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201107779 2. MOnthly PaymCnt of Taxe3, Insurance and Other Charges. Borruwcr shall include in cach monthly payment, together with the principal and inferest as sel forth in Ihe Note and any la[c charges, a sum for (a) t�es and special assessments levie.d or to be levied against the Property, (b) leasehold paynlents or - gronnd rents on the Proper[y, and (c) premiums for insurance required u�der paragraph 4. In any year in which [he Lender mus[ pay a mortgage i��surance premium to the Secrefary uf Housing and Urban Development ("Secrelary"), or in any year in whid� such premium would have been required if Lender still held the Security Instrnment, each moufhly payment shall alsu indade eifl�er. (i) a su[u for the annual mortgage insurance premium to be paid by Lender �o the Seca'etuy, or (il) a montldy cliarge instead of a nmrtgage insurance premium if this Security InstrumeN is held by the Sea'etary, in a reasonable an�om�t to be determined by the Secretary. Except for [he monlhly charge by the Secre(ary, these items are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds." Lender may, at any time, co11ec1 and hold amounts for hscrow Items in an aggregale xmount not to exceed the maYimum amou�t that may be required for Borrower's escrow account under lhe Real Estate Setdement Procedures Ac[ of 1974, 12 U.S.C. Secfio� 2601 et scy. and implementing regulalions, 'LA CFR Part 3500, as they may be amended ti�mi� �ime to time ("RESPA"), except thal t}�e cushim� or reserve permitted by � RESPA for una�ticipated disbursemenls or disbuisemeiris before the Borrower's payments are available in the accoimt may nol be based on amonnis due for tl�e n�ortgage insurance premium. If Ihe amounls held by Lender for Escrow Items exceed fhe amounts pennilted ro be held by RESPA, Lender shall account to Sorrower for the excess fwids as required by RESPA. If [he amounts of funds held by Le�der at any time are not sufTicienl tu pay the Escrow ltems when due, Lender inay notify Ihe Bormwer anA require Burrower to make up the shorfage as permilled by RESPA. The Escrow Funds are pleAged as additional security for all sums secured by this Security Instrument. If Bormwer tenders ro Lender the full paymenl of all svch swns, Borrower's account s6a11 be credited with the balance remaining for all installment items (a), @), and (c) and any mortgage insnrance� premium installment tha[ Lender has not tiecome obligated fu pay to the Secre[ary, and Lender shall prmnplly mfund any excess funds to Borrower. Immediately pflor Co a foreciosme sale of �he Property or its acquisilion by Lender, Borrower's accotmt shall be credited with any balance remaining for all installments for items (a), (b), and (c). 3. Applicffiion of Payments. All payments under pnragraphs 1 anA 2 shall be applied by L.ender as follows: First, to the mor[gage insurance premimn ro be paid by Lender ro ihe Secretary or to the monNily charge by the Secretary instead of the�mont6ly mortgage insura�ce premium; Secund to any taxes, spedal assessments, Icasehold payments or ground rents, and fire, flood and othcr hazard insurance premiiims, as required; � Thlyd, ro interest due imder the Note; Fourth, to amor8zalion of the principal of tt�e Note: and Fifth, to late chaiges due under the Nole. 4. Fire, Flood and Other Hazard Insurance. Borrower shnll insare all improvements on the Property, whether now in exis[ence or subsequently erected, against any hazards, casualdes, and continge�ncies, i�cluding fire, fm� which Lender requires insurance. This ii�surance shall be main[ained i� t6e amo�mis and for the perlods thal Lender requires. Sorrower shall also insw�e all improvements on thc Pmperty, whether now in existence or subsequenlly erected, against loss by floods lo the exten[ requireA by the Secrefuy. All insurance shall be carried with companies approved by Lender. TLe insurance policies ai�d any renewals shnll 6e held by Lender and shall include loss payable ciauses in favor of and in a form accepla6le to,_Lender. 001122668094 Citipank 3.LSOD6 ve FHA Monqagc WITH MERS-NE R�V��VMP4N�Nf)f(1�05)'00 VMP(q� Woltcrs Hluwor Fnanciai Scrvlcae Pa90 3 of 10