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20110893�
<br />mortgage ix�surencx� piem9um io tse paid by I.ender to the Secretary, or {'�i} a montEi!!y oharge instead af a
<br />m�rtgage insut'�nce premium iP thls Secarity xn,�snmment is held by the Secrecary, in a reasoaeble amount to
<br />�e dat�rm�ed by the Secretary. Except for the m4ntbly charge by tt�e Secretary, theae itsms ate called
<br />„ Esc�w Items' anci the stu�s paid to Lender ere call�d "Escrow Pvnds."
<br />I,en�r may, a[ any �e, callect and hoXd amoimts for �scraw Items i� an ag�regate amount not to exceed
<br />the meximun► amo�mt t11At may be requised for Sorrow�r's escrovt► account un�er [t►e Real Esta� S�et#lemenz
<br />Procedures Aet of I974, 12 U.S.C. 5ection 2601 e3 s�q. �nd imp1ementing regvlations, 24 CFR Part 350Q,
<br />as th�y may be �mended fram time to t[me ("FEESpA"), eacept tha1t rhe cushian or reserve permitted by
<br />RE�SPA for unanticipated disbursemsnts flr siiebureaments before �e Borrower's payments ar� �vail�ble iz�
<br />the account may nat be based on emaaats aTue for the mortgaga �nsar�ce premi�.
<br />If the axaouats heId by Le�der for Fscraw Iiems exc�erl the amounks psrn�Iitted to be heid by R�fiPA, Lender
<br />s�a]1 account tp �orrower iar the excese funds as requiied by RESPe1. If tha smounts of fuada held by
<br />�.ender at any tin� are not suffiaent m pay 'the &9crow Items �vh� dne, Lend�z msy noti�y t�e Barrower
<br />and reyuixc Borrn�ver tb m�ke up tve sh�rtage as permitted by RE{SFA,
<br />The Escrow Runds are piedged a9 add�tfional sewrity for alt sums sECU.red by tl�is Secnrity Iusnn�ment. If
<br />Bvrrower tenders ta Lsnder tlie full payment of eli such sw�s, Borrower's eccount sh�ll be credited with the
<br />bal�ce remaiaing far xil in9tallmentt items (a), (b), und (C) and any mortgaga ins�umnce premium insrallma�rt
<br />that Imder has not become obligaY,�d. to pay to the 5ecr�y, and Leitdex shall promprly refamd aay excess
<br />funds �o �orrower. Y�mt�sediately prior to a foreclosure sale of t6e �hra�erty or its scq�tisitiort Uy Lender,
<br />Borrower's �c.count shall be credi[ed with si►y bala�ce ramaining far a!! instalIments for items (a), (b), and {o).
<br />3. Applimetion of Payme�rts, Aal payments under psragrdphs 1�d 2 shall be applied by Lend�s as follows:
<br />l�irst. to the mongage insurance premium �Co be paid by I,en�er ta the Secretary or to � monthly c�arge by
<br />the Secr�tary instead of the montbJy mortgaga i�surence premium;
<br />Se�ond. to auy taxes, special assessments, lessehold paymants or �rowad rants. �d �Ire, flnod a�d athar
<br />ha�d insuraa�e pre�uiums, as requirefl;
<br />�lIff� LO tIIfP.I83� C�11$1III� � �Ot6�
<br />Fo , to �aorti�etlion of the principal a� ihe Nate; a�d
<br />Fi�h, to late ch�sges due �alder the Nota.
<br />4. Fire, Flood �nd �ther H�z�rd InsuranCe. �orrower sha11 insure all impravemante oa the Properry,
<br />whether naav ia existence or subseque�o.�1y ere�ted, ag�iast any h�rds, casual�es, sad co�iagenci�,
<br />incl,uding fine, for wl�iich Lemder reqnires insu�ca�ce. This insur�nce ahall be meintaiued in the amount� aad
<br />for the p�rlods that Leados reqtiires. Bqrrower shall also msure �11 �pmvements on the Ptoperry wbetber
<br />�nw in oxiste� or subsequently ere�ted, agaiast lass by klonds to the ex[ent requir� by the Secrot�sy. AU
<br />in�ursmce shall ba rarri�d with campanies ap,prodex� by Lender. 'The i�ranc� policies aud any renewals shell
<br />b� held by Lendor end s�ll include loss payable clauses in favor of, and in a foim �ccPptabia to,l.mder.
<br />In the eve,nt of Ioss, �Rrmwar ah&1] give I,ender iunnedi�te notice by m�il. Leaader may make proof of lo�s if
<br />�tot made prou�tly by Borrower Each msw�e company coac�rn� is hac�ey autbor3zea and dire��e� co
<br />make paymcat for �n�h loss direetly ta �nder, mste�d of to Bartowt�' snd to Lender jointiy. All or �ty pati
<br />of the insurance pmceeds may be app]ied by Lander, st its ogtion, airher (a) to r�e reductioa af the
<br />indehtedaess under the Not� and this Secuxity Instrumen[, Plrst to any de�inquent a�ouars applied ia the
<br />order in paragreph 3, aud tYten cQ pregayment of grincipal, or (b} to t1�� r6storatian or i�pair of the damagt�i
<br />Propcxtv. Anv ap��iCaiion of th0 �oc�eds to th� �prlfldpal shall not extand or p one'the due daie of the
<br />� at7rueaNfi vt,�maRtiv6i t11�6100
<br />Wokms Kluwet AinBnoJe1 E�vl�ca Pege 3 ot 70
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