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201207753 If fhe amo� held by Lender for Esczuw IYems eaceed�e amomrts per�itted bo be held by RE5PA, Lender shall acco�t to Borrower for the eacess t'�mds as req�dc+ed bY RFSP?►- If 1�e s�°�of fimds 1�eld by I.ender at any fime ane not s�i'icieat to pay the Eacrow Ite�s when due, Lender may notify the Borrower and ieq�dre Burrower to make up the shortage as permitbed by IZFSPA. The F�crow �� Pl�� addi8onel sec�mlty for all s�s sec�ued by tLis Security Tnslri�e�t Tf Borrower tendeis to I.ender 13ie full payment of all such a�s, Borrower's accowrt shall 1�cnedlted with fhe i�lance reroaining for aR installme�ite�s(a), (b), and(�) and�nY��e inswance premt�►mstallme�that I.ender Las �t become obligated to pay to �e 5ecretary, and I.ender shall PromPflY refund anY eacess funds to Borrower. Immediately prior tn a foreclos�u+e sale of the Property or iis acq�dsitlon by Lender, Boriower's accoimt shall be credited with any balance iemainin�g for all i�taIIm�e�for iteffis(a), N), and(c). 3.Applicaffion of Paymeats.A11 paymeu�imder paiagraPh9 1 and 2 sLall be applfed by Lender as follows: r�ist to the mortgage ins�uance Iu+effi�bo be paid by Lender bu ffie Secietaiy or to�e mo�ly chaige by the Secnetary instead of 13ie mo�hly mortgage insm�ance premi�; 5econd, to any ta�es, special asseasme�s, le�ehold payments or gro�md re�s, and Sre, flood and other hazaal iffi�auce pre�t�s, �m4�dR�; Third, to intei+est due imder the Note; Fo to amordzalfion of the principal of fhe Note; and Fifth,to late cha�ges due imder the Nobe. ,,}. F�re,glood and Oth�ga�ard In�ance.Borrower shall i��e s11�lmproveme�s on the Properiy, whe�er _ now in e�stence or subsequenfly e�cted, against anY haz�ds�c�s�1�1�+ �d confingencies, including fire, for wluch I.ender req�dnes insivance. 17ds ing�uauce shall be mainfained in the amo�ts and for the periods that Lender req�riies. Borrower shall also ins�ue all impnovements on Hie ProperLy, whether now in e�istence or sui�eque�ly . eiected, ag�inst loss by floods to the exteat required by the Secneeta�y. All ing�ance aLall be cariied with companiea approved by I.ender. The insmance policies and s�ny ienewala shall be held by Lender and sLaII inclnde loss payable clauses in favor of, and in a form acceprtable bo,Lender. In the eve�of loss, Borrower shall�ve I.ender immediate nodce by maiL I�nder may make proof of loss if not made piompHy by Bomower. Each ins�ance company wncerned is heieby auHtoiized and diieated to make paYme� for such loss diiecfly tu I.ender, instead og to Borrower and to Lender joiafly. All or a�ry part of the insmance proceeds may be applied b.Y Lender, at its option, eifher(a)to fhe zednclion of fhe indebffi�ess�mder the Note and fhis 5eciuity 7n4hnmie� Srst to any del�niNeffi amo�mis aPP��ed in the ozder in parag�aph 3, and then tu piepaymeat . of principal, or (b) to the iestoraHon or repair of the damaged ProPerlY• AnY aPP��on of the proceeds to the principal shall not eztend or postpone fhe�e dabe of fhe mo�1y paymenis whfch are referred to in pa�ag�'rP1i 2, or change the amo�mt of such paymeats. AnY excess ins�uance pioceeds over an amo�mt reqmtned 1e I�Y a11 0�� indebte�esa�mder the Note and fLis 5ecmity Instnmie�shall be pa�id to the e�ity legally euHfled theieto. In Hie eve�of foreclos�u+e of ffiis Secmity 7nstrumeot or of�er haasfer of tifle bo �e Ymperty that exting�dshes �e indeTntedness, all rlgh5 lifle and i�enest of Borrower in and to ivs�ance policies in foz+ee shall pass to the p�uchaser. 5. Occupancy, Pr�vation. 1�'Ia9nipaance and Protectlon of the Propprty: Barrower's Loan Applicatton; L�olds. Borrower shall occupy, establisb, and uae Uie Pioperty a4 Bor�vwer's prtncipal residence witlrin eizty days after the esecuf�ion of flds Sec�mtty 7ns�'�eat(ur w�fhin s�tY d�►Y$ of a later sale or lranafer of ffie Property) and shall conlinue to occupy the Property as Borrower's principal iesidence for at least one yeai'sfber the dabe of occ�ancy, �less Lender determines�at reqwtneme�will cause�mdue hardsldP for Borrower, or�less ezbennaling citcc�stances e�st wLich are beyond Boirowei"s conhol. Borrower shall nolify Lender of any egtrm■sdi�u ci��unstances.Borrower shall not commit waste or destivy, damage or substantially change the Properiy or allow the ProperLy bo deterloiate, ieaeonable wear and bear excepted. Lender may inspect fhe Pt+operiy if the Properiy is vacairt or abandoned or the loan is in default Lender may fa� �unable aclion m P�+obect and P�eive such vacant or 86161337 �� �4N(N�(esoz).o+ �°9'�° (� n\ A u /� � �,e\J\\ �J