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<br /> . 97-� �o�'�� ' �� ;. �' _
<br /> f Lendar may, et any time,coli0ct and hold emounts for Esc�ow Items in en aggregate amount not to ezcesd the ma�amum f �� ` �
<br /> � amount that may be required tar Bortowar's escro�r account undar tAe Rsal Estate Sett[�ment Procsdures Aci of t974, t2 U.S.C. j� • - ; ;
<br /> � �26Ut gi se°•and impiementhg regutations. 24 CFR PaR 3500. as they may be amertded irom time to ttme('FlESPA°),mccept � k�'
<br /> '1 that Me cushion or reserve pertndted by Fi�SPA for unanticipated d'sbursements or disburssments before the Borrovre�s • �
<br /> t.. , . _ '
<br /> • �� payments acs avaitable in the aceount may not be based on emounts due for the moRgage�surenco premam. .
<br /> If the amaunts held by Lender for Escroxr Items exCead the amounts pertnftted to be hetd by RESPA. Lendtx shell flccount � r '�•F
<br /> ' to Borrowar 4or ths e�ccess tunds as required by RESRA It the amounts ot funds hetd by Lender at any tims ere not suificisnt to � �
<br /> • pay the Escrow Items when dua,Lendet may notdy the Borrower and requfe Borrower to make up the shortage as pertnitted bY , �
<br /> � r�a .
<br /> �'he Escrow Funds are pledged as additional secu�y for all sums secured by thLs Security InsUUmenL If Borrower tenders f , -.
<br /> ` to Lender the fuU payment ot aIl suCh sums, Borrowers accaunt shall be Cred'Red with the belsnCe rema�in9 for 80 insteihrent �
<br /> • �Tems (a). (b� and (c) and any mortgage insurence Premeim instelment that LenEar has rtat b2coms obl�ied to D�Y to the � . _ -• .- - . —
<br /> Secrefary,and Lendar shail prompty retund any wccess funds to Borcower.Immediateiy prior to a torectosure saie of the Proyerty � .
<br /> jor its acquisition by Lender, Borrowers account shall be creflited with any balanee remac�in8 fo�a1�tnsffiItments for dems(a).(b), . „ ;__ __,
<br /> � and(c)• � :. '
<br /> 3. AlJ¢11iC8[lOf! Of P8yti12R1$.Ni payments under P8r8graphs 1 end 2 shall be eppl'ied by Lender 8S follows: ,
<br /> . FifSt,to the maRgage insurance premium to be patd by Lender to the Secretary or to the manthiy charge by t he S e cre t a ry � _
<br />, � e�stead of the mortthry mortgage i�suranee premium; . . '
<br /> : � � S2COf1�, to any taxas. spsctal essessments. leasehold payments or ground rents. and fve, flood and other ha�rd ...... �
<br /> nsurance premiurns�as required: :'�
<br /> i� Third,to interest due under ffie Note; � � �_� �`��� �•
<br /> FOltrtbl,to amorttration ot the prineipal ot the Note;and � � �
<br /> • � .�'.
<br /> Fifth,to late charges due under the Note. �
<br /> , . .
<br /> 4. Fire, Flood and Othar Harerd Insurance. Borrower shsll insure aU improvements on the Property. �e�ner •� � ''-"-�':
<br /> . � now e� �dstence ar Subsequenty erecied, ayainst any harardc, casuatttss. antl cont�genct�s, �cluding fine, for whbh lender �. ,. , -'�;....=�
<br /> requrtas �surance.This insurance sha0 be mahtained b the emounts end for the periods that LenEer requires. Bortower shaU , � �-. ��:;��•„
<br /> atso insure aU inprovements on the Pvoperty, whether now tn e�dstence or su6sequently erecteQ against loss by floods to the � � � �F :.i,�
<br /> extent requ�red by tho Sec►effiry. M Insurance shatl be cartied w�h compeniss approved by Lender.The afsurence poiicies and �� � `� .�—
<br /> any renewals shaU be heid by Lender and shatl fnctude bss payable clauses tn favor of,and in e form acceptable to,Lender. ' �" f''"
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<br /> In the event of tass, Borrowar shaU gtve lender immediats notice by maiL Lender may maks prooi of bsc rf not maQa • ��: - ,•
<br /> • prompUy by Borrower. Each hsurence company concemed Is Aereby authod�d end dtrected to make paymsnt (or such loss ' . .�!' '�' �
<br /> Cirectty W Lender, hstead of to Bortower and to Lender Jointy. All or eny paR ot the hsurance DmCeeds maY be applted by ' N�• `' < s
<br /> Lender, at its optbn, e'�ther (a) to tha raductlon of the indebtedness unQar the Note and th"s Secur�y Instrument,firs!to any . . •,�' ,• .
<br />. � del'r�quent amounts applied in the order h Paragraph 3,and then to prepayment of pfiolpel,ar(b)to the restoratbn or repair of � � :
<br /> the damaged Propertyr. My applicatlon of the proceeds to the prk�cipal shall not extend or pos�one the due date o}the .
<br /> .
<br /> s (nsurenCe �'.:�• .
<br /> monthy payments which are referred to h Peragraph 2, or change the amount of such payments. My exces . , .. .:�S
<br /> proceeds over an amoun!requied to pay a0 oulstandhp hdebtedness under the Note end t4ES Security Insuument shatl ba pafd , • ' • �, �
<br /> to the entity legatly entflied thareto. � �� ' _
<br /> '��� —
<br /> - In the event of forecbsure of this Securityr InsUument or other Vansfer of tRfe to the Pruperty that wRinguEshes the ___..,_ , -�. + —
<br /> indebtedness,ell right,titl�and interest of Bonower e�and to hsurance pOGCfBS in forCe shall pass t0 the purchaser. , �t
<br /> S. Occupency� Prese�vatton, Matnteeance and Protectlon of the Property; Borrower'a Loan � �y'._._��.,_
<br /> �� AppllcaUon; L888�hO1d8. Bortower shall occupy.establish, end uSe the PropeAy 8s Borrowe�8 prfnCipal reSldenCe wRhin ' �•' !��.
<br /> _ Tl�:....: ..
<br /> •� ' sbcty days aRer the executbn of this Security InsVUment(ot wkhin sbcty d�ys of a Iater saie or trar►ster of the Property)end sha0 ._ .�Ir
<br /> � .� conthue to accupy the Property as Bortowefa pnc�lpal residence for at least one year aRer the date of occupency. uniess ��" ' ,
<br /> � .l' lsnd9�detertnines that requMetnent wili Cause undu9 hardsAip for Borrowe�,or untess e�4enuatinp ctcumstanees e�dst whbh are � . �� , �.��=-_
<br /> :j� beyond Borrowei's controb Borroww sha0 notidy Lendar o}any eztenuatinp cMcumstances. Bortower shaN no!comm8 waste or � • �
<br /> '�, . .
<br /> destroy, damage or substentiatty chenpe eha ProAertY or allow the PropeRy to deterforafe, reasonab�wear end tear excepted. _, _ —
<br /> '� ' Lertder may fnspect the Property H ihe PropeRy Is vacant or abandoned or the ban is in delsuN.Lendet may take reasonabte `• �;:��--
<br /> � acNon to protect and presenre such vacant or abandonsd Property.8otrov�er sha(I aiso be h dofauR if Borrower,dur�g tha ben • • ' � •
<br /> . � appikation process,gave matorialry tabe or inaccurate tntormaUon or sffitements to LenQer(or fa0ed to prov�de Lender with any • . ��'�'���
<br /> rt matertal intormaUon) n connection wfth the ban ev(denced by the Note, including,but not IimRed ta,representetions conceminp �
<br /> • � i Borrowafs occupency of the Property as a pnc�pal residence. if this Securfty InsUument Is on a �easehold, Botrower shaU . .:� �
<br /> h compy with the provisbns of the lease. if Bortower acqutes fee titte to the Woperty, the Ieasefioid and (e9 titfe eha0 not be �'� � �
<br /> ; � merged uniess Lender agrees to the merper in wrRin9• .
<br /> 6. CondemnaUon. The proceeda o}any award or cia�rn for damages, direct or consequenttal, in connectlon with any . . .
<br /> condemnaUon or other tatchp of eny part ot the Property, oi tor conveyance h ptace of condemnatbn,are hereby assigned end
<br /> sha0 be pFild to Lender to the e�Rent of the fu0 emount o}the hdebtadness that remains unpatd under the Note and this _ , _.._„
<br /> ' Securiry Instrument. Lendar shau eppy SuCh proCeeds t0 the reducUon of the hdebtedness un0er the Note and this Security
<br /> Instrument, tlrst to any de8nquent amounts apD11ed in the order provided in Parayraph 3,and then to prepayrttent of pnc�ipaL ' . .
<br /> My appl'�cation of the proceeds to the princlpal shatl not extend or posfpone the Quo date of the monthry payments,wh�Ch are � • .
<br /> � reterred to �n Paregraph 2, or change the amount of such payments. My wccess proceeds over an amount required to pay ali , _
<br /> outstandn8 indabtednoss under the Note and this SecurRy Instrument shall be paid to the entiry legairy entftied thereto. '
<br /> 7. Chargea to Borrower and Protectlon of Lende�'s Rights tn the Ptoperty. Borrower shail pay all .
<br /> govemmental or munkipal charges, fnes and imposRbns that are not hciuded h Paragmph 2 Bortower shail pay these
<br /> obligatbns on time directry to tho 6ntiry which Is owed the payment. If faiiure to pay wovid adversaty aNect Lenders�tsrest in � .
<br /> the Property,upon lenders request Borrower shaii promptty tumisb to Lender recoipts evidanCinp these payments. • - ' ���
<br /> � 1}Bortower fat4s to make these payrtients or the payments requaed by Peragraph 2,or fsils to portortn eny other covenants . .
<br /> end agreementa contnned in thts Seaurily Instrument,or there is o legal procoodb�g that may signifllccanty aHect Lendor's rights � • . _-
<br /> � the PropeRy(such as a proceedinp in beniwptey, for condamnatbn or to ontorce laws or regulationd),then Lendor may do�nd � ' `
<br /> pqy wh4tever Is nece55ary to protoct the vnh�o of the ProAOrty �nd Lendofs ri�hta in the PropeRy, InCludin0 Peyment of t�xes, !
<br /> herard'nsurance and other items mentioned in Paragraph 2. I
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