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200206295 If the amounts held by ]ender for Escrow hems exceed the amounts permitted to he held by RESPA, Lender shall account to Borrower for the excess funds as required by RESPA. It the amounts of funds held by Lender at any tine :ue act sufficient to pay the Escrow items when due, Lender may notify the Borrower and require Borrower LO make up the shortage is pGmitled by RF,SPA. file Iiscrow Funds are pledged as additional security for all sums scoured by this Security hutmnuad- If Borrawer lenders to Lender the full Payment of all such stairs, Borrower's account shall be credited with the balance remaining for all installment items (a), (b). and (e) and any rtwrtgage insurance premium installment Ihac Lender Ins not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Dorruwex. rr Irnrnedialcty prior to a foreclosure sale of the property or its acquisition by Lender, Doower'S account dull Uc credited with any balance remaining for all installtnents for items (a), (b), and (c). 3. Application of Payments. All payments under paragraphs l and 2 shall be applied by Lender as follows: First, to the mortgage insurance premium to be paid by fender to the Secretary or to the monthly charge by the secretary instead of the monthly mortgage insurance premium; Scrourtd to My taxes, special am$cssI=m$, leasehold payments or ground ruts. and tire, flood aztd oJla hazard insurance premiums, as required; Thad to interest due under the Note; Fnaah, to amm�ization of the principal of the Note; and Filth to late charges due under Jig Note. 4. Fire, Mood and Other Plazard Insurance. Borrower shall insure all improvements on the Progeny, wholes now io existence or subscyuunly erected, against any hazards, canodurs, and contingencies, including fire, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Bermwer shall also insure ap "ale vcments on the Property, whether now in existence or suhsniucnrlY etceted, against loss by Roods to the extent required by the Secretary. All insurance shall he carried with Comp-des approved by Lender. 3'lie insurance Policies and my renewals shall be held by lender and shall inq(ude loss payable clauses in favor of, and is a form acceptable to, lender. In the event of loss, Borrower shall give finder immedinte notice by mail. Lender may make Proof of loss It nu` made promptly by Borrower. Each insurance company coneemed is hereby authorised and direcnd m make p Y for such loss directly to lender, instead of ro Borrower and to Lender jointly. All or any part of the insurarncc proceeds may be applied by Under, at its option, either (a) to the reduction of the indebtedness under the ;tote Mil this Security la lmmeit, Blot to any delinquent amounts applied in the order in paragraph 3, and then to pmpfymear of principal, or (b) to the restoration or repair of the damaged Pmpcny. Any application of the Procerds as the pnncipal slwll not extend or postpone the due date of the monthly payments which are referred to in paragraph 1, or change. the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall he paid to die entity legally enticed thereto. In the event of foreclosure of this Security histmmcm or other irmi, for of file to the Property that exunguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies in force shall pass to din purchaser. S. (kcnpancy, Presmution, Maintenance and protection or the Property; Borrower's Loan Application; Leuscho)ds. Borrower shall occupy, establish, and use the Property as Borrowers principal residence within sixty days after file execution of this Security Insinuator (or within sixty days of .later same or transfer of the Property) and sluff continue to occupy tie Property m Boxrower's principal residence for at least one year after 'he time of occupancy, unless Lender dcurhnines that requirement will cause undue hardship for Borrower, or unless extenuating cirnmUtances exist which aze beyond Borrower's warred. Borro wer shall notify Lender of azry extenuating carameatces. Borrower shall not wn rtnit waste or destroy, damage or substmtially change the Property or "law the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the property If the Property is vacant or abandoned or the loan is in default. IPndcr may take reaonable action to protect and preserve such vacml or 9 9Z /9l 'd 'ON XE W Ob:90 Ki MH -11-Nor