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<br /> � � BORROWER COVENANIS that Bormwer is lawfii�ty seised of the estate hereby coaveyed and has the rIght to �`� <<� . � . - . - �
<br /> ' _ grant and oomey the Property aad that the Property i�naencumbered,esoept for encumbraaoes af recard. Borrawer ; �.''��� ;`
<br /> v�rarraats and wIlI defend geneially the titie w the Ptoparty a�inst all ctaims and demands�subject to any encambranoes _ �. 4< � ,
<br /> , .s. .
<br /> . . . ' of reoord. : ,
<br /> � TFIIS SECUItITY INSTRiJMENT oombiaes uniform wvenanu for national nse and non-uniform mvenants wIW � • ..� , �`
<br /> . limited varlations by jurisdicxion to canstimte a uniform security instsument covering real property. . .
<br /> . � . � •`:.,� UNIFORM QOVENAi�lTS. Bom�wer and Leader covenant and agree as foitows: �` .. .
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<br /> , L gaymeat oi Pd�c�pal,Ints�est aad Iate(7taige. Bormwer shall pay when due the princlpal o�aud interest � . _ ' - . � �;
<br /> -- ` on,the debi evIdeaced tsy the Note aad late charges dne�der the Note. 'k �. . _ �
<br /> =- -- -�- 2. 11qonWly Paym�t of'I'�e.sy Insu�anae,an�Ott��a.c�. Borrower shall include in each monthty payment,
<br /> t_'-_ .. :_�.�,"-_,�__:�`r�
<br /> . together arIth the prIaclpal and interest as set forth in the Note aad aity late cl�arges,a sum for(a)taices and spedal � �,�.
<br /> ° assessments levied or to 6e lev}�d a�inst the Property,(b)leasehold payments or ground reats on the Property,and - •
<br /> � .< (c) Premiums for insaianre r�eqnired �mder Par'ag�aPh 4. In aiiy year in which the Lender mnst pay a mortgage :. ,.�° �=-
<br /> ' � � � insarauce p�to the Secretary of Houstag and Urban Developmenc(°Secretary°),or ia a�r year in which such • _ �.. . .
<br /> � - premium would I�ave been required if Iender stW hetd the Secarlly Instruntent,each mont6ly papment shall also - � �
<br /> , � '. incinde either.t7 a sqm for the aaaual mortgage iasuraace premium w be paid by Lrender to the Secretary,or(ii)a : , -, .. .';� -
<br /> , moathty charge instead of a m�ertgage insurance premium if t6is Secariry Iastrament is held bp the Secretaty.in a , ,- " .:.�.-4
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<br /> reasonable amonni w be determined bp the Secretary. F�eept for the moathty charge by the Secretary.these items ' ..r;•.�__
<br /> . .. aze called'Escraw Items°and We sums paid to Lender are calted�scxow Fnnds." ". ...'�:�`�.,�.�_
<br /> .� . Lender may,at suy tim�ooltect and hold amaants for Escrow Itcros ia an aggregate amount not w escx�the - _ �—
<br /> . . - maximnm amouat Wat may 6e reqnired for Bormv�er's escxow acoount uader the Real Fstate Settlement Prncedures ` - --�="
<br /> � Azt of 1974,12 U.S.G§26(11 et s .aad implemeating regiilatlons.24 CFR Part 350D,as they may be amended frum .'..•�,,._ .--
<br /> � F. �. timte to time('RESPA�,eecept that the cashion ar reseive permitted isy RFSPA for unanticapated disbursements or _
<br /> ; disboisements before tbe Bornower's payments aze availab2e in the aasount may not Le based on amounts dne foi the .`' -�—
<br /> " � , ' -�'! mortgage insnranoe premium. =�_�,.:��:;r=---- -
<br />_ If the amonnts hetd Dy Leader for Fscrow Items exceed the amouats permitted to be held by RESPA,Leader shall . -"_
<br /> . �� ��-`; account to Borrower for the excess ihads as required by RESPA If the amoonts of fimds held hy I.ender at any time �• .. . �
<br />: ' ` are not sufficIent to pay the Escrow Items when due,Leader may nntify ttte Bormwer and require Borrower t�o make —'`"� -r-�—�
<br /> <<. ����as��miuea t�►x�sra ...��:
<br /> � The Fscaow Funds are pledged as aQditlonal secnrtry for all sums sec�ued by ti�is SecnrIty Instrument If Borrower �;�;�;�
<br /> tenders w Lender t6e fnll payment of all sach sums,Bornawer's acconnt shali be credited�vith the balance remainiug ,�.
<br /> � � for all installmeat items(a),(6),and(c)aad aay mortg�ge insuraace pre�inm installment that Lender I�as not beoome " �' _
<br /> � obligated w pay to the Secretary,and Leadea shall promptiy refund any escess fuads to Borrower. Immediatelq prlar ,:,�,�-�:�. .
<br /> ` , w a foreclosure saleof the Property or its aoquisiHoa by Lender,Borrawe�'s arcouat shall be credited wiW any balance ";"=--
<br /> • � remainin for all instaUments for items a, and(c). ��=�,':`��_
<br /> : S ( ) N), �`,'; _.;_-=_--.
<br /> } • 3�. App�nof Paym�. All payments uuder pazag�aphs 1 and 2 shall be applied by Lender as follaws: :.� ���_�_-
<br /> . , . . FIRST,to We mortgage insnrance preminm to be pa�d by Lender w the Secretary or to We manihiy charge by the :.�.---,
<br /> • � Secreta�►instead of the monthty mortgage insorance premium; . _
<br /> � � � SEOOND.to atry taxes,speciat ascessments.teasehold oavments or ground rents,and fire,ftood and othes ha7ard •• �.
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<br /> . , ' $L4UIi1IICC j1fCJA�DtI1.S,&3 r�jU�ICd; ' • :�`�'•�
<br /> � . . THIRD.to inieiest dne nndez the Nose; -_�—.=
<br /> , ( FOUR7' to amortizat�on of the prlac3ga2 of the Not�and : ��.. �---��_�� .
<br /> . FIFI'____�I- w late charges due under the Note.
<br /> 4. Pire,FlaaA sud Ol�eer Ha�d Insarano� Borrower shall insure sU impmvements oa the Property,whether =`T�
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<br /> , naw in eststence or subseqnently erected,a�inst anq hardrds,casualtles,and contingeacles,inclading fir�for whtch
<br /> � ;� L e n der reqnires insarance. T h L s i n surance s h a ll be main t a i n e d i n t h e amounts an d for t he pe r Io d s t b a t L en d e r r. , . ; .,.`�"
<br /> ; ,- • • requlres. Boaower shail atso insure all impravements on 1he Propertq,whether uaw In e�steace or subsequentty . • � %;.
<br /> - = ereaed,against 2oss by flaods to the exteat required by the Secretary. All insurauce shall be rarried wIth companies � � � '�'�'
<br /> � � `? approved by Lender The lnsurance policies and aay renea+als shali be held by Lender and shall include loss payable • ,
<br /> • � � ctauses in favor o�and in a form acceptabte to,Le�der. . .
<br /> , In 1he event of loss,Borrower shall givc Lender immedlate natice by mail. Lender tpay make praof of Ioss if noi --- - - •� �� . .
<br /> � made prompity by Borrower. Each insurance company concemed is hereby authorized and dlrected to make payment � ' :
<br /> �� . ' � for such toss dlrectly to Lender,instead of to Bortower and to Leader jointty. All or any part of the inswance _
<br /> . , t �roceeds may be applled by Lender,at its optton,either(a)to the reduaion of t�e Iadebtedness under the Note and , ,, • � �
<br /> th�s Securlty Instrument,fust to any dellnquent amounts applied in the order 3n paragraph 3,and then to prepayment �.
<br /> � �� , of principal,or (b)to the restorat�on or repair of the damaged Property. Any application of the prooeeds to the . � ,
<br /> ' principal shall not extend or postpane the due date of the monthly payments which are referred to in paragraph 2,or � � � ,
<br /> � ehange the amount of such payments. Aa}+excess insurance proceeds over an amount required to pay aU outstaading � .'. ' �
<br /> . � indebtedness uader the Note and this Security Insuument shall be paid to the endty legaUy eatitted t�ereto. . , � -
<br /> ' In the event of foreclosure of th9s Securlty Insirument or other transfer of title to We property that exdnguishes • �
<br /> � , ttte indebtedness, all right,titte and interest of Borrower�n and to inswance policles in force shall pass to the ��> � .
<br /> ' p�uchaser. �
<br /> � S. Ooca�aayr. Pt+eaeivatton, Maiatenaa�e aaA Prntoct�on oi the Ptopetty, BolrawePa Loan Appii�atton;
<br /> Leaseholds. Bonawer shall occugy.establish.aad use the Property as Bormwer's princIpal residenoe wlthin sixty days '
<br /> � aher the execution of thts SecurIty Inswment(or within sixty days of a later sale or uansfer af the Property)and shall . '
<br /> coneinue to occupy the Property as Borrower's princlpal resideare for at least one year after the Qate of occupaury,
<br /> � unless i.ender determines that requirement wlll cause undue hardship for Bonower, or untess extennaUng
<br /> . � clrcumstances adst which are beyonti Bonower's conuol. Borrower shall notify Lender of any extennating .
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<br /> . NIDRASKl4FHA D�OF7RlISl' , ., 6/96 . . . .
<br />- • o«�m�s���,��soo�wqawx Page 2 of 6 .
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