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<br /> Any applica�xon of payments, insuran�e proceeds, or Miscellaneous Proceeds to princigal due under the Note
<br /> shall no�extend ar postpone the due date, or change the amount, of the Periodic Payments.
<br /> 3. Funds far Escrow Item�. Barrower shal.�pay to Lender on�he da�Periodic Paymen�s are due under the
<br /> Note, until the Nvte is pa�d in fulx, a sum(the "Funds"}�o pro�ide far payment�f amounts due for: �a�taxes
<br /> and assessments and n�lier items which can atta�n pxiority o�er this Securi�y Instrument as a l�en or
<br /> encumbrance on the Prngerry; �b} �easehoxd paymen�s or gr�und rents on�he Proper�y, if any; �c}premiums
<br /> far any and a11 insurance required by Lender under Se�tian 5; and(d} Martgage Insuran�e premiums, if any,
<br /> or any sums payab�e by Sorrov�rer�o Lender in lieu af the payment of Mortgage Insurance premiums in
<br /> accordance►�v�th the pra�is�ans af Section 10. Thes�items are cal�ed "Escrow�tems." At originaCion or at
<br /> any time during the term of the Loan, Lender ma�requ�re�hat Community Association Dues, F�s, and
<br /> Assessments, �f any, be escrawed by Borrower, and such dues, fees and assessments sha1l be an Escrow
<br /> ��em. �rrower shal�promptiy fi�rrush�o Lender a11 notices of amounts to be paid under this S�ction.
<br /> Borrower sha.�l pay Lender the Funds for Es�row Items uniess Lender wai�es�rro►�er's obliga�ivn ta pay
<br /> �he Funds for any or a11 Escrow Items. Lender may wa��e�rrower's obligation to pay to Lender Funds fvr
<br /> any or a.i1 Escraw Iten�s at any time. A.ny such wa��er may an�y be in writing. In the e�ent of such wai�er,
<br /> Barra�er sha�l pay dxrectly, wh�n and where payable, �e amounts due for any Es�row Items for which
<br /> payment of Funds has been wai�ed by Lender and, if Lender requxres, shatl furnish to Lender rece��ts
<br /> e��dencing such payment with�n such tim�period as Lender may requ�re. Barra�ver's nb�igation to m.ak�
<br /> such payments and ta praWide receipts sha11 for a.l�purpas�s be deemed to b�a covenant and agreement
<br /> con�ai.n.ed in this 5ecurity Instrument, as�he phrase "caWenant and agreemen�� is us�.in 5ection 9. If
<br /> Borrawer is abligated to pay Escrov�Items dxrectly, pursuant to a wai�er, and Borrawer fa.i�s to pa�t�he
<br /> amaunt due far an Escraw��em, i,�nder may exercise its rights under Se��ion 9 and pay such amount and
<br /> Borrower sha11 then be obligated under S�t�an 9 to repay to Lender any such amount. Lender may re�oke
<br /> the wai�er as tn any nr aI� Escrow Items a�an�tune by a natice gi�en in accordance with Sect�on �5 and,
<br /> upon such revacation, Barrnwer sha11 pay to Lend�r aI� Funds, and in such amounts, that are then required
<br /> under this Section 3.
<br /> Lender may, at any�ime, collect and hold Funds in an amaunt�a) sufficient ta permit Lender to appl�r the
<br /> Funds at�he tirne spec�fied under RESPA, and�b�not to exc,eed the maximum amount a lender can requ�re
<br /> under RESI'A. Lender sha11 estimate�he amount of Funds due on�►e basis vf�urrent da�a and reasanable
<br /> estzmates of expenditures of future Escrow Items ar a�h,erwise in accordance with Applicabie Lav�.
<br /> The Funds sha�.�be held in an inst�tutian whose dep�s�ts are insured by a f�.eral agenc�r, xns�rum�ntal�ty, or
<br /> entity�includxng Lender, �f Lender�s an ins�itut�on vWhase dep�sits ar�so uzsur�d.}or in any Federal Hame
<br /> Loan Bank. Lender sha��app�y the Funds to pay the Escraw Items no later than the tim�specified under
<br /> RESPA. Lender sha11 not charge�rrvwer for holding and app�ying the Funds, annu.ally analyzing the
<br /> escrow accaun�, �r�erif�ing�he Escrow Items, unless Lender pays Barra�er interes�on the Funds and
<br /> Applicab�e La.w pernuts Lender t�make such a charge. Unless an agreement is made in writing or
<br /> Applica.b�e Law requxres interest ta be paid an the Funds, Lender shall nat be required to pay Borrower any
<br /> �nterest or earn�ngs an the Funds. Borrnv�er and Lend�r can agree in writing, hawe�er, that interest shal�be
<br /> paid an the Funds. Lender sha.�.l gi�e�v Borrawer, wit,hout charge, an annual accaunting of the Funds as
<br /> required b�r RESPA.
<br /> If t,here is a surplus nf Funds heid in escrow, as defined under RESPA, Lender sha11 account�o�rrvwer for
<br /> �he exc�ss funds in accordanc.e with RESPA. If there is a shartage of Funds held in escraw, as defined under
<br /> RESPA, Lender sha�I not�fy Bortower as requir�d by RESPA, and�orrower shali pay to Lender th.e am�un�
<br /> neCessar�to make up the shar�age in acc�rdance vvith RESPA, bu��n na mare than 12 manthiy payments. If
<br /> there is a d�ficiency�f Funds held�n escrvw, as def�ned urider RESPA, Lender sha�l not�fy Borrower as
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<br /> Wolters Klvwer Financiaf Ser►nces Page 5 of 9 7
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