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If the amounts held by Lender for Escro shall account to Borrower for the excess Lender at any time are not sufficient to and require Borrower to make up the sh The Escrow Funds are pledged as additio Borrower tenders to Lender the full paym balance remaining for all installment ite that Lender has not become obligated to p funds to Borrower. Immediately prior to Borrower's account shall be credited wi 3. Application of Payments. All payme First to the mortgage insurance premi the Secretary instead of the monthly mo Second, to any taxes, special assessment hazard insurance premiums, as required Third, to interest due under the Note; 201210167 mortgage insurance premium to be paid by Lender to the Secretary, or (ii) a monthly charge instead of a mortgage insurance premium if this Security Instrument is held by the Secretary, in a reasonable amount to be determined by the Secretary. Except fqr the monthly charge by the Secretary, these items are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds." Lender may, at any time, collect and hole amounts for Escrow Items in an aggregate amount not to exceed the maximum amount that may be requir d for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. Secti n 2601 et seq. and implementing regulations, 24 CFR Part 3500, as they may be amended from time to t rr e ( "RESPA "), except that the cushion or reserve permitted by RESPA for unanticipated disbursements r r disbursements before the Borrower's payments are available in the account may not be based on amount due for the mortgage insurance premium. Items exceed the amounts permitted to be held by RESPA, Lender as required by RESPA. If the amounts of funds held by y the Escrow Items when due, Lender may notify the Borrower rtage as permitted by RESPA. 1 security for all sums secured by this Security Instrument. If nt of all such sums, Borrower's account shall be credited with the (a), (b), and (c) and any mortgage insurance premium installment y to the Secretary, and Lender shall promptly refund any excess foreclosure sale of the Property or its acquisition by Lender, any balance remaining for all installments for items (a), (b), and (c). s under paragraphs 1 and 2 shall be applied by Lender as follows: to be paid by Lender to the Secretary or to the monthly charge by gage insurance premium; , leasehold payments or ground rents, and fire, flood and other Fourth, to amortization of the principal of the Note; and Fifth, to late charges due under the Note. 4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies, including fire, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall also insure all improvements on the Property, whether now in existence or subsequently erect d, against loss by floods to the extent required by the Secretary. All insurance shall be carried with comp • es approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include 1os. payable clauses in favor of, and in a form acceptable to, Lender. In the event of loss, Borrower shall giv not made promptly by Borrower. Each make payment for such loss directly to of the insurance proceeds may be appl indebtedness under the Note and this S order in paragraph 3, and then to pre Pro An a • . lication of the roce FHA Deed of Trust -NE VMP Wolters Kluwer Financial Services Lender immediate notice by mail. Lender may make proof of loss if insurance company concerned is hereby authorized and directed to Lender, instead of to Borrower and to Lender jointly. All or any part by Lender, at its option, either (a) to the reduction of the curity Instrument, first to any delinquent amounts applied in the yment of principal, or (b) to the restoration or repair of the damaged ds to the . rinci . al shall not extend or , os i . ne the due date of the 4/96 VMP4R(NE) (1106).00 Pape 3 of 10