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200214079 Lender may. in anytime, collect and held amoums for Escrow Items in an aggregate amount not to exceed the nmximmn anrount that may be required for Borrowers escrow account under the Real Estate Settlement Procedures Aa Of 1994, 12 U.S.C. § 2601 tl ,5eg. and implementing regulations, 24 CPI, ]'art 3500. as tltey if.) be amended from date Ira lime ( "RESPA "). except that the cushion of leseno permitted by RESPA for unanticipated disbursements or disbwsements before the Borrower's payments are available in the ucco ilia may not be based on amoums due for the mortgage uxurace premium_ If the amounts held by Lender for Ecru, Items exceed the amounts permitted to be held by RESPA, Lender shall deal with the excess funds as requited by RESPA. If the amounts of funds held by Lender at any time are not sufficient to pay the Escrow Items when due. Lender may notify the Borrower and require Borrower to make up the shortage or deficiency as permitted by RESPA. The Escrow Funds me pledged as additional security for all sums secured by this Security Instrument If Borrower tenders to Leticia full payment of all such sums, Borrower's account shall be credited with the balance remaining for all Installment items (a). (b). and (c) and any mortgage insumnce premium installment that Lcndcr has not become obligated to pay to the Secretary, and Lender shall p amply refund any excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrowers account shall be credited with any balance remaining for all installments I'or items (a), (b), and (c). 3. Application of Payments. All payments under paiagutphs 1 and 2 shill be applied by Lender as full.,s: First to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead of the Locally mortgage insurance premium; Second, to any taxes. spebal assessments, Icaschold payments or ground rents. and fire, flood and other hazard insurance premiums, as required; Third, to Interest due under the Note: Fourth, to amortization of the principal of the Nate. Fifth to late charges due under the Note. 4. Fire, Flumd until Other Hazard Insurance. Borrower shall insure all improvements on the Property whether nmv in exiskncc or subsequently erected, against any hazards, casualties, and contingencies, including fire, for which lender requires insurance . This insurauw shall be maintained in the amounts and for the pencils tlml Lender requires. Borrower shall also Insure all Improvements on the Prsryerty. whether now 'm existence or subsequently erected, against Toss by floods to the extent required by the Secretary. All insurance shall be carried will, companies approved by Leader he insurance policies and any renewals shall he held by Lender and shall include loss payable clauses in favor of, and in a from acceptable m, Lender. In the event of Toss, Borrower shall give Lender immediate notice by mail_ Lender may make proof of less if not made promptly by Borrower Each iusurance company concerned Is hcrcby authorized and directed to make payment for such Toss directly to Lcnder. instead of m Borrower and to Lender jointly All or any pan of the insurance proceeds may be applied by Lender, it its option, either (a) to the reduction of the m lcbtulncss under the Note and this Security Instrument Gist tar city delinquent amounts applied in the order in Paragraph 3. and Ihcn to prepayment of principal, or (b) to the restoration or repair of the damaged Property - Any application of the proceeds to the principal Shull not extend or postpone the due date of the monthly payments which are re@ned to In Paogmph 2, 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 Inshumcnt shall be paid to the entity legally entitled therem. In the event of foreclosure ofthis Security Iosti nlialtofother transfer of title to the property that extinguishes theindchwdriess. all right, title and interest of Borrower to and m insurance pmicics in force shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Properly; Borrower's Loan Application; Leaseholds. Borronci shall occupy. establish. and use the P ... petty as Borrowers principal residence within sixty days after the execution of this Security hurturcaL and shall continue to occupy the Property is Borrower's principal residence for at least one year after the dale of occupancy, m less the Secretary deflionnes thl, requirement will cause undue hardship for Burrower. or unless extenuating circumstances exist which are beyond Bamnccn control. Burrower shall notify Lenders of any extenuating circumstances. Botower shall not commit waste or destroy, damage or substantially change the Property or allow the Property in deenorute, reasonable wear and So excepted. Lender may inspect the Property if the Property Is vacant at abandoned or the loan is in default. Lender may Luke reasonable action to protect and preserve such vacant or abandoned Property. Borower shall also be in default if Borrower, during Life loan application process, gave materially false or Inaccurate information or statements to Lender for failed to provide bender with any material infamaGon) In connection with the loan evidenced by the Note. including. but not limited to, representations concerning Borrower's occupancy of the Properly as a principal residence. If this Security Inshumem Is an u Icaschold. Banower shall comply with the provisions of the lease. If Bonowel acqulres fee title to the Property, the leasehold and fee tale Shall nil be merged unless Lender agrees to the merger in writing. 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or what Lacing of any part of the Property, or for conveyance in place of condemnation. are hereby assigned and shall he paid to Lender to the extent of Lite full amount of the indebtedness that remains unpaid under the Note and this Security Instrument Lender shall apply such proceeds to am reduction of the indebtedness under the Note and this Security hol,unhent, first to any delinquent amounts applied in the order provided in Parugmph 3, and then to prepayment of principal. Any application of the proceeds to the principal shall not extend or postpone the due data or the monthly payments, which Lite referred to in Paragraph 2, or cringe the amount of such payments- Any excess proceeds ever an amount required to pay all outstanding indebtedness under the Note and this Security Inshument shall be paid to the entity legally entitled therem. Z Charges to Burrower and Protection of Lender's (tights in the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in Paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment If failure to pay would adversely affect Lender's interest In Life Property, upon Lender's request netnews, shall promptly furnish to Lender receipts evidencing these payments_ If Burrower fails to make these payments a the payments required by Pi agmph 2, or fails to perform any other covenants and agreements contained in this Security Instrument or them is a legal poreudmg that may significantly affect Lender's rights In the Property (such as a proceeding in bankruptcy, for condemnation or to cnfumc laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and lender's rights In the Property, including pay mount of taxes, hazard insurance and other items mentioned In Paragraph 2. its I Its LCV (8lap r @Z384 I Ii S 0111101LG',