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<br /> Z. Monthly Payrnent of Taxes, Insurance and Ot�ter Charges. Borrower sh�ll inclttde in each manthly
<br /> payment, toge€Eier with the principal and interes[as sel fortEi in the 1Vote and any late char�es, a sum for
<br /> (a)ta�es and special assessments levied or t❑ be Eevied against the Property, (b) leasehold payments or
<br /> ground rents on the Property, and (c)prcmiums For insurance rcquired under para�rapli 4. In any ycar in
<br /> whicEi the Lender musf pay a mortgage insurance premiiEm to the Secretary of FIousing and Llrhan
<br /> Develo�ment{"5ecretary"), or in any year in «+hich such premium would have been required if Lender sEill
<br /> held the Security Listrume�il, e�rh monEEily p�yn�ent sh�ll alsu inclucie eilher: (i) a su�n rur the annual
<br /> n�artgage insurance premium to l�e paid by Lender to tEie Secreta�y, or{ii}a mojttlily charge insieact af a
<br /> mortgage insurance premium if this Security Instrument is he[d by t]Ze Secretary, in a reasonable amount to
<br /> be determined by the 5ecretary. Except fflr the monthly rharge by tlie Secretary, tEiese items are called
<br /> "Escrow Etems" and the sums paid to Lender are cat[ed "Gscraw Funds."
<br /> Lender may, ak any time, cal[ect and Itold amounts for Escrow Iterns in an aggregate amount not to exceed
<br /> the maximuro amount that enay be required for I3orrower's escrow account und�r the EZeaE Cstate Settlement
<br /> €'rocedures Act of 1974, t2 LJ.S.C. Section 2501 e1 seq. and implementing reeulations, 24 CFR ['art 3500,
<br /> as they may �ie arr�ended from Cime ta time ("RESf A"}, except tliaL the cushion ❑r rescrvc permiYted Uy
<br /> Ez�SPA For unanticipated disbursentents or disbursemcnts ]�cforc thc I3orrower's payments are available in
<br /> tlte account may not be based on amounts due for tlle mortba�e insurance premium.
<br /> If the amounts ileld by Lender far Escrow Ilems exceed the amo�nts permitted to be held by RESPA, Lrnder
<br /> shail accow�t to Borrower fo�• the e�cess funds as �•equiE•ed by IZESYA. If the amounts of funds held by
<br /> Lender at any time are nat suCfcienl ta pay tl�e Escraw Items �vl�en due, Lender may notify the I3orrower
<br /> and require F3nrrn�ver tn make uP the shnrtage as permitted hy RI?SPA.
<br /> Tlie Escrow Funds are pledged as additional security for all sums secured by this 5ecurity Instrument.
<br /> If Borro�ver tenders to Lender the full paymenf of all such s�an�s, Borrower's accaunt shal! be aredited with
<br /> t13e Ualance remaining for a11 insEallment items[a), (b), and {c) and any morlgage insurance premium
<br /> installment tliat Lender has not 6ecome obligated to pay to EF�e 5ecretary, and Lender sl�all promptly
<br /> refund any excess �e�nds lo Borrower. Immediately prior Yo a forccEosure s�tic of the Property or iYs
<br /> �cquisition �y Lender, Borrower's accnuni shail Ue creclited with nny balance remaining ['or all inst�llments
<br /> for items(a), (b), and {c}.
<br /> 3_ Application of Payments_ All pe�ymCn�s uncler parasraplis 1 aii�? sl3ai[ Ue applied 1�y L.ender as follows:
<br /> First, tn tfie mnrtgage insurance premium to be paid by Lender to the Secretary or ta the monNlly cF�ar�e by
<br /> tEie Secretary instead of the monthly mort�aoe insurance premium;
<br /> Second, to any taxes, special assessments, leasehold payments ar nraund rents, and fire, flood and other
<br /> liazard insurance Premiums, as required;
<br /> "Fhird, to interest due under the�ote;
<br /> C'ourtl�, to amortizaLion of the principal of the iWote; and
<br /> Fif#!i, to late charges due under the Note_
<br /> 4. Fire, �'lood and Other Hazard Insurence. F3orrower shall insure �11 improvements on tlie Properry,
<br /> �vl�etlier now in existence or subsequently erected, a�ainst any hazards, casualties, and contingencies,
<br /> includin�fire, for which Lender requires insurance. 7'liis insi3r�nce sliall he maintained in the amounts and
<br /> for the periods tEiat Le��der requires. Borrower shall als❑ insure al[ improvements on ihe Property, wheCher
<br /> naw in existence or subseq�3ent[y erected, neninst ]oss by flnnds m the extent required by the Secretary. All
<br /> inaurance shall be carried wit11 companies appraved Uy Lender. TEie insurance palicics and any renew115 sh�ll
<br /> be held by Lender and shal! inciude loss payaUl�claus�s in c����r �e, and in a form acceptable to, Lender.
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<br /> FHA Morlgege WITH MERS-NE VMP4N[NE"�e�1 tl9I
<br /> VMP pg
<br /> WoEfers Hluwer Fnancial Service^, 'I 01912OS2 2:5fl PM Page 3 of 40
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