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<br /> Z. Monthly Payment of Taues, Insurance and Other Charges. Borrower shall i�lude in each monthly
<br /> payment, togetLer with the principal and interest as set forth in the Note and any la[e charges, a sum for
<br /> (a)taxes and specia]assessments levied or to be levied against the Property, (b) leasehold payments or
<br /> ground rents on the Property, and(c)premiums for insurance required u�er paragraph 4. In any year in
<br /> which the Lender mus[pay a mortgage insurance premium to the Sccretary of Housing and Urbao
<br /> Development("Sectetary"), or in any yrxr in which such premium would have been requued if i.ender still
<br /> held the Security Instrument, each monthly payment shall also include either: (i)a sum for the annual
<br /> mortgage insurance premium to be paid by Lender ta tite Secre[azy, or(ii)a monflily charge ins[ead of a
<br /> mortgage insurance premium if this Securiry Insizument is held by the Secretary, in a reasonable amount to
<br /> be de[ertnined by [he Secretary. Except for the monthly charge by the Secretary, [hese items are called
<br /> "Escrow Items" and the sums paid to Lender are called "Escmw Funds."
<br /> - Lender may, at any time,collect and hold amounts for Escrow Ttems in an aggregate amount not to exceed
<br /> the maximwn amount tLat may be required for Burrower's escrow account under the Real Eslnle Settlement
<br /> Procedures Act of 1974, 12 U.S.C. Section 2601 et seq. and implementing regulations, 24 CFR Part 3500,
<br /> as they rttay be amended t'rom time to time("RFSPA"), except that thc cushion or reserve permitted by
<br /> RESPA for unanticipated disburse�nts or disbursements before the Borrower's paymen[s are available in
<br /> the accoun[may not be based on amounts due For tLe mortgage insu[ance premium.
<br /> If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA, I.ender
<br /> shall account to Borrower for the exr.ess funds as tequired by R&SPA. If the amounis of fwids held by
<br /> Lender at any time are not sufficient to pay the Escrow Items when due, Lender may notify Ihe Borrower
<br /> and require Borrower to make up the shortage as per¢�itted by RESPA.
<br /> The Escrow Fuuda are pledged as additiona! security for all sums secured by tLis Security Instrument.
<br /> If Borrower tenders to I.euder the full payment of all such sums, Borrower's account shall 6e credited with
<br /> the balance remaining for all installment itcros(a), (b), and(c)and any morigage iusurauce premium
<br /> installment that I.etder 6as not become obligated to pay to the Secretary, and I,ender sLall prompUy
<br /> refund any excess funds to Borrower. Immediately prior to a foreclostue sale of the Property or its
<br /> acquisition by Lender, Bortower's account st�all be c.zedi[ed with any balance remaining for all installments
<br /> For items(a), @), and(c).
<br /> 3. Applieation of Payments.All payments under paragraphs 1 aod 2 shall be applied by Lender as follows:
<br /> First, ro the mortgage insurance premium ro be paid by I,ender to the Secretary or to the montLly charge by
<br /> the Secretary instead of the monthly mortgage insurance premium;
<br /> Second, to any taxes, special assessments, leasehold payments or ground rents, and fue, tlood and other
<br /> hazard insurance premiums, as required;
<br /> Third, to interest due under the Note;
<br /> Fowth, to amortiTation of the ptincipal of the Note; xnd
<br /> Fiftl�, to late charges due under the Note.
<br /> 4. Pire, Rood and Other Hazard Insuranee.Bonower shall insure all improvements on tLe Property,
<br /> whether now in e�s[ence or subsequently erected, against any hazards, casualties,and contingencies,
<br /> including£ue, for which Lender requires insurance. 11us insurence sl�all be maintained in the amounts and
<br /> for the periods fhat Lender requires. Borrower sLall also ivsure ail improvements on the I'roperiy, whether
<br /> now in existence or subsequently erectcd, against loss by floods to the extent rcquired by ihe Secretary. All
<br /> insurance shall be canied with companies approved by Lender. The insurance policies and any renewals shxll
<br /> be held by Leader and shall i�lude loss payable clauses in favor of, and in a form acceptable to, Lender.
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