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201209534
<br /> Any applicarion of paymei�ts, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note
<br /> shall not extend or postpone the due date, or change fhe amount, of the Periodic Payments.
<br /> 3. Funds for Escro«�Items. Borrower shall pay to Lender on the day Periodic Payments aze due undcr the
<br /> Vote, until the Note is paid in full, a sum(the°Funds") tp provide for pay�ant o£amounts due for. (a)taxes
<br /> and assessments and other items which can attain priority over this Security Insfrument as a lien or
<br /> encumbranee on rhe Property; (b)leasehold payments or�ound rents on the Properry, if any, (c)premiums
<br /> for any and all insurance requued by Lender under Section�; and(d)Mortgane Insurance premiums, if any,
<br /> or any sums payahle by Borrower to Lender in lieu of the payment of Mortgage Insivance premiums in
<br /> accordance with the provisions of Scction 1Q These items aze called"Escrow Items." Af originarion or at
<br /> any tunc during the term of the Loan, Lender mxy require that Community Association Dues; Fees, and
<br /> Assessments, if any, be zscrowed by Borxower, and snch dues, fees and assessments shali be an Escrow
<br /> Item. Borrower shall promptly fumish to Lender all notices of amounts to be paid under trus Section.
<br /> Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligarion to pay
<br /> fhe Funds for any or all Escrow Itzms. Lender may waive Borrower s obligation to pay to Lender Punds Por
<br /> any or all Escrow Items at anv time. Any such waiver may only be in writiag. In Ihe cvent of such waiver,
<br /> Borcowzr shall pay directly, when and where payable, the amounts due for any Escrow Items for which
<br /> payment of Punds has been waived by Lender and, if Lender requu�es, shall furnish to Lender receipte
<br /> cz�idencing such payment�uitlain such time period as Lender may require. Borrower's obligarion to make
<br /> such payments and to pro�zde receipts shall for all purposes be deemed to be a c�venant and agreement
<br /> contained in this Security Instrument, as the phrase"covenant and agreement" is used in Section 9. If
<br /> Borrowea�is obligated to pay Escrow Iteins direcUy, pw�suant to a waiver, and I3orrower fiaus to pay the
<br /> amount due for an Fscrow ITem, Lenda�may exercise its rights undcr Sectlon 9 and pay such amount and
<br /> Borroa>ex shall then be obligated tmder Section 9 to repay to Lender any such ainount Lender may revoke
<br /> the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and,
<br /> upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required
<br /> under this Secrion 3.
<br /> Lende�may, at any time, collect and hold Funds in an amount(a) sufficient to permit Lender to apply flic
<br /> Funds at the time specified under RESPA, and(b)not to exceed the maYYimum amouu[a lendei ean require
<br /> under RESPA. Lender shall estimate the amount of Eunds due on flie Uasis of cucrent data and reasonable
<br /> estimaies of expenditures of future Escrow Items or othercuise in accordance with ApplicaUle Law.
<br /> The Funds shall be held in an uistitution whose deposits aze iilsured by a federal agency, instrumentality, or
<br /> entiry(including Lender, if Lender is an uistitution whose deposits are so insured) or in any Federal Home
<br /> Loan Bank. Lender shall apply tke Funds t0 pay the�sexow Items no later than the time specified�mder
<br /> RESPA. Lender shall not charge Bon-owcr for hold'uig uid a�lyiug LLc rund�, ecuivally analyzing the
<br /> escrow account, or verifying the Escrow Items, unless Lendcr pays Borrower interest on the Funds and
<br /> Applicable Law pennits Lender to make such a chazge. Unless an agreeinent is made in writing or
<br /> Applicable Law requires interes�t to be paid on the Funds, Lender shall not be requircd to pay Borrower any
<br /> interest or earivngs on the Funds. Borrower and Leader can agree in writing, however; that interest shall be
<br /> paid on the r unds. Lendcr shall give to Borrower, without chazge, an annual xccounring of the Funds as
<br /> required bv RESPA.
<br /> If Yl�ere is a surplus of Fnnds held in escrow, as defined under RESPA, Lender shal7.aceount to Borcower for
<br /> The excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under
<br /> RESPA, Lender shall notify Borrower as required by R�SYA, and Borrower shall pay to Lender the unount
<br /> necessary to make up the shortage in accordance with RESPA, but in no more than 12 monflfly payments. If
<br /> there is a deficiency of Funds held in escro��+, as dafined under RESPA, Lender shall no[ify Borrower as
<br /> 240G2]40
<br /> NE3RASXA-Sinole Family-Fznnie MaelFretltlie M ac UNIFOFU+i INSTRUM ENT Form 3028 1101
<br /> VM P�n VMPB(NG)(1105)
<br /> Woltere Kluwtr Fnanclal Services Page 5 of t]
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