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201210500 mongage insurance premium to be p�rd by Lender to the Secrctary, or(ii) a monthly charge instead of a mongage insurance premium if this Securiri•lnstrument is held by the Secretan, in a reasonable amomit to be determined by the Secretary. Escept for thc monthly cl�arge by the Secretary, these items are called "Escrow Items"and the sums paid to Lender are called "Escro�r�Funds." Lender may, at am time, wllect and liold amounts for Escrow Items in an aggregatc amount not to exceed the maximum amount that may be required for Bornower's escroa account under the Real Estate Settlement Pr'ocedures Act of 1974, 12 U.S.C. Section 2601 et seq. and implementiug regulations, 24 CFR Part 350Q as they may be amended from time to time ("RESPA"), escepl Lhat the cushion or rescroe pem�itted bp RESPA for unandcipated disbursemems or disbursemenu before the Borrowcr's payments�� available in the account may not be based on amounks due for the mortgage insurance premium. If lhe ammmts held by Lender for Escrow Items e�ceed the amounts pem�itted to be held by RESPA, Lender shall account to Borrower for thc excess funds as required by RESPA. If the amounts of funds held bv Lender at an` time are not sufficient to pay the Escrow Items K-hen due, Lendar may notify the Borrowec and require Borro�scr[o make up[he shortage as permitted by RESPA. The Escmw Funds a�e pledged as addiliooal secnrity for all sums secumd br this Securih Instrument. If Bormwer tenders to Lender the fixll paymemof al]such smns, Borrower's account sball be credited wiYh the balance remaining for all installmem items(al, (b), and(c)and any mortgage insurance premium installment that Lendcr has not hecome obligated to pay to the Secretarn. and Lender shall pxomptly refund am e�cess funtLs to Borrnwer. immediatcly prior to a foreclosure sale of the Property or iLs acqnisition by Lender, Borrower's accowit shall be credited with any balance remaining for all installments for items(a), @}, and(c). 3. Applicationof Payments.All payme�ts under paragraphs I and 2 shall be applied bc Lender as follo�i-s: Fire[, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by tlie Secrotazy instead of tl�e monthly mortgage insnrance premium; Second to any taxes, special assessments, leasehold payments or grom�d rents, and firo, flood and other liazard insurance premiums, as required; Tttird, to inlerest due under the Note; Fonnh, to amortization of the principal of the I�`ote; and Fifth to late ck�arges due under thc Note. 4. Fire, Floodand Other Hazard Insurance.Borrower shall insure all improvements on thc Propert.-, whether now 3n existence or subsequenklv e�ected, against airy hazards, casualties, and contingencies. including fire,for whicL Lender requires insurance. Tliis insurance shall be maintaiued in the amounts and for the periods that Lender reqixires. BorroKer shal] also insnre aIl improvcments on the Property, whclher now in ex'rstence or subsequenfly erected, against loss by floods to the extent required by Ihe Secretary. All insurance shall be c�med��i[h companies approved by Lender. The insurance policies and any renea-als shall be held by Lendec and shall inclmde loss payable clauses in fauor of, and in a forni aceeptable to; Lender. ln lhe event of]oss, Borrower sktall gi�>e Lender immediate notice by marl. Lender ma}•make proof of loss if not made prompflp by Bormwer. Each insurance company concemed is hereby authorized and directad to make parment Por such]oss directly to Lender, instead of to Bonower and to Lei�der joinUy. All or any part of the insurance procecds may be applied by Lcnder, at its option, cither(a)to the reduction of[he indebtedness under the Note and this Securiry InstrumenL first to a�delinqucnt amoants applied in the order in paragraph 3, and then to prepayment of principal; or(b)to tl�e res[oration or repair of the damagcd _ Proper[v. Anv application of fhe vrocecds to the principal s6a1] not extend or posipone the due date of the F�P�etl otT�usFNE 4196 Wolfers Klwrer Ananc�al Sarvloes VMP4R(NEl(1t05).00 Page3o'10