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201207612
<br /> Any application of payinznts, insurance proceeds, or Miscellaneoas Proceeds to principal due under the Note
<br /> shall not extend or postponc Yhe due date, or change the amount, oP the Pcriodic Payments.
<br /> 3. Fnnds for P,scrow Items. Bonower shall pay to Lender on the day Periodic Pa��nems arz due under the
<br /> Note, until the Note is paid in filll, a snm(t]ze"Funds")to provide for payment of amounts duz£or: (a)taxes
<br /> and assessments and other items which can attain priority over this Security Iastnunent as a lien�r
<br /> encumbranee on the Property; (b) leasehold paymenis or glound rents on Hie Properiy, if any; (c)preiniums
<br /> for any and all+r��rance required by Lender under Seetion 5; and(d)Mortgage Insisance preiniums, i£any,
<br /> or anv swns payable by Borrower to Lender in lieci of the payinent of Mortgage lnsurance premimns in
<br /> accordancc�vith the provtsions of Section 10. These items are called "Escrow Items." At origination or at
<br /> any time during the term oP Che Loan, Lender may require that Community Associalion Dues, Fees, and
<br /> Assessments, if any, be escrowed by Bono�ver, and such dues, fces and assessments shall be an�scro�ir
<br /> Item. Borro�rer shall promptly fiunish to Lender all notices of amounis to Uc paid under this Section.
<br /> Boaower shall pay Lender the Fw�ds for Escrow Items unless Lender waives Borrowc,�r's oUligation to pay
<br /> the Funds for any or all�scraw Iteins. Lcndes may waive Borrower's obligarion to pay to Lender Funds for
<br /> any ar all Escrom Items at any time. 9n�such waiver inay aniy be in writing. In the event of sach waiver,
<br /> Borro��ea shall pay directly, when and where pagable, the amounts due for anv Escro�v Items for which
<br /> payment of Funds has Ucen waived by Lender and, if Lender requires, shall furnish to Lender xeeeipts
<br /> evide�cing sueh pa5anenh within such time period as Lender may require. Borrower's obligarion to make
<br /> such payments and to provide receipts sha11 for all pucposes be deemed to be a covenant and a,ereeinent
<br /> contained in this Security�Instnunent, as the phrase"covenanT and aam eement" is used in Section 9. If
<br /> Borrowzr is obligated to pay Escrow Items direcfly, pursuant to a w�tic�er, and Borrower fails to pay the
<br /> amount due for an�scrow Item, Lender inay excrcise iis rights under Section 9 and pay such amount and
<br /> Borrower shall then be obligated under Section 9 to repay to Lender any such amount Lender may revoke
<br /> the wwaiver as to any or all Escrow Iteins at any time by a norice given in accordance with Secrion 15 and,
<br /> upon such revocation, Borrower shall pay to:,endzr all Funds, and in such ainounts, tl�at are then required
<br /> under this Section 3.
<br /> Lender may, at any time, collect and hold Funds in an amoimt(a) sufficient to pezmit Len.dei to apply:he
<br /> Funds a[the time specified under RESPA, and(b)not to exceed thc maximuin amount a lender can requi.re
<br /> under RESPA. Lender�shall estimate the amount of Punds due on the basis of current data and reasonable
<br /> esti�nates of expenditures of future Fscrow Items or othercvise tn aecardance with Appliccnble Law.
<br /> The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or
<br /> entity(including Lender, if Lender is au instihition whose deposits are so insured) or in any Federal Home
<br /> Loan Bank. I,ender shall a}�ply the Flxnds to pay the EscrOw Items no latet than the time specified under
<br /> RESPA. I,ender shall not cbarge Borrower for hold,ing and applying the Funds, annually analyzing the
<br /> escrow accounC, oi veri�Pging lhe Escrow Iteins, unless L,ender pays Bon-ower interest on the Funds and
<br /> Applicab]e Law perniits Lender to make such a charga. Unless a,u agreement is made ia writing or
<br /> Applicable Law requires 'sterest to be paid on the Funds, Lender shall nof be reqLured to pay Botrower any
<br /> interest ar earnings on the Funds. Borrower and Lender can agree in wriling, however, that intere;t shall 6e
<br /> paid on the Funds. Lender shall�ive to Borrower, w�thout chazge, an annual accounting of the Funds as
<br /> required by RESPA.
<br /> If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for
<br /> the excess funds in accordance with RESPA. If there is a shortage of I^unds held in escrow, as defined under
<br /> RESPA, I.ender shall notify Borrower as xequired by RESPA, and Borrower shall pay to Lender fhe amount
<br /> necessary Co make up the shortage in aecordance with RESPA, but in no inore than 12 inonthly payxnents. �f
<br /> there is a deficiency of Funds hcld in cscrow, as defined under RESPA, Lender shall notify Borrower as
<br /> zaoaziz�
<br /> NFBR45KA-Single Family-Fannie M aelRetldie M ac UNIFORh1 INSTROid ENT Porm 3028 1 i 0 t
<br /> vm P o vM Pe(N e��i i os�
<br /> W olters Kluwer Financial Servioes ?age 5 ot 1�
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