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��15��3�7 2. 1Vianthly Payment of Taxes, insuranceand�]ther Charges.Borrower sha��nclude in each monthly �ayment,tageth�r�vith the prin��al and interest as set forth in the 1�Tote and any late cha�ges,a sum for (a}taxes and special assessments levied ar to be 1e�ied against the Property, [b)leaseho�d payments or ground rents on the Property,and(c}premiums far�nsurance required under paragraph 4. In any year in v�hich the Lender�n�st pa�a martgage�nsurance premium ta the Secretary of Housing and'�Jrban Develapment("Secretaxy"},or in any year in�rh��h such premium wou�d have been requued if Lender sti�l held the 5ecurity Instrument,each monthly payment sha11 also include either: (i}a sum for t��a�n.nual mortgage insurance premfum to be paid by L�nder�o the 5ecretar�r, or(ii}a month�y charge instead of a mor�gage insurance premium if this Security Instrument is h�1�by the Secr�ta�y,in a reasanab��amount to be determined by the Secretary. Exc�pt for the monthly charge by the Secretary,these items are called "Escrow Items"and the sums paid ta Lender are called "Escrow Funds." Lender may,at any time,co��ect and hold am�unts for Escrow Items�n an aggregate amount not ta exceed the maxi�mum amount that�ay be required for Bonower's escrow accaunt under th�Rea1 Estat�Settlement Procedures Act of�97�, 12 U.S.�. Sect�on 2��I et se�. and implementing regu�ations, 12 �,F,R. Fart I�24,as they may be amended frQm time to time("RESPA"), except that the cushion or reser�e permitted 'b�RESPA for unantic�pated disbursements or disbursements before�he Borrow�er's payments are a�a��able in the accvunt may not be based on amounts due far the xnortgag�in�u.�an�e premium. If the amounts h�ld by Lender for Escrow Items exceed the an��un�s permitted�o be'held by RESPA,Lender shall ac�ount to Borro�er for the excess funds as required by RESPA. If the amounts of funds he�d by Lender at any time a,re nat sufficient to pay the Escrow Items when du�,Lender may n�tify the Borrower and��equire Borrovv�er to make up t�e shortage as perm�tted by RESPA, The�scrovv Funds are pledg�d�s additional secur�ty far a11 sums sectued by this Security Instrument. If Borrower tenders to L�nder�he fu11 payment of al��uch sums,Borr�wer's accaunt sha11 b�credrte�with the balance remaining for a�l installment items(a}, �b},and(c)and any mortgage insurance prernium instal�ment that I�ender has nat become ob�igated ta pay to the Secreta,ry,and Lender sha��promptly refund any excess funds ta Borrv�ver.Immediate�y priar to a foreclosure sa.1e of the Praperty or its acqu�sition by L�nder,Borra`uer's a�count sha��be cred�ted with any balance remaining for a11 insta.��ments for items�a}, (b}�and(c}. 3. Applicationaf Payments.A��payments under paragraphs I and 2 shall be app�ied by Lender as follows: First� ta the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charg�by the Secretary instead of t�e monthly mortgage insurance prem�um; ec n to any taxes, special assessments, leasehald payments or ground rents, and fue, flood and o�her hazard insurance�aremiums,as required; 'Third, tv interest due und�r the�Iote; ourth to amort��ation.of the principal of the l�ote; and Fi� tQ late charges due under t�.e Nate. 4. F�re,Fioor!an d�her Hazard i ns u ran ce.F3orrower�ha11 insur�a��improve�nents on the Property, whether now in exist�nce or subseque�tly ereeted, against any hazards, casualties,and�ont�ng�n�ies, inc�uding fire, for which Lender requu'es insurance. 'This insurance sha�I be maintained in the amounts and for the periods that Lender r�quires. Borrower shal�also insure aI�impravement�on�he Property,whether now in existence or�ubsequently erected,against 1�ss by floads to the�xtent required�y the�ecretary.A�� insurance shali be carried with companies appr�ved by Len.der. The insurance policies and any rene�vals sha11 be h�ld by Lender and sha��nclude loss payable c�auses�n favor of,and in a form a�cepta.ble to,Lender. FHA Martgage WITH MERS-wE Re�ised 419B VMP� VMP4N[NE}(�30�}.�Q Wc�Pters Kluwer Finan�iai Services Page 3 0#�Q q�3339�5t3968 ��33 419 �31�