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201208789
<br /> Any application of payments, insurancz proceeds, or Misce]laneous Proceeds to principal due under the Note
<br /> shall not extend ar posipone the due date, or change the amount, of the Periodic Payments.
<br /> 3. Funds for F.scro«�Items. Borrower shall pay to Lender on the day Periodic Pa}wents are due under the
<br /> Note, until [he Note i,paid 3n full, a sum(the'Bimds') to provide for pa}nnent of auiounts due for: (a)taxes
<br /> and assessments and other iteu�s which can attain priority over this Security Instrument as a lien or
<br /> cncumbrance on the Property; (b)leasehold payments or ground rents on the Proneriy, iF any; (c)premiums
<br /> far any and all insuiance required by LendOr imder Section 5; and(d)Mortgage I�isurance premiwns, if any,
<br /> or any suws payable by Borrower to Lender in lieu of the payment of Mortgage Insurance prerniwns in
<br /> accordance with the provisions of Section 10. These iteans are called"Escraw Items." At origination or at
<br /> any rime during the term of the Loan, Lender may require that Commiuuty Association Bues, Fees, and
<br /> Assessments, if any, be escrowed by Botxowex, and such dues, fees and assess�nents shall be an Escrpw
<br /> Item Borrower shall promptly furnish to Lender all notices of amounts to be paid mider this Section.
<br /> Borrower shall pay Lender I:t�e Fimds for Escrow Items unless Lender waives Boaower's obligation to pay
<br /> the Funds for any or all Escrow Items. Lender may waive Fwrxower s obligation to pay to Lender F[mds for
<br /> any or all Escrow Items at any time. Any such waiver may only be in tivriting. In the event of such waiver,
<br /> Borrower shall pay directly, when and where payable, the amounis due for any Escrow Ifems for which
<br /> payment of Funds has been waived by Lender and, if Lender;equires, shall fumish to Leuder.eceipts
<br /> evidencing such payment witlun such time period as Lender inay reqnire. Bocrower's obligation to inake
<br /> such payments and to provide receipf� shall for all purposes Ue deemed to be a covenant and agrzement
<br /> contained in this Security Instrument, as the phrase"covenant and agreenienk" is used'm Section 9. If
<br /> � Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the
<br /> acnount duc for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and
<br /> Bvrrower shall then be obl�qated under Seckion 9 to iepay to Lender any such amount Lender inay revoke
<br /> the waiver as to any or all Escrow Itcmti at any time by a norice given in accordance with Section 15 and,
<br /> upon such revocation, Borrower shall pay to Lender a11 Funds, and in such amounts, fnai are then required.
<br /> under this Section 3.
<br /> Lender may, at any time, collect and hold Funds in.an aznount(a) su£ficient to permii Lende;to apyly the
<br /> Funds at the tune specified under RESPA, and(b)not to exczed the maYimum amount a lender can require
<br /> under RGSPA. Lendcr shall estimate the amount of Punds due on the basis of current data and reasonable
<br /> estimates of eYpendihues of future Es�row Items or othenvise in accordance with Applicable Law.
<br /> Tl�e Funds shall be held in an institutioa whose depositi are insured by a federal lgency, inshwnentality, or
<br /> entitv(including Lender, if Lendcr is an institution tvhose deposits aze so insured) or in auv Federal Home
<br /> Loan Banlc. Lender s7�all apply the Funds to pay the Escrow Items no lazer than the time spcc,rified under
<br /> RESPA. Lender shall not chargc Borrowcr for hoiding and applying tl-,e Funds, azuivally ai�alyzing the
<br /> escrow account; or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and
<br /> Applicable Law�permits Lcnder to make such a charge. TJnle�s an agrec;inent is made in writing or
<br /> Applicabie Law requires interest to be paici on the Funds, Lender shall not be required to pay Borrower any
<br /> interest or eamings on the Funds. Borrower and Lender can a�-ee in writing, however, that inCerest shall be
<br /> paid on the Funds. Lender shall give to Borrower, wirhout charge, an annual accounting of the Funds as
<br /> required by RFSP.'1.
<br /> If thcre is a surpluG of Funds held in escrow, as deFined undcr RESPA, Leuder shall account to Borrower for
<br /> the excess funds in accordance with KCSPA If there is a shortage of Funds held in escrow, as defiaed under
<br /> RSSY?., Lender shall norify Borrower as required by RESYA, and Borrower sha11 nay to Lender Che ainoimt
<br /> necessaz��to make up the shortage in accorciance with.RESP:1, but in no more than 12 monthly payments. if
<br /> there is a deficiency of Fiuirls hcld in escrow, as deFined uuder RESPA Lendcr shall.notify Borrower as
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<br /> NE3R45i(A-Sinol=FBmily-FanniePAaelRadaieMacuNlFokbi MSTRUNENT frorm3o2a1/o1
<br /> VMP� VMPB(NE)(t�aS
<br /> V✓olters Kluwer Fnancial Services Pzge 5 ot 1]
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