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<br /> `� If the amuunts held by L.ender for Escrow Items exceed the amounts pennitted to be held by RESPA, l.ender � , ' . -
<br /> 3 shall ascaunt to Borrower for the excess fur.ds as required by RESPA. If the amounts of funds held by I.ender at any , � :.
<br /> time are not sufficient to pay the Escrow Items when due,Lender may notify the Borrower and require Borrower to __ ,_�
<br /> �� malce up che shortage as permitted by RESPA_ .. : ;. .{'
<br /> 'Ihe Escrow Funds are pledged as addirional secvrity for all sums secured by this Secwiry M��m t. If �
<br /> �.�_-,___.�_ �_�.:�_�,fac'
<br /> Borrower t�ndets to Lender the fuII payruent of a21 suth sums,i�arrower's accosmt shall bc credited with ths balance . . �__._-.:�
<br /> a
<br />� remaining for all installment items(a),(bl,and(c)and any mongage inswance premium installment that Lender has �. `' "�;"�''�
<br /> not become obligated to pay to the Secretary, and Leader shall prompdy refund any excess funds to Bor�uwer. .� � "'�' '�`'
<br /> Immediately prior to a foreclosure sale of t6e Pinperty or iu acs;uisition by Lender. Borrower's ac:count shall be � ' �•�,�,_
<br /> credited with any balance remainis�g for all installmenu for item•(a),(b),and(c). . ` `-����
<br /> 3.AppllcatEon of Payments.All payments under paragraphs 1 and 2 shall be appliefl Dy Lxnder as follo�vs: � - -�-- -
<br /> � ' ;:_�';��__,
<br /> Firs,to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the �.' ��_;_ —�_—,
<br /> Secretary instead of the mnnthly mortgage insarance premium; -°� ---
<br /> Second.to any taxes,special assessments.leasehold paymenu or ground rents,and fire,flood and other dazard -���__�
<br /> insurance premiums,as required; • - - '`s�:`!".—
<br /> ;�
<br /> ��i Third,to interest due under the Note; • ���
<br /> Fo ,to amort'uation of the principal of the Note;and � , _ ~"'�`
<br /> :�' Fifth,to late charges due under the Note. • -' ;' :�'
<br /> � .:,:._.._. .
<br /> 4.Fire,147uo�aud Olher�dazard Insarance.Borrower shall insure all improvements on the Property.whether .� � �,�:`..
<br /> now in existence or subsequently erecte�,against any hazards,casualties.and contingencies,including fire.for which
<br /> Lender requires in�,*ance. T6is insurance shall 6e maintained in the amounts and for the periods that Lender -,�y���a „�,�
<br /> requires. Borrower shall also insare all improvemenu on the Properry. whether now in existence or subsequendy ;,::'. :'J ,�
<br /> erected,against loss by floods to[he extent required by We Secretary. A!1 insurance shall be carried with companies '-
<br /> approved by Lender. The in��nce policies and any renewals shall be held by Lender and shall include loss payable '-"=`'°" < .
<br /> clauses in favor of,and in a form acceptable to.Lender. .�' � ���
<br /> In the event of loss.Bornnwer shall give Lender immediate norice by mail.Lender may make proof of loss if not
<br /> made promptly by Borrower. Each insurance company concemed is hereby authorized and directed to make payment :�� �`.�6
<br /> for such loss direcxly to Lender, instead of to Borrower and to Lender joindy. All or any pan of the insuraace - -��- °'�. 'I'--
<br /> � pro�s may be applied by Lender,at its opaon,ei[her(a)to the reduction of the indebtedness under the Note and ' +f �;„ • _.
<br /> . �:,�--:
<br /> this Security Insnument,fi:st to any delinquent amounts applied in the order in paragraph 3,and then to prepayment •,.�-
<br /> � of principal. or (b) to the restoration or repair of the damaged Property. Any applicauon of the pmceeds to the _,� �P��'_
<br /> principal shall not extend or postpone tLe due date of the monthly payments ahich ate referred to in parngrdph 2,or ���r_'�-
<br /> � � change the amount of such payments. Any excess insurance proceeds over an amount r e y u i r e d to pay all ou�staading ''"�'��'
<br /> iadebteflness under the Note and this Security Insm�ment shall be paid to the entity legally enatled thereto. � �'� ����.��+!�;;^�:_
<br /> In the event of foreclosure of thia Seauity Instrume�or other tr�sfer of title to the Property that exting�ishes ,_ -`
<br /> _ the indebtedness, all right, ride and interest of Bormwer in and to insurance policies in force shaIl pass to the
<br />� piu�chaser. ;:a;�:;-
<br /> 5. Occupancy, Presservatton,Main4enance and Protection of the Property;Borrower's Loan Appllcation: �";�`_.�.x'
<br /> I.easeholds. Borrower shall occupy.establish. and ase the Property as Borrower's principal residence within sixty :y'��,;T:�_�`
<br /> j da s after che execution of tbis Securi Insnument(or within six da s of a later sale or transfer of the Pro �� ��'` '___ �
<br /> �� y ry n� y �m+> . .=-.F�e��=--:�-.
<br /> and shall wntinue to occupy the Pro�rty as Boaower's principal residence for at teast o��year after the date of • �,����_i.r�:_ �
<br /> . occupancy,unless Lender detecmines that requiremeat will cause undue hazdship for Borrower,or unless extenuating f•:- �•
<br /> . ;.,.1��"••"
<br /> circumstances exist which aze beyond Boaower's conuol. Borrower shall notify Lender of any extenuating ,,,�,�
<br /> circumstances.Borrower sha11 not commit waste or destroy.damage or substantially change the Property ar allow the . ��°'��.:~•_�` �
<br /> Property to deteriorate,reasonable wear and tear eacepted. Lender may inspect the Property if the Property is vacant , ��� '
<br /> or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or • .� � �. �
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