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��15��797 2. M�nth�y Paym�nt�f Taxes, lnsuranceanc��ther�harges.Borro�ver shall include in each monthly payment,toge#her with the principal and interest as set forth in the Note and any late charges,a sum far �a}taxes an��specia�assessments levied or to be levied against the Proper�y� �b)leasehold payments or ground ren�s on the Pr�pert}�,and(c�premiums for insurance required under paragraph 4. In any year in which the L�nder must pay a mortgage�nsurance premium�o the Secretary of Hausing and Urban Development("Secretary"),or in any year in whic�such premium w�u1d have be�n requir�d if Lender sti11 he�d th� Security Instrurrxent, each manth�y payment sha11 a�so include eith�r: �i)a sum for the annual mor�gage insurance pretnium to be paid by Lender to the Secretary,or(ii}a m�nthly charge ins�ead of a mortgage insurance prerr�ium if this Se�urity Instrument is held by the Secretar3r,in a r�asonable amount to be determined by the Se�retary. Exc�pt for the mon�h�y charge by the Secretary,thes�items are cal�ed "Escrow Items"and the sums pa�d to Lender are called"Es�rnw Funds." Lender may,at any time,collect and hv�d amounts for Escrow Items in an aggregat�amount not to exceed the max�mum amount that may be required for Bonower's escrov�account under the Rea1 Estate Settlement Procedures A�ct of 1974, 12 LJ.S.�. SeCt��n 26�1 et.seq. and implementin�re�u�atian�� 12 C.F.R. Part 1�24,as they may be amen�ed from time to time["RESPA"}, except that the cushion or reser�e permitted by RESPA fo�'unar�ticipated disbursements or disbursem�nts before the Barrower's payments are ava�lable�n the account may no�be based on amounts due for the mor�gage insurance premium. If the amounts held by Lender for Escrow Items exceed th�amounts p�rmitt�d to be he�d by RESPA,Lender sha11 a��oun�to Bo�rowe�r for the excess funds as required b�R.�SPA. If the amounts of funds held by Lender at any tim�are not sufficient to pa�r the Escrovv Items when due,Lender may natify the Borro�ver anc�require Barrower to make up the shortage as permitted by RESPA. T�.e Esc�rov��unds are pledged as additio�.al�ecurity for all sums secured�by tl�i�Secur�ty Instrument. If Borrower tender��o Lender�he fu�1 payment�f a�I such sums,Borrower's account sha11 be credited with th�ba�ance rema�ning for al�insta�iment items(a), {b�,and(c�and any mar�gage�nsurance premium insta.11ment that Len.der has not become ob��gated�o pay tv the Secretary,and Lender shail prompt�y refund an�excess funds to Borro�uer.Immediately prior to a foreclosure sale of the Praperty or its acquisition by Lend�r, Borrower's acc�unt sha11 be credited with any baiance remaining for a1�installments for items�a}, �b},and�c�. 3. App��r.�t�c�na#Payments.A11 payments under paragrap�.s 1 and 2 �ha1l be app�ied by Lender a�fol�o�s: F�, tQ the rr�ortgage insurance premium to be paid by Le�.der to the Secretary or to the monthly�harge by the Secretary instead of the monthly mortgage insurance gremium; S �on ta any taxes, special asses�ments, leasehald payments or ground rents, and fire, fl�od and ather ha�ard insurance premiums,as required; Third, to interest d�e under the Note; Fourth,� to amartization of the princ�pal of the Nat�; and F�ft�i to 1at�charges due under the Note. 4. F i re,F Iood an d�ther Hazard l ns u rance.Borr�wer shall insure a�l�rnprovements on the Prop�r�, whether now in existence or subsequent�y erected, against any hazards, casualt�e�,and cvntingencies, including fire, for�rh�Gh Lender r�q�ires insurance.This insurance shal�be maintained in the a�oun.ts and far the p�riods that Lend�r requues. Bvrrower sha11 also insure a11 improvements on the Property,whether n��v in existence or subsequent�y erected,against loss by flvods to th�extent required�y the Secretary.All insurance shal�be carried with companies appro�e�l by Lender. The insurance poiicies and any renewals shall be held by Lender and sha��inc�ude loss payab�e clauses in favor of,a�.d in a form acceptal�le t�,Lender_ FHA Mortgage WtTH MERS-NE Revised 419fi VMP� Il�f�lP4�NE}t13�2}.Qq Vl�olters Kluwer Financial Services Page 3 of 10 q43 348703�3 flz33 374 431�