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20120531i 2. Monthly Paymarrt of Taxes, Insurance and Other Charges. Boaower shall inciude in each monthly payment, together with the principal and interest as set forth in the Note and any late charges, a sum for (a) taxes and sp�ial assessments lavied or to be levie� against the Properiy, (b) leasehold payments or ground rents on the ProP�Y� ��) Premiwms far insurance required under pazagraph 4. In any year in which the Lender must pay a�rtgage insuranca pramium to the Secretary of Housing and Urban Development ("Secretaty"), or in any year in which such premium would have been required if Lendar still held the Security Instru�ent, each amnthly payment sha11 also include aither: (i) a sum for the annual u�rtgage insurance premium to be paid by Lender to the S�retary, or (ii) a monthly charge instead of a mortgage insurance premium if this Security Insh�nt is held by the Secretary, in a reasonable amount to be determined by the S�retary. Except for the monthly charge by tha Se�retary, these items are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds." I,ender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum amount that may be required for Bonower' s escrow account under the Rea1 Estate Settlement Procedures Act of 1974, 12 U. S. C. Section 2601 d seq. and implementing regulations, 24 CFR Part 3500, as they may be amended from time to time ("RESPA"), excspt that the cushion or reserve pe�mitted by RESPA for unanticipated disbursements or disbursements before the Borrower' a payments are available in the account may not be based on amounts due far the mortgage insurance premiimn. If the amouints held by Lender for Escrow Items exceed the amounts permitte� to be held by RESPA, Lender sha11 acxount to Bonower for the excess fimds as r�uired by RESPA. If the amow�t.s of fimds held by Lender at any time are not sufficient to pay the Escrow Items when due, Lender may notify the Bonower and require Borrower to make up the shortage as permitted by RESPA. The Escrow Funds aze pledged as additional security for all sums se�urefl by this Se�urity Instnmaen� If Borrower tenders to Lender the full payment of all such s�mns, Borrower's account shall ba cradited with the balance remaining far a11 insta.11ment items (a), (b), and (e) and any �rtgage insurance premium installment thai L,ender has not become obligated to pay to the Secretary, and Lender shall Pi'�P�Y refimd any excess fimds to Borrower. Immediately prior to a foreclosure sale of the Properiy or its acquiaition by Lender, Borrower' s account shall be credited with any balance remaining for all installments far items (a), (b), and (c). 3. Appllcatlon of Payments. All PaY� ��' Pffi�Phs 1 and 2 shall be applied by I.ender as follows: Firs to the mortgage insurance premium to be paid by Lender to the Se�retary or to the monthly chazge by tha Secretary instead of the �nthly mortgage insittance premium; � to any taxas, special assessments, leasehold payments or ground rents, and fira, flood and other hazard insurance premiums, as requiral; � to inter�t due under the Note; Fourt to amortization of the principat of the Note; and F� to late cl�arges dua under tha Note. 4. Flre� Flood and Other Ha�r�l lnsurance. Bonower sball insure all improvements on the Properiy, whether now in e�ustence or subsaquently erected, against any ha�rds, casualties, and contingencies, including fire, for wluch Lender requires insurance This insu[aIICe shall be m in Ain� in the amounts and far the peri�s that I.ender requires. Borrower ahall also insure all improvements on the Property, whether now in existence or subsaquently eracted, against loss by floods to tha extent required by the Secretary. All insurance shall be carri� with companies approved by I.ender. The insurance policies and any renewals shall be held by Lender and sl�all include loss payable clauses in favor of, and in a form acceptable to, Lender. 2200272718 D V4NNE FHA Mortgage WITH MERS-NE Revised 4/88 Amended 7/04 yMp � VMP4N(NE) 1110b) W� Kp�y ��p� Page 3 of 70 � l..`7 4w� ��/1