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<br /> c`-` ` . . Lender may.at anY ttrne.co0ect end hold amou�ts tor Escrow Items in en aggregete amount not to exceed Me mextmum ` . ' ,
<br /> - . � . emount that may be cequQed tor 8ortowers eserow acCOUM under the Rea!Estate Settleme+it Pracedures Act of 1974.12 U.S.C. � .
<br /> §260t gs se�.c.and imPfementmg regaiations.24 CFR PeR 3500, a5 t�sY may be amended imm tine to Wne('RESPA�.excePl� � ° _.. ...` -
<br /> mat the cushtan or reseive pem►afed bY RESPA for urtanUC�ated disbursements or diSDursements before the 8ortawefs� ,,. �' • •
<br /> -.,S , . � p8ymants are availabte in the ar.count may not 6e�ased on emounts due for the mortgage inswance pt'emvm. `
<br />���<' • � H the amaunts hetd by Lender for Escrow Items exceed the amounts permilted to 6e hel0 by RESFA,lend�shaU aCeount�
<br />�;� �� • . to Borrower fot the exCess funds es requued by FiESPA ff Me emounts of funds hetd Cy LendBr at eny tune ece not suffiCiBnt to � , .
<br /> z••.. . pay the Escrow Items when due.Lender may notay the 8ortowet and requtre Bortower to make up the 8hortage as pertndted Dy �
<br />:�� . �' �a � • :
<br /> . � - The Escrow Funds are ptedged as adddiona!securTy for all soms secured by thb Sea,rtS► tnstrumenL It Borrower tende� � _ -
<br /> � • °��""�- � to Lereder the fuU payrt►ent of e0 sueh sums, Bortowel's account shaU Ee ered3ed w3h the batance remab�in9 tor aD hstal�nent � , •
<br /> � ftem5 (a). (b). aed (c) and any mortgaSe tnsuwnce prem4un�stalime�t that Lender has not become obitgated to pay to the _ _
<br /> _ - --- ---f. 5eaetar�r.and Lender sheU promptty retund any�s tunds to Barrow�.hrur�ediatety prior to a farsatosure sate ot ihe PropertY _. , ._
<br /> %V T• • , ' or ils ac4uisdion Dy Lendet.Bortowers eecount shall be credded wfth any balence�amaming tor all instaQments for iDems(a).lb).
<br />-''4 ` . . . . � and ta)• .. .
<br /> :� ' : ". 3•ApPIlC81IOD OT P1yrttP.11tS.AU payments under ParaSraDhs t and 2 shaU be ePPl�d bY Lender es tollows , .^- -
<br /> - � . � Fi�St,to tt�e mortgage insurance prem(um to be paid by Lender w the Secretery ar to the monthty charge by the SecretarY . ��
<br /> ;:.', , .� � instead of the monthy moRgage msarance premium; � "`
<br /> `:�. ' • Second, to any Maxes, special assessments, [easehotd Payments or ground rents. artd fire. ffuod and other hezard ;..:4�.�r
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<br /> , : F insurance premiurt►s.es re9uved: � ;�:.�_-.
<br /> - Third,to b►terest Que under the Note; . ' ''�_-_
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<br /> •�;�: . FOU[t[1.to amorttraHon ot tAe PrinciPai oi the Note:end _ ' _
<br /> R''�' � ` Fifth,to tate chsrges due under the Nofa ., _
<br /> .4. �
<br /> ` � '" 4. Fire. Fl�od and OthLr HB�erd Insurance. eortower snau msuts eU itnvmvements on the Propeuty,whether � �
<br /> ,�`'` ' � now in eoci&tence or subsequentty erected, against any hasards. casuaQtes.and conUngsncies. inch�ding ftre.for which lender y -
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<br /> �• .7 '��: requires insurancs.Th(s tnsurance sheli be mainiabied tn the emaunts and for thA pedods Mat Lender requires.8ortower shsll � .. �
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<br /> a►so insure atl improvements on the Property. whethe►now in existence or subsequenty erected,against toss by flaoQs to the ._ : L ,'#ti=
<br /> ,� � extent requaed by the Secretary• AO msu�an�e shal{ba carried with companles aPproved by Lender.The insurance policies and ,, •�,.r=.
<br />�'.� '� any renewats sh811 be heid by Lender and shall Enciude lOSS payabte Ciauses�favor Of,an d i n 8 form a c c e p t e b i e t o.L e�d e r '�";:.i""!
<br /> �1 in the event of loss, 8orrower shall g'nre Lender rtnmadiate notice 6y ma�7. Lender may meke proof of loss ll not made :,.::�.;.._v
<br /> � � ' � promptly by Borcower. Each insurance comAany cortcemed is Aereby authorized and directed to make payment for such loss '' �=t
<br /> �: • . d�ectry to Lender. tnstead ot to Bortower end to Lender jofity_ Ail or eny paR of the insurance proceeds may be appited by ` --
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<br /> ,.:,�. :, Lender,at its option, eitrter(a)to the reduction of the indebtedness under the Note and thts Secur�y fnstrument, t6st to any '. •+�
<br /> '�_{;; ";;�� • delfnquert amounts apD�ed 8n the arder in Paragraph 3,and then to prepayment of pMcfyal,or(b)to the restcra8on or repab of � �_
<br /> � � tAe damaged Property MY apOGcaBon ot the proeeeds to t�e pAnci�al shaD no! e�Rend or postpane the Que date of the : .;Y:�
<br /> � montfiry payments whlch ere reiarred to in Paragrapb 2. or chanpe tfie amount af such payments. My excess lnsuranCe . ,.:���
<br /> ••'• . proceeds over an amaunt requrced to pay atl outstartding indebtedness under the Note and tDis S¢curity Instrument shall be paid • '"`'��._
<br />.:-��.i � • to the entity tegatlyr entitted thereto. ' '�
<br /> .�•� • tn the event o1 to�ectosure ot this Securtry Instrument or oMer transfer ot title to the PropeKy that B�ctU�guishes the � '"�i
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<br /> - �• - indebtedness,aH righ6 tRie and�terest of 8ortower in and to insuranCe poliCies in forae shail pess to the Oufcheser. � _ ____
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<br /> - . - S. Occupancy, Preservatton, Maintenance and ProYectton of the Property; Borrower's Loan � ,_ :"�'�
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<br /> • A p pti c a4ton; LP•SSeh0ld8.eorrower shall occupy,establish, and use the Property as 8oaower's pr(nC(psl restdenCe wR�in . ...�•,. ,
<br /> `.� ' • • •� saty days efter tAe execution ot this Securiry Instrument(or within sbcty days of a tater sais or uan5fer ot the PropeRy)and 6ha0 �, .�--=
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<br /> .. - - --- -- cc^!�us !o eccupy the Property as Borrowefs principal re5lQence tor at teast one year after the date of aCCUpanCy, unless _ , _
<br /> =�='�-��.:.
<br /> Lender determines that requiremant w�l cause undue herdship for Borrower,or untess extenuating cUcumstences exist whkh are , =__
<br /> � beyond BOrtowers conlroL Botrower sh8i1 notUy I.ender ot eny extenuating ehcumst8nces.8orrower shatl not CommR weste Or • �'
<br /> '•°�„` � destroy, damaSe or substanttatry change the PropArty or altow Me ProyeRy to detefrorate,reasonabta wear anA teat exceDted. : . --
<br /> -�� � Lendet may Inspect tfie PropeAy if the Property Is vacent or ahandOned�r t�e loan is in delaud.Lender may fake teasonable -
<br /> �` action to protect and preserve such vacant or abanQoned Property.Borrower shall atso be tn detau�t H 8orrower,duMg the loan �
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<br /> application process,gave materiaity latse or inecCUrate information or statements to Lender(or failed to Drovide Lender wftA eny . ,
<br /> � materlal intormation)In Connectian with the loan evidenced by the Note, inctuding,but not 1'anfteC to. representation9 Conceming •�
<br /> �� r • � ' Bonower'S OCCUpancy of the PropeRy as e princ�pal reslAeaCe. 8 this Security InSWment is on a IeasBhoid, Burtower snail •�
<br /> ""'' ' �� compty with the provisions of the Iease. it 8onower acqutres fee title to the Property, the leasehotd and fee titte Shatl n01 be
<br /> merge0 uniess Lender agrees to the merger in writing. • �
<br /> ' 8. Condemnation. The pfoceeds o1 eny Bwtud or ciaim lor dam8ges, aireot or consequenttal, in connecUon with anY " ' _ �
<br /> condemnation or otner tatcing of any Oart oi the Property,or tor comreyance in Otace of conCemnaAon,are hereby ass1gn80 and , � �
<br /> shall be patd W Lender to the extent ot the fu0 amount of the indebtedness that remains unpaid under the Nota and this •�
<br /> , . _- Securihr InsWment. Lender shail appty sucA proceeds to the reducNon ol the indebtedness unOer the Note an0 th(s SecuiRy • �
<br /> Insuument,tust to any del�quent amounts applied U the order praviQed in ParagreDh 3,and then to prepayment of principal. .
<br /> � Any appticelion of the praceeds to the principel shall not extend or postpone the Que dete of the monthiy payments,which are � � • .
<br /> . ' reterred to in Paragraph 2, or change the amount of such payments.My excess proeeeda over en amount required to pey ail .
<br /> ,. . . outstanding indebtedness under the Note and thls Security Instrument Shall be paid to the ent:ty �egalty entitled thereto. .
<br /> � 7. Chargea to Borrower and ProtecUon of Lender's Righ4s in the Property. Bortower shall pey all .
<br /> govemmentai or muniCipal charges, fines and unposRions that are rtot �c4�detl in ParagraQh 2. Borcower shall pey these
<br /> .� ���. obligations on time d'uectty to the enYRy which is owed the payment. If faliure to pay woutd adversely aftect Lende/s interest ln . .
<br /> � ' � the Property,upon LendePs request Bottower shail promptty fumish to Lender receipts eviE�nCing thase payment8.
<br /> If Borrower fails to make these payments or the payments requUed by Paragraph 2. or tails to pertorm any other covenants
<br /> " � and agreement9 Contained in this Securityr Instrumen�or there fs a legal proceeding that may signAicentty aHect Lendels Hgnts tn
<br /> • , � { the Property (such es a proceeding in bankruptcy,for condemnation or to enforce lavrs or reguiations),then Lender may do and
<br /> '�."•'• pay whatevar is necessary ro protect the vatue o1 the PropeRy anG Lendars tlghts in the Property. inCtuding payment af taxes. ,.
<br /> . . . � hazard�nsurance and other items mentioned in Parag►aph 2. �� . .
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