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<br /> , � If the amounts held by Lender for Escro�v Items exceed the amounts permicced ca be held by RESPA, Lcnder
<br /> shall necount to Bonower far the excess funds as required by RESPA. If the amounts of tunds held by Lxnder ac any
<br /> '^ time is not sufficient to pay the Escrow Items when due, L.ender may notify the Bonower and require Borrower to
<br /> • make up the shnrtage as permitted by RESPA.
<br /> .,j The Escrow Funds are pledged as additional security for all sums securcd by this Security Instrument. [f e,
<br /> , Bonower tenders to Lender the full paymenc of all such sums,Borrawer's accoun[shall bc credited with the balance
<br /> remuning for all installment items(a),(b),and(c)and any mortgage insurance premium installment that Lender has ��'
<br /> �, not become ohligated to pay to the Secretary, and Leitder shull promptly rePond any excess funds to Bortower. �«r.•-
<br /> Immediately prlor to a forcclosure sale of the Property or its acquisition by i.ender, Borrower's accaunt shall be `y-
<br /> � credited with any balance remaining for all installments for items(a),(b),and(c). �'=-
<br /> � 3. Applicntion of Pnyments.All payments under paragra�hs 1 and 2 shall be applied by Lender as follows: _ _
<br /> . i s, to the mortgage insurance premium to be paid by Lender�o�he Secre►ary or m ihe monthly chargr hy chr ��-�_
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<br /> Secretary instead of the monthly mortgage insu�ance premium; "��
<br /> eco d, to any taxes, special assessments, leasehold paymcnts or ground rems, ancl lire, iluud.ind uihrr haiar�l -
<br /> � , insurance premiums,as required: '','-
<br /> x' �'hird, to interest due under the Note; �'`�"
<br /> ' � ourt , to umortization of the principal of[hc No�c;and -
<br /> �ift�l,to late charges due under the Note.
<br /> 4. Fire,Flood and Other Hazard Insurance. Barrower shall insure all improvcmems on Aie Properry, whr[her ��
<br /> - now in existence or subsequently erected, against any hazards,casualties,and cancingencies, including fire,far which .,';::
<br /> �••�� •:��; Lender requires insurance. This insurance shall be maintatned in the amounts and for the periods that l.e�der
<br /> - - rrqtzi:ss. �n4WPr �.hall alse insure ?�I itnnmvrmPntc on the Pmperty: whether now in existence or subsequendy �
<br /> .Ci-7-.i: �Y,: �
<br /> . erected, against loss Uy floods to the extent required by the Secretary. All insurance sh�ll be carried with companies �'-�
<br /> "�'=�� •.' � a�proved by Lender.The insurance polIcies and any renewals shall be held by Leader and shall include loss payable �"'
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<br />- � clauses in favor�f,and!n a form acceptable to, l.ender.
<br />�.=::�i.��:�,`:: In the event of loss,Borrower shall give Lender immeciiate notice by mail. Lender rnay make praof of loss if not
<br /> `�''��'� mude rom tl b Borrower.Each insurAnce com an concemed is hereb authorized and directed to make a menc
<br /> �i;�:i�=::•-.�. . P P Y Y P Y Y P Y
<br /> � �"���• for such loss directly to Lender, lnstead of to Bonower and to Lender jointly, All or any part of the insurance
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<br />_d�,.i,.�•,. proceeds may be applied by Lender, at its option, either(a)to the reduction of the indebtcdness under the Note and
<br />'�'"°_-��<"y� this Security Instrumenc,first to any delix�quent amounts applied in the order in paragraph 3. and th�n to prepayment
<br />=�=- '-:�"'' of principal, or (b) to the restoration or repair of the damaged Propeny. Any application of the proceeds ro thc -
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<br /> ___ , ' principal shall not extend or postpone the due date of the monthly payments which are re(en�ed to in paragraph 2.or
<br /> - -_,'•�r� change the amount of such payments. Any excess insuranee proceeds over an amount r�quired ro pay all outstuiding
<br />___,-;....�:"`� indcbtcdness under the Note and this Securiry Instniment shall bc paid to the entiry:egaliy entitled thereto.
<br />--_;-^�;=�� � , In the event of foreclosure of this Security Instrument or ot her trans fer o f tit le to t hc Property t hat extinguis hcs
<br /> _. -_�:.� the indebtedness, all right, tltle and interest of 9orrower ui and to insurance policies in force shall pass io thc _
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