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<br /> ' It the amountn held by I.ender ior Pscrow Items eiceed tha emaunte permitted to be hold by RFSPA,
<br /> ' l,end�r ehall account to Borrowor for the excess Fu»da�s rec{uieed t�y RIiSPA.IP the amounte of funde held by
<br /> l.onder at eny time ero not sutticient to pay the Escrow Iteme when due,I.ender mey notify the Borrower and � �
<br /> � requiro Borrower to make up tho ehortege es permitted by RFSPA. • �
<br /> �,� The Escrow Punda ere pleclged ea additional sccurity Por all eums secured by this Security Instrument.It
<br /> �,,,,,�, ,�e• Bonower tenders to Lender the tull payment of all euchsums,Borrower's account shall be credited with the
<br /> balance remaining for all inetallment items(a),(b),and(c) and any mortgage insurance premium inatallment �'
<br /> � that Lender has not b�came obligated ta pay to the S�cretary,and Lender ehall promptly refund any escess �;•;
<br /> (unde to Borrower. Irnmedietely prior to s foreclosute sale o[ the Praperty or its acquiaition by Lerider., ' 'F;,,;�:';�
<br /> � Aorrower's accovnt shall ba credited with any balance recnaining for all installmer►u for items (a�, b), and " �•��:
<br /> fc). ( '"�s� �'�
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<br /> ' 3. Appllcation ot Paymenta. All paymente under paragraphs 1 and 2 shall be npplied 'by L,ender 4s t,,,:!�';%r%i=��
<br /> tollows: „��� �
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<br /> Firet,to tho mortgage insurance premium to be p�aid by I.ender to the Secretary or to the monthly char�,-�: �=�=="�
<br /> . -;_i: by�the Secretary instead of the rnonthly mortgage insurance premium; • ;��o-
<br /> � " �'� Secend. to any taxes, specisl essessmenta,leaseholdpayments or ground renta,and fire,flood und other '"�°���
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<br /> � he•r,urd insuranca pramiuma,ea required; ..
<br /> .c�:�a.Is�_�
<br /> � '�°� Third,ta interest due under tha Note; �,:��,�
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<br /> Fourth,to emottization of tha principal of tha Notc;and ��:�_:
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<br /> � ��'�� ` Fifth,to lat�charges dua under tho Notv. -
<br /> .� 4.Firo. Flood and Other H�z�rd InAUrance.Borrower ehall insure ell improvements on the Property,
<br />- �� �' whether now in exietenca or eubsequenily erected,ageinstany hazarda,casunities,and cantingenciea,including
<br /> �•�`�� ' fire, for wh�ch Lendar requires ineurance. Thie insurance shall be maintained in �the umounts and for tha -
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<br /> �� � oerioda that Lender requires.Bonower shall also insureall improvements on the Property,whether uow in
<br /> ���� � � exietonco or subsequnntly erected,egaiast loss try floodato the extent required by the Secretary. All insurance ;A
<br /> ehall be carcied with companies approved by I.ender.Tla insurence pvlicies and any re�iewals ahaU be held by -
<br /> �': � I.ender and shall inclada loss payable clauses in favor ol,end in a form acceptable to,Lender. _
<br /> — - ,, In the event of las9, Bonvwer shell�ive Lender immedieta notica by mail.Lender may make proof of
<br /> '�^`w'-' �' loss it not made prompfly by Borrower.Each insutence company concsrned is hereby authorized and directed ,
<br />_ -•' "<,:': to mnka payment for such loss directly to Lender,instead of to Borrower and to Lender�:,^tly.All or any �
<br />�"��•'•-�;�;� part oi the insurence proceeda may ba applied by L.ender� a�t its option, either (a) to the 1+er3vctlon of tho
<br /> _�`"''��y�:'� indebtedness undor tho Nota and this Security Instrument,firet to any delinquent amounta applied in tho order _
<br /> _ .--_� in pnragceph 3, nnd than to prepayment oi principal,or (b) to the restoration or repuir af tho damaged _
<br /> ;�.'. , Property,Any application of the proceeda to tho pcincipal shall not eat�nd or postpone the due date o4 the
<br />---'�''�i:� :, monthly paymente which ara referced to in paragraph 2,or chenge the amount oi such payments.Any excess
<br /> --:_::_..,;� :�' insurence proceeds over an amount requir�d to pay ell outetending indebtalnesa under the Note and thie
<br /> -���-"�=�-� Security Instrumcmt s3�a11 be paid to the entity legally entitled thereto. -_
<br /> ''�—`-'II��?��'. In the event of foreclosuro of thie Security Instrument or other transfer n.° title to the Property that --
<br /> ----�_�}�� ` axtinguishes tha indobtedness,all right,title and interestoi Bonower in ead to xn�:.snnce paliciea in[orce shall -�
<br /> �`�� pass to thopurchaser. —
<br /> __-r�„���— S. Uccupancy, Preservation. Maiateaanco and Protection of the PrUperty; Borrower's iLoan
<br /> '---_. Applic�tion;I.e�seholda. Borrower ahsU �ccup�r, esteb2ieh,and use the Property as Borrower's principal ___
<br />� --��:,� residenca within sixty days after tha execution oi ttua Security Instrument(or within eisty daye of a IaLer salo or
<br /> �"'__- transfer o!the P�oper�y)and shall cnntinue to cecupy t�eProperty as Borrower's principal nsidence for at least
<br /> --� °- � one year efter the date ot occupancy,unless Lender determines tliat requirement will cause undue herdahep ff�r -
<br /> -- ----��= Borrower,or unless extenvating c�rcumstauces e�st which are beyond Bnnower'g control. Borrower ��aatii -
<br /> —.,x,�,J�Y�. notify L.endet of any axtenuating circumetances. Aorrower shall not commit wasta or d�.�ac�a3-,damage or �
<br /> _,�,:� subetantially change the Property or allory the Property to deterit�r��te, reasonable wear ase�1 ar,�r excepted. -
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<br /> ;, ,,,. Lendor mey inapxt the Property if the Property is vacent or abandoned ar the loan is in defa�_x.I,ender rAeay
<br /> .��F��-4 take roasonable actton to protect end preserve such vacant or abandoned Property.Bonower s?:a�l alsa b� 'sn 1� ---
<br /> • • . default if Borrowvr, during tha loan a�plication process, gava materially felse or inflccuraie information¢�r P_�-=
<br /> . statemente to Lendar (or failecl'to provade Lender with eny material information�in connection with the loan °_
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