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201208268 2. Applicationof Paymentsor Proceeds.Except as otherwise described in this Section 2, all payments accepted and applied by Lender 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 Sec[ion 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied£ust to late charges,second to any other amounts due under this Security Instrument,and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late chazge due,[he payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding,Lender may apply any payment received from 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 exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluutary prepayments shall be applied Cast to any pcepayment charges and then as described in the Note. Any application of payments, iosurance proceeds,or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or chauge the amount,of t6e Periodic Payments. 3. Fundsfor Escrow Items.Borrower shall pay to Lender on the day Periodic Payments aze 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 items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b)leasehold payments or ground rents on the Proper[y, if any; (c)premiums for any and all iasurance required by Lender under Section 5;and(d)Mortgage Iusurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in aceordance with the provisions of Section 10. These items a�e called'Bsc�ow Items."At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any,be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly fiunish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds 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, Borrower s6all pay directly, when and where payable,the amounts due for any Escrow Items for which payment of Funds 6as been waived by Lender and, if Lender requires, shall fumish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and ageement contained in this Security Instrument,as the p6rase "covenant and ageement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly,pursuant to a waiver,and Borro�ver fails to pay the amount due for an Escrow Ttem, Lender may exercise its righu 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 all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds,and in such amounts,that aze then required under this Section 3. Lender may,at any time,collect and hold Funds in an amount(a) su�cient to peimit Lender to apply the Funds at the time specified under RESPA,and(b)not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or othernise in accordance with Applicable Law. Wdt�i(IuwerFnancallServl�Mae/PretltlieMacUNIFORMMSTRUMENTWITHMERS ^��P6A(NP)age a�7 f` v� III IIIII'II)I)III II��'lll IIIIII IIIII IIII'lll I III q03310769901 0233 185 0517