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��14�5994 <br /> 2. �illonthly Payment�f Taxes, Insur�nc�and�ther�harges.Borrower shall�nclude in each manthly <br /> payment,to�ether with the�arincipal and interest as set forth in the Note and any late chaxg�s,a sum for <br /> (a}taxes an.d�pecial assessments levi�d or to be�evied against th�Praperty,(b}leasehold payments or <br /> ground rents on the Property,and�c)premiums for in�urance required under paragraph 4. In any year in <br /> which the�.ender mu�t pay a mortga�e insurance premium to the 5ecr�tary���Iausing and Urban <br /> Deve�apment("Secretary"),flr�n any year�n�vhiGh such premi�m would have been r�quired if Lender sti11 <br /> held the S�curity Instrument,each month�y paymen�shall also inciude either: (i}a sum for the annual <br /> mortgage insuranee prem�um to be paid by I�ender to�he Secretary,or[ii)a monthly charge instead of a <br /> mortgage�nsurance premium if this Security Instrument is he�d b�the Secr�ta�y, in a reasonable amount to <br /> be determined by the Se�retar�y. Except for the month�y charge by the S�cretar�,these items are called <br /> "E�crow Items"and the sums paid to Lender are called"Escrow Funds.�' <br /> Lender may,at an�time,collect and hold amounts for Escrow Items�n an aggregate amount not to ex�eed <br /> the maximum arn�unt that may be required for Borrower's escro�v account under the Real Estate Settlement <br /> Fracedures Act of 1�74, 12 U.S.C. Section 26�� et.s�q. and implementing re�ulations, 12 C.F.R. Part <br /> 1�24,as they ma}�be amen�.ed from time ta time�"RESPA"}, excep�tha�the cushion ar reser�e permitted <br /> by RESPA for unanti�ipated disbursements or disbursemen�s before the Barr�wer's paymen.�s are availab�e in <br /> the accou�.t may not be based on amounts due for the mort�age insurance premium. <br /> If the amounts held by Lender for Escrow Items exce�d the amounts permitt�d to be held by I�SPA,Lender <br /> shall acc�unt to Borrovver for the excess funds as required by�ESPA. If the amounts�f funds held by <br /> Lender at any time are nat sufficient to pay the Escrow Items when due,Lender may notify the Bon��ver <br /> and require Borrowe�to ma�e up the shortage as pe���et�by RESPA. <br /> The Escrow Funds are pledged as additional security for a1l sums secur�d by this Seeurity Instrument. <br /> If Borrower tenders to Lender the full payment of a�t such sums,Borr�tiver's account sha11 be credited with <br /> th�balance r�maini.ng for atl installment items(a}, (b),and(c)and any martgag�insurance premiurn <br /> �n.stal�ment that Lender has no�become obliga�ed to pay to t�e Secretary,and Lender�hall promptly <br /> refun.d any exce�s funds to Borro�ver.Immediately grior tv a foreclasure sale af the Praperty or its <br /> acquisition by Lender,B�rrower's account sha11 be credited with any balance remaining far all installm�nts <br /> far�tems�a],(b},and tc). <br /> 3. Applieationof Payments.A11 payments under paragraphs 1 and 2 shall be applied by Lender as fo�lows: <br /> Fust, ta the mortgage insu�rance premium to be p�id by Lender to the Secr�#ary ar to the monthly ch�.rge by <br /> �he 5�cr�tary instead�f the month�y martgage in�urance prer�ium; <br /> Secon to any taxes, spec�al assessments, leasehold payments or ground ren�s, and fire, flood and other <br /> ha2�rd inst�rance pr�miums,as required; <br /> Third. to interest due under the Nfl��; <br /> F�rth_, ta amort��a�ion of th�princ�pa�o�'the I�Tote; and <br /> Fifth. to late charges due under the Note. <br /> �. Fi re,Flovd an�C7th�r Hazard�nsu rance.Borra�er sha11 insure a11 improvements on the Property, <br /> whether now in existence or subsequently erected, agains�any ha2artis, casu�.lties,and contingencies, <br /> including fue,for which Lender requires insurance. This insurance sha11 be maintained in the amaunt�and <br /> for t�e perrods that L��.der req��r��.Bvrro�ver sh�.��a�so�nsure a���mprovements on.���F��perty,w�ether <br /> now in existence or subsequent�y erected,against�oss by floods to the extent required by the Secre�ary,A11 <br /> insurance sha11 be carried vvith compani�s approved by Lender. The insurance policies and any renewals shall <br /> �e held by Lender and shall include la�s payable clau�es in favor of,and in a form acceptab�e to,Lender. <br /> FHA Mo a e VNITH�AERS-iVE �� Re�ised 419fi <br /> �9 9 <br /> VMP @ VMP4N�NE}[�342).�4 <br /> Wolters KluwerFinancial 5ervices qp332�88D��1 ��33 448 D31Q Page 3 of 14 <br />