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��14��133 of Default, any remaining balance of the accur�ulat�ans under Section 7(a� shali be credited to the principal under the Note as of the date of the camm�ncement of f�reclosure proceedings or as �f the date the Mortgaged Property is other�vise acyuired; and accumulations under Sect�or� 7 shall �e likewise credited unless required t�pay sums due HUD under S�ction 7(a}�3}. The amounts depasited under Sect�on 7 and Section $ are c�llectively referred to in this Security Instrument as the "Imposition Depasits". The ob�igations of Borrnwer f�r which the Impas�t�on Deposits are required are collecti�ely referred to in this Secur�ty Instrument as "Impositions". � The amount af the Impasiti�n Deposits shall b� sufficient to enable Lender to pay applicab�e Impositions before the last date upon which such payment may be made without any penalty or znterest charge be�ng added. Lender sha11 maintain records indicating how much of the mnnthly Imposition Deposits and how much of the aggregate Impositian Depos�ts held by L�nder are held for the purpose of pay�ng Taxes, insurance premiums and each other obl igation of Borrower for which Imposition I]eposits are required. Any wai�er by Lender of the requirement that Borrower r�mit�mposition Deposits to Lender may be revoked by Lender, in Lend�r's discretian, at any time upan Noti�e to Borrower. ��) �mposition I]eposits shall be held in accounts insured or guaranteed hy a federal agency and in accardan�e with Program �bligations. Lender shall apply the Imposition Depasits to pay Impasitions so long as no E�ent of Defau�t has o�curred and is �ontinuing. Unless required by Pragram �bl igations, Lender sha11 not be required to pay Borrower any interest, earnings or profits on th� Imposition Deposits vvith th�excepti�n of the reser�e for replacements account or Residual Receipts a�count��f any}. BarroWer hereby p�edges and grants to Lender a security �nterest in the Imposition Dep�sits as additiona� security f�r all of Borrower's obligations under this Security Instrument and the Nate. Any amaunts depos�ted with Lender under Sectian 7 shall not be trust funds, nor sha�l they operate to reduce the Indebtedness. �c} If L�nder recei�es a bill or in�oice for an Impositi�n, Lender shall pay the Imposition from th� Imposition D�pasits he�d�y Lender. Lender shall have n�obligation ta pay any Imposition to the ex�ent it exceeds Imp�sition Deposits then held by Lender. Lender may pay an Imposition according ta any b�ll, statement or estimate fr�rn the apprapr�ate pub�ic office ar insurance company vvithout inquiring into the accuracy of the�ill, statement or estimate or into the�alidity of the Imp�sition. �d} �f at any time the amount of the Imposition Deposits held by Lender�other than the reserves for replacements�r Residual Receipts, if any} for payment of a specific Imposition exceeds the amount reasonably d�emed necessary by Lender pius ane-sixth of such estimate,the excess shall be credited against future installments of Imposition Deposits. If at any time the amour�t of the Impositior� Deposits held by Lender for paym�nt of a specific Impasitian is �ess than the amount reasonably estimat�d by Lender to be necessary plus one-sixth ❑f such estimate, Borrower shal�pay t� L�nder the amount of the deficiency within fifteen �1 S�days after Notice fram Lender. 9. RE�ULAT�RY A�REEMENT. �a� Borrower and HUD ha�e executed the Barrnwer's Regulatory Agreement,which is incorporated in and made a part of this Security Instrument. In addition, and without limiting the generality of the forego�ng, Borrawer vvill deliver to Lender copies of al1 reports, financiai Previous�ersions obsalete Page 7 S of 48 fQrm HUD-94D0�-�RCF tRev.�3!'I 3}