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200808377 If the aIDOtInts held by Lender for Escrow Items exceed the amounts permitted to be held by RESP A. Lender shall account to Borrower for the ex.Cf:SS funds as required by WP A. If the aIIlQ\lIlt$ of funds held by Lender at my time are not sufficient to pay the Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as pennitted by RESP A. The Escrow Funds ate pledged as additional security for all sums secured by this Security Instrument. If B01.Tower tenders to Lender the full payment of all such SUIIl8, Borrower's account shall be credited with the balance remaining for all installment items (a), (b), and (c) and any mortgage insurance premium installment thar. Lender has not become obligated to pay to the Secrerary, and Lender shall promptly refund arty exccss funds to Borrower. Jnunediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited. with arty balance remaining for a11 installments for ite.tn$ (a). (b), and (c). 3. Application of rayments. All payments um;ler paragraphs 1 and. 2 shall be applied by Lentler liS follows: EiItt. to the mOltgage insurance premium to be paid by Lender to the Secretaxy or to the monthly charge by me Secretary instead of tbe monthly mortgage insurance premium; Second, to any tRXeB, lipecial asse.ssmentB~ leasehold payments or ground r~D.ts. lU1d fue, flood and other bazard insU1;'a1'lce premiums, as required; J.1!!!Q" to interest due under the Note; Fourth. to amorrization of the principal of the Note; and. f'~frh. to late charges d.1.le Mder the Note. 4. Fire, Flood and Otb.er Hazard Insurance. Borrower shall insure aU improvements on the Property, whether now in existence or subsequently erected. against any haz<1lds. casualties, and contingencies, including fire, for whicll Lender requires illsurance. This insurance shall be maintained in the amountS llIld for the periods that Lender requires. Borrower shall also insure all improvements on the Property. whether now in existence or subsequently erected, against loss by floods to the extent required by the Secretary. All insurance sball be carried wifh companies approved by Lender_The insurance policies and. any renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a fonn acceptable to, Lender. In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower. Each insurance company conceroed is hereby authorized. artd directed to II1c'lke payment for such loss directly to Lender, instead of to &rrower and to Lender jointly- All or any part of the insurance proceeds may be applied by Lender, at its option, eimer (a) to the reduction of the indebtedness under the Note and this Security lnstrument, first to any delinquent amounts applied in the order in paragraph 3, and. then to prepayment of principal, or (b) to the re5toration or repair of the damaged. Property. Ally application of the proceeds to the principal shall not extend or postpone the due date of the Dlonlhly payments which are referred to in paragraph 2, or chartge the amount of su.ch payments. Any excess m$UtSltce proceeds over an amount required to pay aU outstanding indebtedness under the Note and this Security Insuument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security !nsttument or other transfer of title to the Property that extinguishes (he indebtedness, all right, title and Interest of Borrower in and to inSUtaI1ce policies in force shall pass to the purchaser. 5, Q<:t:llpancy, Preservation, Maintenance and Protedi(ID ot the Property; Borrower's Loan Application; Leaseholds. Borrower ehalI occupy, establisl;1, and use tbe Property as Borrower's principal residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Propetty) and shall continue to occupy the Property as Borrower's principal residence for at least one year after the elate of occupancy. unless Lender deter.mines that requirement will cause undue hardship for Borrower, or unless ex.tenuaring circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not conunit waste or destroy, damage or substantially change the Propeny or allow the Property to deteriorate, reasonable wear and rear excepted. Lender may infipect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or ~4R(NI:) lal1011 Pe~e J ~ a Inlti;ll~:~\