�x•ny,the Ir.t�ehnld�md fe�title chull not 1 •
<br /> be merged unless l_cndrragnrti t�i Ihr mrrg�r in wriiing. �
<br /> ;, 6. CharRe+to Borrawer and Pr��teclion of Lender's Ri�hts in the Property. s��R�W�r�n;,n��y uU�uvrmmental
<br /> � or municipul churges, tine,anJ impociliun+thut:►rc not incluJrd in Paragraph �. k3i�m�wer.h:�ll pay Ihcse uhlitiu�ion.nn
<br /> +•` � time direclly to the enlily which i� uwcd thr payment. 11'1'ailurr ta (1J\' W'UUIII adver�rly af'frrl Lrndrr'. in�rn�t in thr
<br /> • Property.upcm Lrndcr's n�yuc��Hurci�wcr,hall prumpUy furni�h tu Lcnd�r rrcriptti�videnrin�!thc�c paym�nl�.
<br /> If Borrowcr fuil� tn muk�thc�c puymrnl. ur thc paymrrn� riyuircJ hy Purugruph '_, ur (uil. lo perliirni any uthrr
<br /> � ---- - covenunh und ugrcemenlx containcJ in thi.Scrurit� ImtrumcnL ur thrrr i� a Ic�al prixreJin�Ihal mav���mhramiy aticct �
<br /> I.ender's rights in the ProFxrly I+uch as a priucedin� in hankruptry.tittrundenu�ati�x��tt t�,rnfurc�lawr ar rcgulati��ml. ,
<br /> „ then Lender muy do unJ puy whatcvcr i.nece.tiury tu prntrrt thc value u1 thc F'ru�rt�arxl Lrnder's riEht,in tlx Nru�xrty.
<br /> , including puyment of tuxcs,h:v.•rrd in�urnncc und iithrr itrm�mcnti�mrd in Para�,raph_.
<br /> , Any umounts disburscd hy LrnJrr unJrr thi�Parugruph�hull Ixromc an udJitiunul drM u(F3urco��•rr:md t+e�rrurcJ
<br /> , by this Security Instrument. Thctic umi�untx sh.dl Ixar intrn,t 1'roin Ihr Ju�c uF di.Nunrmcnl,ai thc N�nr rutr,und ut thc :
<br /> option of Lender,zhull Ix immeJiu�ely Juc smd payablr.
<br /> 7. Condemnation. Thc proceeJ�ot'uny awarJ or cl:�im tirr damageti,Jirrct or cantieyurntial, m cunnerliun with any
<br /> � condemnatian or othrr laking ot any part of thc Pm�rty,or for ronveytmrr in rlar�of r�mdrmnutiun,arc hcrcby ati+igncd �
<br /> and shal)be paid to Lender to thc cxtcnt uF thc full amount uf the inJchtcJnrs.that rcmuin.unpaiJ unJer thr Nutc and thi. ;
<br /> .. . Security Instrument. Lender+hull,�pply xuch pr�xeeds tci thc reJuction of thr indrbtcJnr,s unJcr thc Nolr and Ihis Srcurily �
<br /> ,, Instrument, fint to uny dclinyucnt umounts applicd in thc orJcr pruviJrJ in P:rrugraph 3, anJ thrn to prepaymcm uf
<br /> . T principal. Any applicution of the prcxeeds lo Ilx princip•rl shall not cxtcnd �x ��.tpunc thc duc Jutr ��f �he munthly
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