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<br /> • , ,5 ' . � � Lender may.at eny tlms.Collaet 8nd hotd emounts fot Escrow Itetns in an&8gregate a�rsourtt not to e�ceed the maximum � � -
<br /> � ' emount that rt►ay be requ4ed tOt BOttowe�s esC[ow eCCOUnt under tAe Resl ESffite Setttement PtoCeQures ACI Of 1474, 12 US.C. . .
<br /> _ . , §2601 g�beg end rtnptementing regutatLOns.24 CFEi Part 35Q�.as they may be amended irom tcne to t�me("FiESPA'�.exCePt .
<br /> � � that the cushion or reserve pertn�tetl Oy F�SPA fot unantieipated disbursaments or disDeirsements 0efore the Boaower's ' �'<< ::. � .
<br /> _. paymenb e�e avaQeb�tn the aceonnt may not be based on amaants dus tor the morigage Insarance premvm. _ ,
<br /> • • It the amount4 hetd by Lender fOr Escrow Items eu�ed the Smaunts pertn�ted to be helQ by RESPA. Lender sha0 account ` � .,,
<br /> ' � to 8ortow8r for the e�aeess fimds as reQuired by NESP0.if the amaunts of funds hefd by Lender et any time are not suff�eient to _� .� ��.k�"
<br /> ` � • pay ths Escrow Items when due,Lendar may rtotity the Borcower end cequUe Borrower to make up the shortage as pemidted by • � �
<br /> ' , . � iiESPA. _ ,.._- _ -.-
<br /> The Estxow Funds are ptedged as aQditional security tor all sums secured by tnis Security InsMrment If Borrowar tertdars
<br /> "`-�"-_ ��'�"�' f to Lender the tutt payment ot au such sums, Borrawets aecoun!sha11 be c�edded wdh the bafance remah►ing for aq tnsta�ment - .- -- -
<br /> << - ':,� �ems (a), (b), and (c) and any martgage insurance premium �sffiItrnBM ti�at Lendar has not become ob4gated to pay to the .,
<br /> ' , i Secretary.and Lender s�su prorr�tty cefund eny ew�ss fimds to Borrowet.tmmediate�y prlor to a fareclosure sate of the Properiy •
<br /> or its acquis�liort by Lender. Borrowers aceount sfra0 be txed3ed wRA any 6aisnce temaininp tor eU insffiitrnents for trems(a�(b)+ `
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<br /> 3.Aj3p1�C8uOq Ot P�yll'tE11i8.AU payments under Paragraphs 1 and 2 shaU 6e appli�d by LenQer es toUows: �' ' .�
<br /> :`�'�: .;.',,�__
<br /> � ` . FitBt,to the mortgage tnsurance premium W be patd by Lender to the Seeretary or to Ne monthry charge by the Secretary • � .<
<br /> ` instead ot the monthly mortgage tnsurance prema�rtK � •` • -
<br /> , Second, to arey ta�cas. sPeCiai assessments. feasehotd payments ar ground rents. and fQe. ftood and other haiard _ '_ .•'. �'�- _ .
<br /> , ' ` utsu►8nC8 pt8rtlNrtIS.88 f8qbit8d; . ��'n�;�+R-�-
<br /> • ' �� <:`. Third,to interest due under the Note; �
<br /> . � � FOiJI�h,to emortizaticn o}the princ�al of the Note�and ` :. � �.
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<br /> ,�, Fifth,to tate charges due under the Nota � • '�-R
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<br />' ' 4. Fire, �laod and Other H�zard Irtsurance. eormwer snau tnsure an rmprovamen�s oe the Proparty,wnetner - • . _-
<br /> • - now in existencg or subsequentry erecte0.agamst arty ha�rds. cssuafUas,and conUngenCtes. hroL�dfng fbe,for which LertQer - .. ' '
<br /> � requires insurance. This insurance shail 6e maintained in ttie amounts and for the periods that lender requhes. Borrowar sha0 �1��
<br /> .��`__
<br /> also Insure a0 i�nprovements on tAe Property, vrhether now In existance ot subsequenttyr erected�agalnst Ioss by ftoods to the � .
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<br /> � • extent required by the Secretary.AO insurance shall be cerried with companies appraved by Lender.The insurance policies and �x�:��Y..,��T
<br /> . „ :.• �•���",;::.,
<br /> ` '+�.i any renewats shaU Be heid by Lender and sheD inch,de toss peyabte ctauses in favor ot and tn a fortn aeeeptabte ro.k.ender. .'� '... {t�'*�:,�,�
<br /> ,. In the event of loss, 6orrower shail give Lendet immediate notke by ma�'1. Lender may make proof of loss H not maQe '' � :'' ;�'r'�
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<br /> . promptry by 8ortower. Each msurence eompany concemed is Aereby authorl:ed and dtrected to make payment tor sucb Ioss - , .-,,.�;,,
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<br /> ' � directry to Lender. �stead of to Bortower and to Lender jointty. AU or any part ot the insuranCe proceeds may be appl�d by ; � . ,--,;,,,,�;.—
<br /> ' ..,..' Lender,at its opUon,either (ay to tBe reductio�i of the irtdebtedness under the NOte attd Nis SeCU(fty 1nsGument, fb'st to any ��*
<br /> - . • " � defmquent amounts applied in the order in Parag.�aph 3,and then to prepayment of princi�al,or (b)to the restoraUon or repair of :
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<br /> the damaged Property. My applicatton o} the proceeds to trte principal shall not m4end or postpone tho due date of the ��,�'.�.z�
<br /> ' • � 'E .
<br /> montt� payments which are �`erted to in Para�eph 2, or chan e the emount o} sucA ents. M exCess it�..�snce �. �'�-.;}
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<br /> - � ` proceeds over an emount requued to pay ail outstend�g indebtedness under the Note end this Secu�ity Instrument shat!be peid , , ii);;:•s. _
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<br /> •� � - , to the entity tegaAy BntBted thereto. "
<br /> ` • In the event of torectosure o} this Security tnstrument or other transfer of tiUa to the Froperty that extrt�guishes the �� ��'�����s,s
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<br /> � indebtedness,all rtght,tftle and mterest of BoROwer o�and to insurance poficies 6n torce shaU pass to the purchaser. � � . •:,.��,�-�
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<br /> • . ' S. Occupancy. Preservatior�, Malntenance and Protectton of the Property; Borrower's Loan : ;"�;�� - -
<br /> � •��,.�.:. �'-�%
<br /> ' AppliCation; Leaseh0l�98.Bartower shau occupy,estab�tsb,end use the PropeRy 8s Bortowers principai residenCe wAhin � •��:.�;;,�-�_
<br /> �. • sbcty days after the execution of tt�is Securityr Instrumenl(or wfthin Saty days o1 8 later sate Or transfer ot the Property)and 8haD ;' .
<br /> • contfiue to occupy the Praperty as Borrowers prinCipal residenCe for at Ieast one year after the Qate of oecupanCy, uniess _'_ " ' _.;�:µ;
<br /> . � Lersde►determfies that requirement will cause undue hardshi�for 8orrower,or untess extenuattng cir�umstances exist whiah are '�.:,.---•
<br /> � � . • beyond Borrowers eontrai. BaYrower sbali notiry Lender ot any excenuaUng c(rcumstances.8arrower sh81i not commft waste or ..�•.�, � r?°��:
<br /> • ' �? destroy,damage oc substantiaity change the Property or atlow the PropeRy to deteriorate,reasonabie wear and teat excepte0. . . .. �',.�
<br /> _� �. Lender may ►nspect tha Property H tAe Property is vacant or abandoned or the loan is in defauR.Lender msy take reasonabte , y"-`'-�-
<br /> � • ection to protect enG preserve such vacant or aban4oned PropeRy.8ortower shatl as5o be in defauR il Borrower,during the toan • . °
<br /> � ' � applicaUon process, gave meterialty false ot inaccurate(nformatlon or statements to Lander(or falted to prov(de 1.enCer with eny -..
<br /> • matertal Intortnatlon) in Conneetion wfth the Ioan evtdenced by the Note, inctuding,but not Amited t0,representations conceming ,;.���•.; "�
<br /> � �' � Borcowers occupency al the Property as B principal resldence. If this Sscurityr Instrument is on 8 teasehold, Bonower 5ha0 •-'° ;
<br /> � ' ' � ° compty wAh the provisions of the lease. If Borrower acqu�es fee title to the Property, the leasehotd and tee titte shatl not be ; �. �
<br /> : �. merged untess Lender agrees to the merger in writing, � �
<br /> � 6. Condemn�Uon. The proCeeOs of any award or ciaim for damages, OtreCt or Consequentlal, in ConneCtion wRh eny . • �
<br /> .j condemnation or other taking of any paR o}the Property, or for conveyance In ptace o}condemnation,are hereby ass�ned and . .
<br /> ; shan be pald to Lender to the eoRent of the Nn emount of tfie tndebtedness that remelns unpaid unEer the Nofe end this • � "
<br /> � � ; Security InSwmeM. Lender shall appty such proceed9 to the reduction ot t�e indebtedness under the Note an0 this SeCUriry . '
<br /> ' ; Inswment, first to any delinquent amounts applied ln the order provlded tn Parsgraph 3,end then to prep8yment of princtpBL
<br /> j My application of the proceeds to the principal shatl not extend o► postpone the due date of the month
<br /> ty payments, which are
<br /> ` refened to � Paragraph 2, or change the amount of suCh payments.My excess proceeds over an emouM requaed to pay 811 .
<br /> . outstand�ng indebtedness under the Note and this Securiry Insuument shail be pald to the entity legaly entitted thereto. � � '
<br /> ' 7. Charges to Borrower and ProtecUon of Lender's Rights in the P�operty. Bortower SA811 p8y ell �� � �
<br /> . ' I govemmental or municipal charges, lines and Impos+tion9 that are not included v� Paragraph 2. Bonower shall pay these �
<br /> , obiigat�ons on time directry to Ihe enlity wh1Ch is owed the paymenf. If faifure to pay would ativetsety etteCt Lenders interest in
<br /> j the Property,upon Lenders request 8onower shail promptty fumish to Lender receipis evidenCing lh9Se peyments. � •
<br /> � It Borrower lails to make these payments or the payments tequUed by Paragr8ph 2, or faiis to pedorm any other covenants .
<br /> ; anA agreemen4s contaNed ln this Security Instrument,or thare is a Iegal proceeding t�at may signiliCantry flNeC!Lender's rlgt�t9 in �_
<br /> , the Property (such as a proceedNg in Dankruptcy, tor condemnation or to entorce laws or regulations),then Lender mey do fln0 • '
<br /> pay whatever is nece55ary to protett the vdfue of the Property 8nd Lender'S rigAts tn the Prpperty, inCluding psyment 01 t8xes. � �
<br /> harard msurance and otner items mentloned in Peragreph 2.
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