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<br /> ; If the amounts held by Lendcr for Estrow Itcros exceed the amounts permittcd ta be held by RESPA,Lendcr shall ,. `-.
<br /> � account to Borrower for t�e excess funds as reqnired by RESPA. If thc amounts of fiucQs hcld�y t.e�der at anY wne , . • :
<br /> _ are not sufficient to pay the Fscrow Items when due.l.�der may norify the Borrower asid require Barrower co m�lce uA . , ,
<br /> the shost�ge as pesmiued by RFSPA. `�
<br /> � I The Fscrow Funds are pledged as addiaonal security for all sums secured by this Secucity Inswment If Borrower � -.-- -- _- -
<br /> cendeas tn L.ender the full payment of all such sums.gorrower's account sha11 be credited with the halance remaininB for , .. �
<br /> a�l installment items(a),(b). and (c)and aay mortgage insurance pranium installmeat that Lender has not becomc . ' �
<br /> obligated w pay t�the Secretary.aad Lender shall prompdy refuttd any excess funds to Borrowea. Immediatcly prior tn '. _- '
<br /> a foreclosure sale of the Prope�ty ar its ar.quisition by Leader.Borrower's account shall be credited with anY balance , -r
<br /> � re�naining for aU instaWnents for items(a),(b),and(c)• - . - . .������:
<br /> ' 3.Applicatisn of Payments.All paymeats under paragraphs 1 and 2 shall be applied by Lender as follows: _�,,;���
<br /> �to the mortgage insurance premium oo be paid by I.endea to the Secretac}�or w the monthly chazge by the � .
<br /> . gecretary instead of the monttily mortgage insuraace premium: . _`-__
<br /> Sec�nd.tn any taaes,special assessments.leasehold payments or ground rents,and fire,flood and ather hazard - _',�.�_-
<br /> insucance pzemiums,as recluired: .. "�"'=- _
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<br /> ; �'u w interest due under the Note; h�—'�
<br />:'s Fo�uth-to amortization of the principal of the Note;and � . ° •� �-
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<br /> �,tn late charges due undea the Note.
<br /> _i 4.Pfre.Ffood and OWer Hararal Iasurano�Boirower shall insure all improvemeats on the Property,whethcr ; :'`:>. �--a. .�- =
<br /> •.:, aow in existence or subsequendy erected,against any ha�uds,casualIIes.and conting�cies,including fire.for wtrich _._,.�._ ,. �p
<br /> ' I.endea requires insurance.This insucance shall be maintained in the amounts and for the periods that Lendsr requires. . ?��;:
<br /> •� Bozrower shall also insiue all improvements on the Propeaty.whetf�r now in exist�ce or subsequendy erectr,d.agair�t _ . ; ' 7 _-
<br />- Doss by flnods to the e�ctent req�by the Seizetary.All insurance shall be carried with companies approved by L�enda. ' .;,��
<br /> `'� �e insurance pouc�es and any renewals shall be held by I.ender and shall inclade loss payable dause.s in favor of,and ""'�:�; ,
<br /> in a farw acceptable to.Lender. • �':�;, :
<br /> ��i In the event of toss,Bo:rowea shall give Lender immediate notice by maiL Lender may make psoof of loss if not �__�ti., • , , .�.
<br /> �`� made prompfly by Borroaea.Fach�sarance company concemed is hracby authnrized and disected to m�ke paymerit for •_�.,-�,.,�.�;:; ` .
<br /> <;F suc6 loss directly w Lend�,instead of to Borrowea and to Lender jointly.All or any pare of die insurance proceeds may � .�.`.:_
<br />• ' be applied by Lcndea.at its oprion,eithea{a)to the reduc6on of the indebtedness undca the Note and t�is Secwiiy � �;� �
<br /> 4. Ins�ucient,first to any delumqaent amounts applied in the ordea in para�aph 3.and then w prepayment of principal.or r _ .'� �
<br /> . ; (b)to the restoiarioa or npair of tha damaged Propeaty.Any application of tbe proceeds w the principal sha11 not extcnd ' ��
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<br /> '� ar postpone the due date of the montlily payments which are refemd w in paragraph 2,or cdange the amount of such _ ,
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<br /> i payments.Any eacess ins�ance procceds ovea an amonnt required w pay all out�nding indebtednes.s under the Note � :
<br /> � � and this Securiry Instrument shaU be paid to the ea�dty legally entitled thaeto. l�,,
<br /> In the event of foreclosure of this Security Inswment or oth�transfer of title to the Property thai extingaishes the �`=' `�=
<br /> �• inde6tedness.all right,title and interest of Borrowa in and to insurance policies in farce shall pass w the piuchaser. "° :��'��.
<br /> .� 5.Oavpancy.Pre�ervatioa,Maintenance and Protes�on of the Property: Borrowu's I.oan Application. -
<br /> Leaseholds. Bozmwer shall occupy,establish.and use the�roperty as Bonower's principal residence arithu�siaty days _
<br /> . aft�the e�ecution of this Seca�rity Inst�ument(ar within sixty days of a latea sale or uansfer of 4he Property)and shall ___--- �' ;
<br /> wntinue to occupy the Pro�eaty as Borrowe,r's principal residence for at least one year after the date af occupancy, _ _� �
<br /> - uatess I�cnda det�nmes tf�at mquirement will canse undue hardslup for Borrowea,or unless exte�uating cim,umstances �______. �:;
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<br /> exist which are beyond Borrower's controL Borrower st�all notiffy I.ender of any extenua�g cacumstances.Bozrower �• �=°"
<br /> •�� shall not wmmit wast�ar despcoy,damaBe or substantiaUy change the Property or allow the Propeaty to deteriotate, '�-� . �• � -
<br />.., reasonable wear and tear eacepted.Lendea may inspecc the Propeaty if the Propeity is vacant or abandoned or the loan is ;�`��'�---.�
<br /> in default LRnder may take reasonable acdon to protect and preserve sucb vacaat or abandoned Prapaty. ' '�•�_ �
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