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<br /> If thc e►nounte held by Lender for Escraw ltems oaceed the amounts�ermitted to��hcla by RESPA, l,ender
<br /> sh�ll account to Bomower for the exces�funds as cequlred by RkSPA. If the amounu of funds hetd by l.�nder u any
<br />, time are not cufficlent to pay the Escrow Items when due, L.ender ma�� notify the Borrower and require Bonawer to L
<br /> make up the ehort�ge as permltted by RESPA.
<br /> The Escrow Funds an pledged es additionef secudty �'or �Il sume secured by this Security instrument. [f
<br /> Bonower tenders to Lender the full payment of all such sums,Bonower's account shall be endited with the balance
<br /> remaining for all 9nstallment itetru(a),(b),and(c)and any mortgage insurance premium instaliment thal L.cnder has
<br /> not becomc obligeted to pay to�he Secntsry, and Ltndor shall promptly refund any excess funds to Borrowcr.
<br /> Immediately prior to a foreclosuro eale af tho Property or its acquisition by Lender, Borrawer's account shall be
<br /> credited with any balance nmaining for all Installments for items(a),(b),ana(c).
<br /> 3.AppUcwtioa oi Pwyment�,All payments under paragrapha 1 and 2 shall be applied by Lender as follows:
<br /> �, to the mortgage insurance prenilum to be paid by L.ender to the Secretary or to the monthly charge by the
<br /> Secretary instead of the mon�hly mortgage Insurance pnmium;
<br /> Second,to any taxes,spr.,cial assessments, leasehold payments or grouud rents,and fire,flood and other hazard
<br /> in�urance pnmiums, as required;
<br /> �,,to inte�eat due under the Note;
<br /> �Q�,to amortiution of the principal of the Note;uid
<br /> �,to late charges due under the Note.
<br /> q.Fire,F7ood�nd Other HAZUrd Insurance. Borrower shall insurc all improvements on the Property� whether
<br /> now in ezistence or subsequently erected. against any hazards,casualties,and contingencics, including fire, for which
<br /> L.ender requiras insurance. This insurance shall be maintained in the amounts and for the pedods that Lcnder
<br /> requiros. Borrower shall alao insure all improvements on the Property, whether now in existence or subsequently
<br /> arectal,agalnst loss by floods to the extent required by the Secretnry. All insurance shall he curried wi�h companlee
<br /> approval by Lender. The insurance policies and any renewals shall t►e held by I.cnder and shall include loss payable
<br /> clauses in favor of,and in a farm acceptable to,Lender.
<br /> In the event of loss, Borrower shall give Lender immediate noticc by mail.L,ender may make praof of loss if not
<br /> made promatly by Bonower. Each insurance company concernai is hereby authorized and dirxted to nuke peyment
<br /> for such loss diratly to Lender, instead of to Bonower and to Lender Jointly. AIi or any pan o�ine insuranco
<br /> proceeds mny be epplial by L,ender.at its option,either(a)to the reduction of the indebtedneas under Ihe Note and
<br /> thls Security Inst�ument, first to any delinquent amounts applied in the order in paragraph 3,and then to prepdymtnt
<br /> of principal, or (b) to thc nstoration or repair of the damaged Property. Any application of the proceeds to the
<br /> princip�l shall not extcnd or postpone the due date of the monthly payments which are nferrod to in pu�raph 2,or
<br /> change the unount of such payments.Any excess insurance proceeds over an amount r�quired to pay all outstending
<br /> indebtedneas under the Note and this Security Instrument shall be paid to the entity leqally entiticci thereto.
<br /> In the event of foreclosure of tlils Security Instrument or othcr transfer of titlo to thc Property that extinguishes
<br /> the indebtednesa, all dght, title and interest of Borrower in and to insurance policies in force shall pass to the
<br /> purchaur.
<br /> S. Occupancy, Preservation, Maintenance and Protectlon ot the Property;Borrower's Los�n Appllcallon;
<br /> Leaseholds. Borrower shall occupy,establish, and use the Property as Bonower's principsl nsidence within stxry
<br /> daye after the axaution of this Security Instrument (or within sixty days of a later sale or transfer of�he Property)
<br /> and shall continue to occupy the Prop�rty as Eorrower's principal residence for at least one year after the date of
<br /> occupancy,unleaa Lcnder determines that requirement will cause undue hardship for Borrower,or unlas extenuating
<br /> circumstances exist wbich are beyond Borrower's control. Borrower shall notify I.ender of any cxtenuattng
<br /> circumstances. Bottower shall not commit waste or destroy,damage or substanttally change the Propeny or allow the
<br /> Property to deteriorato,xeasonable wear and tear�xcepted. Lender may inspect the Property if the Property is va¢ant
<br /> or abandonad or the loan is in default. Lender may take reasonable action to protect and preserve sucli vacant or
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