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<br /> Z. Monthly Payment of Taxe�, Insuranceand�ther�harges.Borrower sha11 include in each monthly
<br /> payment,together with the principal and inter�st as se�for�h in the Note and any late charges,a sum for
<br /> (a}taxes and special assessments 1e�ied or to be levied against the Property, (b)leasehold payrnents or
<br /> ground rents on the Property,and(c}premiums for insurance required under paragraph 4. �n any�ear in
<br /> which the Lender must pay a mortgage insurance pre�nium ta the Secreta.ry of Housing and Urban
<br /> Development�"Secretary"},or in any year in�thich such premium would have been tequu'ed if Leader sti11
<br /> held the Security Instrum�nt, each monthly payment sha��also include either: �i}a sum far�he annua�
<br /> mortgage insurance premium to be paid by Lender�o the 5ecreta�y,or(ii}a monthly charge instead af a
<br /> mortgage insurance premium if this Security�nstrument is held by the Secretary, in a reasonable amount to
<br /> be determi�ed by the Secretary. Except for�he monthly charge by the S�cret�.ry,these item�are ca��ed
<br /> "Escrow Items"and the surns paid to Lender are called"Escrovv Funds,"
<br /> Lender may,at any time,ca��ect and hold amounts for Escrow Items in an aggregate amou��not�o exceed
<br /> the maximum amount tha�may be requir�d for Bonower's escrow account under the Real Esta�e Se�tlement
<br /> Procedures Act of 1974, �2 U,S.C. Section 26D 1 et.�eq. and impl�menting r�gulations, �2 C,F.R. Part
<br /> 1�24,as they may be amended from�ime to t�me("RESPA"}, except that�h�cushion�r reserve perm��ted
<br /> by RESPA for unanticipated disbursernents or disbursements before�he Barrower's paym�nts are avai�abl�in
<br /> the account may no�b�based an amoun�s du�for the mor�gage insuran.ce�remrum.
<br /> If the amounts held by Lender for Escrow Items exceed the amoun�s p�rmitted to be he�d by RESPA,Lender
<br /> sha11 account to Borrower for the e�cess funds as required by RESPA. If the amaunts of funds held by
<br /> Lender at an}�time are not suff cient to pay the Escrow Items when due,Lender may notify the Borrower
<br /> and require Borro�er to mak�up th�shortage as permit�ed by RESPA.
<br /> Th�Escrow Funds are pledged as additional security for all sums secured by this Security Instrument.
<br /> If Borrawer tenders to Lender the full payment of all such sums,�orrower's account shall be cred��ed�vith
<br /> the balance remaining for alI insta.11ment items(a}, (�},and�c}and any mortgage insurance premium
<br /> installment that Lender has not become ob��gated�o pay ta the Secretary, and Lender sha11 promptly
<br /> refund any exces�funds to�orrower. Immediate�y prior t�a forec�osure sale af the Proper�y or its
<br /> acquis�tion by Lender,Borro�ver's account shal�be credited wi�h any balance remaining for al�insta.11ments
<br /> for items(a}, (b},and(c).
<br /> 3. Appl�cationof Payments.A��payments under paragraphs � and 2 sha11 be a�plied by Lender as fol�ows;
<br /> First, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by
<br /> the Secretary instead of�he monthly mortgage insurance premium;
<br /> S_econd, to any ta.xes, specia�assessments, leasehold payments or ground rents, and fire, flaod and other
<br /> hazard insuranGe premiums,as r�quired;
<br /> Third, to int�rest due under the No�e;
<br /> Fourth. �to amortization of the principal af the Note; and
<br /> F i�h, to �ate charge s due under the Note.
<br /> 4. Fire,Floodand�ther Ha�ard Insurance.Borr�wer sha��insu�r�all improvements on the Proper�y,
<br /> whet�er now in existence or subsequ�ntly erected, agains�any hazards, casualties,and contingencies,
<br /> i�cluding fire, for which Lender requi.res�nsurance.This insurance�ha��be mainta.ined in the amounts and
<br /> for the periods that Lender requires. Barrow�r shalt also insure a11 improW�ments an the Property,whether
<br /> now in existence or subsequently erected,against�ass by floods to the extent requ�.red by th� Secretary.All
<br /> insurance sha11 be carried with campanies approved by Lender. The insurance policies and any renewals sha11
<br /> be held by Lender and sha11 inc�ude loss paya�le clause�in favor of,and in a form acceptabl�to,Lender.
<br /> _
<br /> FHA Mortgage WITH MERS-NE �� �'� Re�ised 419fi
<br /> VMP Q VMP4N€NE}(1342}.�4
<br /> Wolters Kluwer Financial Services Page 3 of 14
<br /> q�33252913�4 �233 348 �31�
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