|
��1 5��8�8
<br /> �. Monthly Payment vf Tax�s, Insuranceand�ther�harges.F3orrower shall include in each rnorithty
<br /> pa}�m�n�,together�itY�the pri�ci�al a�r�d rntere�t as set�ortl�i��the l�ote ar�d ar�y�ate charges,a sum for
<br /> (a}taxes and special assessments�evied or to be levied against th�Property,(b)1�a��h�ld payments or
<br /> ground rer�ts on�h�P�ope�ty,and�c�prerniun�s for i�surance req�ired t�ndcr paragraph 4.In any�ear ix�.
<br /> which the Lender must pay a mortgage insuranc�premium to the Secreta.ry of Housing and iJrban
<br /> De�elop��ent t"Secretary"�,ar in any�ea�ir���ich suc�a�xemEium v��u�d h��e b�en req�ired if Lender sti11
<br /> held the Security Instrument,eac;h manth�y payment sha�l also in�lude either: �i�a�utn far t��e an�lual
<br /> mortgagc insurance premium to be paid b�I�endex ta the Secreta�y,or tii}a mont��y�harge ir�st�ad of a
<br /> mortgage insurance prem�um if thrs Security Ins#rurrz�nt is he�d by the S��re�a�ry,i�a reasanabie amount to
<br /> be determined by the Secretary. Except far�the montt�l��harge l�y the S�cretary,the�e items�.xe called
<br /> "Es�ro�v Items"and the�ums paid to L�nder are called"Escrow Funds."
<br /> L�nder may,at any time,coll�ct and ho�d amounts for Escraw Items in an aggregate am�unt not to exc�e�
<br /> the maximum dmount that may be required f�r Borrower's escrat�accaunt under#he Real Estatc Scttlemcnt
<br /> Procedures Act af 1974, 12 U.S.G. Section 2G01 e�sec�. ar�d implementing regu�ations, i2 �:.T.R. Part
<br /> 1�24,as they may be amended fram time to time("RESPA"}, cxcept that�hc cushion or re�er�e perrnitted
<br /> by RE�PA for unanticipated disbursements�r disbursements before�he Rorrawer's paymen#s are a�ai�ab�e in
<br /> the account may not bc bascd on amaunts duc for�hc mortgage�nsurancc prcmium.
<br /> If the amounts hcld by Lendcr for�scra�v�tems exee�d the amounts permitted to bc hcld by RESPA, Lendcr
<br /> shall account to Sorrawcr for t}�e cxcess funds as�equired by RES�A.�f the amounts of funds held��
<br /> Lender at any time are t�ot sufficient to pay the Escravv I��ms vvhen due,Lender may notify the�arrower
<br /> and require Borrower t�make up�he shortage as permitted by RE�PA.
<br /> The Escra�v Funds are pl�dged as additi�na� security for all sum�secured b�t�is Secur�ty Instrument.
<br /> If Borrovver tenders to Lende�r the full payment of all such sums,Borrawer's account shal�be�redited�v�th
<br /> the ba�ance remainin�for alt installment iterr�(a),(b�,�.nd���and any mortgag�lnsurance premium
<br /> installment that Lender has n��becorne obli�ated to pay ta the S�cretary,an�Ler�der sha�l pramptiy
<br /> refund any e�cess funds to��r�awer.Imm�diately prior t�a fo�eclosure sale of the Propert�or its
<br /> acyuisition by Lender,Borrower'�account�hall be cr��iit�d with any balance rema�ning for all installments
<br /> for ite ms�a},�b),and���.
<br /> 3. Applicativnaf P�ayments.�11 payments under paragraphs 1 a�.d� sha�l be applied by Lender as follows:
<br /> ust, to the mortgag�insuran�.e premium to be pa�d b�Lender to the�ecretary or ta the monthly charge by
<br /> the Se�retary instead of the manthly rn�r�gage�nsurance pre�ium;
<br /> �ec�nd, ta any taxes, special assessments, 1�asehald payments c�r gr�und r�nt�, and#ire, flood and�ther
<br /> hazar�i insurance premiums,as required;
<br /> Third, to interest�u�under the Nt���;
<br /> Fourth, to amortization of the principa�af th�Notc; and
<br /> Fif�h, ta �ate charges due under the Note.
<br /> 4. Fi re,Flood and[]ther Hazard I ns u rance.Barravver�hall�n�ure all impro��e�n���t�on t��e Froperty,
<br /> whether novv in existencc�r subsequentl�ercCtcd, against any ha�ards, casualtics,and cnn�irigencies,
<br /> including fire,for which Lender requir�s insuran�e. This insurance shall be maintained in the amaur�ts and
<br /> for the peri�ds that Lender requires.Bon�v�er�ha�l a�so in�ure alI improvements an the Praperty,whether
<br /> naw in existence or subsequentl�erected,against loss b3�floods�o the extent required by the Secretary.A�1
<br /> insurance sha�i be carried�vith companies appro�ed by Lender.The�nsurance palic�e�and any rene�vals shall
<br /> be hei�by�.,�n€�er and shalr include�oss payable clauses in favor of,and in a farm acceptabie to,Len�er.
<br /> FHA Mortgage WITH MERS-NE Revised 4196
<br /> VMP D VMP4N(NE}�13�]2J.�0
<br /> Wolters Kluwer Financial Services qQ33437 �3$3 423 3 548 Q31a Pags 3 af 10
<br />
|