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<br /> If thc amounts held by Lcnder for Escrow Items cxcecd thc amounts permitted t�bc hcld by RESPA.Lcrtder shall � •
<br /> a.ccount to Borrower for the e�ccess funds as required by RESPA. If thc�mounts of[unds held by L.ender at ttny timc '
<br /> _ are not suff cient to pay the�scrow Items when due,Lender may noUfy the�orrower and require Borrower to make up , • • �
<br /> • the shonage as pettniued by RFSPA. ' �
<br /> The Escrow Funds are pledged as addirional seturity for all sums secured by this Security Instrumen� If Borrower � .
<br /> tenders to Lender the full payment of all such sums,Borrowes's account shall be cr.�ited with the 6alance remaining for � .. . , ` . .
<br /> all installment items (a),(b),and (c)and any mort�ge insuiance premium installment that Lend� has noi become ! . .
<br /> obligated to pay to the Secretary,and Lender shall promptly refund any excess iunJs w Boirowc�. L��i�iy�i�:icf 4 . - ---=__'
<br /> ,'t a foreclosure sale of the Property or its acquisition by Lender,Borrower's aaount shall be credited with any balance • � '
<br /> remainmg far all installmenu for ie�u�s(a),(b).and(c). '` '
<br /> :� 3.Application of Payments.All payments ander paragrapbs 1 and 2 shall be appli�d by L.endxr as Follows: . ` , ' '
<br /> �to the mortgage ins�uance premium eo be paid by Lender to the Secretary or w the monthly charge by the � , . ,,;..;,-� .`
<br /> Secreta�+instead of the monWly mortgage insurance premium; '_ , � '
<br /> Second- tn any ta�ces,special assessmeats. leasehold payments or ground rents,and fire,flood and other hazard �:-:F= ' ,
<br /> . insntaace premiums,as required; ;:; .
<br /> �i�,to int�st due under the Note; • • �'��'
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<br /> = �y�,to amorti7atcon of the princi�of the Note;and ,�����;�.Y-�`
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<br /> �f�,to late charges due undea the Note. :;.,>,�;�,;:�._-.
<br /> ..�� 4.F'ae,Flood and Other Hazard Iasurance.Bonowec shall i�sure all improvemenis on the Property,whether • • .. �=,-=-
<br /> aow in existence or subsequendy erected,against any 6azazds,casvalties,and contingencies,including fire,for wtrich '
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<br /> L.end�iequnres insurance.Tttis insurance shall be maintained in the amounts and for the periods that Lender requires. £? -
<br /> .� Bonower shall aLso insure all unprovemenLS on the Propeaty.whetha now ua existence or subsequenily erected,against • _ —�:;.�`� : .
<br /> �� loss by floods to the extent re�uined by the Secretary.All insarance shall be carried with vompanies approved by Lender. � , ' .
<br /> The insurance policies and any renewals shaU be held by Lendea and shall include loss payable clauses in favor of,and �:��:: _ : s _
<br /> � in a form ar,ceptable to.I.�nd�. °.;:�,:`.:., �,� , •:� '' =
<br /> ]n the event of loss,Snrrow�r shall give Lender immediste norice by�nail.Lender may make praof of toss if aot ;,,;.,. .• ;� : ;� �.,
<br /> made promptly by Borrower.Fzch insusar►ce company concerned is hereby authorized and directed w enake payment for •• "� `�
<br /> such loss direcdy to Lendea,u�stead of tfl Bonower and to Lender joindy.Ail or any part of the insurance proceeds may _ ;- �
<br /> � be applied by Lender,at its option,either (a) w the reduc.tion of the wde�tedness under the Note and this Security , '. .•
<br /> Instrumen first to an delin uent amounts a lied in the order in h 3,and then to pr ayment of pruici�pal,or . .� `
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<br /> N)w the restoration or repair of ths damaged Propertp.MY aPPlication of the proceeds to the principal shall aot eatend , � �� u,�� .
<br /> ar postpone the due date of the monthly payme�nts which are referr�d to in paragraph 2,or change the amount of such ;'= ,
<br /> � payments.My excess insincance proceeds over an aulount reyu'ued W pay all outstanding in3ebtedness under the Notc J: �.��,�„�=
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<br /> and this Securiry Instmmeart shall be paid to the entity legally entided therew. � '. .. '�"�'9�:-:
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<br /> In the event of foreclosure of this Security Instnunent or other uansfer of dtte to the Pcopeity that extinguishes the ,'�,. .�..�. :. .
<br /> iadebtedness.all right,title and interest of Borrower in and w insurance poficies in force shall pass to the purchaser. =;�r . .,,,�..;,
<br /> S.Occapancy, Preservation,Maintenance and Protection of the Properiy; Borrower's Loan AppGcat[on; �_ '��
<br /> l.ease6olds. Borrow�shall occupy.establish,and use the Prope,rty+as Bomower's principal residence within sixty days .,.�� .'. `
<br /> .� aft�the execuuon of this Securiry Instrument(or within sixty days of a lates sale or aansfer of the Propeny)and shall ;.,__�_.. _ .'�
<br /> continue w occupy the Propeaty as Bonow�'s principal residence for at lea�t one year after the date of occupancy, �•- - ,-
<br /> � unle�l.ender determines that requirement will cause undue hardship for Borrower,or nnless extrnuatu�g cscumstances '.�•. � �,."*��-
<br /> • �'in�i••.'•.:�
<br /> j eaist which are beyond Boirower's control.Borrower shall notify Y.endea of any e�ctenuaatinng circumstances.Borrowea -. u��_.
<br /> ' shaU aot cor.�..rnit waste or destroy,damage or substanaaUy change the Property or altow the Peoperty w deteriotate. • � • �,•,F;.�� �-
<br /> j reasonable w�2nd tear excepted.Lendea may inspect the Property if t3ae Property is vacani or z'��..�doned or the loan is .
<br /> � in defautt Lender may eake reasonable action to protect and preserve such vapnt or abandoned Prope�ty. . .� �' '
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