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<br /> l. P�ymeat of Principtl,lnhrc�t aad I.�te Cbuge. Bomower�hall pay when due thc principa!of.and interat on.
<br /> the debt evfienced by Ihc Note ond Iwto chugea due wtdcr Ihe Nnte.
<br /> 2, Monthly payments of 91�ee,lnaKaace nnd Oiher CharQes. Borrower ahall include in euch mun�hly paymcnt.
<br /> _ W�ether with the principnl end interest as set forti�in the Note andeny late chargea,an inA�aliment oP any(a)u�uces nnd
<br /> ..,
<br /> . i spocial a�sess�t�enu�kvled or w be Icvled�rinu the PropeRy.(b)IeasehoW paymenta a Qround renta on the Property�wtd
<br /> — — -- - � (c)Premiums for L�urance requiRd by ParagcAph 4.
<br /> . F.�ch monthly instaliment for items(�). lb) and (e)ahell oqual one-twelfth of�he onnual wnoums.as �iwbly `
<br /> !� eadmeted by Lender, plus an u�ount su�icient a maintain nn addiUonel balance of not moro than one-sialh of the
<br /> � .�""q..��' .: esdmated ur�ounts. The full ennual amount for each item shall be w:cumulated by L.ender within a period cnding onr. -
<br /> month befao an item would become delinque�l. I.ender rhall hold the amounta colkcted in wst to puy itenu(e).(b1 and
<br /> �:��,ti (c)befooe Ihey bxome delinquent.
<br /> -_�=�� '�;:� lf at any time the total of tha paymentx held by L.ender for items(a),(b)end(c),tagether with�he futuro monlhly
<br /> ����-T°==�=''�� nts for such items a able to Lender dor to the due dntes of'such items, eaceeds by more than onasiath the
<br /> -- — �'Ff.,•, �: PAY� P Y P --
<br /> ._..v,,,_c - � esdmatod amount of payments�equired topay�uch items when due,end if pu ments on the Note arc cument,then L.ender
<br /> �' ""�`"''�' sh+�U either refund thc excess over one-six�h of�hc estimated paymcnts or c�t the exccss over one-aialh of Ihe estimnted
<br /> �,�F^ z_��ra
<br /> ;,.,_. . •;? psryments to subsequent paytnents by Borrower,at thc opdon of Borrower. If the total of the paymen�s made by Borrower
<br />-���;�•��s°� for item(a),(b).or(c)is insufficicnt to pay the item when due,U�en Borrowcr shall pay to Lender any tunount necescary to
<br /> � malcc up the defkiency on or before 1he date the item becomes due.
<br /> _ �„�•Q " As ured in this Security Inspument,"Secntary"means thC Se�:reWsy of Housing and Urban Develapment or his or her -
<br /> ��'"'��'� " designee. In eny year in which the Lender muat pay e mongage insurance premium to the Secrctary,each monlhly payment
<br /> �'��-� 's '�'° shall also include either. (i) an installment of the annuel mortgage insuronce p�mium ta be paid by Lender to the
<br /> ���''i���'``���' Sec�tary.or(ii)a monthly charge instead of a murigage I�surance premium if this Securiry Insdvment is held by the �
<br /> �'�;.,. ..
<br /> _'�s., � Secretary. Each monthly inetallment of the mortgage Insuronce pr+�mium shall be in an umount sufficjent to accumulate 1he
<br /> -- ��°'•,•,�`'d�� ;A;�; full ennual mortgage insurance premium wtth Lender one month prior to the dete ihe full armual mortgage insurance
<br /> ' premium is due w the Secretary;or if this Secudty Instrument is hcld b�r the Secretary.ench monthly cherge shall be in an
<br /> _ - -.==.'_�;;F"'= omount a�ual to one-twelflh of one-half percent ot the out�tanding principai balunc�due on the Note. �
<br /> • ° ,�, If Borrower tenders w Lender the full payment of nli aums secured by this Secu�ity Instrument,Bormwer�s account
<br /> „. •• ehall be credited with the balence remainfng for �II installmentg for items (a), (b) und (c) and any mortgage insurnnce
<br /> � ° " • ��,, p�emium instaliment that Lender has not become obligated to pay to th;,Secretary,and Lender shall promptly refund ony
<br /> , „ .,,j eacess funds to Borrower. Immediately prior to a foreGlosunc sale of thc Property or its acquisition by Lender.Bomnwer's --
<br />-= account shell be credited wlt,'�any balance rcmuining for all installment�for items(a).(b)and(c).
<br /> - ' _3. A�Iieadon of Paymeata. Ali payments under Paregraphs 1 and 2 shall be npplied by Lender sis follows: _
<br />-_- . � ° . ,,. • g��Z to Ihe mortgage inaurence premium to be paid by l.ender to the Secretury or to the monthly churge by the --
<br /> �� ;�w.�,,., .;s �,, Secre instead of the monthly mortgage insurance pnemium; _-.
<br /> ',�.•.:.-. "�� = � ,�•, �•!o assy tatss.spccie!asstssmesxs.leaschold peymenta���mund re�xa,and fire,tlood and ott�ar haxanf -
<br /> " insurance premiums,asreq u�red:
<br /> ,, , ,' ,. .. , "��� �j$Q.to interest due under the Note;
<br /> • �OURTH,W amortization of the principal of the Nute;
<br /> " ; R, ��' • �,to late charges due under the Noce. __.
<br /> `.a� ��. � 4. Fire,Flood and Other Haznrd Insurance. Borrower shull insure all fmprovements on the Propeny,whether now
<br /> • �';"k in existence or sub uently erected, against any hazards,casualties,und rontingencies, including fre,for whkh,Lender
<br /> 4�, . ,
<br /> , • �+equires insurance. is insurs�nce shall be maintained in the amounts and for Ihe periods that Lender requires. Bormwer
<br /> . .{���,.�:r.:,«+�st� shall also insure all improvemems on the Property.whether now in existence or subsequently erected,agwnst loss by floods -
<br /> -• to 1he extent required by�he Secretary. All insurance shnll be carried with companies approved by Lender. The insurnnce
<br /> , policies and any renewals shall be held by Lender nnd shull includc loss payAble clauses in fuvor of. and in A form �'"'
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<br /> ;, ��. acceptable to.Lender. —
<br /> �,r,, r �• . . . In the event of loss,Borrower shall give Lender immediute notice by muil. l.endPr muy make proc�f of loss if not
<br /> �. • made promptly by Borruwer. Each insurunce company concerned is he�by authorized und directed to make pAyment for _
<br /> ''�.-� ' ° such loss direcdy to I.ender.instead of to Borrower und to Lender jointly. All or any purt of the insurance proceeds muy be
<br /> � " applied by Lender,at its option,either(a)to thc reduction of thc inde6tedness under the Note and this Security lnstrument,
<br /> fus' t to ony delinquent amounts applied in the order in PurAgraph 3, and then to prepuyment of principal,or(b) to the -•
<br /> ��� ;'� _,r. �esroration or repair of the dumoged propeny. Any application of the praceeds ro the pnncipal zhnll not extend or postpone �__�
<br />� '��' �� - " the due date of the monthly payments which aue referred ro in Parugruph 2,or change the amount of such puymenta. Any --_
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<br /> � r�^• • eacess insurnnce proceeds over un anwunt required lo pny ull outslanding indebtedness under the Note and thia Security --_
<br /> - . Instrument shall be paid to the entity legally entitled thereto. __.
<br /> • In the event of foreclosure of�hix Securiry Instrument or other transfer of tide to Ihe Propeny that extinguishes the ---
<br /> 'tir. -• indebtedness,all right,tide wid interest of Borrower in und to in,urwice policies in fbrce shull puss to the purchciser. =
<br /> ', �, �`� W.:_.,... . S. Occupancy. Preservalion. Mafatenonce and ProtectMn of the Property; Borrower's I.oan AppNcaHon; ° -
<br /> � Leaseholds. Borrower shnll occupy,establish,und u+e the Proprrty as Borrower's principul residence within sixty dnys
<br />, °., .,,, ' after the ezecution uf this Security Imtrument and tihull continue ta cxcupy the Property n.ti Borrower's•principul rexidence
<br /> 4•. � for at least one year after the date of accupancy,unless the Sccrctury determines thix requirement will cause undue hardship -----
<br /> " ��'`�''"'�: for Borrower, or unless extenuating circumstanceti cxist which urc beyond Borrowcr. control. Borrower shull notify ��.
<br /> ' Lenders of any eatenunting cinumx�ances. BaROwer shull not commit wu.te or destroy,dumuge or substnntiully chunge �,
<br /> ' the Property or ullow the Property to detcriomtc,rcasonuble weur und teur excepteJ. LrnJrr muy inspect the Property if the
<br /> . ' • �,. . Property is vucant or ubandoned or the lonn iti in dcfAUlt. Lender muy takc rcasonablc uction ta protecl nnd preserve xuch �--
<br /> vacant or ubandoned Properly. Borcower shall ulso Ix in defuuU if 8orrower,during Ihr loun applicatiun pracess,guve �
<br /> � �" � materinll�y false or inuccurale informution ur stutemcnts �u LenJrr (or Pailed lo pri�vidc l.endcr with uny ma�erial �,�_
<br /> � informaqon) in connection with the laan cvidenceJ by the No�c, including,hut not limitrd to,rcpresentutions conceming
<br /> .� • , Borrower's occupancy of 1he Property us n pri�cipul rexidcrke. If this 5erurity Instn�mcnt i+on u IraseholJ,Bormwer shull
<br /> • , comply with the provisions of the leuse. If Barmwer ucyuireti frr ti�lc tu thr Pro�xrty,ihr Ieu�chulJ and fcr�itle�hull not �
<br /> � be mergcd unlesti Lender ugreex to the merger in writing.
<br /> • ° 6. Charge.g to Borrower xnd Proteclion of I.ender's Ri�hts in the Property. tiurro�vcr tihnll pay ull guvcrnmcntul
<br /> ' or municipul charges,fincx und impositions thu�i�re not indudcJ in Puri��ruph 2. Borniwcr.rhall pay thexr ubligution�on �
<br /> � � time directly to the entity which ix owed the paymeut. If failu� Io pay would udvcnely atTrct Lcndcr: intem.t in the
<br /> • Property,up�m Lender's reyuest Borniwcr�hull promptly fumish t��Lender rcreiptti cvidencing thcx paymcntti. �
<br /> — y-. - IP R......w..r Fo:k t..mu4a Iha.a ntwmnnlc.�r thr nuvmrntc m�wirnd hV Pnr:wr:mh �. ttt �tll�� 1/1 tll•ff1/R11'JI1V othcr �
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<br /> covenants gnd agrcemcnts contamrd in this Srrunry Inxtrument,or thcrr�+a le�al prckcrJing Ihut mny.ignilirantly uffrrt E.
<br /> ' Lender's rights in the Prapeny(such us u preicecding in hankruplcy. tiir cundemnation�tt to ent'i�rce luws or regulutionrl, ,
<br /> ' then Lender mAy do nnd puy whntrver i�nece�wry to protect the viduc uf'�hc F'r���xny��nd Lrndrr's rightx in the Pn�peny.
<br /> � . � including payment of tuxex,h�vard msurun�c und olhcr items mcntioncJ in PuraFruph 2. �
<br /> ' Any amounts disbuned by Lcnder under�his Para�raph,hall Ixcomr�n udditiunul Jcht ot�Borrower and Ix xrcund
<br /> � ' by this Securiry Instrument. These umounts shall lxur mtcrrs�t'nan thc du�r of di�buncrmnt,ut thr N��tc i�tc,and at the k
<br /> , � . '� option of Lender,xhull he immediately duc und payublr. !
<br /> 7. Condemnallon. The procceds of any awtu�d or cluim for dama�:cx,Jircct or ci�n�ryuentiul,in cunnrcti�m with uny '
<br /> ° condemnotion or other taking of any pan uf the F'r��perty.��r ti,r cunveyuncc in pluce uf cundemnutiiin,;un c�rcby us�itinrJ ;
<br /> ' and shnll be paid to Lender to the extent af the 1'ull umount of the indebtcdnrsti thut romainti wipaid undrr thr Nule anJ thiti
<br /> � �� Security Instrument. Lender shall apply such prcx�crJ.to thc reJuction of the inJchledne.x under the Ni�te unJ this Srrurity i
<br /> � � Instrument, �rst to any delinyucnt omounls :��ri��a in Ihc �m1er pmvideJ in Purvgr•rph ;, anJ ihrn tu prepaymem i�t �
<br /> � . . •"��, :r��!� principal. Any applicution of the proreeds to thc principul xhall not extend or por�ponr �he Jue Jut< <�f the munthly `
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