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200805380 If the amouni& held. by Lender for Escrow ItemS exceed the atnounts peonitted. to be held by RESPA, l..ender shall accoMt to Borrower fQt the excess fimds as required by RBSP A. If the 8IIlO\ll1ts of funds held by Lender at any thne are not $ufficient to pay the Escrow lrem5 when due, L.endet may notify the Borrower and require Borrower to mak~ up the shop:age as pennltted by RSSPA. The: Escrow FundS are plr;dged. as additional security for 1111 swns secumd by thi5 Security ID$t1'ImIeJ1t. If Borrower tenders to Lender the full payment of all 5U.ch S\1IXlS, Botrower's account shall be credited with the balance remaiDini for all installment items (a), (b), and (c) and any mongage insurance premium jtstallmcnt thaI lAmder has not becolUe obligated. to pay to the secret~, and. Lender shall ptomptly refund any excesS fundS to BorroWU. tmmediatcl)' prior to a. foreclosure sale ot the Property or its acquisition by Lender, :Borrower's account shall be cred.itcd with any balmce remaining for all installments for items (a), (b), and (c). 3. Application of Payments. All paymel1t6 under paragraphs 1 and 2 shall be applied by Lender as follows: am. to the l1IOrtgage insurance premium to be pllid by Lender to the Secret.atY or to the monthly charge by the SccretaIY insto~ of tbe monthly mortgage insurance premium; ~, to my taxes, special assessments, lCMehold paymentS or ground rents, and fire, flood. and other hUMd iJ)SUIance premiums, as required; DUm. to inteteSt due under the Note; ~ to amortization of the principal of the Note; and :fifth, to late charges due \\l\der the Note. 4. J:l'fre, Flood aDd otb.er' Jlaprd lDSurance. BorrOwer shell Insure all iInprovm>>eDIlI on the Property, whethet now iI1 existenCe Of subsequently erected, against any bazan'J3, casualties, and contingencie5, including fue, for which l,.ender requires insurance. This insurance shall be maintained in the amounts and for the periods that :Lender requites. Borrower shall also insute all bnprovem.cntli on the PropertY, wb.el:he:r now in exiSttnee or subaequcnt1y erecrtd. aaaiDst loss by floods to the extenI required by the secrctaI)'. }Jl inaurance shall be carried. with cmnpanies approve4. by Lebder. The insurance policies au.d any renewals shall be held by Lender and shall iDclud.e loss payable clauses In favor of, and in a form acceptabl~ to. Lender. In tl1c event of loss, Borrower shall give Lender imJ)1ediate DotiltO by mail. Lender may make proof of loss if not made promptly by Borrower. Each ~ company concerned is bereby authorized &nd direCted 10 make paYJ)'lCllt for such loss directly to LcndeI, insteaCI. of to Jk>rrowel' and to Lender jointly. All or ttJY part ot the msurance proceeds may be applied by Lender, at its option, either (a) to tho reduction of the indebte4ness under the Note cmd this S~ty lD5ttument, fitst to any delinquent amOunts applied in the order in paragraph 3, and then to prepayment of principal, or (b) to me restoration or repair of the dama:e4 Property. Any application of the proceedS to the principal shall not extend or postpone the due date of the monthly payments whiw ale Jeferred. to in p~agraph 2, or change the amount of such payments. Any cxCC3S insurance proceeds over an Bmo\U1t required to pay all outStanding jndebtedness under the Note RDd this Security InstruDlellt shall be paid to the entit)' legally entitled. thereto. X:n the event of fOreclosutC of this Security Instrument or other tranSfer of title to the PropertY that ~guisbes the indebtedness. all tight, tide and interest of Borrower in and to insurance policies in for(:e shall pass to the purchaser. S. Oc<:upauq', PrcsCl'\'ation, MaiuteoaDce alld Prokdlon of the Property; Borrower's Loan ApplicatioD; Leaseholds. Borrowc:r $hall occupy. eatablish, aM. use the Property as Borrower's principal residence within sixty days after the execution of this SeCllrlty Jnsttml1CI1t (or within sixty (lays of a ls:rcr aale or transfer of me PropCtt)') and sbp]l continue to occupy the property as Bottower's principal residence for 8I least one year after the dlrte of occupancy. unlcss Lender d.etermines fbat requirement will cause und.ue hardship for Borrower. or unless extenuating circumstances e,ust which are beyond. Borrower's control. Borrower shall notify Lender of any exrenuatin! cirC\1lnStilIlces. Bonowcr shp]l not commit waste or tlestroy, damage or substantially change the PropertY or allow the Property to deteriorate, reasonable wear anll tear excepted.. Lender may inspect the Property if the Property is vacmt or abandoned or the loan is in default. Lender may take reasonable actioo to protect and preserve such vacant or -'-4RIIIIE) 196011 page 3 of 8 &$"' I..tial., ~< ,./"" . ,..." ./