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<br /> �. Monthly Payment flf Taxes, insuranceand�ther�harge�.Borrower sha11 inc�ude in ea�h mont�.ly
<br /> payment,together with the principal and int�rest as set forth in the Note and any late cb.arges,a sum far
<br /> (a}taxes and s�ecia�assessments lev�ed or to be��vied ag�inst the 1'ropert�,(b�leaseh�a�d pa�ments or
<br /> graund rents ofl the Property,and�c�prem�ums for insurance required under paragragh 4. In any year in
<br /> �vhic�h the Lender x�ust pay a�ortgage insurance premium to the Secretary�f H�using and Urban
<br /> Deve�o ment "Secre " '
<br /> p ( tary },or�n any year in which such premium vvou�d have been required�f Lender st�
<br /> ��l�i the Secur�ty InStrum�nt, eac�monthly payment shall a�so include either: (i�a sum for the annua�
<br /> mar�gage�nsurance premium to be paid by Lender to the Secretary,or(ii}a rnonthly cha,rge instead af a
<br /> mo�tgage insurance premium if this Security Instrument is held b�the Secretasy,in a reasanable amaunt to
<br /> be deternnined by the Secre#ary. Except for the moathly charge by the Secre�,t�ese items are called
<br /> �'Escrow Items"and the sums paid to Lender are called"Escrow�unds."
<br /> Lender may,at any�ime,co�lect and ho�t�arr�ounts#'or EscravF,�Items in an aggregate amount nat to excee�
<br /> the maximum amount that may be required for F3orro�ver's escrov�account under the Rea1 Estate Sett�ement
<br /> Procet�ures Act of 19'34, 12 U.S.C. �ect�on 2G�1 et.seq. and imp�ementing regulations, 12 C.F.R. Part
<br /> ���4,as they may be amended from time to t�me("RESPA"}, except that the cushion or reserve permit�ed
<br /> by RES�A for unant�Gipated disbursement�or disbursements befare the Borro�ver's paymen�s are available in
<br /> � the aecount may n�t be based on amounts due far the mortgage insurance premium.
<br /> If the amounts held b�Lender for Escrow�tems exceed the amoun�s permitted to be he�d by RE�PA,Lender
<br /> sh.a���ccount ta Borrov�er for th�excess funds as requi�red by RESPA.If the amaunts of funds he�d by
<br /> Le�der at any time are not suffi�ient ta pay the�scrov�Items�vhen due,Lender may no�ify the Borrower
<br /> and re�uire Borrawer to mak�up the si�ortage as perrniited by R�SPA.
<br /> The Escraw Funds are pledged as additiona�security for a11 sums secured by this Security Instrument,
<br /> If Borrower tenders to Lender the ful�payment of a11 such sums,Borrower's��count shall be�red�ted with
<br /> the balanee renaa,ining for a��insta.11ment items(a�,�b},and(c)and any mortgage insurance premium
<br /> insta��ment that Lender has not become obligated to pay t�th� Secretaxy,and Lender shall promptly
<br /> refund an�y excess fun�ds to Borro�ver.Immediat�ly prio�r to a foreclflsur�sale of the Frop�erty or its
<br /> acqu�sition by Lender,Barrower's account sha11 be credited with any balance remaining for all installments
<br /> f�r items�a},�b},and.�c}.
<br /> 3. Appficationof Payments.A11 payments under paragraphs 1 and 2 sha11 be appl�ed by Lender as follows:
<br /> F_ irst, to the mor�gage insurance premium to be paid by Lender to the 5ecretary ar to the monthly charge by
<br /> the Secretary instead of the monthly mortgage insurance premium;
<br /> Se � ta a�y tax�s, special assessme�.ts, �easeh.ald pay�nen#s or g�round rents, and fi�e, flaod and other
<br /> haza,rd insurance premiums,as required;
<br /> Thir to interest due under the Not�;
<br /> Faur�h, to amort�zat�on of the pr�ncipa�af the l�ot�; and
<br /> F�fth, to Iate charges due under the N�te,
<br /> 4. Fir�,Flaodand�ther Hazar+d Insurance.Borrower sha�l insure a11 impra�ements�n the Property,
<br /> whether n�tiv in existence or subsequently erected, against any hazar�s, casualties,and contingenci�s,
<br /> including fue, for which Lender requires insurance, This insurance shall be maintained in the amounts and
<br /> for the periods that Lender requires.Borrower shall also insure a��improvements an the F'roperty,wheth�r
<br /> now xn existence or subsequentiy erected,against loss by floods to the ex�ent required b�the Se�reta�y.All
<br /> insurance shall be carri�d�ith companies appro�ed by Lender. The insuran.ce po�icies and any renewals sha��
<br /> be held by Lender and shall include loss payable clauses in fa�or of,and in a form acceptable to,Lender.
<br /> FHA Mortgag�VH�TH MERS-N� Re�ised 419fi
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