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��14�334�
<br /> �. Monthly Payment of Taxes, �nsuranceand�ther�harges.Borrower sha�l includ�in each monthly
<br /> payrnent,�ogether wi�h the prin�ipa�and interest as set farth in the N�te and any late charges,a sum for
<br /> (a}taxes and special ass�ssmen.ts levi�d or to be lewied against the Praperty, (b}leasehold payments ar
<br /> gr�und rents on the Property,and�c�premiums for insurance required under paragraph 4, In any�ear in
<br /> which�he Lender must pay a martgage insurance premium to the �ecretary of Hous�ng a�d Urban
<br /> Develapment("Secretary"),or in any year in vvhich such premium wauid have been requ�re�if Lender sti�l
<br /> held the Securi�Instrument, each monthl�payment shall also include ei�her; �i}a sum for the annua�
<br /> mortgage insurance premium to be paid by Lender ta the Secretary,or�ii}a monthly charge instead of a
<br /> mortgage insurance pr�mium if this Security'Instrument is held b�r the Secretary, in a reasonable amount to
<br /> b�determined by�he Secre�.ry. Except for the manthly charge by the Secretary,these iten�s are called
<br /> "Escrow Items"and the sums paid to Lender are called "Escrow Funds."
<br /> Lender may,at any time,co�lect and hold amaunts for Escrow Items in an agg�regate amoun�not to exceed
<br /> the maximum arriount�hat ma�b�r�quired for Borrower's escrow accaunt und�r the Real E�tate �ettlem�nt
<br /> Procedures Act�f�974, 12 U.S,C. Section�bn I e�.sec�. and implementing regu�atians, 1� C.F,R. Pa.rt
<br /> ��24,as they may be amended from time�o time�"I�ESPA"}, except that the cushxan ar reserve permitted
<br /> by RESPA for unanticipated d�sbursements or di�bursements before the Bono�er's payments are a�ailable �n
<br /> the account may not be based an amounts due far�he m�rtgage insurance premium.
<br /> If the am�unts held by L�nder for Escro�r�tems exceed the amounts permitted�o be held by RESPA,Lender
<br /> �hall account to�orro�vFrer for the excess funds as required by RESPA, If the amounts�f fund�held by
<br /> Lender at any tim�are not suff cxen#to pay the Escro�v Items�vhen due, Lend�r rnay natify the Borrower
<br /> and require Borrower tQ mak�up the shartage as permitted by RESPA,
<br /> The Escro�v Funds are p�ed�ed as additiona� s�curity far all sums secur�d b�this Security Instrument.
<br /> �f Borrov�er tenders to Lender the full payment of���such�ums,Barrower's accoun�sha��be credited with
<br /> the balance remaining for al� insta.lirnent items�a), �b}, and(c}and any mortgage insurance premium
<br /> �nstallment that Lender has not become obtigated to pay to the 5ecretary,and Lender shall promptly
<br /> r�fund any excess funds to Borro�ver. Irnmediately prior to a for�closure sale of the F'rop�r�or its
<br /> acquisition by Lender,Borrower's accoun.t sha1�be credited with any balance remaining for a11 ins�al�r�er�ts
<br /> for items�a�, �b},and�c}.
<br /> 3. Ap�alicat�onof Payments.All payments under paragraphs 1 and� shail be applied b�Lender as fo��aws:
<br /> First, t��he mQrtgage insurance premium to be paid by Lender ta the Secre�ar�r ar to the m�nthly Gharg�by
<br /> �he Secre�ary instead of the monthly mortgage insurance premium;
<br /> Second, to any ta.xes, specia�assessments, leasehold payments or ground rents, and fue, flood and other
<br /> hazard insuran�e premiums,a�requireda
<br /> Th�.rd, ta �nterest due under the Note;
<br /> Four�h, ta amortiza�i�n of the principal of the Note; and
<br /> Fif�h, �o late charges�ue under the Note.
<br /> 4. F�re,Floodand�ther Hazard Insurance.Borrower shall insure all improvements on the Praperty,
<br /> �vhether n��v in exis�ence or subsequ�ntly erected, against any hazards, casualties,an.d contingencies,
<br /> �nc��.ding f�re, for which Lender requires insurance, This insuranc�sha11 be mainta.ined in the amounts and
<br /> for the perio�s tha�Lender requires. Borrower shall also insure a11 improvements on the Property,w�ether
<br /> now�n exis��nce or subsequently erected, agains�Ios�by flo�ds to t�.e�xtent r�quired by the Secretary. A�l
<br /> �nsuran�e shall be carried w�th companies appra�ed�y Lend�r. The insurance pol�.cies and any renewals sha��
<br /> be held by Lender a�d shall�nciude loss payable clauses in fa�ror of, and in a form aceeptable to, Lender.
<br /> FHA Mortgage WITH MERS-NE �� e�ised�196
<br /> VMP� VMP4N�NE}�13U23.44
<br /> Wo{ters fC#uwer Financiai 5ervices Page 3 of 1 Q
<br /> q�33�65�8�57 �233 376 �31�
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