|
��14���7�
<br /> Lender may,at any time,collec� and hold amaunts for Escrow Items in an aggregate amoun� not �a exceed t�e
<br /> ma�imum amaunt �hat may be required for Borrower's escraW a�coun� under �he Real Es�a�e Settlement
<br /> Procedures Act of 1974, I�U.S.C. S�ctian 2601 et se�. and implementing regulations, 12 C.F.R.Part 1��4,as they
<br /> may be amended from time to time�"RESPA"}, exc�pt�ha�t the cushion or reserve perm��ted by RESPA for
<br /> unantic�pated d�sbursements or disbursements before the Borrawer's payments are ava�Iab�e �n the acc�un� may
<br /> not be based on amoun�s du� for the rnor�gage insurance premium.
<br /> �f�he amounts h�ld by Lender f�r Escrow I�ems ex�eed th� amounts permrtted ta be h�ld by RESPA, Lender shall
<br /> accaur�� to Barrower for the excess funds as required by RESPA, rf�he amflunts of funds held by Lender a�any
<br /> time are not suff���n� to pay �he Escrow Items v�hen due, Lender may n��ify the Borrower and require B�rrovver
<br /> ta mak�up �he shortage as permitted by RESPA.
<br /> The Escro�v Funds are p��dged as addit�onal securi�y for all sums s�cur�d by this Security �ns�rument. If
<br /> Barra�ver tend�rs to Lender�he fuil payment of all such sums, Borro`ver's accoun� shall be cred��ed with�h�
<br /> balance remaining for all ins�a��men� items �a�,�b�, and �c�and any mor�gage insurance premium�nstallrnent that
<br /> L�nder has not be�ome ob�igated ta pay �o the 5ecre�ary, ar�d Lend�r sha�� prompt�y refund ar�y excess funds to
<br /> Borrower.�mmedzate�y prior to a foreclosure sale of the Proper�y ❑�'i�S �.Cq11151�1�3n by Lender, Borrow�r'� acc�un�
<br /> shall b� credited �r�th any ba�ance rema�ning for all ins�al�ments f�r��ems �a�,�b�,and ��}.
<br /> 3ti Application of Payments� A��payments under paragraphs 1 and �shall be appli�d by Lender as fol�ovvs:
<br /> Fxrst, to the mar�gage insurance premium�a be paid by Lender�a the Secretary or to �he monthiy charge by the
<br /> Sec�-�tary instead of the monthly mar�gage �nsurance premium;
<br /> ,5econd, to any taxes, special assessments, Ieasehald payments or graund rents, and fire,flood and other hazard
<br /> insurance premiums,as required;
<br /> Thi d ta �nterest �ue under the Note;
<br /> Faur�h� to amortization of the principal af the Nate; and
<br /> Fifth, to �ate charges due under the Note.
<br /> 4, Fire, Flood and �ther Hazard [nsurance. Borrawer sha�I insure all€mprovements an�he Pr�perty, whether
<br /> no��v xn existence ar subsequentl� erected, against any hazards, casual��es, and c�n��nger�c�es, zncluding f re,far
<br /> ��hich Lender requires �r�surance. Thi� insurance shall be maintained rr�the amou��s and for�he periods that
<br /> Lender reauire�. Borra�u�r sha11 also insure aIl improvemen�s �n the Pr�pert�, ��vheth�r noti�v �n exrstence ar
<br /> subsequently erec�ed, aga�ns� lass by floods �o�he exten�required by the Secre�ary. A��insurance shall be
<br /> carried wi�h cornpanies approved by Lender. The insura�ce p�licies and any renewa�s shal] be he�d by Lender
<br /> and sha�� include ��ss payable clauses in favar of,and in a form ac�eptable to, Lender.
<br /> In the event of lass, Borrav�er shal� give L�nder immediate notice by max1. L�nder may make praof�f loss if not
<br /> made pramp��y by Barra��ver.Each insuranc� company co�cerned i�hereby authorized and directed to mak�
<br /> payment far such lass directly to Lender, instead flf to BarroWer and �o Lender jointly.Al�or any part of the
<br /> insuranc� prac�eds may be applied by Lender, at its op�ion, e�ther �a�t�the reductifln of�he �ndebtedness under
<br /> the N�te and th�� Secur�ty Xnstrument, first to any delinquen� amounts applied �n the order i�paragraph �,and
<br /> then to prepayment ❑f principai, or�b�to the restorat�fln or repai�-❑f the damag�d Proper�y. Any applica�ion af
<br /> the proceeds �o the principai sha�� r�ot e�tend flr pastpone the due dat� of the month�y payments which are
<br /> referred tfl in paragraph 2,ar change the amount af such payn�en�s. Any excess insurance proceeds over an
<br /> amount �equired t� pay a��ou�standing �ndebtedn�ss under the Note and �his Securi#,y Instrument �hal1 be pa�d
<br /> ta the entity legally en�itled there�a.
<br /> In the event of foreclosu�-e of this 5ecurity Yns�rumen�t or ather �ransfer of tit�e to��� Pr�pert� tha� e�tingu�shes
<br /> the indeb�edness, a11 right,titl�and interes� of Borrawer in and�o insurance policies in forc� sha1l pass to the
<br /> purchaser.
<br /> FHA ❑eed❑�Trust-NE '�l�s
<br /> VMP D VMP4R(N�} (13n2}.00
<br /> Wolters Kiuwer Financial 5ervices Page 3 af 1 a
<br /> a000NE4s9��ss
<br />
|