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200705777 Lender mllY, at any time, CQUec;t and hold amoUllts for Escrow Items In an aggregate llJnOWlt not to exceed the maximwn amount that may be required for Borrower's esCroW account under the Real Estate Settlement Procedures Act of 1974, 12 V.S.C. Section 2601 et seq. and implementing regulations, 24 CFR Part 3500. as they may be amended from time to time ("RESPA"). except that the cushJon Or reserve permitted by RESPA fOl' unanUcipated disbursements Or disbursements before the Bonower's payments are available hI the account may nOI be based on amounts due for the mortgage insurance premium. If the amoUllts held by Lender for Escrow Items exceed the amounts perm1tted to be held by RESPA, Lender shail account to Borrower for the excess funds as required by RESP A. If the amounts of funds held by Lender at any tilDe are not sufficient to pay the Escrow Items when due, Lender may notiiy the Borrower and require Borrower to make up the shol.tage as permitled by RESPA. The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If Borrower tenders to Lender the full payment of aU such SUInS, Borrower's account shall be credited With the balance remaining for all installment Items (a), (b), and (c) and any mortgagc insurance premium installment that Lender has not become obligated to pay to the Sacratat)', and Lender shall promptly refund any excess funds to Borrower. Immediately prior to II foreclosure sale of the Property Or its acquisition by Lender, Borrower's accoWlt shall be credited with any balance remaining for aIl1nstnUments for items (a), (b). and (c). 3. AppllcatiOll of Payment I. All payments lUlder paragraphs I Bnd 2 shall be applied by Lender as follows: Ek:!!. to the mortgage Insurance premlum to be paid by Lender to the Secrelary or to tbe monthly charge by the Secretary instead of the monthly mortgage insurance premium; ~, to any taxes. special assessment!J, leasehold paymenl.'J Or ~ound renl.'J, and fire, flood and other ha2:ard in$u.rance premiums, as requin.d; :rh1r1I., to Interest due Wider the Note; ~. to amorti2:lItion of the principal of the Note; and tlftll.. to late cha.rges due under the Note. 4. Fire, Flood and Otbel" a~rd Insurance. Borrower shall insure all improvements on the Property, whether now in existence or subsequendy erected. against any hazards, casualties, and contingencies. Including fire. for which Lender requires insuranc;e. This Insurance shall be maintained in the amQunts and fOI' the periods that Lender requires. Borrower shall also insure all tmprovemcnl.'J on the Property, whether now in existence Or subsequently erected. against loss by floods to the extent required by the Secretary. All insurance shall be carried with companies approved by Lender. The Insurance poltcics and any :renewals shall be held by Lender and shall Include loss payable clauses in favor of, and in a form acceptable to, Lender. In the event of loss, Borrower shan give Lender immediate notice by mail. Lender may make proof of loss if not made pcompt!y by Borrower. Each insurance company concerned Is hereby authorized and directed to make payment for such loss directly to Lender. instead of to Borrower and to Lender jointly_ All or any part of the Insurance proceeds may be applied by Lender. at its option. either (a) to the reductlon of the indel>tedness under the Note and this Security Instrument, first to any delinquent amonnts applied in the order in paragraph 3, and then to prepayment of principal, Or (b) to tl>e restoratiQn or repair of the damaged Property. Any application of the proceeds to the principal shall not exlend Or postpone the due date of the monthly payments which are refereed to in paragraph 2, Or change the amount of such payments. Any excess insurance proceeds ove~ an amount required to pay all outstanding indebtedness Wlder the Note and tllb Securtty Instmment shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instrument or othee lr'IDSfer of title to the l'roperty that extinguishes the indebtedness. all rJght, title and interest of Borrower in and to Insurance policies tn force shall pass to the purchaser . S. Occupancy, Pres....Vation. Maintetlll.Ilce B.Q.d P:rotegtion of the Property; BorrowClT's Loan Appli_tion. Lca5<lholdll. Borrower shall occupy. establish, and use the Property as Borrower's principal reSidence Within sixty days after the execution of thls Security Instrument (or within sbl:ty days of a latel' sale Or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender determines that requirement will cause Ulldue hardship for Borrower, Or unless extenuating circ1!mstances exist which are beyond Borrower's control. BOl'rower shall notify Lender of any extenualing circumstances. Borrower shall not c;ommit waste or destroy, damage or sUbstantially change the Properly or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may Inspect the Property if the Property Is vacant ., .........d 0< .h. l~ .. '0 d.....". Lood.. ~y hoke <_..bl. ''''0 .. p<o"'''' ond p~~~ - '"Ii .. V--4 N(N~ \D4D7).D' Page' at 9 Inl"....a