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��1�07195 mortgage igsurance premiiun w�e �aifl by Le�r to the Secretary, or ("ii) a.mnnthly charge instead of a mort�age insurance premium if this Security Instrument is hald by the S�retai�►, in a reasonable azn�uat ta be determined by the Se�retary. .F.SOept for the nionthly c�arge by the Sexretaiy, these items ara called °E.gcmw It�,ons" and tha sums paid to Lende�t are called °Esetaw Ftmda." Lender may, at an�r tame, colle�t and hold amo�nts for Escrow Items in an ag$regate awownt not to exceeed the �imum amrnmt that miay be.r�uired far Baraower's escmw actaoant under the Real Estate Settlement Frocedur� Act of 1974, 1Z U.S.C. �eCrion 2601 et seq. aud impt�ing regulariam. 24 CFR �'art 35�, as they may be amendeil fram time ta time {°RESPA"), exc�pt that the ca�s�oa or re�seive permitted by RFSPA fior unanticipated disburseme�s ar disbursements before tlie Boxzower's paym�s are available ia t�e ac�ooimt may not be bas� on amouuts due for the martgage � premi�. If the am�unts held by Lender for Escrow Itema exoeed the amounta permitted �o be held by R�.SFA, Lender sUall account to Borrower for the eacess funds as required by RESPA. If the ampunts of �iwnds held by Lender at any ti� are nat suffide,�t W pay the F.�+ow Items whsa due, Lender m�y martif� tlie Barrower anfl re�uire Borrower to make �ap the shortage as permitteci by R�SPA. The Escrow Funds are pledged as eddiitic�nal sea�ity for all aums se�ured by tbis Seeurity Instru�nt. If Barrower t�ders to L.�nder the slill paymem of all su�h sums, Bormwer's acxoum shall be c�iit�d vvith the baiance r�oaaining for all instailmant items {a}, (b) 8Ad (C) AIIt� BII�r mOrtgBgE iIISUCBriCC �,11�11'tlTtl imrn�tallment that Lender has uat become obligated ta gay tv the Secretaacy, ansi Leader shall Prom�ptlY i+eiwid auy excess fimds to Borravver. Immediately prior co a foreClosure sale of tl�e Property or its acquisition by Lender, Borrower's ac�um shali be credited �vith acry hala�nce r�aining for all installments for �(a}, @), ea�1 {c}. 3. Applloat�lon of Payme�s. All payments u�der paragra�los 1 and 2 sball be apgli� by I,endsr as fo�lows: �, to the martgage insura�e p�emium to be gai.d by I.ender to the Se�retmy or ta �e mant3�Ey charge by the Secretary instead of ihe �nt�ly mortgage insutaace pr�.am; Seooxul. to any taxes, sp�Ciai assessments, leasehotd gayments or graund rents, and fire. fload aud Qther hazard insivanc� preaninms, as raciiaired; �, w int�e.st due u�nder the Nvice; Faurtb. to a�crrtiza#ion of the principal af the rTots; and Fifth. w late charges due under the Nate. 4. Flre. Fload �nd Other Hazard Insuraoce. Bornovwar s�all ins�a�e all impmvements on the Praperty, whet'�er �w in esisteace or subsequently �, ag�inst a� ba�ards+ casualties, a�t! oontingencies, including fiae, for which Lender requires insurance. This �sw�nce sball be tnai�ained ia tl�e amowats amd for the periods that i,e�der reqirires. Bormwer shall alsa insur� a]1 improvements on �e Property� whether now in eaisienae or snbs�quently erected� agaiust Ios�s by floods to tha eate� reqtrired by th� Secreta�.y. A11 insura�e s�all be cami� with oampanies approved by Lender. The in�s�u�ance policies aud any �ewals sl�aU be held by Lender and si�all in�lude loss payable clauses in fa�or of, and in a foan �cegtable to, I.emder. In th+e �v�t of loss, Barrowet shall give L�nder immediate tiatice by ma�7. X.snder may make proof of loss if �t made pramgtly by &mower. Fach imsuranr� company concerned is hereby a�hdrized atul.directed ta mak�e paym�nt far such IQSS directly to I.ender. insread of W Borrower and to L.ernder jointly. All or any part of th� ins�uance procjeeds may be applied by Landar, at its option, either fa} to the reduction of tl�a indebbedne�s �mder the Nat� and this Secarity Instr►un�en�t, � to sny delinc�tent a�aunta applied i� the order in paragraph 3, and tl�en to prepaym�t of principal, c�r (b) ta the restoratiop or repair of�the darnaged Pranertv A� a�lication af the proceeds to the principal shall not exte�ad or'�ostpane the due date of rhe FNn o�a �r �c.r� waPaAt�q Crsae►.00 w� Kluwer Flnm�alal �ri�s Page s ot 7 0