201503469 - Laserfiche WebLink

Browse

��15�34�9 Z. Monthly Paym�nt of Taxes, �nsu�anceand�ther Charg�s.Borrower sha11 inelude in each monthly pay�en�t,together with.the principal and interest as set��rth in the l�ote and any late charges,a sum for (a}taxes and special assessment�tevied or to be levied against the Property, (b}leasehold paym�nts or ground rents on the Property,and(c}premiurns for insurance required under paragraph 4. In any y�ar i� which�he Lender must pay a mortga�e insurance premium to the Secretary of Housing and Urban Development�"�ecre�ary"},or in any year�n which such premium would have been required if Lender sti11 �eld the Security Instrumen�,each month�y pa�rne��shall also include either: (i�a sum for the annual mortgage insurance prem.�um ta be paid by Lender to the S�cretary,or(ii}a monthty charge inst�ad of a martgage�n�urance premium if this Secur��Instrumen�is held by the Secretary, in a reasonable amount t� be determined by the Se�retary. Except for th�mo�thly charge by th� Secretary,these items are ca��ed "Escr��I�em�"and the sums paid ta Lender are call�d "E�crow Funds," Lender may,at any time,collect and hotd amounts for�Escraw�tems in an aggregate amount not ta ex�eed the maximum am�unt that may be required for Borrower�s escr�vv account un�.er the R�al Estate Settlement Procedures Act of 1974, 12 U.S.C. Sect�an 26�1 Qt.seq. and implementing regulations, 12 C.F.R. Part �D24,as they may be amended from time to time�"RESPA"�, except that�he cushion or reser�e permit�ed by RESPA for unanticipated disbursemen�s or disbursements before the Borrower's paym�nts are available in the account ma�not be based or�amounts due for the m�r�gage�nsurance premium. If the amounts he�d by Lender far Escrow Items excee�i the amounts permit�ed to be hel�.by F�ESPA,Lender shal�account�o Borro�ver far the excess funds as r�quired by RESPA. If the amounts�f funds he�d by Lender at any time ar�not suffieient to pay the Escro�v Items when due,Lender may no��f�the�orrovver and requue Borrower�o make up the shortage as permitted by RESPA. The Escrow Funds are p�edged as add�t�onal securi�y for a11 sums se�ured by this Security Instru.ment. If�orrovc�er tenders to Lender the fu11 payment af all suc�sums,Borro�ver's ac�ount shall be credit�d with the balance remaining for a�l insta.Xlrnent iterns(a}, (b),and(c}and any mort�age inst�rance premium installme��that Lender has not become�b��gat�d to pay to the �ecreta.ry,and Lender sha11 prornp��y refund any excess funds�a Borrower.Immedia�ely prior t�a fareclasure sale of the Property or its acqu�sition by Le�der,Barrower's account sha11 be credited�vith any balance remaining for a11 instal��nen�s far items(a}, (b},and(c}. 3. App��cationof Payments.A11 payments under paragraphs � and 2 sha11 be applied by Lender as fo�lo�rs; Fi.rs�, to the mor�ga�e insurance premium to be paid by Lender to�he Secreta.ry or to�he monthty c�.arge by the Seeretary instead of the rnonthl}�mortgage insurance premium; e o�. to any taxes, special assessments, leasehald paymen�s or ground rents, and fire, flo�d and other hazard insura�ce premiums,as requi.red; Third. to in�erest due under the hTo�e; F�u.rth, to amorti�ation of the principal of the Note; and Fifth, to late charg�s due under the Nvte. 4. Fire,Floodand�ther Hazard lnsurance.I3orrower sha11 insure all improvements on the Property, �hether notiv in existence or subsequently erected, against any ha.2ards, casualties,and con�ingen�ies, including fire, far which Lender requi.r�s insurance. This insurance shall be ma�ntained in the amounts and for the peri�ds�hat Lender requires. Borrower sha11 also insure a11 irnprovements on the Praperty,whether now in existenGe or subsequently ere�ted,against 1�ss b�floods to the ext�nt required by the �ecretary.At� insurance sha11 be carried��th companies appro�ed by Len�ler. The insurance p�Iicies and an�renewais sha11 be held by L�nder and sha11 include lo�s payable clauses in favor of,a�d in a form a��eptab�e to,Lender. FHA Mortgage WITH MERS-NE Re�ised�11�6 VMP� VMP4N(NE](1342]A� Woiters Kluwer Financial Services Page 3 af�4 q�333938462� D�33 321 �31�