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201209490
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<br /> Any application oE payments;insuracrce proceeds,or 1V.[iscellaueous Proceeds to principnI due under the Nute
<br /> � shall uot extend or poslpunn tlie due dato,or ehangc the amount,of tlte Periodic Paymeu#s I
<br /> $. Funds for L+'scraw Items.BnXt'ower shall pay to Lender on fhe day Periodic P�y�nent4 ara due under tbe ,
<br /> Note,uniil the Nole is pai&in fnl1;a sum(tfio°'Funds")En providz for payu�ent of an�ounts due for:(a)#axes ;
<br /> ana assessments and other items which can atlaiu pcioiity ov�'this Secctrity Instrnment aa a li�n or " �
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<br /> encuinbrance on the Property;{b)leaseho)d paj+ments or ground rents on the Prcrper[y,i£any;(c}premi�ns I
<br /> for any and all insurance required by Lender undea'Seclion 5;a�td(d)hfortgage Insurancc premintns,if any, il
<br /> or any sums payable by Bo�nwer to T�ender im lieu of the payment of Mortgage Iz�suren�e pre+niums in i
<br /> aecordance with the provisioas of Section 10.The�e items are called"Escrow Items."A#origination ar at
<br /> any time during thc tesm nf the T.oan,Lender may renuire that Communify Assc�ciation Duss,Fees,and
<br /> Assessmznla,if uny,b�escrowed by Borrowe,r,¢nd'such dues,fees and assessmen#s shald be�n Esctnw I
<br /> Item.Sorrawer shall promplly furnisli bo Lender all�oticcs of amounts to be paid under tLis Section. i
<br /> $onower shall pay Lender the Funds for Rscrnw T#ems uuless Lendar tiwaives Borrower's oblip,ntinn to pay �
<br /> the Tands for aay or ttll Bscrow I[ems.Leuder may waive Bonowes's nhligation lu pay to Leuder Punds for i
<br /> any or all Bscro�v Ilems at auy time_Any such waivEr may only bc iu writi�g.In the event of sucb waiv�r, ,
<br /> Borrower shall pay directly,when and where payable,tFie ainonnts due for any Escrow Ttems€or which �
<br /> payment o£Funds fias been viaived 6y 1..ender and;i£Lender requires,sball fiunish lu Leuder c�eceipts
<br /> evidoncing suel�payment within such time period as Lender may re,r�nire.Bnrrower's obligationta mak�
<br /> spcb paymen[o arad to provide receipts sh�Il fnr pll piuposes be deemed to he a covenant and ageement
<br /> coutained'tn this 5cciutiiy Tnstntmeni,as tlte pLrase"covenaat and a�reemant"iF used in Section 9.If
<br /> Borrowex is obligated to pay Escrov��Itcros dir�r.tly;nursuant lu e waiver,and 13ortower fail5 to pny the
<br /> anivutrt due for an Escrow Item,Lendcr may exercise its rights under Section 9 and pay such amoimt and
<br /> Borrawer shall then be obligated under Secfion 9 tn repay ln Lender any cucL amounf.Lander may rcvoke
<br /> the waiver as to any ar alI Escrow Ifems at an}�time by a x�otice given in accordancc with Seetion 15 and,
<br /> upnn such reVocation,Borrower shall pTy tn T.enaer all Fnnd.s,and in such amotutts,that are 1}aep irequired
<br /> uuder this Section 3. !
<br /> Lender may,ai:any time,colleet and hold Fumds in an aru�uut(a)sufficienf to permit Lender to apply ihe �
<br /> Funds at the time specified under RESPA,and(E}not ta exceed the maxitnum amouat a lender can reqnirc j
<br /> under ILE3PA.Lender shaIl estimate the amaunt of F�unds dne on the hasis oE curreat data and reasnnable I
<br /> eslimaEeo of eacpenditures of fiifire Faemw Items nr af�erwise in accbrdauce witL Applicahle Law.
<br /> The Funds sha11 1ae held in an institution whose depbsits:u-e[psured vy a fedarnl agcacy,insttutnenfalily,ur
<br /> antity{inc]uding Lender,if T.ender i5 an instituticn�i�hose depasits are so insure�i)ur iu eny Federal Home
<br /> Loan Bank Lender ehsll apply the Ptwds ta pay ihe Escrow it�ems no lafer t}xan the time specified under ,
<br /> RF�PA.L.ender shall not chazge Botrowar fnr helding and applyiag the Funds,annnally analyzing the
<br /> es�zuw account,or veriCying the'Escruw Itelns,unless Lender pays Borrowez�interest on the Funds and
<br /> Applioable Law perntits Leadcr to znalce sueh'a r.harge_T7uless an agreetueut is made in writing or
<br /> Applicable T,aw requires ruterest#o be paid on 8ie'�nds,Leuder shall not l�e required to pay Bnrrower auy
<br /> interest or e�rnings an the F�mds.Borrower and.Leuder cau agree in writing,howevex,thal interest sfiall be,
<br /> paid�n the Funds_Lender shaYl grve tn Roxrower,without charge,an annua!accouuting of the Funds as ,
<br /> r�qnircd by RESPA. '
<br /> TFthere is a surplus of Funds heici iv eserow,as defincd under IZESPA,LeuJ�r shall account ta Sosower Far
<br /> the excess fi�nds in accardance witlt RESPA IF ihere is a shortage oPF3nds held in escmw,aa�lefined imder
<br /> Tt7?SPA,Lender shall aotify Borrower as reqnar�,d by RESPA,and Borrower sLall pay to Lendcr the rtmou�
<br /> necessary to muke up the shortage in accardance with itF.SPA,but in no more than 12 monthly�aywen#s.Ef
<br /> there is d dcficiency of Punds hel.d in escrow;as defined nnder RESPA,Lender shall noti£y Borrowar as I
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