|
201208123
<br /> Any application of'payinents, insurance proccedR, or Miscellaneous Proceeds to principal due midar ihe Note
<br /> shall not extend or postponc thc due date, or change the unount, of the Perioclic Payments,
<br /> 3. Ptmds for Escrow�Items. Boirower shall pay to Lender on the d2y Periodie Paymente are due nndcr tl�c
<br /> Noke, witi1 tl�c N<�t�e is paid in fiill, a sum(the"Fuuds") ta provide for payment of ainount�a due for: (aj t�es
<br /> and asseasments and other iYems wl�ich cuiattain priority over kl�is Secnri[y Instrnment es a lien or
<br /> encumUrance on tha Property; (U) lcaschold�ayn�ents or�round rexiYs on tha Proparty, iP any; (cj premiw��s
<br /> for any 2nd al l insurancc required by Lender tuider Section 5; vid(d)Morlgago in�tu ancc premiirm.g, if any,
<br /> or any sums payable by Borrower to Lander ii�lieu of the yaymcnt of NlorCgage Insuranoe premituus in
<br /> accordance tmi[h theprovieioas o£Section 10, "l7iesc items nre called"�scrow Items." At origination or at
<br /> uiy Cinie dw�iug the Yerm of the LoAix, Leuder inay reqiiire that Community�seociakion Dues, Fee,s, and
<br /> Assessments, if any, b�escrowecl by 13orrower, and such dues, fccs and assesaments shnll be nn Eecrow
<br /> Item. Rorrower shall promptly fitriush to L,ender all noticcs of�mounts Lo he pud under this Section.
<br /> &�rrower ahnll pay Lender tihe Funds for�;scrow Items unless Lender waives Borrower's obligation to pa}�
<br /> the Punds for auy or all F,scrow Itieins. Lender m�y waive Borrower's oUligation to p�y to I,euder l�unds fot�
<br /> any or all F.scrc�w Ttoine a6 any Lime. flny such waiver may only bc in wriling. In the event of such waiver,
<br /> Ron owcr shall pay directly, when and where payablc, the nmounts due for eny Escrow Items for which
<br /> }5ayn�ianti of Punds l�as been waived hy Lender and, if Lender reqaires, shTll fusnish to Lcndcr ieoeipls
<br /> evidencing suoh payment within sncli time period as Lender may require. Borrower'a obligakion to make
<br /> such pnymenfs and to provide receipts ehall for a11 purposes bo�cemcd to be a covenant and agreemevit
<br /> �contained in this 5ecurity Instrmnent, as the pl�rase"covcnanC and agxeement" is used in Section 9, tf
<br /> $orrowor is obligated to pay�scrow Ite�ns dircctly, pursuant to a wativer, and Borrower fai1s to pay Lhe
<br /> amomit due for an Esexow Ite�i�, L,cndor n2ny exeroise its riglris tuider Section 9 anci pay sueh aniouut and
<br /> Bonrower shall then Uc x�Uligafed under Section 9 to repay to I�ndcr any auch nmount. Lender may revolw
<br /> tihe waive��as to nny oc a11 Eacrow IYems at any time Uy t�notioe giveu in accord�ice wifh S�ction 15 and,
<br /> upon euch xevoc¢tion, Ronower shall pay to Lender a11 Ptwds, aAid in such tunounts, that are Lheu required
<br /> under this Section 3.
<br /> Letader may, at any timo, collect and hold Nltnds in an amount (a) sufficient� to permit Lender to apply the
<br /> Funds at the Lime speoified under RESPA, and(U)noti to exceed the innximmn unomrt a lender can requirc
<br /> under ItLSPA. Lender shall estiinata tl�c en�oLuiC of P'unds due on the basis of cmrent data and roaeonable
<br /> estiinaies of exponclitures pf fii[ure Escrow Iteins or otherwisc in accordance with Applioable Law.
<br /> The Fuuds el�all be held in an inslilnrion whose deposits Ara insured by a feder�l agenoy, inshunientality, or
<br /> entity(iixluding Lender, i£Lender is an inytitution whosc deposits�re so insurod) or in nny Federal Home
<br /> Loan I�ank. Lender shall apply tl�e Funds to pay Uie L+eorow Items no latar than the tima specificd unde�•
<br /> ILESPA. Lande� shall not charge Borrower for holding uid applying the Fmuis, annually znalyzing the
<br /> eserow account, or veriPying the Fiscrow Items, unless I.c�nder�ays IIonrower interest on the Funds and
<br /> Applicable Law permits Lendar to ma1ce such n oharge. iJnlese an agreement is made in writing or
<br /> Applicttble La�w cequires interest to be paid on the Puncls, Lender shall not l�e rcquirod to pay Borrower nny
<br /> interesC or earnings c�n tl�c�Funds. Borrowar a�id Lender can agrcc in writing; however, [hat interest shall Ue
<br /> paid on thc�Nun$s. Lender sh�ll give to Borrower, wiEhout charge, an annnel accotuiting of the Fmide as
<br /> rcqLiired by 12ESPA.
<br /> If there is a surphis of T"unds held in escrow, as dcfincd m�der RESPA, Lender shall accoturt to I�orrower for
<br /> the excess funds in acoordance with RN_SI'A, LC Chere is a ehorYaga of Ftuids held 'nt escrow, aM dcCned 1n�ider �
<br /> Rfi3PA, Lender sha11 notify Borrowex as reqttired by I2�SPA, and Rorrowor shall pny to Lender the aznount
<br /> neceseary to mt�ke up Che shortage iu aocordance with RL;SPA, l�uC in no snore thazi 12 ii�onYl�ly payments. If
<br /> there is s cie$ciency of Funds held in asorow, as deGned undez'RESPA, Lender sl�all notify L3onrower as
<br /> --- � ---- z�aoz29�
<br /> Nf-F7RASI(A-SinglePamlly-[annleMeelFreddle A7ec UNIFORM MSTRUM[NT Form 3020 17�7
<br /> VM P(y VM PB(NE)(1105�
<br /> Wolters I<luwer Finnnclol Sorviccs Pa�e 5 af 1'
<br />
|