|
201208211
<br /> Any application of payinents, insueance proeeeds, or Miecellaneons Proeeecis tc�principa1 due under flie Notie
<br /> shall not�xtend or postponc tl�e due date, or ch:uige flie amomi�, of ttie Periodic Pa3nnents.
<br /> 3. I�wads tbr Escirow Items. Borrower�tiall pa�y Ta Lender on Uie clay Periodic Pa}anenCa flre due under the
<br /> Note, unlil th�NoCe is paid in full, a suril(tho 'Ttmdv")ko provide for pa5mient of vnouuts dtta for: (a) t�es
<br /> and assess�nents and other iteme which can atfain priority over this Sum�ity Instrume��Y as a 1ie�i or
<br /> encuinbruice on tl�e Property; (U) le�sehold paymenta or grouud renfs on the Properly, if any; (c)pral�iun�s
<br /> for any and all insurancc rc�quired by i.cnder timder Sect�ion 5; and(d)MorCgage Ineurence premiums, if ang,
<br /> or any smne pa}+abl�by Borrower tn Lcuder in licu of thc payn�ie��t of Mortgage Insurance premiums in
<br /> accordance with the provisiona of Seetion 10. These items arc callcd "Escrow l�tems." At originadon or at
<br /> any time during the term of the Loan, Lender may require tl�iat Comu�imity Aesociatioi� Dues, b'ees, aaid
<br /> Assessmentv, if any, bo escrowed by 13on�ower, and such dues, �Pees and assessments shall be an Escrow
<br /> Ite,�iz. Borrower eha71 prompCly ftunish Lo Lendcr all noticcs of�amounts to be paid under t1ii� Section.
<br /> Borrower shall pay Lender the iuntls far Sscxow Items unleas Lencier waives Borro�vice's obligation to pay
<br /> Uie Funds lor any or all Ssorow Items. Lendar may waiva Borrower's obligation to pay to Zender Funds for
<br /> auy or a11 L+scrow ltcros at any timo. Any such waiver may only be in writiiig. Iu the event of such waiver,
<br /> Borrower ahall pfly direcHy, when nnd where payable, the ninoUnis clae�for any L�scrow Ttotne fbr whiclt
<br /> payment of Fwids has beeu waived Uy Lender and, if I,endar requires, shall fiarnish to Lender receipcs
<br /> evidencing such payment witl�iu suclx time period as Lender may require. Borrowei"s abligation to m[�Ice
<br /> such payments and to providc rcccipts sl�all for ali purposos be deemed to be�t covenant and agreement
<br /> coutaiucd in Chie Security Inafrun�enl, as fhephrase "covenanC and agreeinent" is iued in Sect'ron 9, lf
<br /> Borrower is ol�ligated tio pay Escrow Stems directly, pursunnt to n waiver, end Borrower Pails to pay the
<br /> amount due for an Escrow Item, Lender may axarcise ifs rights under Seotion 9 Txid pay such unount end
<br /> Rorrowee s1ia11 tl�en Uo obligated undcr Swt'rcm 9 ta repay to Lendar any suel� amount. I.ender mny revoka
<br /> � Ll�e waiver ae to any or nll�sorow Iteme �C any time by n nouoe given ii�i acoorduice with Sec�ion 15 and,
<br /> upon suck revoc�tion, Borrower sha11 pay to Lendar all Fuvda, and in auch amounts, that ere then required
<br /> Ltixder tliis Section 3.
<br /> Lendei may, at any time, collect and l�o1d'Funds in�i� amowit(a) sufficient Co penniti Lender to apply the
<br /> Funcis at tl�c timc speciCcd under RESPA, and(b) not to exceed tho maximum ainount a lender crzn rec��ure
<br /> under I2LSPA, Lender shall es[imate the amount of F uncls due on Che hnais oP current daCa aud reasnuttU1�
<br /> esliinaties of expenditwres of futnre Sscrow Items or otlierwise in accordance wiUi Applicable Law.
<br /> The Funds shnll be lield in an institutiion whose deposits are insured Uy z faderal agency, insu•umentnliCy, or
<br /> enNty(inc1uding 7,ender, if Lendcr ts an instihitic�n whase deposits are so insw�ed) or in any Federal Home
<br /> Loan Bnnlc Lender ehall a�ply the Funds to pay lhe Escrow ICema no laCer L'han thc timc spcoificd unde�'
<br /> RESPA. Lender shall uot chargo Bo�rower for holding and applying the Funda, annu�lly Aualyzing the
<br /> escrow account, or verifyiug the L:scrow ICems, tiinless I,ender pays Rorrower interest on tha Funds aud
<br /> Applicable Law pernvts Lender to meke suoh a eharge. Unless nn lgreemenC is made in wrrfing or
<br /> Applicable Lnw requires interest to be paid on Ylie Fmids, Lender ehall not be recluired to pay Borrower any
<br /> interest or earnings on tha Pwids. Borrower and Lender cau agree in writing, however, tl�at interesP shall Ue
<br /> paid on the I'unda, I.ender shall give�to Rorrower, without chatge, an ai�uLia1 accounting oP tha Funds as
<br /> requircd by RESPA.
<br /> ]f there ia a surplus of Fuuds held in cscrow, as dofined widcr RNSPA, Lcnder shall account to I3orrower for
<br /> Ehe exeess funds in a000rdance with I2SSPA. If there ie a shartage oL Puuds held iu eecrow, as clofined �mder
<br /> ItESPA, Lender shall iiotify Borrower as required Uy RESPA, and Borrower shn11 p�y to Lender the amounf
<br /> necasaaiq to make up thc shortagc in�ccordaiice with 1tL-+SYR, but in i�o mora than 12 montl�ly paymenYs. If
<br /> there is a defioieucy of Punds held in eserow, as defined uuder RLSPA, Leuder ahall notify Bonawer an
<br /> 24002344
<br /> NEORA51<A-Single Family-Pennle M aelFretldle M ac UNIGOf2M INSTRUM ENT Fo�m 3028 1101
<br /> VM P� VM PB(NE)('11051
<br /> Wolters Kluwer Plnancisl Servlces Pada 5 M 17
<br />
|