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201210795
<br /> AnS�application of pa��nents, inswance proceeds, or Miscellaneous Proceeds ko principal due under the Note
<br /> sha11 no±extend or postpone the due date, or change the amount, of the Periodic Payments.
<br /> 3, Funds for Escrow Items. Bonower shall pay to Lender on.the day Periodic Payments aze due under the
<br /> Note, until the Note is paid in full, a smn(the"Funds") to provide for payment oP amounts due for: (a)taxes
<br /> and assessments and other items which can attain priority over ihis Securiry Instrument as a lien or
<br /> encumbrance on the Property; (U)]easehold payments�r ground rents on[he Properiy, if any; (c)prcmiums
<br /> for any and all insurance required by Lencler under Secrion 5; and(d)VIortgage Insurance premituns, if any,
<br /> or any swns payable by Borrower to Lender in lieu of the payment of Mortga.ge Insurance premiuxns in
<br /> accordance with the provisions of Section 10. These items are called"Escrow Items.° At ori�nalion or at
<br /> any time dining the term of the Loan, Lender may requue that Cominvnih�Association Dues, Fees; and
<br /> Assessmen[s, i£any, ba escrowed by Boirower, and such dues, fees and assessments shall be an Esctow
<br /> Item. Borrower shall pminptly furnish Yo Lender all notices of amoun[s t�be paid under this Scction.
<br /> Borrower shall pay Lender the Funds for Escrow Items unless I,ender wauves Borzo��er's obligation to pay
<br /> the Funds for any or all Escrow Items. Lcnder may waive Borro�ver's obligation to pay to Lender Funds for
<br /> any or all Escrow ItemG at any nme. Any such waiver may only be in writing. In the evznt of suc13 waiver,
<br /> Barrower shall pay directly, when and where payable; the atnounts due for any�seroa-Items for which
<br /> payment of Funds has been waived liy Lendc:r and, if Lender requires, shall furnish to Lender receipts
<br /> etizdencing such payment within such time period as Lender may requirc. Borrower's obligation to make
<br /> such pa}�neuts and to provide receipts shall for all purposes be deerned to be a covenant aild agxeeulent
<br /> contained ixi this Seeurity lnstnnnent, as the phrase"covenant and agreemenT" is used in Section 9. If
<br /> Boirower is oUligated to pay Escsow IYeins directly, pursuant to a waiver, and Borrower fails to pay the
<br /> amount due for an P�scrow Item, Lender may exucise its rights under Section 9 and pay such amount and
<br /> Borrower shali then be obligatcd under Section 9 to repay to Lender any such amount. Lender may revoke
<br /> the waiver as to any or all Escrow Itans 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 /> undzs this Section 3.
<br /> Lender may, at any rime, collect and hold Funds in w amount(a) sufficient to pernut Lender to apply the
<br /> Funds at the time speeified imder RLSPA, and(b)not to exceed the max9mtun amount a lendei can require
<br /> under R�SPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable
<br /> estimates of expenditures of firture Escrow Items or otherwise in accordance with Applie;ablc Law.
<br /> Tlie Funds shall be held in an institution whose deposits are insured by a federal agency, instnunentality, or
<br /> entity(including Lendei, if Lender ts an institutian whose deposits are so iatsured) or in any Federal Home
<br /> Loau Bank_ Lender shall apply the I�unds tn pay the Escrow Items no later than the time specified undex
<br /> RESPA. L nder shall not chazge Berrower for holding and apgly�ing the FLmds, annuaLly analyzing ihe
<br /> escrow account, or verifying ihe Escrow Ytems, unless Lander pays Borroti�er intereat on.the Funds and
<br /> Agplicable Law pertnits Lender to make suah a chazge. Unless an agreeinent Is made in w�iting or
<br /> Applica6Ie La�v requires interest to be paid on Lhe Fnnds, Lender shall aot be required to pay Borrower any
<br /> interest or eamings an the Fmids. Borrower and Lender can ag-ee in writing, however, that interest shall be
<br /> paid on khe Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as
<br /> required by RESPA.
<br /> If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall accouni to Borrower for
<br /> the excess funds in accordance wirli RESPA. If there is a shoxtage of FLmds held in escrow, as defined under
<br /> RESFA, Lendcr sIiall notify Borrower as required by RF.SPA; and Borrov�rer s1k�ll pay to Lender the amount
<br /> nec�sar}-to uiake up the shortage in accordance with RESPA, but in no more than 12 montlilv paymerns. If
<br /> there is a deficiency of FLui4s held in escrow, a.defined under RESPA, Lender shall notify Bonower as
<br /> zaaozaea
<br /> �ESRASXA-Sincle Family-Pznnle MaelFretltlie M zc UNIFok!✓ INSTRUM ENT Form 3�28 1I01
<br /> W olte s K!uve er Fnzncial Servic¢ VM P6(NEj(7105)
<br /> Paoe 5 et'I]
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