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2012062�� 2. Morrthly Paymerrt of Taxes, Ir�urance and Other' Charges. Borrower shall include in each monthly payment, together with the principal and inter�t as set forth in the Note and any late charges, a sum for (a) taxes and special assess�nents levied or to be levied again.gt the Property, (b) leasehold payments or ground rents on the Propetty, and (c) premiums for insuranca required under pazagraph 4. In any yeaz in wluch the Lender must pay a�rtgage insurance premium to the Secretary of Housing and Urban Develop�nt ("Secretary"), or in any yeaz in which such premium would have been required if Lender still held the Security Inshiunent, each monthly payment shall also include either: (i) a som for the annual �rtgage insurance premium to be paid by Lender to the Secretary, or (ii) $ monthly charga instead of a u�rtgage insurance premium if this Security Instrument is held by the Secretary, in a reasonable amount to be determined by the Secretary. Except for tha monthly charge by the Secretary, these items ara callad "Escrow Items" and the sums paid to Lender are called "Escrow Funds." Lender may, at any time, collact and hold amounts for F.scrow Items in an aggregate amount not to excxed the maximum amount that may be require� for Borrowar' s escrow accowrt under the Real Estate Settlement Proced�ues Act of 1974, 12 U. S. C. S�tion 2601 d seq. and implementing regulations, 24 CFR Part 3500, as they may Ue amer►ded from time to time ("RESPA"), except that the cushion or r�erve permitted by RESPA for �manticipat�l disbursements or disbursements before the Borrower' s payments are available in the account may not be based on amounts due far the mortgage insurance premium. If the amounts held by L�der for Escrow Items excead the amounts pennitted to be held by RESPA, Lender shall account to Bonower for the excess fimds as required by RESPA If the at�unts of fimds held by Lender at any time are not sufficient to pay the Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as permitted by RESPA. The F.scrow Funds are pledged as additional sae�rity for all sums s�ured by this Se�urity Instnmden� If Borrower tenders to Lender the full payment of all such sums, Borrower's account shall be credited with the balance remaining for all insta.11ment items (a), (b), and (c) and any a�rtgage insuranca premium installm+ent that Lender has not � obligated to pay to the Secretary, and Lender shall promptly refimd any excess fimds to Borrower. �mmediately prior to a foreclosure �le of the Propeity or its acquisition by Lender, Borrower' s account sball be credited with any balaace remaining for all installments for items (a), (b), and (c). 3. Applicatlon of Rayr�nts. All payments under paragraphs 1 and 2 shall be applied by Lender as follows: Firs to the mortgage insurance premium to ba paid by Lender to the Ser.retary or to tha monthly chazge by the Secretary instead of the �nthly �ortgaga insurance premium; Secon to any taxes, special ass�ts, leasehold payments or ground rents, and fira, flood and other ha�rd insurance premiums, as required; � to interest due under the Note; Fourt to amorti�ation of the principal of the Note; and F� to late chazges due under the Note. 4. Flre, Flood and OtFrer Hazard Ir�sursnce. Honower sha11 insure a11 improvements on the Properiy, whether now in existence or subsequently eze�tad, against any ha�rds, casualties, and contingencies, including fira, for which Lender requires insurance. Thia inaurance sha11 be maintained in the amounts and for the periods that Lender renuires, Borrower shall also insure all improvements on the Property, whether now in existence or aubsequently erected, against loss by floods to the extent required by tha Sacretazy. All insurance ahall be carried with companies approved by Lender. The insurance golicies and any renewala shall be held by I.ender and sha11 include loss payable clauses in favor of, and in a form acceptable to, Lender. FHA Mortgege WITH MERS-NE 2200233183 p�y� 4/88 Amended 7/04 yMp nq VMP4N�NE) (1106) Wdt�s Khny� Fb� Servp�e 3 of 10 �� v �