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��15��535
<br /> Z. �onthly Payment of Taxes, Insu�anceand�ther Charges.Borrower sha11 inc�ude in each monthly
<br /> payment,toge�her with�he principa�and interest as set f�rth in the Not�and any�ate charges,a sum far
<br /> (a}taxes and speGia�assessments levied or to be 1evi�d ag�inst the Pr�perty,�b}�easehold payments or
<br /> ground rents on the Praperty,and(c}prem�ums for insuranc�r�quired under paragraph 4. In any year in
<br /> which the Lender must pay a rnortgage�nsurance premium ta the Secreta.ry of Housing and Urban
<br /> De�elopment("Secretary"),or�n any year in wh�ch such premiun�would have been required if Lender sti�l
<br /> held�he Securi�Instrument,each moathly payment shall alsa include either: (i}a sum for the annual
<br /> mortgage in.surance prernium to be paid by Lender to the Secretary,or(��)a month�y charge instead of a
<br /> mortgage insurance premium if this Securit}�Instrument is held by the Secretary, �n a reasanab�e amount to
<br /> be de��rn�ined by the �ecretary. Except for�he mon�hly charge by the Secretary,these items are called
<br /> "E�crow It�m�"and the sums�ai�to Len.der are called"Escrow Funds."
<br /> Lender may,at any time,co��ect and hold am�unts for Escro�v Items in an a�gregate amount not to exceed
<br /> the maximum amount that may be required for Borrower's escrow accoun�un�er the Real Estate Settlem�nt
<br /> Procedures Act of 1974, 12 U.S.C. Section 26�1 et.�eq. and irnplemen��ng regula�ions, 12 C,F.R, Part
<br /> 1��4,as they may be am�nded from time ta time("RESP'A"},except that the cushian or reserve pern�itted
<br /> b�RESPA far unanticipated d�sbursemen�s or disbursements befare the Borrawer's payments are a�railab�e in
<br /> the account may not be based on amounts due for the mortgage insurance premium.
<br /> If the amounts held by Lender f�r Escrow It�ms exceed�the amounts�ermitte�to be held by F.�SPA,Lender
<br /> shall accaunt to Borrower for the exce�s funds as required by RESPA. If the an�ounts of funds held by
<br /> Lender at any time are not sufficien�ta pay the E�craw Item�when due,Lender may notify the Borro�er
<br /> and requixe Bono�er to ma��up the shorta,�e as permitted by RE SPA.
<br /> The Escrow Funds are pledged�.s additional security for a11 sums secur�d b�th�s�ecurity Instrument.
<br /> If Bono�rer tenders�fl Lender the fu11 payment of all such sums,Borrower's accvunt sha11 be cr�di�ed with
<br /> the ba�ance remaining for all installment�tems�a},�b),and(c�and any mortgage insurance premium
<br /> instal�ment that Lender has not b�com��bligated to pay to the Secretary,and Lender sha11 promptly
<br /> refund any excess funds ta F3orrower, immediate�y pri�r to a foreclosure sale of th�property or it�
<br /> acquisition by Lender,Borro�ver's account sha1�be credited with any balance rema�n�ng for a11 ins�a��ments
<br /> for items(a�, (b},and�c}.
<br /> 3. Applicationaf Payments.A�t paymen�s under paragraphs � and 2 shall be applied by Lender as follows:
<br /> .
<br /> F�, to the mor�gage insurance�remium to be paid by Lender to the Secreta.ry ar to the monthly charge by
<br /> the Secre�ary instead of the monthly mortgage�nsurance premium;
<br /> n to�ny ta�es, speeial assessments, leasehold payments or ground ren�sg and fire, flood and other
<br /> hazard insurance premiums,as re�uired;
<br /> Thir to interes�due under the Note;
<br /> Fourth, to amortization of the principal af the Note; and
<br /> Fifth. �o late ch�rges due under the Note,
<br /> 4. F�r�,Floodand Dther Hazard lnsuranee.Borrower sha11 insure ail impro�emen�s vn the Fr�perty,
<br /> u�heth�r now�a existence or subsequently erected, against any hazar�s, casua�ties,and Gontingen�i�s,
<br /> �ncluding fue,for�vhich Lender requires insura�ce. This insurance sha�l be ma�ntained in the arnaunts and
<br /> for the per�ods that Lender requires. Borrovver sha�l also insure a�l improvements on the ProperEy,�'hether
<br /> now in.ex�stence or subsequently�rected,a�ainst loss by floods ta t�e extent required by the Secretary,All
<br /> insurance shall be carried�ith companies approved by Len�ler. The in.surance polic�es and any renewals shal�
<br /> be he�d by Lender and shall iaclude loss payable clauses in favor of,and in a form a�cepta.ble to,L�nder.
<br /> FHA Mortgage W1TH MERS-NE Re�ised 419B
<br /> VMP� VMP4N[NE}��3�2}.(}4
<br /> Walt�rs Kluwe�Financi��5ervices Page 3 of 14
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