201202862 - Laserfiche WebLink

Browse

20120286� Application of Payments or Proceeds. E�cept as other�r�ise described in this Section 2, all pati�ments uc�cpted and applied b�� Len�ler shall be applied in the li�llo�;�ing order of priority: (a) interest due un�ler thc Note: (b) principal due un�ler the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic P�ti�ment in the order in ��hich it became due. Any remaining amounts shall he applied tirst to latr charges, second to �m� other amotmts due under this Securih� Instrument, and then to re�luce the principal balance of the Note. IP I.enJcr recei��es a pa��ment from Borro�+er for a delinquent Periodic Pa�•ment ��hich inclu�les a sutticient �mount to pa� �n,y� late ch�rge due, the payment ma�� be appliecl to the� delinquent pa}•ment and Ule late ch��rge. If more than one Periodic Yay�ment is outstanding, Lender ma}• appl}� any payment recei��ed from 13orro��er to the repa}�ment of the Periodic Payments if, an�l to the estent that, e��ch pa��ment can be p�id in 1'ull. To the estent that an�� escess esists after the pa��ment is applied to the full pa��ment of one or more Pcriudic Ya��ments, such e�cess may be applied to any l�te charges due. Voluntary prepayiuents shall he applied Cust to an�� prepayment charges and then as clescribed in the Note. �m� application of payments, insurance proceeds, or Miscellane�us Proceeds to principal due uncler the Nole shall not e�tend or postpone the due date, or change the �mount, of the Periodic Ya��ments. 3. Funds for Escrow Items. }3orro�ver sh�ll pa,y to Lender on the day Periodic Pa�•ments are due un�lcr the Note, until Uie Note is paid in full, � sttnt (the "Funds" ) to provide fi�r payment of amounts due ii�r: (a) ta�es anci assessments and other items �vhich can �ttain prioritti� over tlus Securin� Instrument as a lien or cncumbrznce on the Propert�•: (b) leasehold p�yments ur gro�uld rents on the P:opertti�, if �ny; (c) premi�uns ti�r anti �nd all insurance required bti� Lender un�ler Section �: and (d) Mortgage Insurance premiwns, if �m�, c�r am� sums pa��able bv Borrower to Lender in lieu of the pay�ment of Mortgage Insur�nce premiwns in eiccurdance ��ith the pro�•isions of Section 10. These items �re calle�l "Escro�� Items." At origination or al am� time dtuing the term of the Loan, Lender may rcquire that Communit}� Association Dues, Fees, an�l Asscssments, if anti', be escro��ed b�• Borrower, and such dues, fees and assessments shall be an Lscro�� Item. Borro«�r shall promptl�• fiunish to Lender all notices of amounts to be paid under this Section. 13orro��er shall pay Lender the Funds Yar Escrow Items ui�less Lenaer �vai�•es Borro��er's obligation to pay the Funds li�r am� or all Escrow Items. Lender may �vai��e Barro��er's obligation to pay to Lender Funas lor an� or all Escro�v Items at anv time. Any such ��ai��er m�y orily be in «riting. In the e��ent of such ��ai�•er, 13c�rro�cer shall pay directl��, �vhen and where payable, the amounts due for any Eserow Items for ��hich pa}'ment of Funds has been �tiaived bti� Lender and, if [,ender requires, shall furnish to Lender receipts c��iaencing such payment «itlun such time period as I,ender may require. Borro��er's obligation to make such payments and to provide receipts shall ii�r �Il p«rposes be deemed to be a co��enant and agreement c<>ntained in this Security Instrtunent, us the phrase "co��en�nt and agreement" is used in Section 9. If I3orr<>��er is obligated te> pa}� Escrow Items directly, p«rsuant to a waiver, and Borro�ver fails to pa�� thc amount due li�r an Escro« Item, Lendcr may e�ercise its rights under Section 9�n�l pay such amount and 13<�rrower shall then be obligated under Section 9 to repa�� to I,ender an�� such aruount. Lencler mR�- re�•oke thc �vai�-er as to an�� or all Escro�� Items at any time h}• a notice given in accordance ��ith Section 1� anc1, upon such re��ocation, Borro�aer shall pay to Len�ler al] Pun�ls, and in such amounts, that are then require�i un�lcr this Section 3. l,cnder mati•, at am� tirne, callect and hold FunJs in an amount (a) suilicient to permit Lender to �ppl�� the 1'un�ls at the time specitied un�ler RN SPA, and (b) not to e�cced the ma�imum amount a lender can require unaer RIiSPA. Lender shall estimate the amount of Funcls due on the basis of cunent �lata and reasonable estimates of espenditures of future Es�ro�� Items or other��isc in au;ordance ��ith Applicable La��. 001122994618 Citibank 3.2.55.07 V1 NEBR4SKA-Single Family-Fannie Mae/Fretltlie Mac UNIFORM INSTRUMENT WITH MERS Form 3028 1/01 VMP a� VMP6A(N� (1105).00 Wolters Kluwer Fnancial Services Page 5 of 17