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201201294 2. Monthly Paymentof Taxes, Insuranceand Other Charges.Borro�ver shall includc in each monthly payment, togcther�vith the principal and interest us set forth in thc Note and auy latc chargcs, a sum for (aj taxcs and spccial assessmcnts levied or to be levietl against thc Yroperty, (b) leasehold payinents or groond reiits on the R�opetty, and (c) premiums for insuranec rcquircd under paragraph 4. In �ny year in which thc Lcndcr n�ust pay a martg.ige insurance premiwn to thc Sccrotary of Hotising and L�rban Dc��clopmcnf("Secretary"), or in any year in which such prcmium would have been reyuired if Lender still hcld thc Security]nshliment, cach monthly payment shall also includc cithcc (i)a sum for the a�mual mortgage insurancc prcmium to bc p�id by Lcnder to the Secretary, or(ii)u monthly chacge instead of a mort�agc insurance premium if diis Sccurity Instrument is held by the Sccretary, in a rcasonablc amount to bc determii�ed by the Sccrctary. Pxccpt tor thc montlily charge by thc Secrefaxy, thesc itcros are called "Lscro�v Items"and thc sums paid to Lcnder arc called "Escrow Punds." Lender m�y, at mry time, collcet and hold amouuts for Escrow]tcros in an aggregate amount not to cxcecd the masimtuu amount that may be requircd for BoiTOwcr's cscrow accouut under the Real Gstate Setticmcnt Procedures Act of 1974, 12 U.S.0 Scetion 2G01 et se�. and implcrt�enting regulatioiis, 24 CFR Part 3500, as they may be amendcd fmm timc to time("R6SPA"j, except that thc cushion or reserve permittcd by R6SPA fot unanticipated disburscmcnts or disburscments before the Boaower's QaymenLS xrc available in the account may i�ot bc based om m�ounts duc Ibr the mortgage insuraticc prcmium. ff the amou�ts I�eld by Lender for Escrow Items cscccd ihc ainounts permitted to be held by RGSPA, Lcndcr shall account to Borrower for the esccss funds as rcquired by RGSPA. If[he ammmts of funds held by Lcndcr at any timc arc not sufticicnt to pay thc Gscrow Items when due. Lender may notify thc Borrower and reyuire Bonowcr to m�kc up the shortagc as permi[[ed by RCSPA. The Escrow tunds are pledged as additional securiry for ell sums sccured by this Security Instrument. If Borrower tendcrs to Lcndcr the hdl paymenf of all such sums, Rorrowe�r's aceolint sh211 be crcdited with the balance remaii�ing for all ii�stallment itcmc(a), (b), und (c)and any mortga�e insurance promium installmcnt that Lcndcr has uot bceomc obligatcd to pay to thc Su retary, aud Lender shall promptly rcfund any csccss funds to Rorrower. Lnmediatcly prior[o a foreclosure sale of the Property or its acquisition by Lcnder, Borrower's accoaot shall be credited�vith any balauce rcmaining for all instalhnents ti�r itcivs(a),(b), and(c). 3. Applicationof Payments.All paymcnts undcr paragraphs l and 2 shall be applied by Lender as follows: Fiist. lo thc mortgage insurancc premium to bc paid by Le�der to the Secretary or to the monthly charge by t6c Secret�ry instead of tiie monthly morCgage insurance premium; Secoi�ci, to any tases, spccial assessmcnts, leaschold paymcnts or ground rents, and tire, flood and othcr hazard insnrance premit�ms, as rcquircd; Third. to interest due tmder the Note: Pouith, [o amortization�f the principal of the Note; and Pifth, to latc charges due undcr the Note. 4. Fire,Floodand Other Hazard Insuranee.Bonowcr shall ii�surc all impcovcments on the Property, whether no�v in esistence or subsequently erected, against any hazards, casualties, and confingencies, induding fire, for which Lei�der rcquires insuranca This insurancc shall be maintained in the amounts aud fo�the periods that Lender reyuires. Borrower shall also instire all itnprovemcnts oi� thc Properiy, whethcr now ii� cxistence or subscyuently crcctcd, against loss by floods to thc cxteut royuired by the Secretary. Alt i��surance shall be carried�vith companics approved by Le�idex. The insurance policies and airy rcncwals shall be held bV Lcnder and shall inchide Ioss payable clauses in favor of, and in a torm acccptablc to, Lcndcr. FHA Mortgage WITH MERS-NE ��—� �� VI✓iP:) ftevls MP4N NE)(Pt05)�00 W ol�eis Nluweo Flnandai Services Page 3 of 10 III II'IIIIII III IIIIIII IIII IIIIII I IIIIII II IIII I III q03302515371 0233 624 0310