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<br /> 2. IUlonthly Paymen@ of Taxes, Insurance and G3ther Charges.Borrower shall include in each monthly
<br /> payment,togeCher with the principal a�id interest as set farth in the Note and any laLe charges.a sum for
<br /> (a)taxes and special assessments lcvicd or to be levied against the Property,(b)leasehold paymenCS or
<br /> ground reots on the Yroperty,and(c)prcmiums lor insurance required under paragraph 4.In any year in
<br /> �t�hich thc Lcnder must pay a morlgane insurancc premium to the Secretary of Hnusing and Urban
<br /> Development("Sccretarv"),or in any year in which such premium�vould have been required if Lender still
<br /> lield the Security Instrument,each monthly payment shal I also include either:(i)a sum for thc annual
<br /> mortgage insurance premium to be paid by Lender io the Secretary,or(ii)a monthly charge instead of a
<br /> mortgage Snsurance premium if this Security 6�strument is held by the Secretary,in a reasonable amount to
<br /> be determincd by the Secretary.�xcept for the monthly charge by the Secretaiy,these items are called
<br /> "F.scrow ltems"and the sums paid lu Lender are called"F,scrow I unds."
<br /> Lender may,at any time, collect and hold amounts for Escrow Items in ui aggregate amoui�t not to exceed
<br /> the maximum amount tha�t may be required for Borrower's escrow account under the Real Estate Settle�nent
<br /> Procedures Act of 1974, 12 U.S.C. Section 2601 et seq. and implementing regulations,24 Ch'R Part 3500,
<br /> as they may be amended&om time to time("RF.SPA"), excert that the cushion or reserve permitted by
<br /> RESPA for unanticipated disbursements or disbursements before the Bnrrower's payments are available in
<br /> tlie account may not be based on amounts due for the mortgage insurance premiwn.
<br /> Ifthc amounts held by Lender for�scrow Items exceed the amounts permirted to be held I�y RESPA, I,ender
<br /> slia(1 account to Borrower for the excess funds as required by RESPA.If the amounts of funds held by
<br /> Lcnder at any time are not sufficient to pay the F.scrow Items when due,Lender mau uotify the Borrower
<br /> and require Borrotver to rnake up the shortagc as permittcd by RESPA.
<br /> The fiscroN�Punds are pledged as additional security for all sums secured by this Security Instniment.
<br /> If Borrower tenders to I,ender the full paymcnt of all such sums,13orrower's accoimt shall be credited tin�ith
<br /> the balance remaining for all installment items(a),(b),and(c)and any mortgagc insurancc prcmium
<br /> installment that Lender has uot bccomc obligated to pay to the Secretary,and Lender shall promptly
<br /> refund any excess funds to Borrower.lmmediatcly prior Lo x tore�losure sale of the Property or ils
<br /> acquisition by Lender,Borrow•er's account shall be credited with any Ualance remainiug for all insxallments
<br /> for items(a},(b),and(cy.
<br /> 3. Applicatioc�of Paytnents.All payments under paragraphs 1 and 2 shall be applied hy Le��der as follows:
<br /> First,to the mortgage insurance premium to he paid by I,ender to the Secretary or to the montfily cl�arge by
<br /> Lhe Secretary instead of the monthly mortgage insurance premium;
<br /> Second,to auy taxes,special assessments, leasehold pa��ments or ground rents,and flre, 17ood and other
<br /> hazard insurance premiums,as required;
<br /> Third,to interest due under the Note;
<br /> Fourth_to amorfization of the principal of U�e Note;and
<br /> Fifrh.to late char�es due under the Dlotc.
<br /> R. Fire, Flood and OtheP Hazard 6n��rartce.Borrower shall insure ail improvements on the Yroperty,
<br /> whether now in existence ur subseyuen[ly erectcd,against any hazards,casualties,and c;vntingencies,
<br /> including tire,far which Lender requires insurance. This insurance shall he maintained in the amounts and
<br /> for the periods that I.ender requires.Sorrower shall also insure all improvements on the Property,tivhether
<br /> no�v in existenec or subscqucntly erected,against]oss by floods to the extent required by the Sccretary.All
<br /> insurance shall be carriect tivith companies approved by Lender.The insurance policies and any renewals shall
<br /> be held by Lender and slyall include loss payaUle clauses in favor of,and in a form acceptable m,Lender.
<br /> 2ou-is94c7� '�.�004�J700011�J18162 6700
<br /> FH�A Mortyage WITH MERS-NE Revisetl 4!'�6
<br /> VMP� VMP4h(N�(1109)
<br /> Woltars Kiuwer FnanGal Serviws Page 3 of 10
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