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20�105�4� TOGETHER WITH all the improvemettts now or hereafter erected on the property, and all easements, appurtenances and fixtures now or hereafter a part of the property. All replacements and additions sha11 also be covered by this Securily Instrumen� All of the foregoing is referred to in tlris Security Instrumettt as tt►e "Properly." BORROWER COVENANTS that Bonower is lawfully seized of the estate hereby conveyed and has the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any ettcumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real properiy. Borrower a.nd Lender covenant and agree as follows: UNIFORM COVENANTS. 1. Payment of Principal, Interest and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and late charges due under the Note. 2. Monthly Payment of Taxes, Insurance and Other Charges. Borrower shall include in each montlily payment, together with the principal and interest as set forth in the Note and any late chaxges, a sum for (a} taxes and special assessments levied or to be levied against tke Property, (b) lea.sehold payments or ground rents on the Properly, and {c) premiums for inszuance required under Para.graph 4. In any year in which the Lender must pay a mortgage insurance premium to the Secretary of Housing and Urban Development (" Secretary"), or in any year in which such premium would have been required if Lender still held the Security Instrument, each monthly payment shall also include either: (i) a sum for the annual mortgage insurance premium to be paid by Lender to the Secretary, or (ii) a monthly charge instead of a mortgage insurance premium if this Security Instrument is held by the Secretary, in a reasonable amount to be determined by the Secretary. Except for the monthly charge by the Secretary, these items are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds." Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12 U.5.C. Sec�ion 2601 et seq. and implementing regulations, 24 CFR Part 3500, as they may be amended from time to time ("RESPA"), except that the cushion or reserve permitted by RESPA for unanticipated disbursements or disbursements before the Bonower's payments are available in the account may not be based on amounts due for the mortgage insurance premium. If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA, Lender shall account to Bonower for the excess funds as required 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 Bonower and require Borrower to make up the shorta,ge as permitted by RESPA. The Escrow Funds are pledged as additiona.l security for all sums secured by this Security Instrument. If Borrower tenders to Lender the full payment of all such sums, Bonower's account shall be credited with the balance remaining for all installment items (a), (b), and (c) and any mortgage insurance premium installment that Lender has not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all insfallments for items (a), (b), and (c). 3. Application of Payments. All payments under Para.graphs 1 and Z sha11 be applied by Lender as follows: Firs to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretaxy instead of the monthly mortgage insurance premium; Second, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance premiums, as required; Third. to interest due under the Note; HCFG-00703 FHA Deed ot Truat NE VMP� Wo(tera Kiuwer Finarxtal Servicea 201107914.0.0.0.4002-J20110224Y Revised 4l96 11/10 Page 2 oi 8 1