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201207959 2. Application of Payments or Proceeds. Except as otheiwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) ii�tcrest due under the Note; (b) principal due under the Notc; (c) xmomits due under Section 3. Such payments shall bc applicd to each Periodic Payment in the order in which it becanie duc. Any remauiing amouuts shall be applied first to late charges, second to any other amounts doe under this Security Instrument, and then to reduce the principal balance of tl�e Note. If Lender reeeives a payment from Borrower for a delinquent Periodic Paymet�Y wl�ich incliides a sufficicnt amoui�t to pay a��y late charge due, the payment may bc applied to the delinquent payment and the late cha��ge. lf more than one Periodic Payment is ootstanding, Lender may apply any payment received fi�om Rorrower to the repayment of the Veriodic Payments if, and to the extent that, each payment can be paid in full. 'I'o the cxtent that arry excess exists after the payment is applied to the foll payment of one or more Periodic Payments, such excess may be applied to any IaCe charges due. Voluntary prepaymcnts shall be applied fiist to any prepayment cl�arges ai�d d�cn as described in the Note. Any application of paymenYs, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall noC cxtend or postpone the due date, or change the amount, of[hc Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender un thc day Periodic Payments are due under the Note, until the Note is paid in fiill, a sum (thc "Funds") to provide for payment of amounts due for: (a) taxes and asses-sments and other iEems which can attain prioeiLy over this Security lnstrument as a lien or eneumbrance on tl�e Pruperty; (b) Ieasehold paymenYs or groimd rents on thc Property, if any; (c) premiums for xny and all insura�ice required by Lender undcr Section 5; and (d) Mortgage tnsuranee premiums, if any, or any sums payable by Rorrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with Che provisions of Scction 10. These items are ealled "Escrow ltems." At ori�ination or at any time dueing the term of the Loan, Lender may requirc tl�al Commmiity Association Dues, Fees, and Assessments, if any, hc escrowed by Borrower, and snch dues, f� nnd asscssments shall be an Escrow Item. Borrower shall promptly fuenish k� Lender all notices of amounts to be paid under lhis SecEion. Borrower shall pay I,endee the Funds For Escrow items unless I.ender waives Borrowe�''s obligation fo pay the Funds for any or al I F,scrow Items Lender may waive Borrower's o6ligation to pay to Lender Funds for any or all Escrow Items at any Cime. Any such waiver tnay only be in writing. in thc cvent of such waiver, Borrower shall pay directily, when and whcrc payable, the amounts due for any Escrow ltems for which payment of Funds has been waived by Lendcr ai�d, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lendcr may require. Rorrower's obBgation to make such payments and Co provide reccipts shall for all purposes be deemed to be a covenant and agrec mcnt contained in this Securify insfivment, as thc phrase "covenant and agreemenY" is used in Section 9. if Borrower fs obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails Yo pay Yhe amount due for an Escrow [[cm, Lender may exercise its rights under Section 9 and pay such amount and Rorrower shall Yhen be oUligated under Section 9 to repay to Lender any such amount. Lendcr may revoke the wxiver as to a�ry or all Escrow Items a[airy tiine by a notice given in accordance with 5ection 15 and, upon sttch revocation, Borrower shall pay to Lender all Punds, and in sucl� amounts, fhaf.are then required under this Section 3. Lender may, at any Time, collccl and 6old Funds in an amount(a)sufFicient to permil Lender lo apply the Funds at thc time specified under RESYA, and (b) not to exceed the maximum amounC a lender can require under RESPA. Lender shall estiina[e die amoun[of Funds due on the ba5is oC current data and reasonable � estimates of expenditures of fi�ture tiscrow Items or otherwise in accordance with Applical�le Law. 8801292d48 �, ^� ;��n 8801291448 N��SKA-SInA�e Family-Ganriie MaelPreAdle Mac UNIFORM INSTRl1MF1JT WITH MGRS � �� Fonn 3o28 1101 VMPBA(NE)('I1U5) Wolters Kluwer flnanoial Serviws pege 5 of t]