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<br /> , If the amounts held by Lender for Escraw Items exceed the amounts permitted to be held by RESPA, I.ender - -. - .-r -_. , 1__.
<br /> shall ar.count to Borrower for the excess funds as required by RESPA. If the amounts of funds held by Lender at any ,. � �:
<br /> � time are not su�cient to pay the Fscrow Icems when due, L en der may no ti f y t h e B o r r o w e r a n d r e q u i r e S o r ro w e r t o � , Q,
<br /> make up the shortage as permitted by RFSPA. ' �.. � ' _
<br /> ' I'he Escrow Funds are pledged as additional security for all sums secured by this Security Insuument. If . _ :.. �
<br /> �.`` Borrowet tenders to Lender the full payment of all such sums.Borrower's account shall be credited with the balance - . , �_
<br /> retaaining for all installment items(a).(b),aud(c)and any mortgage insurance premium installment that L.eader has .. . ,;ffti�,-;�r..;:j
<br /> not become obligaced to pay to [he Secretary, and Lender shall prompdy refund any excess funds to Rorrower. , ,,,�_,�,,;.__ ^—
<br /> Immediately prior to a forectosure sale of the Property or its acc{uisi[ion by L.ender, Borrower's account shall be ; . ` ' _
<br /> cred'sted with any balance remaining for all installmenu for items(a),(b).and(c). �� . .��"`'�'
<br /> 3.ApplIcadon of Payments.A11 paymeats under paragraphs 1 and 2 shall be applied by Lender as follows: . . . ����"��
<br /> , Fir ,to the mortgage insurance premium to be paid by Lender to the 5ecretary or to the monthly charge by the • �°�._:,_
<br /> •�.��
<br /> .. Secros.ary instead of[he monthly mongage insurance premium; - --� � _,-
<br /> ' Second,to any taxes,special assessmen[s, leasehold payments or ground rents.and fire, flaod and other hazard . ,, _ _ -�-:=
<br /> . '_ insurance premiu[ns,as reqnired: :_____ :�r ' �.--AV�'�.
<br /> � Third,to interest due under the Note; . * ,��::�,�`_
<br />� �••; Faunh,to aznonization of the principal of the Note;and : - ,�
<br /> �-•} Fi ,to late charges due under the Note. • �� � - �
<br /> � 4.Ftre,Fiood and Other Ha�ard Insurance.Borrower shall insure all improvements on the Property,whether •" =�; . ' �*�T'i -
<br /> ' - now in existence or subsequendy erecced,aBainsc anY hazards,casualties,and contingencies, includ'ang fire,for whicb .',_`�". ,��;;;
<br /> L ender r c q uires iusurance• "fhis insurance sha11 be maintained in the amounu and for [he periods that I.ender
<br /> uires. Borrower shall also insure all improvem..°nts on We Property, whether aow in existence or subsequently '_`.��.�::'.:;
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<br /> erecte4 against loss by floods to the extent required hy the Seccetary.All insurance shall be carried with wmPanies . .•-_�,.; .. c:�
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<br /> '� approved by Lender.The insurance policies and any renewals shall be heid by Lender and shall include loss payable -- - �•
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<br /> ctauses in favor of,and in a form acceptable to. Lender. �;"`�••`. _
<br /> . I n t h e e v e n t o f l o s s,B o a o w e r s h a l l g i v e L e n d e r i m m e d i a t e n o t i c e b y mail.L.ender ma y make proof of loss if not ;,r �.. �_
<br /> � • made promptly by Borrower. Fach insurance companY coIICemed is hereby authorized and directed to make payment • ,b,�'�� � +�°.
<br /> for such loss directly to Lender. instead of to Borrower and to L.ender jointly. Ail or any parc of We insurance ¢ � � �
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<br /> � � proc.eeds may be applied by Lender.at its option,either(a)to the reduction of the indebtedness under the No[e an d ��=�, i_�''.[::
<br /> ' th;s Security Instrument,first to any delinquent amounts applied in the order in paragraph 3, and then to prepayment .., :._ , , �.
<br /> �.. of grincipal. or (b) to the restoration or repair of the damaged Property. Any applicarion of We proceeds w the ' ��,�;�:n�;� �
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<br /> principal shall not extend or postpone the due date of the monttaly payu►ents which are referned to in paragraph 2.or - _
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<br /> change the amount of such payments.Any excess insurance proceeds over an amount required to pay all outstanding �:�"� �,.,�'"'�
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<br /> � indebtedness under the Note and this Securiry Instnunent shall be paid to the entiry legally entided thereto. - .._�,—� :_:
<br /> . .� In the event of foreclosure of this Security Instnuneut or other uansfer of tide to the Properry that extinguishes °�;�y5��-•
<br /> the indebtedness. all right. tide and interest of Borcower in and to insumnce policies in force shall pass to the " �_�
<br /> ��.
<br /> ...'''? purchaser. � _ —
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<br /> ' s 5.pcenpazccy,Preservation,Maintenance and Protection of the Propertg, Barrower's Loan AppficaBon; •. •. .��,Q��,:. .
<br /> •�..'� I.ease6olda. Borrower shall accupy.establish.and use the Property as Borrower's principal residence within sixry _ T��,.�.
<br /> days after the execution of this Security Instrument (or within sixty days of a later sale or traasfer of the Pcoperty)
<br /> . � and shall cantinue to occupy the Property as Borrowet's principal residence for at least one year after the date of � `''`"-,.
<br /> occupancy,unless i.ender Jeic�u,uiea'u`,at;�uireme�s�:ill�usP nndue.bardchin for Borrower.or unless eatenuating �____��,,_�..,��--____
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<br /> �� circumstances exist which are beyond Borrower's wntrol. Borrower shall notify Lender of any extenuating . �„.:....,• �, _
<br /> � circumstances. Borrower shall not commit waste or des[roy,damage or substandally change the Property or allow the =
<br /> � Propecty to deteriorate,reasonable wear and tear excepted. I.ender may inspect the Property if the Praperty is vacant ' .--�°�-
<br /> . � or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or ;,�, .
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