201205173 - Laserfiche WebLink

Browse

201205173 2. Morrthly PaymeM of Tax�, Insurance and Other Charges. Borrower shall include in each monthly PaY�nt, together with the principal and intarest as set forth in the Note and any late chazges, a sum for (a) taxes and special assessments lavied ar to be leviad egainst the Property, (b) leasahold payments or ground rents on tha ProPerh', and (c) pr'emiums for insttranca required under pazagraph 4. In any yeaz in which the Lender must pay a a�rtgage insurance premium to the Secretary of Housing and Urban Development ("Secretary"), or in any year in which such premium would have been required if Lender still held the Security Inslrun�nt, each �nthly payment shall also include either: (i) a sum for the annual mortgage inaurance premium to be paid by Lender to the Secretary, or (ii) a monthly charge instead of a �rtgage insurance premium if this" Security Tnstnnment is held by the Secretary, in a reasonable amount to be determined by the Secretaiy. Except for the monthly cha�rge by the Se�retazy, these items are c�lled "Escrow Items" and the aums paid to Lender aze called "Escrow Funds." Lender may, at any time, collact and hold a�nounts for F,scrow Itenns in an aggregate amount not to excxed the maximum amount that may be required for Borrower' s esaow acxount under tha Real Estate Settlement Procedures Act of 1974, 12 U. 5. C. Section 2601 d seq. and implementing regulations, 24 CFR Part 3500, as they may be amended from time to time ("RESPA"), except that the cusluon or reserve permitted by RESPA far unanticipated disbursements or disbursaments before the Borrower' s payments are available in the account may not be based on a�unts due far the mortgage insurance premium. If the am�unts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA, Lender shall account to Boaower for the excess fimds as required by RESPA. If the a�unts of fimds held by Lender at any ti� aze not su�icient to pay the F..scrow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as permitted by RESPA. Tha Escrow Funds are pledged as additional sacurity for a11 sums s�ured by this Security Instnm�en� If Borrower tandera to Lender tha full payment of all such sums, Borrower's account shall be credited with the balance remaining for all installment items (a), (b), and (c) and anY mortgage insurance premium installment that Lender has not become obligated to pay to the Secretary, and I.ender shall promptly refimd any excess fimds to Borrower. Immediately prior to a foreclosura �le of tha Property or its acxluisition by Lender, Bonower's account shall be creciited with any balance remaining for all installments for items (a), (b), and (c)• 3. Appllcatlon of Payme�tts. All payments under paragraphs 1 and 2 shall be applied by Lender as follows: Firs to the mortgage ins�rance premium to be paid by Lender to the Secretary or to the monthly charga by the Secretary instead of the monthly mortgage insurance premium; Secon to any taxes, special ass�nnents, leasehold payments or ground rents, and fire, flood and other hazard insurance premi�mos, as requir�; � to interest due under the Note; Fourt to amortization of the principal of the Note; and Fift to late chazges due under the Note. 4. Flre, Flood and Other Hazard Insuranc�. Boaower shall insure all improvements on the Property, whether now in existence or subsequently arected, against any ha�rds, casualties, and contingencies, including fire, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods thal Lender requires. Borrower shall also insure all improvements on the Properiy, whether now in existence or subsaquently erected, against loss by floods to the axtent required by the Secretary. All insivance ahall be carried with companies approved by Lender. The insurance policies and any renewals shall be held by I.ender and shall include loss payable clauses in favor of, and in a form acceptable to, Lender. 2200264660 /./ /' ��' D V4NNE FHA Mortgege WITH MERSNE ` Revised 4/88 Amend'ed 7/04 yMp � VMP4N(NE►17106) W Kp� �� Pepe 3 of 70