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.� ��2Q��4 2 ApPllcation of Payments or Proceeds. Except as otherwise d�cribad in this Section 2, a11 payments accepted and applied by I.ender shall be applied in the following order of priority: (a) interest due under the ' Note; (b) principal due under the Note; (c) amounts due under Saction 3. S�ch payments shall be applied to ' each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late chazges, s�nd to any other anmunts due under ttris Security Instr�ment, and then to reduce the ' principal balance of the Note. If Lender receives a payment from Bonowe� for a delinquent Periodic Payment wlrich includes a sufficient i amount to pay any late charge due, the payment may be applied to the delinyuent payment and the late V charge. If more thau one Periodic Payment is outstanding, Lender may apply any payment recaived &om Bonower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess e�sts a$er tha payment is applied to the full payment of one or more Periaiic Payments, such excesa may be applied to any laxe charges due. Voluntary prepayments shall be � applied first to anY prePaymart charges and then as deacn"bed in the Note. Any applicarion of payments, insurance proce,eds, or Miscellaneaus Proc�ds to principal due under the Note shall not entend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower sha11 pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other itenos which c�n attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Properiy, if any; (c) premiums for any and all insurance requir� by Lender under Section 5; and (� Mortgage Insurance premiwns, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiw�os in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and I Assessments, if any, be escrowed by Borrower, and such dues, fees and assessnaents shall be an Escrow � Item. Bonower shall promptly furnish to Lender all noticas of amounts to be paid under this Se�tion. Borrower sha11 pay Lender the Funds for Escrow Items unless Lender waives Borrower' s obligation to pay the F�mds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for � any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, � Bonower sha11 pay directly, when and where payable, the am�unts due for any Escrow Items far which ' payment of Funds has been waived by Lender and, if Lender requires, shall fumish to Lender re�eipts evidencing such payment within such time period as Lender may re�uire. Borrower's obligation to make such payments aad to provide r�eipts shall far all purposes be deamed to ba a covenant and agreement contained in tlus Security Instrument, as the phrase "covenant and agreement" is usad in Section 9. If I I ij Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Bonower fails to pay the ; k amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and � Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or a11 Escrow Items at any time by a notice given in accordance with Section 15 and, I upon such revocation, Borrower shall pay to Lender a11 Funds, and in such amounts, that are then required '; under this Section 3. Lender may, at any time, colle�t and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender c:ac► requira under RESPA. Lender shall e,�timate the amount of Funds due on the basis of current data and r�sonable egtimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. 2200284088 NEB,�A3KA-S6�ple FemBy-FanNe Mae/Freddle Mac UNIFOHM INSTRUMENT WITH MEAS W�a Kluwer Flnandal Servicas I D VBANE � Form 3038 1 /01 � VMP6A�NE) (110b) � Pege 6 of 17 � � V