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. ��15�1175
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<br /> Z. IVlonth�y�ayment of Taxes, Insuranceand�ther Charges.B�rrower sha11 include in ea�h monthiy
<br /> payment,together with the principal and inte�rest as set forth in the Nate and any late charges,a sum far
<br /> �a}taxes and special assessme��s le�ied or to be leyied against the Froperty, (b�leasehold paym�nts or
<br /> ground rents�n the Property,and(c}premiums for insurance required under paragraph 4. In any year in
<br /> which the Lender must pay a mortgage insurance premiurn to the Secretary af Housing and Urban
<br /> �Development("Secretary"),or in any year in which such premium would ha�e been required if Lender sti11
<br /> heki the Security Instrument, each monthly payment sha11 alsa include either: (i)a sum f�r the annual
<br /> mortgage insurance premium to be paid by Lender to the Secreta.ry,or(ii}a monthly charge instead of a
<br /> mar�gage insurance premium if this Security Instrument is held by the Secre�ary, in a reasanable amount to
<br /> . be determined by the 5ecretary. Except for the moathly charge by the Seeretary,these items are called
<br /> "E�crow Items"and the sums pa�d�o Lender are ca��ed"Escro�v Funds."
<br /> Lender may,at any time,colleGt and ha�d amounts for Escrow Items in an aggregate amount not to exceed
<br /> th�maximurn amount that may be requ�red for Barrower's escraw account under the Rea1 Esta�e Settlement
<br /> Procedures Act of�974, 12 U.S.C. Section Z6�1 et.sQ�►. and imp�ementing regulatioas, 1� C.F.R. Par�
<br /> 1�24,as th�y may be amende�fram t�me ta time�"RESPA"}, except that the cushion or reserve permitted
<br /> by RESPA for unan��cipated disbursements,or disbursemen�s before the Bonower's payments are a�ailable in
<br /> the accoun�may not be based on amounts due for the mortgage insurance premium.
<br /> �f the amounts he�d by Lender far Escrow Items exceed the amounts permitted to be held by RESPA,Lender
<br /> sha11 account to Borro�ver for the excess funds as required by RESPA. If the amounts of funds hetd by
<br /> Lender at any time are not suff�cient to pay the Escrow Items when due,Lender may notify the Borrower
<br /> and require Borrawer to mak�up the shortage as permitted by RESPA.
<br /> The Escro�v Funds are pledged as additional security for a11 sums se�ured by this Security Instrument,
<br /> If Borrower tenders to Lender the fu11 payment of a11 such sums,Borrower's account sha11 be cred�ted with
<br /> the balance remaining for a11 insta.11ment items(a�, (b},and(c}and any mortgage insurance prem�um
<br /> installment that Lender has not become obligated to pay to th� Secretary,and Lender sha11 promptly
<br /> refund any excess funds to Borrower. Immediately prior to a foreclosure sale af the Property or its
<br /> acquisition by Lend�r,�orrower's account sha11 be credited with any balance remaining for a11 insta.11ments
<br /> for items(a}, (b},and(c}.
<br /> 3. Applicationaf Payments.A11 payments under paragraphs 1 and 2 sha11 be applied by Lender as follows:
<br /> First, to the mortgage�nsuranc�premium to be paid by Lender to the Secretary or to the monthly charge by
<br /> the Secretary instead of the monthly martgage insurance premium;
<br /> Secon #�any ta.xes, special assessments, leasehold payments or ground rents, and fire, flood and other
<br /> hazard�nsurance premiums,as required; �
<br /> Third, to interest due under the Note;
<br /> Faurth, to amortiza�ian of the pr�ncipal�f the Note; and
<br /> Fif�h, �o �ate�harges due under the Note.
<br /> 4. F i re,Flood an d�ther Haaard I nsu ran ce.Barrower sha11 insure a11 xmprovements on the Property,
<br /> whether now in existence or subsequently erected, against any ha�ards, casualties,and contingenc�es,
<br /> including fue, for which Lender requires insurance. This insurance sha�l be maintained in the amounts and
<br /> for the periods that Lender requires.Borrower sha��also insure all impro�ements on the Property,wh�ther
<br /> no�v in existence ar subsequently erected,agaiast loss by floods to the extent required by the Secreta�y. Alt
<br /> insurance shatl be carried�vith compan�es apprQved by Lender. The insurance policies and any renewa�s shall
<br /> be held by Lender and sha11 include�oss payabte clauses in favar of,and in a form acceptable to,Lender.
<br /> FHA AAortgage WITH MERS-NE Revised 4l96
<br /> VMP� VMP4N[NE}�3302}.�Q
<br /> Wolters Kluwer Financial 5erviGes Page 3 a#1�
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