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��14�411� �. Month�y Payment of Taxes, Insuranc+eand�ther Charges,Borrower sha��rnclud�in each month�y payrnent,t�geth�r with the principal and interest as set farth in the Note and aay tate�harges,a sum for (a}taxes and special ass�ssments 1e�i�d or to be levied against the Proger�y,�b} leasehold payments or ground rents on the Property,and(c}premiums for insurance requir�d under paragraph 4. In any year in which�he Lender must pay a mortgage insu.rance premium to the Secretary of H�using and Urba� Developmen.��"Secretary"�,�r in any year in�vhich such premium would have been required if Lender sti11 held the �ecuri�Instrument,�ach month�y payment shal�atso include either: �i}a sun�for the annual mortgage insurance premium to�e paid by Lend�r to the Secretary,or(ii}a monthly charge instead�f a mortgage insurance premium if this Security In�trument is held by the Secretar�, in a r�asanab�e amount to be determined by the �ecretary. �xce�t for�he monthly charge�y�he Se�retary,these iterns are ca��ed "Escrow It�ms"and the sums paid to L�nder are cal�ed"Escrow Fun.ds." Lender may,at any time,callect and hald amaunts f�r Escro�v��ems in an aggregate amount nat to exceed the max�mum amount that may be required for B�rrower's escrotiv account u�der the Real Estate Settleme�t Pracedures Act of 19'�4, ��U.S.C. Section�6�1 et,�e�►. and implementing regulation�, 1� C.F.R. Part 1�24,as they may be amended fcom time to time("RESPA")4 exc�pt that the cushian or reser�e permitted by RESPA for unanticipated disbursements or disbursements before the Borrower's payments ar�available�n �he account may not be based on amounts du�for the mortgag�insurance prem�um. If the amounts he�d by Lender for Escrow Items exceed the amoun�s permitted ta be held by I�ESPA,Lender sha11 accaunt t�Borrower for the excess funds as required by RESP�.If the�mounts of funds held by Lender at any time are not sufficient to pay the Escraw I�em�urhen due,Lender may notify the Borrower and requ�re Borrower�o make up the shortage as permitted by RESPA. Th�Escrow Funds are p�edged as additional s�curity for all sums secured by this Security Instrument. If�orrower tenders to Lender the fu11 paymen�of a11 such sums,Barrower's accflunt sha11 b�cred�ted wi�h �he balance r�ma�ning for a11 installment items�a), �b),and(c}and an�mortgage insurance premium installment that Lender has nat become obligat�d to pa�to the Secretar�y,and Lender sha��promptly re fund any exc e ss funds ta Borrower. Immed iate�y prior to a forec lo sure sa�e a f the Prop erty or its acqui�itivn by Lender,Borrower's accoun�sha1�be creditec�with a�y balance remaining far a11 installme�ts for items�a�,(b},and�c�. 3. Applicatiortof Payments.All payments under paragraphs 1 and 2 sha11 be applied by Lender as follows: First,� to the mortgage insurance premium to be paid by Lender to the Secretary or to�he manthly charg�by the Secretary instead of the monthly mortgage insurance premium; ec n ta any taxes, spe�ial assessments, leasehold payments�r ground ren�s, and fir�, flood and other hazard insurance premiums,as required; Third. to interest due under the Note; Fourthv to amort�zation of the principal of the Note; and Fi�h. ta �ate charges due und�r the Note. 4. Fi re,F1ood and�the�Hazard!nsurance.Borrower shall insure all�mpravements on the Proper�y, wh�ther now in ex�stence or subsequ�n�ly�r�cted, agains�any hazards, casualti�s,and contingencies, including fire, for which Lender requires insurance. This insurance shall�e maintain�d in the amounts and � for the p�riods that Lender requires. �orrower sha11 also insure a11 improvem�nts on the Property,whether now in�xis�ence or subs�quently erected,against�oss by floods to the extent re�ui.red by the 5ecretary.A11 insurance sha11 be carried with c�mpanies approved by Lender. The insu.rance pot�cies and any ren��vals sha11 be he�d by Lender and shal�include loss payable clauses in favor of,and in a farm acceptable t�,Lender. FHA Mortgage WITH MERS-hfE Re�ised 4196 VMP C� VMP4N�NE��fl2}AQ Wolters Kfuwer Financial Services Rage 3 of 14 q�3323328413 4233 442 431�