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��15�1344 �. Month�y Payment of Taxes, Insuranceand�ther Charges.Borrower shall rnclude in each monthly payment,�ogether with the principat and rnterest as set f�r��i�the Note ant�an��ate eharges,a sum f�r �a}taxes and special assessments�evied or to be levied against the Property, (b}leasehold paymen�s ar ground rents on the Prop�rty,and(c)premiums for insurance required under paragraph 4. In any year in which the Lender must pay a m�rtgage insurance pr�mium to the Secreta.ry of Housing and LTrban Development("Secretary"},or in any year in vvhich such premiurn wauld have been r�quired if Lender sti11 held�he Security Instrumen�,each monthly payment shall a�so include either: �i}a sum for the�nnual mortgage insurance pr�mium to be paid by Lender to the Secretar�r,ar�ii}a manthly charge instead of a rnor�gage insurance premium if this Security�nstrument is h�ld by the Secretary, �n a reasonable amaun�to be determined b�the Secreta.ry. Except for th�monthly charge by the Secr�tary,these items are called "Escrow I�ems"arxd the sums paid ta Lender are called"Escrow Funds." Lender may,at any time,colleet and hold amaunts for Escrow Items in an aggregate amount not to exc�ed the maxirx�,um amaunt that may be required for Barrawer's escraw account under the l��ai Esta.te Setttement Procedures Act of 1974, �2 U.S.C. Section 26�� et.seq, and implementing regu�at�ons, 12 C.F.1�. Part 1 Q�4,as�hey may be amended from time to time("RESPA"}, except that th�cushion or reserve permitted by RESPA for unanticipated disbursements or disbursements befare the B�rrower's payments are available in the account may not be based on amounts due far the mortgage insurance premium. �f the amounts held by Lender f�r Escrovv�tems exceed the amounts permit�ed to be heid b�RESPA,i�ender shall account ta I3orro�uer for the excess funds as required by RESPA. If th�amounts of funds held by Lend�r at any time are not suffi�ie�tt to pay the Escrow Items when due,Lender may notify�he Borrfl�rer and requir�Borro�uer ta rnake up the shor�.age as permitted�y RESPA. �he Escro�v Fund�are pledged as additianal security for al1 sums secured by this Security In�trument. �f$vrro�uer tend�rs to Lender the fu11 payment af a��such surns, Barrower's account sha��be credited with the balance remaining for a11 installme�.t items(a},�b},and(�)and any m�rtgage insurance premium instaliment that Lender ha�not become ob�igated to pay to the �ecretary,and Lender sha11 pramptly refund any excess funds ta Borrower. Immediately prior to a foreclosure sa�e of the property or its acquisitian by Lender,Borrower's account sha11 be credited with any balance remaining for a11 installme�ts for items(a},�b),and(c}. �. Applicationof Payments.A11 payments under paragraphs 1 and 2 shall be applied by Lender as follows: Fir�t, to the mortgage insurance premium to be paid by Lender to the Secretary or to�he manthly charge by the Secre�tary instead of the monthly mortgage insurance premium; �econd, ta any taxes, sp�cial assessmentsA leasehold payments or graund rents, and f�.re, flood and other hazard insurance premiums,as required; Third, to in�erest due under�he Note; Fourth, to amortization of the principal of the Note; and Fif�h, ta late charg�s due un�er the 1�Tat�. 4. Fire,Flaadand C]ther Hazard Insuranc�.�orrower sha�l insure all impra�ements�n the Property, whe�her now in existenee or subsequently ere�t�d,against any hazardsA casualti�s,and contingencies, including f re, for�h��h Lender requires insurance. This insurance shall be maintained in the amounts and far the periads that Lender requires. B�rrower shall also�nsure a11 improvements on the Froperty,whether novv in existence or subsequently erected,against�oss by flaods to the ext�nt required by the Secretary.All insurance sha11 be carri�d tivith c�mpanies�.ppr��ed b�r Lender. The insurance policies and any ren�wals sha1� be held by Lender and sh�ll include�oss payable clauses in favor of,and in a f�rm acc�ptab��to,Lender. FHA Martgage WiTH MERS-NE Re�ised�t96 VMP� VMP4N�NE}�1302)AD Vllolters�tluwer Financial Services Page 3 of 14 q433365734�� 233 37l �31�