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201209931 2. Monthly Payment of Taxes, InsuranCe and Other C13arges. Borrower shall includc in each montlily paymcnt, toged�er with the principal and interest as set for€h in ihc:I*iute anc[ any late charges, u sttm for (a) ta.�u5;ancl specia[ assessments levie[E or to 6c ]cvicd against the I'roperty, (b) ]easehold payments or ground rents an the Property, and[c) p[•emiums 1or irtsurance reyuired undc:r paragrnph�k. In nny yeur in �vlzicl� the Lender must pay tt morEga�c insurance premium m the Secretary of 1-Iousin�ancl IJrban Deve]opment("Secretary"), or in any yuar in �a•hicli such premiun�wouEd have been required if Lender still held the Securiiy Enstrument, eacli mon[hly paymcnt shall aEso include either: {i)a sum fnr the annu:al mnrtgage insurance premium to be�aid by Lender to the Secretary, ar(ii) a monthly char�e instead af a martgage insurance premium if this Securiry [nstrument is held hy the Secretury, in n rensonnble nma�int to 6e determined hy the 6ecretary. E�cept lor the monthly char�e hy the Secretary, ihese items are called "�scraw Items" and the sums paid to Lender are called "Gscrow Funds." Lender may. at any time, collect and]iold antoutits For Escro�v 1[�ms in an a�;gregale amount not to exceed Lhe m:3.tim�m amaun#that may l�e reqnired for Borra�ver's escro�v accaunt under the Rea] Gst�ste Settlement Procedures Ac€of 197d, 12 tJ.ti.C'. Sectian 2fit1i e!seq. and implamenting regulations, 3d CPEZ Part 3500, as lhey may be amended irom Eime to time("RESPA"), except that the cushion nr reserve permitted hy E{k:'Sk'A Fnr un�nticipnted disb�Ersemenls or dis�ursements before the Borrower's payments arc available in the accaunt may not bc based on amaunts due for the mart�age insurance prcmium_ If khe amounts taeld by Lencler lar�scro�v Itcros e�ceed ihe amounts permiucd t� be held by RESPA, Lender sha[l account ta Harrower for the excess f�nds as required hy RF.Sf'A. I f the amounts oP fiinds held 6y Lendar at any time are not sul�iicieni to pay tE�e Escrotii�Items when due, Lender may noti�y the Barrawer and requirc Qorro�ver to maE:e up the shortage a_� permitted hy R�SPA. The Escrow Punds are pledged ns additian�tl sccurity for aIl sums sccured by this Secueity Instrument. If[3orrower tenders(o Lender the fu11 payinent af all such sums, I3urruwcr's accounL sh:�ll be cre�lited wiLh tEie b:�lancc remaining for al] installment items[a), (b), and{c) and any mor[ga�e insuranae premium installment.th�t Lender has not become obligated to pay io LE�c Secretary, and Lender shall prompUy refund any excess funds[o Borrotver. Immediately �trinr tn a tnrecic�sure sule nf the Prnparty ar iks acquisition by Lender, Borra�ver's accoun[shall be creditac[with any ba[ance remaining for all installments For items(a). (b), and(c)_ 3. Application of Payrrtents. All payments under paragraphs 1 and 3 shall be applicd by Lender as follo�vs: First; to t[�c mortgage ir�surance premium to be paid by Lender to the Secretary or to the monthly charge by the SLc:retury ins[eaQ oC Ehe munthly martgage insurancc prcmium; Second, to any ta�ies, special assessments, leaseE�old payments or�round rents. and fire, l7ood and ot3ier hazard insurance Preminms, as req�ired; '7"hird, to interest d�e under the Nate; Fourth, lo amortiz�tion of the prit�ci�a! orEl�e�fote; at�d Fifth. lo latc char�cs duc undcr the Notc. A. F'�1'e, FIoDd 8nd OtF�er'1-lazard Ins�trance. Borrower shall insure all improvemants on ihe Property, wF�ether now in eaistence ar subsequently erected, agai�ist any hazards, aasualties, and conti[�ge[3cies, ii�cludin� fire, far�vhich Lencler reyuires insur:�nce. This insurance shall be maint�ined in the 3muunls and 1'or lhc;p�riods that Lender requires. Borrower sha1E also tnsure all improvemenis on tlie E'roperty, �i�hether notv in exisEence or su6sequenlly erected, against loss by ftoads to the e�tenl required by the Secre[ary. All ins�rancc sl�a[l 6e carried witli campanies approved by Lendcr. Tlic insurance policies and any rene�vals shall be f�eld hy Lender and shall include loss payable cluuses in favor of, and in a i'orm accepta6le to, Lender. 2�12-2152444 1�0049700D12064701 9905 FliA Mvrtgape WITH MFAS-NE fievlsed 4f9fi VMP� VMF4N�NE](1164) WolFers K0.nv er RnanUal Servlces 1121/2012 72:3 i PM Paga 3 at i❑