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201209694
<br /> Any application of pa}�ents, insurance proceeds, or Mvscellaneous Proceed�to principal due under the Note
<br /> shall not extend or postpone the due date, or change the amount, of[he Periodic Payuients.
<br /> 3. Funds for Escrow Items. Bonower shall pay to Lender on the day Periodic Payme.zts are due Lmder tY:e
<br /> Note, until the Notz�s paid in full, a sum(the'Bunds') to provide ior payment of amounts due for: (x)taxes
<br /> and assessments and other items which can attain priority over this Security Instrument as a lien or
<br /> encumUrance on the Pxoperty; (b) leasehold paymenfs or goimd xents on the Property, If any; (c)przmlums
<br /> for any and all uiswance required by Lender under Section 5; and(d)Mortgagc Insuraace premiwns, if any,
<br /> or any suins payable by Borrower to Lender in lieu of the payment of=vIortgage Inswance premiums in
<br /> accordance witti the provisions of Section lp. ThesO items are ealled"Esexow Items." At oiiannation or at
<br /> any time during the term of the Loan, Lender may require that Community Association Dues, Pces, and
<br /> A9sessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Fscrow
<br /> Item. Borrower shall prQmptly furnish to Lender all notices of atnoLmts to be paid undex this Sec6on.
<br /> Borrower shall pay Lender the Funds for Escro�v Items unless Lender waives Borrov✓er's obligation to pay
<br /> the Funds for any or all Escrov Items. Lender may�caive Borrowex's obligation to pay to Lender Funds for
<br /> any ar all Escrow Iteins at any time. 9ny such waiver maq only be in writing. In the event of such walver,
<br /> Borrower shall pay directly, when and where payable, the amoun6s due for any Escrow Items for a�hich
<br /> payment of Funds hzs been waived by Lender and, if Lender requires, shall fumish to Lender receipts
<br /> etddenciag such payment within such time period as Lender may require. Borrower s obligarion to make
<br /> such payinents and to provide xeceipts shall for all purposes be deemed to be a covenant and agreeinent
<br /> contained in this Security Instrument, as t'he phrase"covenant and agreemenY' is ased in Sec�on 9. If
<br /> Borrower is ohligated to pay Escro��Items directly, piusuant to a waicer; and Borrowcr faits to pay the
<br /> amount due Por an�sciow icem, Lender may exercise its riglx[s under Secrion 9 �d pay such amount and
<br /> Lorrowex shall then be obligated unda Secrion 9 to repay to Lender any such unounT. Lender may revoke
<br /> the waiver as to any or a11 Escrow$ems at any hime by a notice given In acCOrdance with Section IS and,
<br /> upon such revocalion, Borrower shall pay to Lender all I unds, and in such amounts, that aze then reqdved
<br /> under this Section 3.
<br /> Lender may, at ang time, collecT and hold Funds in an amount(a) sufficient to peTmit Lender to apply the
<br /> Funds at the time specified,under RESPA, and(b)not to excead the m2ximum amount a lender can require
<br /> under FZESPA. Lender shall esfimate the amounY of�'unds due on the basis of cuuent data avd reasonable
<br /> estimates nf expenditures of future Fscrow ICeins or othenvise in accordance with Applicahle Law.
<br /> The Funds shall t�e held in an institution whose d.eposits aze insurcd by a federat agency, instrumentali'ry, or
<br /> entity(inclucling Lender, if Lender is an insti�turion whese deposits are so insured) or in any Fedcral Homa
<br /> Loan Banic. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under
<br /> RESPA. Lender shall not charge Botrower for holding and applying the Funds, annually analyzing the
<br /> escsow accomat, or verifyirtg fhe Eserow Items, unle3s Lender pays Borrower interesE on the Funds and
<br /> Anplicable Law permits Lender to make such a chazge. Unless an a�eement is made in wriring or
<br /> Applicable Law requires interest to be paid on the Funds, Lender shall not be requu ed to pay Borrower any
<br /> ulterest or eamings on the Funds. Boxxower and Lender can agee in writing, however, that interest shall be
<br /> paid on the Punds. Lender shall�ve to Boixo�✓er, without charge, an annual accounting of the Funds as
<br /> rcquired by RESPA.
<br /> If there is a surplus of Funds held in escrow, as defiaed under RESPA, Lender shall account io Borrower for
<br /> the�cess funds in accordance a�ith RESPA. If there i5 a shc�rtage of Funds he!d in escrow, as dehned under
<br /> RESPA, =.endcr shal!notify Borrower as required by RESP a, and Borrower shall pay to Lender 8ie amount
<br /> necessary to make up the shortage in accordance with KESPA, Uut ui no more thar 12 monthly payments. If
<br /> thae is a deficiency of FLmds held in escrow, as defined under RESPA, Lender shall norify Sorrower as
<br /> zaoovas
<br /> N�RFSKA-Single Fzmlly-Fannle M aelFre�tlie M ac UMFORM INSTRpM BJT Fm-m 3028 1/01
<br /> VMP�y VMP6(N�(1105)
<br /> W o!ters iClwuer Financial Services � Page 5 of 1]
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