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<br /> � -- - --- -- 1. P�vment of Prtndpai�IntereN And i.�te Cbarge. Barruwer rhall pay when due tl�e pdncipal af,and iniere,t on.
<br /> � lhe deb avfdencad by the Nota and late charges due under 1he Note. _ -
<br /> �. . 2. Moathly p+�ymenta o�7yuces,Iasu�Ance wid Othe�Chorga. Dorrower ahall Include in each mon�hly payment,
<br /> �.'.° ""� °" togcther wlth the principa!and intenst as set fonh in the Nae aixi any late chargcs. an instullmen�uf uny la)�xes ar►d
<br /> �,.':i-; special assesaments levled or to be levied against�he Property,(b)leasehold payments or ground renu on the Property,and
<br /> _ -' � �•� (c)premiums for insurance required by Puagruph 4. _ _
<br /> , �,s� .� °� Each mo�thly inalslMent for items (a), (b) wid (c)shall equal o�e•twelfth of �he annual amounts. u� rcasonably `�
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<br /> :#- esdmated by I.ender. plus an amount sufficient to malntain an additianal bnlance of not mare thnn one-six�h of the
<br /> eatlmated amaunw. The full annual amount for exh item sliall bc eccumulnted by Lcnder within a periad endirtg one
<br /> '_�,�, - manth before an item would becamo delinquen� Lender�hall hold the amountx collected in tcvet to puy items(a),(b)end
<br /> ___--°--: ...:-. �; , -:' (c)beta+e they become delinquent. _
<br /> ,_,� ' ' '°' If ut any time the total of the payments held by Lender for items (a).(b)and(c),together w11h the future monthly
<br /> �. r�'��„��'?s '�','-;�} '�:' payments for such items payable to Lender prlor to tfie due dates of such items,exceeds by more than one•sixth the
<br /> _ —� " - � {'' estimated umount of payments required to Pay such i�ems when due.and if pA ments on the Note are cument,[hen Lender ���
<br /> � �•' • �y�� shall either refund the excess over one-sixth of Ihe eslimWed payments or c�t the excess over one-sixth of the estimated "-- -
<br /> ,, payments to subsequent payments by Borrower,at�he opdon of Borrower. If the to�al of the paymenis made by Borrower
<br />���;� � for item(a).(b),or(c)is insufficlent to puy the Nem when due,then Borrowcr shall pay to Lender any amount necessary to
<br /> ' ��:%�',:., malte up the deflciency on or beforc the date the item becomes due.
<br /> — - ° . As used in this Secudty lnstrument."Secretaiy"meens the Secnetary of Housing and Urban Development ar his or her
<br /> -=�, � � •-'��•:.�°f.• deslgnce. I�any year in which Ihe L.ender must pay a matgage insuraa:e premium to the Secretery.each monthly payment
<br />-- � � �,,. •' - sholl also include cither: (i) an installment of the annual mortgagc inaurance premium to be paid by Lender to the
<br /> , ` ' � Secnetary.or(ii)a monthly charge instead of a mongage insurance premium if this Security Insuument is held by the F
<br /> • . . Secretery. F.ach monthly lnstallment of the mortgagc insurancc premiwn ahall be in an wnount sufFcient to accumulate the
<br /> - �- �' - full annua! mortgage Insurance pmmium with Lender aie month prior to the date the full annual mortRa�e insurance __�__._
<br /> ' ., p�+emium is due to the Secretary:or if this Security Instrument ia held by the Secretary.each manthly charge shall be in an """"`�
<br /> ° . p��� ; amount equal to one-twelflh of one-half pen:ent of the otMstanding principal balance due on the Note.
<br /> ' " .. 6 �.:r:' !f Borrowcr tenders to Lender the full payinem of all sums secured by this Securily Instrument,Borrowerb uccount _
<br /> � � �; shell be credited with ihe balance remaining for all inslallments for items (a), (b)and(c)and any mortgage insurance .,,�;--�
<br /> _ �. pnemium inalallment that Lender hos not becorne obligaled ta puy to the Secretary,and Lender shall promptly nfund nny
<br /> , ^ •'� excess funda to Hartower. Immediately prior toa foreclosure sale of the Property or its acquisition by I.ender, Borrowera
<br /> �' ' ,;..� account shall be credited with any balance remnining far all installmenis for items(a),(b)and(c). Q`"��'==
<br /> ^ •�. -' ;�` , � 3._Ap�tlieaUop of Payments. All paymenis under Paragraphs I end 2 shull be applied by l.enderas follows: =_—_
<br /> pg�T,to the mortgege inrurnnce premium to be paid by Lender to the Secretary or lo the monthly charge by the
<br /> . ^ Secre insteuci of Ihe monthly mortgage fnsumnce premium; ""'�"""`
<br /> ..:� , - ''�— °. ta ,to any taxes��pecia!�ssessmenu. lemetsold payments or ground rents,and fire.floac!�nd oshes haYard
<br /> . lnsurance premiums,asrequired;
<br /> � , TFIIRD,to interest due under the Note; _,_
<br /> FOURTH,W amurtization of the principal af the Note; °-_-_
<br /> �,to late charges due under the Note.
<br /> .;,Y �.. 4. Fire.Flood and Other Hazard insu�aace. Borrower shall insure all improvements on the Propeny,whe�her now
<br /> in existence or subsequenQy erected,against siny hazards,casunities,and contingencies,including fire. for which Lender
<br /> . ,'�" � requires insurnnce. This inxurance shall be rnaintained in the amounts and for�he periods that Lender requires. Borrower -=sd-�;:
<br /> shall also insure nll improvements ou the Properry,whether now in exislence or subsequently erected,against loss by floods ' f•.�,.
<br /> .� to the estent required by the Secretary. All intiurance shall be curried with companie�approved by Lender. The insurnnce
<br /> _ . °' �-� p olicies and an y renewals shall be held b y Lrnder und shall include lass p;ryuble cluuses in favor of, arM in a form
<br /> ° acceptable to,Lender. --k���
<br /> � - - ' �""°�' In the cvent of losti,Burrow�cr shall give 4cnder immediate notice by mail. LcnJer may makc proof of lass if nat ��r°`.- :'"'•
<br /> �' „ `" .:.. made prompdy by Borrower. Each insurnnce cornpuiy cancemed is hereby authorized an�i directed to make�ayment for ' ��"��'
<br /> 1 such loss direcdy to Lender.imtead of to 8orrnwer vK� to Lender jointly. All or any pun of the insurance proceeds may be � ��'``� •
<br /> • 1' � . ° applied by Lender.et its aption,either(a)to the reductian of the indelxedness unJer�he Note und thix 5ecurity Instrument. _�°_
<br /> � n • first to any delinquent amounls applied in the order in Purugruph 3,und then to prepayment of principal,or Ib) to the °�---=
<br /> �!•�` '." '� �°•• restoration or re a�rof�hedamu ed ro rt . An u licution ut�hr rc�ceedti to thc rinci rl shull not extend or 4 nc e���=`-°
<br /> P � P P� Y y PP P p P' P�•� ----_
<br /> I • ' - the due date of'the monthly payments w•hich ure referred io in P:►ragruph 2,or change the amoun�af such pnymen�s. Any - ...___
<br /> ' � excess insurance proceeds over an amount requireJ to pay nll����a�sinding indebtednesti under�he Note and this Security ;•-�-:
<br /> Instrument shnll be pnid tothe entity Icgully enti�led Ihereto. �"u
<br /> ' , In the event of foreclosure of this Security Instrurnent or olher tranxfer of tide to the I'raperty that extinguishes the 6�c_-�
<br /> indebtedness,ull right.title und intercst of Borrower in und to inxurance policies in force shull puss tu the pur¢huser. --
<br /> " S. Occupancy. Preservotion, MaintenAnce end Protectlon of the Property: Borrower's Loan Applicatbn; �_
<br /> ° ' , l.easeholds. Borrower shull axupy, cstAblish,und u+e thc Property a� Bortuwcr's principal residence within 4ixty duys
<br /> . '. ufter the execution of this Security Instrument and zhal l continuc to orcupy the Property us Borrower+ principal residence ���-��'�-
<br /> � ��''��^' for at least one year after Ihe dute of occupuncy,unkss the Sccretury determinex thi�rcyuire►m�rn will cuu+e undue hardship ��'_-"`-
<br /> � � '� for Borrower, ur unless extenuu�ing circurti�tances exis� which urc hr:yond Borrowcr's contr��l. Borrowcr shall notify . -��+Y-.
<br /> ' ' ��"�. Lenders of any extenuuting cinumstances. Bcxn�wer �hall �xu rommit wustr��r Je.troy, siam;�ge or subxt:mtiully rhunge • - >
<br /> the Property or allow the Pruperty to dctcrior.�te,rcu+on:�61c wcar und tear exceptcJ. LcnJcr muy inspect thc Propeny if�he �
<br /> , ' Property is vucunt or nb:uidoned or the loun is in detault Lrndcr muy tukc rcationublc urtion to prutert und preurve such
<br /> vucont or abandoned Property. Borrower shall ul�o bc in clefuult if Borrowrr.Jurin� Ihe luan upplirvtion prcxess, gave �
<br /> ' � mnterially fal�e or innccurate infortnulion or xtutements to Lender (ur f'uilcJ ro pruvide LcnJer with ;uty material �.
<br /> • , informntion)in connection with thc loun evidenccd hy tlx� Notc,incluJing,hut nut limiicd�o,rcpresentations conceming F•
<br /> � •• Borrower's accupuney ot'the Property ux a principal rcciJencc. If�hi.Srcurity In�trument ix�m u lea+ehcild,Barrowrr shull 'r
<br /> comply with the provisions of thc Ic•rse. If Hc�m�wcr ucyuirr.frr IiUc tc�thr I'ro�crty,thc Icu.chold und fee title sh�ll not
<br /> be merged unle+s Lender uFrees to thc merger i n writin�. ; '
<br /> . 6. Char�es to Borrower and Proteclion uF Lender's Rikhls in thr Properly. Horrowcr.hall pay aU�tovcmmentul
<br /> or municipul chargcs, fines anJ impa�ition.thai ure n��t inrludrd in Par.�graph?.. Borrowcr shall pay Ihcsc ohlig�tion+on
<br /> •} time dircctly ro thc entity which is owed the paymrnt. If (ailurc tu pay wuuld aJvcr,cly aftrrt Lender'� interesl in thr ;
<br /> . � Properly,upon Lender's reyucst l3orrowcr�hall prc,mpU y furni,h li�Lrnd�r rcrcipls evidenring theti�paymrm�.
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<br /> .. � covenunts nnJ agreements r�x�luinrd in thi.S�curity In�lmment,or there is a Irgul pnxceJinE that may ,ignitir.�ndy affert
<br /> . - Lender's rights in the F'roprrty(such u�u pr�k-�r�iing in ha��krupicy, lirr condemnutiun��r ti�rntirrce luw, or rc�:ulations 1,
<br /> . then Lendcr muy do und pay whatever i+neceti�ary ro prui�r�thc value�ii thc Pro�xn� und l.r.nckr's riEhtx in thr Nn�{xny.
<br /> including payment of taxex, huznrd inxurance•rnd uther item�mentioncd in Puragruph_. •
<br /> Any umounts disix�ncd by I.endrr unJcr �hi.Pura�:raph.hull hecomc:m additi�med dehl uf B��m�wcr anJ tx srcuRJ
<br /> - - - -. . _. h���l1`Cor�,�n{�r�nclnlme•nl 'n1P�r�1111nllllt��h:i�� �v!��C 1!!1!'^""� �^.`.122!�: L'Sl:!•F Lt!`'hllT.`::!!tC!1�. �(fnr 1�.�u' f11^. 91111 f!!t�?C ;
<br /> � option of Lcnder,shall tx:immeJiutely duc anJ pa.aMr.
<br /> 7. Condemnation. Thc prcxccds ol'any awurJ��r cluim 1'�ir Jama�:c,,Jircct ur cunsryucnlial,in rannccti��n with any
<br /> . � � condemnution or other laking uF uny pnn of thc Pr��rt y.ur ti�r cunvr�•unrr in placr ol'rondemnutiun.ure hereb�•as�ignrd
<br /> und shall bc paid�o Lendcr to thc�xtcnt uf thc ful l ami�unt cif Ihr in�1��+trJnr.+tha�Rmuin�unpaiJ unJrr thc N��tc und Ihi,
<br /> � Securily Instniment. Lender.hall upply�urh prnrecdti tulhc nJurtiunot'Ihr indchtednc+,anJerlhe Note and Ihi+S�rurit�•
<br /> � '� lnslrument, lirst io uny �klinyurnt umuunl� applieJ in the urdrr pra��idrd in 1'.v��;raph �. and Ihen tu pn�.:�y�m�nt ��f
<br /> �� principal. Any upplicuticxi af thc pnkccd� to thc pritxipal shull nut rx�rnJ ur �x��t{xmc thc duc Jutc of Ihc monlhly
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