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��15�13�� 2. �Aonthfy Payment of Ta�ces, �nsuranceand�ther Char�es.Borrower shall inc�ude i.n each monthly �ayment,t�ge�her w�th t�e principal ancl interest as set farth in the 1'�ate and any late charges,a sum for (a}taxes and special assessments levied or to be IeV�ed aga�nst th�P'roperty,(b)leasehold payments ar ground rents an the Property,and(c)premiums far insurance required under paragraph 4. In a�y year in �uvhich the Lent�er must pay a martgage insurance premium to the Secretary of Housing and Urban �?evelopment("Secretary"),or in any year in which such premium would have been requued if Lender st�ll held the Security Ins�rum�nt, each m�nthly payment sha11 also include either: (i]a sum for�he annual mortgag�insuran.ce premium to be paid by L�nder to the Secretary,or�ii}a m�nthly charge instead of a � mortgage insuran�e premium if th�s Security Ins#�ument is he�d by the Secretary,in a reasonable amount to be determined by the 5ecre#�ry. Exc�pt for the monthly charge by the Secretary,these items are called "Escro�v Items"and the sums paid to Lender are ca��ed"Es�row Fund�." �ender may,at any time,�ollect and ho�d amaunt�for Escrow Items in an aggregate amount not ta exceed the maximum amaunt that may be required for I�arro�ver's e�crou�account under the Real Est�te Settlement Procedures Act of 1974, I2 L�.S.�, Section�6�I et seq. and imp�ementing regulations, 1� C.F.R. Part 1�24,as they may be am�nded from time to time("RESPA"}, except that the cush�on or reser�e permitted by T�ESPA for un.anticipated disbursements or disbursemen�s before the Borrov�er's payments are available in the acc�unt may nat be based on amounts due for the mortgage insurance premium. If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA,Lender sha11 account to Borrovver f�r the excess funds as r�quired by RESPA. If the amounts of fund�held by Lender at any time are not sufficient to pay the Escr�w Items when due,Lender may notify the Borrower and require Borrov�er to make up the shortage a�p�rmitt�d by RESPA. The Escrow Funds are pledged as addit�on.a1 security for all sums secured by this Secur�.ty Instrument. if Banor�►�er tenders t�i.�nder the fu1�payment of a11 such s�ms,Borro�er`s account shall be credited�vith the balance remaining for a1�installment items(a), [b),and(c)and any mortgage�nsurance premium insta�lment that Lender has not become obligated ta pay to the Secretary,and Lender sha11 promptly refund any excess funds to Borrov�rer.Imm�diately prior to a forec�asure sal�of the Property ar its acquisit�on by Lender,Borrower's account shall be credited with any balance remaining for all installments far items�a}, �b),and(c}. 3. Applicationof Payments.All paym�nts under paragraphs 1 and 2 sha11 be applied by Lender as fallo�vs: First, to the mort�age insurance�remium to be paid by Lender to the Secretary or to th�monthly charge by the Secretary instead of th�month�y martgage insurance premium; n t�any taxes, special assessments, leasehold payments ar ground rents, and fire, flood and vther hazard insurance premiums,a�required; Th�d. to interest due und�r th�Note; F�rth, tp amortization of the princ�pal of the Note; and Fi�h; t� �ate charges due under the Note. 4. �ire,Flood and�ther Hazard i nsurance.Bonower shall insure a�l impro�ements on the Proper�y, whether aow in�xistence or subsequent�y erected,against any hazards, c�sua�ties,and contingencies, including fire,for which Lender r��uires insurance. This insurance sh�all be maintained in the amounts a�nd for the peri�ds that Lender requires. Borrow�r shall also�nsure a�l improvemen�on the Property,whe�her now in ex�stence�r subsequently erected,against loss by floods to the�xtent required by the Secreta.ry.A�� insura�ce sha11 be carried with companies approved by Lender. The insuranc�palic�es and any renewals shal� be held by Lender and shall include Ioss payable clauses in favor of,and in a form acceptable to,Lender. FHA Martgage WITH MERS-NE Revised 4196 VMP� VlWP4NtNE}��4342}.�Q Wo�ers IUuw�r Financial 5ervlces Page 3 of 14 q�3331428353 4233 �89 �31�