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201201534
<br /> Any application of paymeats, insuranee proGeeds, oi Miscellaneous Proceeds to principal due under the Note
<br /> shall not extcnd or postpone the due date, or change the amount, of the Periodic Payments.
<br /> 3. Ptiwds for Escrow Items. Borrocver shall paq to Lender on the day 1'eriodic Aayments aze due under the
<br /> 1Qote, until the Note is paid in full, a sum(the "Funds")to provide for paymezit of amounts due for: (a)tases
<br /> and as9esSments and oUier itema which can attain priority over this Seciuity Inshument as a lien or
<br /> encumbrance on the Property; (b) leasehold payments ox grRUnd rents on fl�e Properiy, if any; (c)pFemitune
<br /> for any and all insurance requirecl Uy Lender under Section.5; and(d)Mortgage Insurance premiums, if any,
<br /> or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in
<br /> accordance with thc provisions of Secrion 10. 1'hese items are called"Escrow Items." At origination or at
<br /> any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and
<br /> Assessments, if any, Ue escrowed by Borrower; and such dues, fees and assessments shall be an Escrow
<br /> Item. Borrow0r shall promptly furnish to Lender all notices of amounts to he yaid under this Section.
<br /> Botzowei shall pay Lender the P'uncL, for Escrow Items unless Lender waives Borrower's obligatian to pay
<br /> the Funds for any or all Escrow Items. Lender may waive Borrower s ohligation to pay to Lender Funds for
<br /> an}�or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver,
<br /> Borrower shz11 pay directly, when and where payable, the amounts due for any Escrow Items for which
<br /> paymenY of Funds has been waived by Lender and, if I,ender requires, shall furnish to Lender receipts
<br /> evidencing such payxnent within such tune period as Lender may require. Borrower's obligation to ma.ke
<br /> sucl�payments and to provide receipts shall for all purposes Ue deemed to be a covenant and agreement
<br /> contained in tlus Security Instnrment, as the ytirase"covenant and ageement" Is used in Section 9. If
<br /> Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Bqrrower fails to pay the
<br /> amount due far an Escrow Item, Leiider may exercise its rights Luider Secflon 9 and pay such ainount and
<br /> Borrowa shall then be obligated under Section 9 to repay to Lenda any such amount. Lender v�ay revoke
<br /> the waiver as to any or all Escrow Itcros at any time by a notice given in accordance with Section 15 and,
<br /> upon such revocauon, Borrower shall pay to Lendar all Funds, and in such aznounts, that aze then rcquired
<br /> under this Section 3. �
<br /> Lender may, at any fime, collect�ud hold Funds in an amouat(a) sufficient to pernvt Lender to apply the
<br /> Funds at the tune specified under RESPA, and(b) not to exceed the mazimum amount a lender can require
<br /> under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable
<br /> estimates of expenditures of fut�e Escrow Items or othexwise in accordance with Applicable I,aw.
<br /> T1ie Funds shall be held in an instihition whose deposits are insured by a federal agency, instrumentalit}�, or
<br /> entity(inclad9ng Lender, If Lender is aa insritution whose deposits axe so ictsuced) or in any Federal Home
<br /> Loan Banlc Lender shall apply thc Funds to pay the Escrow Items no later than the time specified under
<br /> RFSPA. Lenda shail not charge Boi�ro�yer for holding and applying the l�unds, annually analy-zina thc
<br /> escrow acconnt, or verifying the Escrow Items, utiless Lender pays'Barrower interest on the Ftmds and
<br /> Applicable LaRr peruiits Lender to malce such a charge. Unlcss an agreement is made in writing or
<br /> Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any
<br /> interest or earuings on the Funds. Borrower and Lender can agree in writing, however; that intexest shall be
<br /> paid on the Funds. Lender shall give to Bori�ower, v✓ithout charge, an annuat aecounring of thc FLmds as
<br /> required by RESPA.
<br /> If thete i�a surplus of Funds held in escrQw, as defined under RESPA, Lender ghall account to Borrower for
<br /> the excess funds in accordanec with RF,SPA. If there is a shor[age of Funds held in escrow, as defined.under
<br /> RESPA, Leuder shall notify Bonower as rc,quired by RESPA, and Borrower shall pay to Lender the amount
<br /> nzcessary tQ make up the shortage In accordance wi�th RESP9, Uut in no more than 12 monthly pajanents. If
<br /> there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall norify Borrower as
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<br /> W olters Klmv_v Fnancial Sarvices Page 5 of 1�
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