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201207797
<br /> Lo�a R: 62937G1326
<br /> 2. Appiicatfon of Payments or Proceeds. Except as othcrwise described in this Section 2, all
<br /> peyments accepted and applied by Lender shall be applied in the following order of priority:(a)interest
<br /> due under ihe NotG(b)princip�I due u nder the Note;(c)amounts due under Section 3.Such payments
<br /> shall be applied to each Periodic Payment in the order in which it became due.Any remaining amounts
<br /> shall Ue appiied tirstio late charges,second to any otheramounts due underthis Security Instrument,
<br /> and then to reduce the principal balance of the Note,
<br /> if Lender receives a payment from Borrower for a delinquent Periadic Payment which includes a
<br /> suificient amount to pay any late charge due,the payment may be applied to the delinquent payment
<br /> and the late charc�e.ii more than one Periodic Payment is ouistanding,Lender may appty any payment
<br /> received trom Borrower to the repaymeni of the Periodlc Payments if, and to the extent ihat, each
<br /> payment can be paid in fu1L To the wctent that any excess exists after the payment is applied to ihe tull
<br /> paymentof one or more Periodic Payments,such excess may be applied to any late charges dua.Voluntary
<br /> prepayments shall be applied first to any prepayment charges and fhen as described in the Note.
<br /> Any application of payments,insurance proceetls,or Miscellaneous Proceeds to principai due under
<br /> the Note shall not,ex[end or postpone the due date,or change the amount,of the Periodir,Payments.
<br /> 3. Funds for Escrow I4ems.Borrower shail pay to lender on the day Periodic Payments are due
<br /> under the Note,until the Note is paid in fuil,a sum(the"Funds"){o provide#or payment of amounts due
<br /> for.(a)t�es and assessmenLs and other items which can atlain priority over this Security Instrument
<br /> as a lien or encumbrance on the Properry;�b�leasehold payments or ground�ents on the Properry,if
<br /> any; (c) premiums for any and ali insurance required by Lender under Section 5; and (d) tNortgage
<br /> Insurance premiums, if any, or any sums payable by 6orrower to Lender in lieu of the payment of
<br /> Mortgage Insurance premiums in accordancewith the provisions of Section 10.These items are called
<br /> °Fscraw Items."At origination or at any time during the term of the Loan, �ender may require that
<br /> Communiry F�ssociation Dues, Fees,and Assessments,'rf any, be esc,rowed by Eorrower,and such
<br /> dues,fees and assessments shall bc an Escrow Item. Borrower shall promptly furnish to Lender all
<br /> notices of amounts to be paid underthis Section.8orrower shall pay Lender the Funds for Escrow Items
<br /> uNess Lender waives Borrower's obligation to pay the Funds for any or ail Escrow Items.Lender may
<br /> waive 6orrower's obligation to pay to Lender Funds for any or aII Escrow Items at any time.Any such
<br /> waiver may only 6e in writiog.in the event of such waiver,Borrower shali pay directly,when and where
<br /> payabie,Ihe amounts due for any Escrow Items forwhich payment of Funds has been waived 6y Lender
<br /> and, rf Lentler requires, shall furnish to lender receipts evidencing such payment within such time
<br /> period as Lender may requtre.8orrower's obligation to make such paymenis and to provide receipts
<br /> shall tor all purposes 6e deemed to be a covenant and agreement contained in this Security Instrument,
<br /> as the phrase"covenant and agreoment'is used in Section 9.If Borrower is o6ligated to pay Escrow
<br /> Items directly,pursuanito awaiver,and Borrowerfails to paythe amount dueforan Escrow Rem,Lender
<br /> may exercise ils rights under Section 9 and pay such amount and 6orrower shall then 6e obligated
<br /> under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all
<br /> Escrow items at any fime by a notice given in accordance with Section 15 and,upon�uch revocation,
<br /> Botrower shall pay to Lender all Funds,and in such amounts,that are then required under this Section 3.
<br /> lender may,at any time,coliect and hold Funds in an amount(a)sufficientto perm(i Lender to appty
<br /> the Funds atthe time specified under RESPA,and(b)notto exceed the maximum amounta lendercan
<br /> require under RESPA.Lender shall estimate the amount of Funds due on the basis of current data and
<br /> reasonable estimates of expenditures of iuture Escrow Items or o[henvise in accordance with
<br /> Applicable law.
<br /> 7he Funds shall be heid In an institutian whose deposits are insured by a federal agency,
<br /> instrumentality,or entity QncWding Lendcr,if lender is an institution whose deposits are so insured)or
<br /> in any Federal Hame Loen Bank. Lender shail apply the Funds to pay the Escrow Items no later than
<br /> the time specified under RESPA.Lender shail not charge Borrowerfor holding and applying the Funds,
<br /> annuaily analyzing the escraw account,or veritying the Escrow Items,unless Lender pays Borrower
<br /> interest on the Funds and Applicable Law permits Lender to make such a charge.Uniess an agreement
<br /> is made in writing or Applicable law requires interest to be paid on ti�e Funds, Lender shall not be
<br /> reyuired to pay Bonower any interest or earnings on the Funds. 8orrower and Lender can agree in
<br /> wriEing,however,that interest shall be paid on the Funds.Lender shall g ive to Borrower,without charge,
<br /> an annual accounting of the Funds as required by RESPA.
<br /> Itthere is a surpius of Funds heid in escrow,as defined under RESPA,Lender shail account to Borrower
<br /> for the excess funds in accordancewith RESPA.if[here is a shortage of Funds heid in escmw,as defined�
<br /> under RESPA,Lender shall notify Borrower as required by flE5PA,and Borrower shall pay to Lenderthe
<br /> amount necessary to make up ihe shortage in accordance with RESPA,but in no more ihan i 2 monthty
<br /> payments. If there is a deficiency of Funds held in escrow,as defned under RESPA,Lender shall notify
<br /> Borraver as required by RESPA,and Borrower shall pay to Lender the amount necessary to make up the
<br /> dei�ciency in accordance with RESPA,but in no more than 12 monthly paymenis.
<br /> Upon payment in full of all sums secured by this Security Instrument,Lender shall promptly refund
<br /> So Borrower any Funds held by Lerder.
<br /> 4. Charges;Liens. Borrower shall pay all taxes,assessments,charges,fnQs,�nd imposillons
<br /> ath�ibutable to the Property which can attain priority overthis Security instrument,leaseh� 3 m ts,`r��
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