|
201209696
<br /> 2. Morrthly Payment of Taues, Ir�surance and Other Charges. Borrower shall include in each monthly
<br /> payment, together with the principal and interest as set forth in the Note and any late charges, a sum for
<br /> (a)taaces and special assessments levied or to be levied against the Property, (b)leasehold payments or
<br /> gro�md rents on the Property, and(c)premiums for insurance required under paragraph 4. [n any year in
<br /> which the Lender must pay a mortgage insurance premium to the Secretary of Housing and Urban
<br /> Development("Secretary"), or in any year in wlilch such premium would have been required if Lender still
<br /> held the Security Instrument, each monthly payment shall also include either: (i) a suxn for the annual
<br /> mortgage insurance premium to be paid by I.ender to the Secretary, or(ii) a monthly charge instead of a
<br /> mortgage insurance premium if this Security Instrument is held by the Secretary, in a reasonable amount to
<br /> 6e deterrnined by the Secretary. Except for the monthly charge by the Secretary, these items aze called
<br /> "Escrow Items" and The sums paid to Lender aze called"Escrow Funds."
<br /> Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed
<br /> the ma�cimum amount that may be required for Borrower's escrow account under the Real Estate Seitletnent
<br /> Procedures Act of 1974, 12 U.S.C. Section 2601 et seq. and implemerning regulations, 24 CFR Part 3500,
<br /> as they may be amevded from time to time("RESPA"), e�cccept that the cushion or reserve permitted by
<br /> RESPA for unanticipated disbursements or disbursements before the Borrower's payments are available in
<br /> the account may not be based on amounts due for the mortgage insurance premium.
<br /> If the amouMs held by Lender for Escrow Items e�cceed the amounts permitted to be held by RESPA, Lender
<br /> shall account to Borrower for the excess funds as required by RESPA. If the amounts of funds held by
<br /> Lender at any time are not suf�icient to pay the Escrow Items when due, Lender may notify the Borrower
<br /> and require Borrower to make up the shortage as pemvtted by RESPA.
<br /> The Escrow Funds aze pledged as additional security for all sums secured by this Security Instrument.
<br /> If Borrower tenders to Lender the full payment of all such sums, Borrower's account shall be credited with
<br /> the balance remaining for a11 installment items(a), (b), and(c)and any mortgage insurance premium
<br /> installment that Lender has not hecome obligated to pay to the Secretary, and I,euder shall promptly
<br /> refund any e�ccess funds to Borrower. Immediately prio�to a foreclosure sale of the Property or its
<br /> acquisition by Lender, Borrower's account shall be credited with any balance remaining for all installments
<br /> for items(a), (b), and(c).
<br /> 3. AppliCetion of Payments. All payments under pazagraphs 1 and 2 shall be applied by I.ender as follows:
<br /> First, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly chazge by
<br /> the Secretary instead of the monthly mortgage insurance premium;
<br /> Second, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other
<br /> hazard insurance premiums, as required;
<br /> Third, to interest due under the Nate;
<br /> Fourth, to amortization of the principal of the Note; and
<br /> FiRh, to late charges due under the Note.
<br /> 4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property,
<br /> whether now in e�cistence or subsequently ere�ted, against any hazards, casualties, and contingencies,
<br /> including fire, for which Lender requues insurance. This insurance shall be maintained in the amounts and
<br /> for the periods that Lender requires. Borrower shall also insure all improvements an the Property, whetha
<br /> now in existence or subsequently erected, against loss by floods to the e�ctent required by the Secretary. All
<br /> insurance shall be carried with companies approved by L,ender. T'he insurance policies and any renewals shall
<br /> be held by Lender and shall include loss payable clauses in fauor of, and in a form acceptable to, Lender.
<br /> 2300288820 0 VGNNE
<br /> GHA Morfgage WITH MEA&NE Revieed 4/9B
<br /> VMP fp) VMP4N�NE)�1109)
<br /> WW[xa Kluwer F'viandd Services Pege 3 af 10
<br />
|