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<br /> 2. Monthly Pdymen#of Ta�ces, Insurance and OtheP Charges.➢urro«�er shall inciude in each monthlv
<br /> payment, toeether Fvitii thc principal and interesl;u set Forth in the NoEe and any late cliarges,a sum far
<br /> La)ia�es und special assessn�ents levied or to be[evied against khe Proper€y,{b)leasehpld payments or
<br /> graund mnks on lh�Property,and(c)premii[ms lor insurance required under pnrngraph 4. In an�°year in
<br /> �vhich the Lender musL n3y;j mortgage i�surance premi¢m to thc Secretary of 1-lousinb und[_Irhtm
<br /> Develnpmcnt("Secretary"), or in any year in�vhidt s�cii premium wouid heivc bcen required if Let��ler slill
<br /> I�cld the Sevurily Insirumcnt,each mond�ly puyment shafl also inc[ude eiiher:(i)a sum for thc annual '
<br /> mortgace insurance premium[n he pnid by Lender lo tha Secrelary,or(ii}a monthly charge i€is(e•rcl ofn
<br /> moetgage insuranec premium if tliis 8ecuriLy Instrumcnt is held by the Secrelury.in a reasonable arr�ount tn '
<br /> bc determinecf by�Iw SecreCary.Execpi for the monthly charge 6y the Secretary,piese items nre called
<br /> "liscrutv Ilems"and the sums paid to L,ender are called"Escrow I'unds,"
<br /> €.,endcr may,at any time,w]lect nnd I�old amounts f'oe k;scruw Ifems in an aegregate amou�lt nut[o exceed
<br /> the maximum amount Ihat may be required 1'or I3orro�vcr's escrorv accowtl u�der tl�e Rea[Estate Seltiement
<br /> Procedures Act of 1y7., 12 U,S.C. Scction 2G01 et s•cq. anct implementing regulations,Z�C:C'R Part 3500,
<br /> as tE�ey may be amcnded l�om time ia time("RESPA"),except thaE the cushion or rescrve permitled by
<br /> RESPA for unanticipuled dishursemcnts pr disb�rsemertls before the Borrower's payments nrc availa6le in
<br /> tlte wccount may not be 6ased nn nmaunts due Far the morlgage insurnnec premium.
<br /> IFthe amo¢nls held by Lender for�scrow Items e�ceed the amaunts permitted la be he[d hy RE-SPA,Lender
<br /> sl3ai[account to Borro�ver for the excess['unds as required hy RESPA, lfthe amounls oFfunda held by
<br /> Lcndcr aE any litnc are nv€suFiicient to pay the FscroFv Items�vhen due;Lender may noti fy thc Borro�ver
<br /> and require Bnrrawer to make ur the shartage as permitted by RESPA. I
<br /> The L"scroiv h'unds are pled�cd as additional seeurily f'or all sums secured hy ihis Sec�irity InstrumenL.
<br /> IP 13orra�ver tenders[o I,ender lhe ful[payment of all such sums,Borroci�er's account shal[be credited with
<br /> thc 6alance remaitting£or all installmen!items(a},(b).and(c)and any morigngc insurance premiu�n '
<br /> insta][ment thai I.ender has not 6ecome obligated tn pay to ihc Secretary,and Leii�lcr sh�l€�rnmptly
<br /> rePt€nd any exoess funds to 13nrrntver. fmmediate[y prior to u fareclncure snlc ofUle Praperty ar its
<br /> acq¢isition by I..ender;Borro���er's accautll s[�a11 he creclitcd with any balance iernuining for nl]installments
<br /> Inr iterns(a), (b),and{c). '
<br /> 3. Appiieation of Payments.All payments under puragrapi�s 1 and 2 shal]�e applied hy[.,endcr as follows:
<br /> First.to the mortgage insurance premium fa he paid 6y Lender tn the Secrelary ar to the monlhly charge hy
<br /> lhe Secretary inslead or"ihe monlhf}°morLga�e insurance premium;
<br /> Secand,lo any 4iies_speciul;�ssessments,Icasehald payn�ei�ts or gruund rents,and fire, ilaod and nthcr
<br /> lia�r�l insurance prcmiums,as requimd;
<br /> Third,to intemst due under the Nnte;
<br /> Poucth,ta amnrli2.�tion af tE�e principal of the Nnte;nnd
<br /> FiEth,to latc dtarges due under lhe Nale. '
<br /> 4. Fire, Ffood and Other Flazard Insurance. k3orrower shall insurc all improvements oi�the Proprrcy, '
<br /> whetlier nurv in existence or subsequenl[y crecicd,:cgains[any ha�rds,casuaEties,and cuntingencies, '
<br /> including lire, fnr which Lender requims insurance.7'his insurance shai[be niainlainect in the amauats and '
<br /> lur the reriods thal Lendcr requires,f3urro�ver shnli alsa insure all impeovetncnls on the Properly,whelher
<br /> naw in e�istenca:or s�bsequcntly erected,agninst loss by flaods to tlte e�tenl required by the Secre€ary..All
<br /> insurnncc shall be carried wiih cumpanies appraved by Lender.'I'hc insurance policies and any rene�vals shall
<br /> bc held 6y Lender and shall includc[oss payab[e clauses in lavor oC and in a Form acce La6ic t�, Lcnder. '
<br /> zoiz.zo�atizi 1a0049700tl1205722fi
<br /> FHA Mnrtgagc'NITH MERS-NC ^3fi5
<br /> VMP�l f7Evise,l Ji90
<br /> Wollcrs!(Ivrv er FnanGal Ser i�es I 1/9/2012 11;33 FM VM PSN�NE7(S 109)
<br /> Pagu 3 af 1 tl
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