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lVU��O�li/ 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, a11 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 Section 3. Such payments shall be applied to each Periodic Payment in the order in which it Uecame due. Any remaining amounts shall be applied first 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 Bonower for a delinquent Periodic Payment which includes a sufficient amount to pay any late chazge due, the 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 c�n 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. Voluntary prepayments shall be applied first to any prepayment chazges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for EsCrow Items. Borrower shall pay to Lender on the day Periodic Payments are 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 priQrity over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Properly, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow 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 sha11 be an Escrow Item. Bonower shall promptly fiunish to Lender all notices of amounts to be paid under ttus Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Esctow Items. Lender may waive Bonower's obligarion to pay to Lender Funds for any or a11 Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Bonower sha11 pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender r�eipts 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 agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Bonower is obligated to pay Escrow Items directly, pursuant to a waiver, and Bonower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Bonower 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, Bonower sha11 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) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) i�o`t �'o exceed the maximum amount a lender can reyuire under RESPA. Lender sha11 estimate the amciuiyt`Y�f Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. 8801301261 VMP �SKA-Single Family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT WITH MERS Walteer�s Kluwer Flnanciel Services 8801301261 Form 3028 1/07 VMP6A(Nq (1105) Page 5 of 17 � Yf�'i` "t.