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<br /> �� If the amounts held by Lender for Escrow Items excced the amounts permitted co be hcld by RESPA,1.ender �
<br /> shall account to Borrower for the excess funds as required by RESPA, If the amounts of funds held by I.ender at any ., ;,
<br /> time are not sufficient to pay the Escrow Items when due. l.endcr may notify the Bonower and require Bonower to
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<br /> � make up the shortage as permitted by R�SPA. , . .,'��" _�
<br /> ' The Escrow Funds aze pled�ed as additional security for all sums secured by this Security Ins[rument. If , •f�x�,,,�,._'"
<br /> • Borrower tenders to l.ender the full payment of all such sums. Bonower's account shall be credited with the balance , __
<br /> j rernaining for all installment items(a), (b),and(c)and any mongage insurance premium installment that Lender has
<br /> ' not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower.
<br /> + Immediately prior to a foreclosure sale of the Property or its acquisition by L.ender, Bonower's account shall be •;' _.
<br /> Lcredited with any balance remaining for all installments for items(a),(b). and(c). �•.:�"-
<br /> :� 3.Ap�lication of Payments.All payments under paragraphs 1 and 2 shall be applied by I.ender as follows:
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<br /> � ��' ss, to tlie mongagc insurance premium to be paid by Lender to the Secretary or to the monthly chazge by tl�e :::y
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<br /> � 5ecretary instead of the monthly mortgage insurance premium; ,:.�.�i
<br /> : eco ,to any taxes, special assessments,leasehold payments or ground rents,and fire, flood and other hazard ,;��_
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<br /> y,# insurance premiums,as rec�uired; =�
<br /> Third,to interest due under the Note; �`�-n�,
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<br /> Fourth,to amartization of the principal of the No[e; and �� ,�_
<br /> �• i�t,to late charges due under the Note. "' '•�
<br /> 4.Firc�Flood and Other Hazurd Ins!irance. Borcower shall insure all improvements on the Properry,whether ,;,�s:r��-�
<br /> ;y now in existence or subsequencly erected.against any haza�rds. casualties, and contingencies,including fire. for which ��+��'�•• ,_
<br /> • Lender requires insurance. This insurance shall be maintained in the amounts and for the pertods that Lender _ •t=
<br /> ! reyuires. Bonower shall also insure all improvements on[he Proper[y. whether now in existence or subsequently -_
<br /> - Cr�,tz3,against Ios�by floods to the exrene required by che Secretary, All insurance shall be carried with companies ���:�—
<br /> � approved by Lender.The insurance policies and any renewals shall be held by Lender and sha11 include loss payanie +������ _
<br /> clauses in favor of,and in a form acceptable to, L.ender. � y��"�-"
<br /> In the event of loss, Bonower shall give L.ender immediatc noticc by mail.Lender may make proof of loss if not '-__
<br /> � made promptly by Borrower. 6ach insurance company concerned is hereby auchorized and directed to make payment , ;,;�.
<br /> for such loss direcdy to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurancc ':�,';i-.:�"
<br /> prceeeds may be applied by Lender, at its option,either (a)to che reduction of the indebtedness under the Note and ,.
<br /> this Security Instrument. flrst to any dclinqucnt amounts applied In�hc orde�in pazagraph 3, and then to prepayment
<br /> of principal, or (b) to the restoration or repair of the dumaged Property. Any application� of the proceeds to the �'r,_- —
<br /> principal shall not extend or postpone the due date of the monthly payments which aze refened to in pazagraph 2,or �
<br /> change the amount�f such payments. Any excess ii�surance proceeds over an amount required to pay all outstanding a-;
<br /> indebtedness under[he Note and this Securiry lnstrumen� shall be paid to the entity legally entitled thercro. ��;-_
<br /> In the event of foreclosure of this Security [nstrument or other transfer of title to the Property that extinguishes
<br /> the indebtedness, all right, title and interest of Borrower in and eo insurance policies in force shall pass to the
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<br /> 5.Occupancy,I'reservntion. Muintenunce and Protectlon of the PropeiKy; Borrower's Loan Applicatton;
<br /> � Leaseholds. Bonower shall occupy, establish, and use the Properry as Borrower's principal residence within sixty ��
<br /> ^ days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property)
<br /> and shall wntinue to occupy [hc Property as Borrower's principal rr.sidcnce for a: least one year aftcr che date af _ ._:__ _,_
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<br /> occupancy,unless Lender determines that requirement wiU cause undue hardship for Borrower,or unless extenuadng ". ;�;,_
<br /> circumstances exist which are beyond Bonower's control. Bottower shall notify Lender ot any extenua[ing
<br /> circumstances. Borrower shall n�t cammit waste or destroy,damageor substantially change the Property or allow the �;,;�,r•^J:,�
<br /> Property to deteriorate, reasonable wear and tear excepted,l..ender may inspect the Property if the Property is vacanc , :•,j,.�,�_;��� ,
<br /> or abandoned ar the loan is in default. Lender may take reasonable action to protect and preserve such vacant or :
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