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��15�41�1
<br /> �, Monthly Paym�nt of Taxes, Insuranc�eand ather�harges.Barrawer shall i�clude in each monthly
<br /> payment,tagether`uith the principal and interest as set forth in the No�e and any late�harges, a sum for
<br /> (a}taxes and special assessments levied or to be levied against the praperty, �b} leasehald payments or
<br /> graund rents an the Property,and�c}premiums for insur�.nce required under paragraph 4. In any year in
<br /> ��.�ch th�Lender rr�ust�ay a martgage znsurance premium ta�he Se�re�ary of Housing�nd Urban
<br /> Development("Secr�ta.ry"}, or in any year in which such prerrzrum would have been required if Lender still
<br /> held the Security Instrument, each monthly paym�nt shali also include e�ther: �i)a sum f�r the annual
<br /> mortgage �nsurance premium to be paid by Lender to th� Secre�ary,or�i��a monthly charge instead of a
<br /> mortgage insurance premium if this Securit�Instrumen�is held by the Secretary, in a reasotaable amount to
<br /> be determined by�he Secretary, Except for the monthly charge by the Secretary,�hes� item�are call�d
<br /> "Escrow Items"an�the sums paid to L�nder are called "Escraw Funds."
<br /> Lender may, at an�time,collect and hold amounts for Escrovv Items in an aggr�gate amount nat to�xceed
<br /> the maximum amount�hat may be required for Borrovver's es�ro�v account under the Rea1 Es�a.te Settlement
<br /> Procedures Act af 1�74, 12 U,S.C. Section 26�1 et.s�eq. and implementing regulations, 12 �.F.R. Part
<br /> 1�24, as they may be amended from time to time("RESPA"}, except that the cushion or reserve permitted
<br /> by RESPA f�r unanticrpated d�s�ursements or d�sbursement�before the Borr��ver's payments are ava�Iable ifl
<br /> the ac�oun�may not be based on amoun�s due for the mortgage insuran�e premium.
<br /> If the amounts h�1d by Lender far Escrow Items exceed the amounts permitt�d to b�held by RESPA,Lender
<br /> sha11 account to Borrower for the excess funds as required by RESPA. If the amount�of funds held by
<br /> Lender at any time are not sufficient to pay th�Escrow Items when due,Lender may notify the Borrower
<br /> and r�quire 13orrawer t�make up the shortage as permrtted by RESPA.
<br /> The Escrow Funds are pledged as a�iditional security far a11 sums secured�y this S�curity Instrurnent,
<br /> If Borrower tenders to Lender the full payment of all such sums, Borrawer's accoun�shall be credited with
<br /> the balanc�rema�ning for a11 installment items�a), (b�, and tc)and any mortgage �nsurance premium
<br /> installment that Lender ha�not become obligated to pay to the Secretary,and L�nder shall prornptl�
<br /> refu�.c�any excess fur�ds to Borrou�er. Imrnediatel�prior to a foreclosure sale of the Property or its
<br /> acqu�s�tion by Lender, Borrower's account sha1l be credited with any balance remaining for a11 ins�allments
<br /> far items(a}, (b},and(c}.
<br /> 3. Appiicationof Payments.A11 payments under paragraphs 1 and� shall be applied by Le�der as follotivs:
<br /> First, ta the mortgage insurance premium ta be paid by Lend�r to the Secretary or to the m�nthly charge by
<br /> the Secre�ary instead of t�ie manthly mor�gage insurance premium;
<br /> e ond, to any ta.xes, special assessments, leasehold payments or ground rents, and fire, fload and other
<br /> hazard insurance prem�ums,as requu'ed;
<br /> Third, to interest due under the Note;
<br /> Fourth, to amor�iz�tron of the prxncipa�of t�e Note; a�.d
<br /> Fifth, to late charges due under the Note,
<br /> �. Flre,Floodand�tner Hazard�nsuranee.Borrow�r sha�l insure all improvements on the Praperty,
<br /> tivhether now in existence or sub�equen�ly erected, aga�nst any ha�ards, casualties,and contin�enci�s,
<br /> including fir�, for w�iich Lender requires�nsurance. This insurance shal�be mainta.ined in the amounts and
<br /> for th�periods that Lender reyuires. Borrower sha11 aisn i�.sure a11 Ymprovements on the Prvperty, �vhether
<br /> now in ex�istence or subsequent�y erected,agains�loss b�floods to the exten�required by the Secretary. A11
<br /> in�urance sha�l be carried with companies appra�ed by Lender. The insurance policies and any renewals shall
<br /> be held by Lender and shall in�lude loss pa able clauses in fa�or of, and in a form accepta�l��a,Lender.
<br /> FHA Mortgage WiTH MERS-NE Re�is�d d�19fi
<br /> VMP� VMP41V[NE}(13Q2}.�Q
<br /> Wolters Kluwer Fir�ancial 5�rvices Page 3 of 14
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