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20120527�
<br />The �nds shall be held in an ins�tion whose deposits are insured by a federal agency, instrumentality,
<br />or entity (including Lender, if Lender is an institution whose deposits are so msured) or in any Federal Home
<br />Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RFSPA.
<br />Lender shall not charge Borrower for holding and applying the Funds, annually analyzing tha escrow account, or
<br />verifying the Escrow Item,s, unless Lender pays Borrower interest on the Funds and Applicable I,aw permits
<br />Lender to make such a charge. Unless an a�reemant is made in writing or Applicable Law requires interest ta be
<br />paid on the Funds, Lender shall not be requrred to pay Borrower any interest or eamings on the Funds. Borrower
<br />and Lender can agree in writing, however, that interest shall be paid on. the Fuads. Lender sb.all giva to Borrower,
<br />without chazge, an annual accounting of the F�ds as requirad by RESPA.
<br />If there is a surplus of Ftinds held in escrow, as dafiued under RF.SPA, Lender shall acco�nt to Borrower
<br />for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as definedunder
<br />RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the �unt
<br />necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there
<br />is a defic�ency of Funds held in escrow, as defined under RESPA, T.ender shall notify Borrower as required by
<br />RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with
<br />RESPA, but m no more than 12 monthly gayments.
<br />Upon payment m fiill of all sums secured by this Securi�ty Instrumen� Lender shall prompt�y refund to
<br />Bonrower any Funds held by Lender.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions
<br />attn'butable to the Property which can attain priority over this Security Instrument, leasehold payments or ground
<br />rents on tha Properiy, if any, and Community Ass�iadon Dues, Fees, and Assessments, if any. To the extent that
<br />these items are Escrow Items, Borrower shall pay them in the manner pravided itu Section 3.
<br />Banower shall promptly discharge any lian which has priority over tIus Security Instr�m�nt unless
<br />Barrower. (a} a,grees in writing to the payment of the obligation secured by the lien in a manner acceptable to
<br />Lender, but only so long as Borrower is performing such agreement; {b) contests the lien in gootl faith by, or
<br />defends a�ainst enforcement of the lien in, legal proceedin�s which in Lender's opinian operate to prevent the
<br />enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or
<br />(c) secures from tha holder of tha lian an agreement satisfactory to Lender subordinating the lien to tius Security
<br />Insuument. If Lender determines that any part of the Froperty is subject to a lien wluch can attain priority over
<br />this Security Instument, Lender may give Borrower a notice identifymg the lien. Within 10 days of the date on
<br />which that notice is given, Borrower shall satisfy the lien or take ome or more ofthe actions set forth above in this
<br />Section 4.
<br />Lendar ma.y rec�uire Borrower top ya one-time cherge £oz a real estate tax verification aud/ar reporting
<br />service used by Lender m connection with this Loaa
<br />5. Prope�rtty Insurance. Borrower shall kesp the izapr�ovements now existi�g or herea�ter erected an i�a
<br />Property against loss by fre, hazards included within the tarm "extended covaraga," and any other
<br />hazazds including, but not limited to, earthquakes and floods, for which Lender requires uisurance. 'IYtis
<br />insurance shall be maintained in the amounts (including dednctible levels) and for the periods that Lender
<br />requues. What Lender requires �ursuant to the preceding sentences can change dia�mg the teffi ofthe Laaa. '[he
<br />�n���nce carrier providing the insurance shall be chossn by Borrower subject to Lender's right to disapprove
<br />Boirower's choice, which right shall not be exercised unr�sonably. Lender may require Borrower ta pay, in
<br />connection with this I,flan, either. (a) a one-time charge for flood zone determination, cerlification and track�ng
<br />servzces; or {b) a one-time charge far flood zone determination and certificazion services and subsequent charges
<br />each time remappings or sim�ar changes occur which reasonably might affe,ct such determination or certification,
<br />Barrower shall also ba responsible for the payment of any fees imposed by the Fedeial Emergency Management
<br />Agency in connection with the review of any flood wne determinanon resulting fram an objection by Borrower.
<br />If Borrower fails to maintain amy of the coverages descn"bed above, Lender may obtain insurance
<br />coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular
<br />type or amount of covera�e. Therafore, such coverage shall cover Lender, but might or might not protect
<br />Borrowar, Borrower's equity in the Property, or the conten�s of the Property, age�insst any nsk, hazard or liability
<br />and might provide greater or lesser cov e than was previously iuu effect. Borrower acknowledges that the cost
<br />of the insurance coverage so obtained �t significanfly exceed the cost of in�»nce that Boirower could have
<br />obtained. Any amounts disbursed by Lender under this Saction 5 shall. bec�me additional dabt of Borrower
<br />secured by this Security Jnstrument. These amounb shall bear iaterest at tha Note rate &om the date of
<br />disbwrsement and shall be �ayable, with such interest, upon notice from Lender to Borrawer requesting gayment
<br />All +n�+�**�++++ce pohcies required by Leada and renewals of such policies shalI be subject to Lender's right
<br />to disapprove such policies, shaIl include a standard mortgage clause, and shall name Lender as mortgagee andior
<br />as an additional loss payee. Lender shall have tha right to hold the policies and renewal certificatas. If Lendar
<br />requixes, Borrower shall promptiy �ve to Lender all receipts ofpaidpremiums andrenewalnotices. IfBorrawer
<br />obtaujs any form of insurance coverage, not otherwise rea�ured by Lender, for damage to, or destruction of, the
<br />Pro�erty, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an
<br />additional loss payee.
<br />In the event of lass, Barrower shall giva pramnt notice to tha insurance cazrier and Lendar. Lender may
<br />make proof of loss if nat mada promptly by Borrower. Unless Lender and Borrower othervvise agree in writing,
<br />any insutance proceeds, whether or not the underlying insurance was required by Lender, shall be applied to
<br />restozation or repa�r of the Property, if the restoration or repair is economically feasible and Lender's securrty is
<br />not lesseaed. During such repair and restoration period, Lender sha11 have the right to hotd such insurance
<br />proceeds �mtil Lender has had an opportimity ta inspect such Properly to ensurethe work has been completed to
<br />Lender's satisfaction, provided that such inspection shall be undertaken pro�tly. Lender may disbtuse proceeds
<br />for the repairs and restoration m a single payment or m a series of progress payments as the work is completed.
<br />Unless an agreement is made in writing or Applicable Law requires interest to ba paid on such �nc�*ance
<br />proceeds, Lender shall not be required to pay Borrower any interest or earnings on such proceeds. Fees for public
<br />ad,�usters, or other third parties, retained by Borrower shall not be paid out of tha insurance proceeds and shall be
<br />tY►e sale obligation of Bortower. ff the restoration or repair �s not economically feasible or Lender's security
<br />would be lessened, the insurance proce�eds shall be applied ta the s�.s secured by this Security Inslrnment,
<br />whether or not then due, with the axcess, if any, paid to Boaower. Such insuraace procaeds shall be applied in
<br />the order providad for in Section 2.
<br />If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim
<br />and related matters. If Borrower dces not respond withi.n 30 days to a notica from Lender that the insivance
<br />carrier has offered to settle a claim then I.ender may negotiate and settle the cla�. The 3Q-day period will begm
<br />1V�BRA,SKA,—Single Family—Fannie Mae/Fre+idie Mac i)NIFURM INSTRUMEAPI' (MERS� Form 30281/Ol (page 4 of 9pages)
<br />12439.CV (9/I l) 4300102695 Creadve T6lnking, Inc.
<br />OOTO(003bed28)
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