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<br /> If the amounts held by Lender for Escmw Items eaccxed the amo�mts Permitted to be held by RESPA, Lxnder ; . . , .�_
<br /> shall accoimt to Borrower for the e�ccess funds as required by RFSPA. If the amounts of fuuds held by Leader at any i. . :,F•��,A�.�
<br /> time aze not sufficient to pay the Escrow Items ahen due,I.egder may notify the Borrower and require Eurrower to _.,
<br /> make up the shortage as permitted by RFSPA. � _ _—, - - __ -
<br /> The Escrow Funds are pledged as additional securiry for all sums secured by this Security Insuvment. If s • , . - •-
<br /> Borrower tenders to I.eader the futl payment of all such sums, Borrawer's account shall be credited with the balance ' _ .
<br /> remaining for aU installment items(a),(b),aBd(c)and any martgage insurance premium installment th3t Lender has � _ .,---_-�--�_=
<br /> � aot beooms obligated to pay to the Secretary, attd L.ender shall pmmpfly refund any excess funds to Borrowtr. ..-_r-�;,;„�t;._ _-
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<br /> imm�l;�r�ly prior to a foreclosure sale of the Property or its acquisiuon by Lender, Borrower's account shaU be .. . :��. ____
<br /> ccedited with si►y balance remaining for all installmenu for iteu�s(a).N),�(�)• j' J .
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<br /> 3.Appl�catIon of Payments.All paymenis mider paragraPhs 1 and 2 shall be applied by I.ender as follows: � �`�,;�--
<br /> �rs�,to the mortgage insurance premium w be paid by Lender to the Secretary or to the monthly charge by the ;' ��::- ,_ __
<br /> Secretary instead of the monthly mortgage insurance Premium; ,'�-�--�-
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<br /> Second•to any taxes,spec��1 assessments,leasehald paymenis or ground rents,and fire,Aood and other har.�rd '^_�:. -_.._._._
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<br /> iasuiance premiums,as required: :r. �
<br /> ird.w interest due under the Note; .��; .�
<br /> Fourth,w amortization of the principal of the Note;and � �i ,
<br /> �ifth.w late charges due under the Note. a-�
<br /> 4.Fire.Fload and Other Ha7ard Iasurance.Boaower sball insure aU improvements on ths Property,whether '��"�.'�._�`.,
<br /> now in existence or subsequently erected,against any hazards,casualties.and can�ngencies,including flre.for which ��-
<br />� Lender reguires insurance. This insurance shall be main�ned in the amounts and for the geriods that 3.ender ..r':. .•, ' ,
<br /> �:., requines. Borrower shall also insure all improvements on the Property, whether now in existeace or subse�uently ��..T, . .�„„4{.{.: . _
<br /> !'�_ . .i .
<br /> � erected,against loss by floods to the eatent required by the Secretary Al1 insurance shall be rarried with companies
<br /> approved by I.ender.The insurance policies and anY renewals shaU be held by Lender and shall include loss payable ' ~.,;,,,�� � ;� ,;
<br /> • le to Lender. .� ..
<br /> ciauses in favor of,and"m a form acceptab . � •`�`� �
<br /> � Iu the event of loss,Borrower shall give Lender immrdiate noticc by mail.Lender may make groof of loss if not , �`••�;•_��.:,_;,._
<br /> made prompily by Borrower.Each insurance company concerned is hereby authorized and directed to make payment `��;, ' ,�
<br /> for such loss directiy to 1,ender, instead of to Borrower and to Lender jointly. A11 or any part of the insurance 'i�,;.'
<br />. pmceeds may be applied by I.ender,at its aption,either(a)to the reduccion of the indebtedness under the Note and , �:'� � ,
<br /> . this Security Instrument,first to any delinquent amounts applied in the order in paragraph 3.and then to pre�i ayment '�i . ��.'
<br /> of priacipal, or (b) to the mswration or repair of the damaged PropertY• MY aPPUcation of the proceeds to the �;: —.
<br /> -� principal shall not extead or postpane the due date of the monthly paymenu which ate referred to in P�S�Ph 2•or • :� -
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<br /> � change the amount of such paymenu.Any excess insurance pmce�s over an amount required to pay all ouutanding _ ,�___.
<br />�. indebtedness nnder the Note and this Secvriry Instmment shall be paid to the enrity legally entitled thereto. ` -'�''. � #�
<br /> In the event of foreclosure of this Secvrity Instrument or other transfer of title to the Property that eatinguishes 'T.,,�= ��_
<br />' � ttt� indebtedness. all right, title and interest of Bo:rower in and to insurance policies in fo�e shall pass to thc :�.:,.���""=`�
<br />_ Purchascr• �'
<br /> S. Oocupancy.Prc4esvatton,Maintenaace and Pc+�terdon of the Property's Borrawer's Loan Appltcatton: -_ ��-�r`=�
<br /> Lai;:s�lds. Borrower shall oavpy.establish,and use the Praperty as Borrower's principal residence within sixty ---- - __
<br /> days after the execution of this Security Insuument(or within SutY days of a later sale or uansfer of the Property) � , ..,. _ � - __
<br /> and ahall continue to occapy the Property as Borcower's principal residence for at least one year after the date of ��,-.,�,..�y.'��-,�;�
<br /> � � occupancy,unless Iender determines that requirement will cause undue hazdstup for Borrower,or unless extenuating .::�'-y��;_�_�_._
<br /> circnmstanc�s exist which are beyond Boaower's conuol. Borrower shall notify L.ender of any eatenuating ;�' ' -
<br /> clrwmstances.Borrower shall not commit waste or desuoy,aamage or subaiauuaily:.uaage t�;.°m�.,^:t�;ot allow tte -_ °�;T.�,A_--
<br /> Property to deteriorau,nasonable wear and tear exceptod.Lender may inspecc the Pr�operty if the Property is vacant ��� i.�R a`,•`s•�.,_,�"
<br /> or abandoned or the loan is ia de:anit. Lendet may take reasonable acaon to protect and preserve such v2cant or `��-�v-�::��•�,.s•�__
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