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2� 1 ��8387
<br /> 2. Application af Payments �r Pr�ce�ds. Except as express��stated oth�rvsrise in�his Securxty
<br /> �ns�rumen�ar�he Nvte, alI pa�aments accepted and applped by L�nder sha�l be appX��d�n#he fol�ow�ng
<br /> order�f priar�t�:
<br /> First, �o �he Mvrtgage �nsurance prem.iums #o be paid�by Lender to the 5ecre#ary or the monthly
<br /> char�e�y the Secre�ary�ns�ead of the manfhly mortgage insurance prem�ums;
<br /> Sec�nd, tn any taxes, specia�asses�men�s, Xeasehold payrnents or ground rents, and f�re, fload and
<br /> o�her hazard insurance prem.xums, as requrred;
<br /> Third, t� �nterest due under�he Na�e;
<br /> Fourth, t❑amvrt�za�ion�f��e pr�nc�pa� of the Note; �nd,
<br /> F�fth, t���t�charge�due a�nder th�N���.
<br /> An�app�icatian af pa�men#s, ��i�urar���pra�e+ed�, or Misce��anevus Pro�eeds�a principal due under th�
<br /> Note sha��n��extend ar postp�n�#he due d�t�, �r�har�ge th� am�un�, �f the�eri���c Payrr�ents.
<br /> 3. Funds for Escrow �#em�. Borr�v�er sha�1 pay fo ]Len�er vn�he day P�r��dic lPayment�are d�e under
<br /> th�Note, until�he 1�'ote is pa�d in ft���, a sur� �the "Funds"} �o pr�vide fa�r p�ymen�of�rr�ounts due fore
<br /> ��) tax�s and asse�sxne�n�s and other item��hich��n attain pr�ority�ver t�is S��ur�t�r Inst�ument as a X�en
<br /> ar e�cumbrar�ce on th�Proper�r; �b} �easeho�d paym�nt� ar ground rents on the Property, if an�; �c}
<br /> premium�for any a�d all i�s�xran�e r�qu�red�y Lender under Sectx�n 5; and �d} Mo���age Insurance
<br /> pr�miums to�e paid b�Lend�r ta t�� S��re��ry�r ��� mEomthl��harge��r�he Secretar�xnstead af�he
<br /> r�non#h�y Mortgage Insurance prern�um�. Th�se �����are ca1��d "Es�r�w��ems." A�origxnati�n or at any
<br /> ti�e dur�ng the �erm o.f�he ��ar�, L,ender�a�r�q�ar��ha���mm���ity Associa��an Dues, Fees, and
<br /> Assessme��s, �f an�, be �scr�vsr�d�y��rr�v�er, an�s�.�h dues, fees and assessments shall lbe an JEscrow
<br /> �#em.. Borrovver sha�l pxQart�p�ly furnis���Z.��n�er a���vt�ces�f am�un�s�o�e paid under this Sec#ian.
<br /> Borrov�rer sha�X pay Lender�he Funds fo�Escr��v��err�s un��ss Ler�der►�raives B�rrav�rer's�bligati�n �❑
<br /> pa��he Funds f�r an�ar a�l Escro���ems. Lender may vvaive �orrv�rer's��lxgatian t� pay to Lender
<br /> Funds for any or a11 Escrov�r Items at an�tira��. An�r�uch�nrarver�ay on����in wrif�ng. �n the event af
<br /> such waiver, �arrov�er�hall pay direct��, v�hen a�nd,where p��a��e, the arr�.vumts due for any Escrow
<br /> Item�for v�hxch payment of�'unds has been wa�v�d b�lLender�nd, �f��nder req�ires, sha�1 furn�sh to
<br /> Lender receipts e�iden��ng su�h pa�xnea�t�vith�n such time peri�d as Lender rnay req��re. B�rr�vver's
<br /> ab�xgatian to make such pay�nea�ts��d�o pr��xd� receip�s sha�l��r a1X purposes be deemed to be a
<br /> covenant and agreemer�t contai��d����is 5ec�.rxty Ins�x•urr�ent, as th�p�rase "�ovenant�nd agr�errient" �s
<br /> used in Sectian 9. If�or��vc��r�� ���������.t�p�y Escrov�r Iterns d�rectly, pursuan��v a wa�ver, and
<br /> B�r�awer fails ta pay the a�ount due�nr�r�Escrov�r��em, Lender nr�ay exercxse 1t�rights under S��t�an 9
<br /> and pay such amo�nt a.nd Borrvvver sha�� tk�er�be ob�igated ur�der S�ction 9 �a repa�r ta Lend�r any such
<br /> amount. �Lender��nay r��vl�� �he w��v�r as t�an� or al� EscrQw I�ems at any�ime by a nofice g�ve�in
<br /> accvrdan�e�v�th 5e��i�n 14 and, upo��uch���v��a��an, ��rr�vwer sha��pay�a L�nder al� Funds, and in
<br /> such amount�, that are th��requ�red und�r t�is S�ct�on 3.
<br /> Lender ma�, a�any tim�, coYlect a�d]���d Funds in an arr�.�unt ���su�`f'�cie�.t tv per�nit Lender#o apply the
<br /> Funds a�the�irr��speci�i�����der RES�A, and��} ���t t� e���e�th���.ximum amount a lender can requir�
<br /> rxnder�ESPA. �ender sha11�stir�a�� t]�e arn�u�n� a�I`unds due ❑n the bas�s of current da�a and reasonab�e
<br /> estimat�s of�xpenditures �f futur� �scr��r�t�m� or other��s� in accardance�vith App��ca.ble Law.
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<br /> FHA Deed pf Trust With M�f�S-IV�
<br /> �ankers Syst�ms�'� VMP C� VMP4N�NE}(1��fi}Op
<br /> W�tters 6tfuw�r Finar�ciaE Ser�ices Page 5 af'�7
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