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�011o�3s3 <br />TOGET'HER WT�'H a1I the improvemenfs now or hereafter erecied on tlse pxogerty, and a[1 <br />easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and <br />additions shall also ba covered by khis Security Insirumen� All of the foregoiug is referred to in this Security <br />Insstnunent as the "Property"; Borrower understands and agrees that MERS holds only legal titie to tAe <br />interests granted by Bormwex an this Secuzity Tnstcument; but, if necesssry to comply with law or custom, <br />NiERS (as nominee fqr T.ender and Lender's succ�sors and assigns) has tt ie night: to exercise any ar all of <br />those interests, includin�, but not timited to, the right to foraclose and se31 the Property; and to take any <br />action required of Len�ler including, but not limited w, reIeasing or cazsceting khis Security Instrument <br />BQRRC}WER COVENANTS that Borrawea is lawfully seized of ttie estate hereby conveyed and <br />has the right ta grant and coavey the Property and that the Property is unencumbared, except for <br />encumt�uaes of record. Borrower wasrants and will defend generally t�e title to the Property against ali <br />claims and demands, subject to any encumbranc� of record <br />THIS SECURTTY INSTRI7MENT coxnbines uniform couenants far naticnnat use and non-uniforrn <br />coveumtts with ]innited variations by jurisdictian to constitute a uniforrn secwily instrument cavering real <br />prnP��S'� <br />Borrawer and Les�der cavenant and agrez as £allows: <br />UN3,�'ORM COVENANTS. <br />1. Payment af Princip�l, Interest and Late Charge. Borrawer shalt pay when due tlte principal af, <br />and interest on, tha debt eviflenced by the Nate and latB charges due undsr the Note. <br />2. MonWly Payment of Taxes, Insurance, and Utt�er Charges. Bonrower sha1l include in each <br />monthly payment, together with the principal anc� interest as set forth in the Note and any late charges, a sum <br />for (a) taxes aad specia7 assessments ievied or ta be tevierl againsi the Prop�rty, (b} leasehold paymeua or <br />graund rents on the ProPerlY. and �c) Fremiurns for insurance required under Parag�aph 4. In any qear in <br />whioh the Lender must pay a mortgage insuranc� premium to the Secretary of Housin� and Urban <br />Development {"Secretary"), or in any year in °evhich such prcmium would have been required xf Lender still <br />held the Security Instrument, each monthly paysuent shal2 also uxcludc either: (i) a sum for the annuaI <br />mor�gage i�tssuran.ce premittm to !� paid by I.ender to the Secretasy, or {ii} a monthly charge irtstead of a <br />mortgage insurance premium if this Secur+ity Instrument is he7d by the Secretary, in a reasonable amount to <br />be detemtined by tt�e Secr�tary. Except Por the monthly c�rsrge by the Seoret�ry, rhese items are called <br />"Eserow Ttems" and the sums �aid to Lender are catled "Escrow Funds." <br />Lender may, at any tune, coilect and hold amounts for Escrow Items in an aggregate aznount not to <br />exceed tb:e maximum amowrt that may be require�l for Bonower's escrow acconnt undex thc Real Estate <br />Settlement Procedures Ace of 1974, 12 U.S.C. § 2b0I et sea. and im:ptementing regulations, 24 CFR Part <br />35Qt?, as they may be amend� from time to tizne ("I�SPA"), except that the cushion ar reserve permitted by <br />R�SFA for unanticipaied disbursements or disbursements before the Borrowex's payments are avaitabie in <br />the accaunt may not be based on amounts due for t}�e morCga�e insurance premium. <br />If the amaunts held by I.,ender for Escraw Itezns axceed the amauats penmitted to be held by <br />RESPA, Lender shall account to Baxrower for the e�ccess fuuds as required by RESPA. If the amounts o£ <br />fuuds held by Lender at any tirue are nat sufficieni to pay the Escrow Items when due, Lender may notify the <br />�orrower as�d n;quire Bonower to make up the sborta�e as g$rmitted by RESPA. <br />The Eacrow Funcis are pledged as add'ztional security for all sums secured by this Security <br />Instrtttnen� If Borrawer tenders to Lenc}er the fuit payment of ail such sums, Bonower's acoount shaII be <br />credited with the balance remainittg £or all instal3rnent items {a), {f�}, and (c) and any mortgage insurance <br />premium instaltment that Lender has stot become ob�igated to pay to tha Secretary, and Lender shatt promptly <br />refund acty excass funds to Bormwer, Immediately ptior to a fareclasure �ale of the Property or its <br />acquisidon by Lender, Bvrrawer's aocount ahall be credited with any balance remaining for all inst�l}ments <br />far items (a), (b), and {c). <br />3. Apglical3on of Payments. AI! payments under Paragraphs l and 2 shall be applied by Lender as <br />follows: <br />First, to the mort$age in�surance premium to be gaid by Lender to the Secrefary or to the monthly <br />charge by the Secretary instead af the montt�ly mortgage uxsur$nce premium; <br />Secand, to suy taac�, specisl assesanaents, leasehold paysn��s or ground rents, and fire, �lood and <br />other haaard insurance premzums, as required; <br />Third, to interest due vnder the Note; <br />Fourth, to amortszation of tha principal of the Note; and <br />Fifth, to Iate charges due under the Note. <br />4. �fre, Fload and �Wer �1[azard insuranee. ]9arrawer shall insuze all improvements on the <br />Property, whether now in existenca os subsequentty erected, a��inst say haxards, casualties, and <br />contingencies, includin,g fire, fox whiek I,euder requires �nsurance. Tltis insnr�nce shatt be mainta.ined in the <br />amouats and for the perioc3s that Lender requires. Barrower shall also insure all impmvemenf� on the <br />Rroperty, whefher now in existence or subsequentty erected, against Ioss by floods to the extent rec�uixed by <br />the Secretary. AtI insuranae shatt be eacriec� with compatues approved by Lender. The insu�nae polzcies and <br />any renewals sha11 Ue held by Lender and shall inalade loss payable clauses in favor of, and in a farm <br />aceeptable to, Lender. <br />In the event of tass, Borro�r sball giv� Lender immediate notice by mail. Lender may make proof <br />of Ioss if nat made promptly by Borrower. Eaeh insurauc� company concemed is hereby auChoriz$d and <br />directed to make payment for svch loss directly to Lender, instead of to BQrrower and to Lender jointly. AIl <br />ar any part af the insurance pmceeds may be applied by Z.enxdez, at its option, eithe�r (aj to the reduction of the <br />indebtedness nnder the Nate and f.his Security Instrument, first to any d�linquent amounts applied in the order <br />in Paragr�ph 3, and then to prepayme�rt of prinoigal, pr (b} to the restorabion ox repair of the damaged <br />Property. Any application of the proceeds to th� principal shai] not extend or pastpane the due date of the <br />monthly payments which are referred to i.n Paragraph 2, at chauge the amount of such payznen�s. Any excess <br />insurance prc�eeds aver an amount rec�uired to pay ail outstandmg indebtedness under tbe Nate and this <br />Se�rity Inst�ument shatl be paid to ttie eiitity legally entitl�d thereta. <br />In the event of fareclasure o#` this Security Instn�menE or other transfer of titie to the Property t3iat <br />extttzguishe,s the indebtedness, all right� title and interest of Borrower in and to insurance policies in farce <br />sk�a11 pass to the gurchaser. <br />5. Occupancy, Preservabion, Matntenance and Protection ui the Property; Borrawer's Loau <br />Agplicat'toa; Lcaseholds. �3arrower shall occupy, establish, and use the Property as Borrowet's principal <br />residence wit�iiu sixty days atter the execution of this Security Instrurnent {or wrth�n sixty days of a later sale <br />or transfer of tt�e Properiy) and sha11 confiinue to occu�py the Property as �orrower's principal residence for at <br />least aae year after tbe date oF occupancy, unless Lender detert�unes that requirement wiIl cause uadue <br />hardship for Barnower, or zrnless extennating circum�ances exist which are beyond Barrower's cantxol. <br />Borrower shali notify Lender af any extenuatin$ circumstaness. �orrawer shall not commit waste or destroy, <br />t6zss.cv�sn�) soeiss pa$ezofs <br />GOTO(QDS9St�g) � <br />� <br />