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201301609 If the amounts held by Lender for Escrow Items exceed unds as required by the amounts of to funds Lender shall account to Borrower for the excess held by Lender at any time are not sufficient to pay the a as Escrow Items wh RESPALender may notify the r Borrower and require Borrower to make up the shortage The Escrow Funds are pledged as additional a security such sums, Borrowers account sh Security be credited If Borrower tenders to Lender the full payment (b), and (c) and any mortgage insurance premium with the balance remaining for all installment items (a), installment that Lender has not become obligated to pay to the Secretary, and Lender shall pro its refund any excess funds to Borrower. Immediately prior to a foreclosure balance remaining Proerty installments acquisition by Lender, Borrower's account shall be credited with any for items (a), (b), and (c). 3. Application of Payments. All payments under Paragraphs 1 and 2 shall be applied by Lender as follows: First, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead of the monthly mortgage insurance premium; Second, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance premiums, as required; T ird, to interest due under the Note; Fourth, to amortization of the principal of the Note; and Fifth, to late charges due under the Note. 4. Fire, Flood and Other Hazard Insur e rected �ai st any hazards ualties and con t� ces� whether now in existence or subsequently against fire, for which Lender requires insurance. mer shall also insure all improvements on the P penys and for the periods that Lender requires. Borrower now in existence or subsequently erected, companies approved by Lender The insurance policies Secretary. All insurance shall be carried com ed with p payable clauses in favor of, and in a form and any renewals shall be held by Lender and shall include loss pay acceptable to, Lender. In the event of loss, Borrower shall give Lender immediate notice by mail. e s hereby may a o and loss if not made promptly by Borrower. Each insurance company directed to make payment for such loss directly to Lender, Lender at of to its op�ion (a) to the reducmtion er and to Lender All or any part of the insurance proceeds may be applied by first to any delinquent amounts applied of the indebtedness under the Note and this Security to the restoration or repair of the in the order in Paragraph 3, and then to prepayment of principal, or (b) the due damaged Property. Any application of the proceeds to the principal s hal hall g eot e extend or of s t p o pay date of the monthly payments which are referred to in Paragraph 2, Any excess insurance proceeds over an amount r the entity legally a tstan herndebtedness under the Note and this Security Instrument shall be paid Revised 4/96 HCFG -00703 10/12 FHA Deed 011-m1-NE Page 3 of 10 VMP® 201302224.3.6.24 J 20121109Y Wolters Kluwer Financial Services •781 31 7"