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<br /> =' ._.. . l. Pa'owt at Prindp�l,laterat�ud LAte Clwge. Borrower siWl pay when due�he principal of.and intenst on,
<br /> --� _ -- -_
<br /> �;; the deM evidenced by the Dlate and lete chsrges dnc under t�• ''atc. `
<br /> ' " Z. MOnIWy pY�1�ClDfB Ot�IYIXCB�I118l11'AR�Q AIIII Ot�: �!8. Borrower shall inciude in each monlhly payment,
<br /> �°-�, _ together with Ihe principal end intereat ar set fotth in the Notc un�eny late charges,an instaliment of any(a)taxes and
<br /> ..�
<br /> - - speclal essa�sments levfed or to be levied against the Property.(b)lwsehoW pnymenw ar ground rents on the Property.�nd
<br /> __ _ � �k -� ' (c)premiums for in�urance rcquired by Paregraph 4. _
<br /> Fach monthly instelLpent for items (a). (b)and(c)shaU eyual one-twelfth of the annual amounta. as neasanably
<br /> ' escimated by L.ender. plus an amount sufftcient to mafntein �n additional balance of not moro than one-sixth of the
<br /> , �' estimated amounta. The fuU annual amount for each item sh�il be accumulated by Lxnder within a period ending one
<br /> month before an item would becomo deWiquen�. Lendcr shWl hold the amounta callected in aust to puy itema(a),(b)and
<br /> - — ��.�c:��'- (c3 Lcfixa liroy iyca.vuic�iaWtiyuc�ii. .
<br /> _.�� If at eny time the tota!of ihB paymante held by Lendar fo� items (a). (b) and(c), together with the future monlhly
<br /> �� F �" ` payment� for such Itema payeble to Lender pdar to thc duc dates of such items. execeds by more than one-sixth the
<br /> �=----'�'�'��='��� cstimatcd amount of paymenta required to pay such ltems when due.and if pA menta on the Nate are cume��then Lcnder
<br /> __„�„�_.,..�-
<br /> ���.�-=� ••-� ahaU either�efund thc cxcess over one-siath of the eatimated payments or it thc eacess over one-aixth of the estimated
<br /> '°=: �,""° paymenta to subsequent peymenta by Bomower,at the option of Borrowec If the total of the payments made by Bormwer
<br /> �,�,;�_-;,� �' for item(a).(b),or(c)is insufFicient to pay thc item when due.�hen Harrower ehall pay to Lender any s+mount necescsuy to
<br /> -- „, mwke up the def�ciency on or beforc thc date the item becomes due.
<br /> —uzra� As used in this Security Instrument,"Secret�ry"means the Secretary of Hausing and Urbun Development or his or her
<br /> w�.��;,�-�-� desig�o. In any year in which the Lender must ppy a mortgage Insurance premium to the Secrctwy.ench maMhly payment
<br /> ����; sh�ll �Isa include eithe�: (i) an installmeot of the annuwl mortguge insurancc prcmium ta be paid by Lender to the
<br /> _�,� Secrctary.or(ii) a monthly charge inxtead of'n mortgege insuriux:e premium lf�hia Security Inswment is held by the -
<br /> - �<=,}�i ^a,,;; � Secretwry. Each monthly instnllment of tha mortgagc incurance premium�hnll be ln un wnount sufficient to uccumulete the
<br /> ,,r•.ar. � ful) nnnuwl mortgago inxurnnce prcmium with Lender one month prlar ta the dpte the full unnual mortgAge insurance
<br /> ��r;y„1,,,• pnemium iR due ta the Secreuuy;or if ihis Secu�ity Inatrument Is held by�he Secretury,each monthly chorge shall be ln pn
<br /> �'�, 'A amount equ�l to one-twelflh af one•half per�cent of the outstunding princip�l bulance due o�the Note.
<br /> ,� } .� � , .�, '.� If Borrower tend¢�a to L.ender the full payment of all sumw secured by�his Security instmment. Borrower's account
<br /> sh�ll be crcdited with 1hc balunce remaining for ull instullments for items (al. (b)and (c) and any moctgage insurance
<br />�� 'q. � �� " premium installment lhet l.ender has not become obligated to puy�a thc Secretury,and l.ender shall promptly refu�d any _.
<br /> •::;.;;��.� ,n�a. , excess funds to Borrowcr. Immcdiately prior to a for+eclosurc x41e of the Property or its acquisition by Lender.Bomower5�
<br /> _ . account shall be credited with any balance remaining for all lnswllmenta for items(n),(b)and(c).
<br /> ����;�• � 3. A itcatlon of Paymenta All payments under Parugrnphs 1 and 2 shall be applieJ by Lender as followa:
<br />- R'' "': ` �$$�to the mortgagc insurance premium to be paid by Lender to the Secrotary or to the monthly charge by the
<br /> _ '� � 4,�''`�`' Secrotery instead of the monthly mortgage insurance premium;
<br /> --- -.�.�:..�"_.=t��� -�+ �I�,io any taxes.speciai assessments�ieasehokl paymenta or giuumi rLmin.mid Gra,tlood wjd oiher hazard -
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<br /> '� �" insurance premiums.as uined;
<br /> , �iirri�r-�.an•�F: req
<br /> • ,�. �j$p,to mterest due under 1he Note;
<br /> EQSJ$'�,to amortization of the prfnclpnl of the Note;
<br /> ;�,..,. ' . �,to late charges due under the Note.
<br /> 4. Fire,Fload sutd Other HezArd Insurance. Borrower shull insure all improvements on the Property,whether now
<br /> �� v-"' �, � " in ezistence or subseyuenNy erected,against any hazards,cnsunities,and contingencies, including fire,for which Lender
<br /> ' • �' .. ' tequires insurance. This insurame shnll be maintained in the amounts suid for the perfods that I.ender requires. BotTOwer
<br /> � �* �� � shalt also insure all improvements on�he Property,whether now in existence or subsequently erected,against loss by floods
<br /> �• • • '• •• to the extent required by the Secretary. Ail insurnnce xhnll be carried wilh compnnies npproved by Lender. The insurance
<br /> • " *•� � policies and any renewals shell be held by Lender smd shell include loss payable cluuses in favor of. und in a form
<br /> �'°• acceptable to,Lender.
<br /> �«. .�aw.�.,�,.�.•..�-.:�w in the event of loss, Rorrower shnll give Lender immediate naice b,y meil. Lender may make proof of loss if not
<br /> ��" �'�.:_:.. ',.�. :�.n- made pramptly by Borrower. Euch insurnnce company concemed is hereby authorized and directed to make payment for �
<br /> '�,� • '!•` � ' such loss directly to Lender,instead of to BaROwer und tc►Lender jointly. All or uny part of the insurance praceeds may be
<br /> ��a �` `' applied by Lender,nt its option,elther(ul to the reduction of the indebtedness under the Note and this Secunty Instrument.
<br /> � •= first to eny delinquent amounts upplied in the order in Huugmph 3, and then to prepayment of principul, or(b) to the
<br />; :�, �.;;,- °.. ; restoration or repair of the damaged property. Any applicn�ion of the proceedx to the principnl shnll nat extend or postpone
<br />; ' the due date of the monthly puyments which ure referred to in Pnrugmph 2, or chunge the amuunt of such puyments. Any
<br />� excess insurance proc�eds over un amount required to puy atl outstanding indebtedness undcr the Note ond this Security
<br />. .�'s. �. M „ Inspument shall be paid to the entity legally entitkd thereto.
<br /> � In the event of foreclosure of this Security Instrument or other tr�nsfer of title a�the P�roperty that extinguishes the
<br /> - indebtedness,�II right,title and interest of Borrower in und to insursuue policies in force shull puss to the purchaser. _
<br /> ':;;�,�. 3. Occupancy, PreservaUon. Mainlenance and Protection oP Ihe Property; Borrower's Loan Application;
<br /> ' � " • " .. Lestseholda. 8orrower shall occupy,estublish,and use the Property us Borrower ti principul rexidence within sixty days
<br /> ',� � ��,� " after the exec��tion of this Security Instrument und shull con�inue�o accupy the Property as Borrower'.s principul residence
<br /> _ ��„. for at least one year after the dute of accupancy,unless the Secretnry dctermines this rcyuirement will cuuse undue hardship
<br /> �r''� for Borrower. or unless extenuating circurtistAnces exist which are beyond Borrowcr's contml. Borrower shall notify
<br /> � . Lenden;of any extenuating circumstances. Borrower shull not commit watite or destroy,dumuge or substontially chsmge _
<br /> • o: • � the Property or allow the Propeny to deteriomte,reusonuble weur und teur excepted. Lcndcr muy in.pect the Prope��y if the _
<br /> Property is vacant or abandoned or the loan is in default. Lender may tuke reasonablc uction ro protect nnd preserve such =-
<br /> , " vacant or abttndoned Propeny. Borrower shall ulso t� in default if Bortowcr, during thc loan upplicution process,�uve E
<br /> . �, mnteriully fulse or inuccurute informotion ar swtemcnls to LenJer (or fuileJ to pruviJe Lender with uny mureriul
<br /> information)in connec�ion with the loun evidcnceJ by the Note, including, hut n��t limiled to,representations conceming E
<br /> � . .: Borrower's occupuncy of the Property us u prinripal rezidrnrr. If thi.Security In.lrumcnt is on•r Icu,ehold,Barrower shull f
<br /> . . comply with thc provisionz of thc leuxc. If Borcower acyuiirs fer �itk t��th�Pro�xrty,the Ica.r•ehold und f'ee tillc shull not �
<br /> � . be merged unless Lender ugrees�o the merger in writing. j
<br /> � • ° 6. Charges to Borrower and ProtecHon oP I.endcr's RiRhts in the 1'ruperly. B�irn►wrr.hull pay ull govcmmcntul ,
<br /> ... or municipul churges,finex und impoxitions thut ure nol included in Pnrugruph 2. Borr��wrr shull pay these obliNutium un �
<br /> ° ,� . � time dir�ectly to thc entity which is owed the p:rymcnt. If ti�ilure to pay would udvenrly uffcrt Lrndcr's intcrest in thc !
<br /> ��, .,�,�__, � �. Properiy^upon Lender's rcyurxt Bom,wer,hull pnm�ptly fumi+h u�Lcndcrr�rcipt�evidencing ihc�c paymen�x. �
<br /> .,:, �,
<br /> - - � --�—�- ----- ii num►wcr iaiis iu muice �netie puyment+or tne puymen[x Ryuireu ny rsrugrapi� �. ur iuii.iu ��cri�•mi uu7 ��ii�c� �
<br /> � �� covenants und ugreements rontuincJ in�hi.Security Instrumrnt,or thcrr is u Ic�ul pr�xceJing Ihul muy.ignifiruntly uffrct �
<br />� „ ' ' Lender's rights in the Property(such us u pnxceJing in N:mkruptry,I'cw cunJrmnuti�m ur la enR�rcc luu�s or rcgulatiom),
<br /> then Lender muy do und pay wha�evcr ix necessury to pro�cct �hc valuc af�hc I'ro�xn�nnd Lcnder�righls in the Prupeny. 4
<br /> . � �� ., : � including payment of taxa�s,hcv.ard insurunce und ulhcr items rncntioned in Purugraph...
<br /> Any amounts disburscd by Lcndcr undcr this I'uru�ruph shull txrumc .m adJiticmul deM of Borrowcr und lk.rcureJ I
<br /> bv this SecuritY Instrumcnt. These iunounts tihall txur intcn:xl t�mm Ihe date of'Ji�hunement,at the Nwr rntc,anJ at thc �
<br /> , � optian of Lender,xhall be immeJiutely due und puyublc. t
<br /> 7. Condemnution. The proceeds of uny awurd or�luim(or damuges, dircct or conseyuentiul,in cunncctiun with zmy `
<br /> ° condemnution ar othcr tuking of uny part of thr Property,or 1'or conveyunce in placr��f cundemniuion,a�r herrby ussigned '
<br /> � nnd shull be puid to Lendcr to the extent of the full amount of thc indcbtedness thnt rrmains unpaid undcr Ih�Nutr und this '
<br /> ' . � Security lnstrument. Lender shull npply such proceeds 10 Ihe reduction of ihe imfebtednesx under the No1r unJ thi.Scrurity
<br /> • . . Instrument, first to nny dclinyucnt amounts applied in thc urcicr proviJed in Para�r:�ph 3, anJ thcn to prcpaymcnl uf
<br /> _"' principal. Any npplicntion of the pmceedti to the prinripul shall not extenJ or puxlpone the Jue dute of the monthly
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