|
�0120�037
<br />Any application of payments, insutance proceeds, or Miscellaneous Proceeds to principal due under the Note
<br />sha11 not extead or postpone the due date, or change the amount, of the Periodic Payments.
<br />3. Funds for Escrow Itetns. Borrower shall pay to Leader on the day Periodic Payments are due under the
<br />Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes
<br />and assessments and other items which can attain priotiry over this Securiry Instrument as a lien or
<br />encumbrance on the Properiy; (b) leasehold payments or grouad rents on the Property, if any; (c) premiums
<br />for any and a11 insuraace required by Lender uader Section 5; aad (d) Mortgage Insurance premiums, if any,
<br />or any sums payable by Borrower to Leader ia lieu of the paymeat of Mortgage Insurance premiums in
<br />accordance with the provisions of Section 10. These items are called "Escrow Items. " At origination or at
<br />any time during the term of the Loan, Lendet may require that Communiry Association Dues, Fees, and
<br />Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow
<br />Item. Borrower shall promptly furnish to Lendet all notices of amounts to be paid under this Section.
<br />Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay
<br />the Funds for any or all Escrow Items. Lender ma.y waive Borrower's obligation to pay to Lender Funds for
<br />any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver,
<br />Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which
<br />payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts
<br />evidencing such payment within such time period as Lender may require. Borrower's obligation to make
<br />such payments and to provide receipts shall for a11 purposes be deemed to be a covena.nt and agreement
<br />contained in this Security Instrument, as the phrase "covena.nt and agreement" is used in Section 9. If
<br />Borrower is obligated to pay Escrow Items directly, pursua.nt to a waiver, and Borrower fails to pay the
<br />amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and
<br />Bottower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke
<br />the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and,
<br />upon such revocation, Borrower sha11 pay to Lender all Fuads, and in such amounts, that are then requited
<br />under this Section 3.
<br />Lender may, at any time, collect and hold Fuads in an amount (a) sufficient to pe�it Lender to apply the
<br />Funds at the time specif'ied under RESPA, aad (b) aot to exceed the ma.�cimum amount a lender caa require
<br />under RESPA. Lender shall estimate the a.mount of Funds due oa the basis of current data and reasonable
<br />estimates of expenditures of future Escrow Items or otherwise ia accordance with Applicable Law.
<br />The Funds sha11 be held in an institution whose deposits are insured by a federal agency, instrumentality, or
<br />entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home
<br />Loan Bank. Lendet sha11 apply the Funds to pay the Escrow Items no later than the time specified under
<br />RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the
<br />escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and
<br />Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or
<br />Applicable Law requires interest to be paid on the Funds, Lender sha11 not be required to pay Borrower any
<br />interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest sha11 be
<br />paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as
<br />required by RESPA.
<br />If there is a surplus of Funds held in esctow, as defined under RESPA, Lender sha11 account to Borrower for
<br />the excess funds in accordance with RESPA. If there is a shorta.ge of Funds held in escrow, as defined under
<br />RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the a.mount
<br />necessary to make up the shorta.ge in accordance with RESPA, but in no more than 12 monthly paymeats. If
<br />there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as
<br />NEBRASKA-Single Family-Fannie MaalFreddie Mac UNIFORM INSTRUMENT Form 3028 7/O1
<br />VMP p VMP6(NEl (1105).00
<br />Wolters Kluwer Financial Services Page 5 of 17
<br />
|