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201211203
<br /> Any application of paymenEs, insurenoe proeeeds, or Miscellaneous Proceeds to principal due under tha Note
<br /> sha11 not exte�id or postpone the dua data, or change the nmounE, of the Periodio PayinenCs.
<br /> 3. Punds fur b�sex•ow ltems. Borrower shall pay to Lender on tha day Periodic Payments nre ciue under thc
<br /> Noto, tmYil khe Notie ie paid in fitll, a sum(the "Funde")to provide for payinent of'amouuYs due fbr: (a) tnxes
<br /> �nd assesements nnd other items which oan athain priority ove�-this Sccurity instrau�e��t as a lien or
<br /> enewnUrnnce ou the Property; (U) leasehold paymente or gxound rents on fhe Propnrty, if any; (c)prcminms
<br /> 4'or any and a11 insuranoe caquired by Lender under Section 5; nnd(d)Mortgage Insurance prevuums, if any,
<br /> or any sums payaUle Uy Borrower to Lender in lieu of Uie payment of Mortgege Insuruice preiniums in
<br /> accordancc with thc provisrone ofSaction 10. 'Chesa items are called"F.scrow Iteins." At origination or nt
<br /> mry titne during the terin o�C the Loan, Lender ii2ay require t12aC Communiiy Association Dues, Fees, and
<br /> Assessments, if any, be escrowed by Rorrower, a��d such dues, fees and assessmenCs shall be an Esarow
<br /> Itein. Borrower shall proinptly£wniFh to L onder all noticcs of amomits to be paid under diis Section.
<br /> Borrower ehall pay Lender the runde for Sac�•ow Items unless Leuder wnives Borrower's obligation Co pay
<br /> the Fwids for any or all Escrow Items. Lender may waive Borrower's obligntion to pny to Lender I'unds for
<br /> any or a11 L+scrow Items at any timo. Any such waiver may only be ir� writing. In the event of'such waiver,
<br /> Bon�ower shall pay direeCly, when and where plyahle, the amounhe due for any]?scrow Ttc�ns for which
<br /> paymerit of Runds hns beeu wnived by Lender nnd, if Lencier requires, sti�il furnish fo Lender receipfs
<br /> evidencing such payment within euch time period ae Lender may requii•e. Bon•ower's obligation to malce
<br /> sucli payinents and to provide receipts shall f'or all purposes ba deemed to be n covenant nnd ngreemenC
<br /> contanied in this Security Gtsl��mnent, ns tlie pUrase "coveneurt and agreement" is used in SecCion 9. IF
<br /> Borrowet ie obligated to pay L'�sorow Ikems ditectly, puxeuant to a waiver, and Borrowcr fails to pay tl�e
<br /> aanowit due for an Escrow Iham, Lender may exercise its rights under Sectiou 9 and pay such amount anci
<br /> Bon�ower ahall tl�en bo ohligaYcd uridor SecYion 9 to repay t�I,ender any sLtch amount. Lander may revoke
<br /> the wniver as to nny ar ell Eecrow Items at at�y time by a r�otice given in accordancc witl� Section 15 and,
<br /> upon such revocation, F3orrower shall pay to Lender all Funds, and in euch amounte, that are then required
<br /> tmder tihis SecCion 3.
<br /> T.ender m�y, at aziy time, collect and hold Funds�in an a�nount(a) su�cient to permit Lender Co apply tl�o
<br /> Funds at tho timo specified under RFSPA, a�id(U)not to exceed the masimwn amount a lender onu require
<br /> under RLSPA, Lencier shall estin�ate tho amount of}�'unde due on the basis of ca'rent data and reasounble
<br /> eytima2es of expenditures of futura L�scrow Items or ofherwise in aecordvice with Applica6le Law.
<br /> The Fwids shall Ue held in an institution whose deposits aze insured Uy a federel agenoy, in.gW�uinenta1ity, or
<br /> enLity(including Lender, if Lc;nder is an institution whose deposits are so instued) or in any Pederal IIoine
<br /> Loan Banlc Lender shnll apply Che Punds to pay Hie L+acxow Iteine no lator tlian the time speci.fied uuder
<br /> RFSPA. Lender shall not oharga Borrower for holding bnd applying the runds, nnncinlly analyzing tUe
<br /> escrow account, or vcrifyi��g the 13,�orow Items, wiless Lendar pays Borrower inYereat on the P'unds nnd
<br /> ApplicaUle Law pernuts Lender 4o mako such a chtixge. Unless an agreement is mada in wriCiug or
<br /> ApplioaUle Ln�v requirea iuterest Co be p�id on Ehe Punds, Lander shall not be required to pay Rorrower any
<br /> interest or earnings on fhe Funds. Borrower nnd Lender c�u flgree in writing, however, that intc;rest shall Ue
<br /> pzud on the Funds. Lender shall give to Borrower, without cha�•ge, an Annunl nccounting oP Che 1�Luids as
<br /> required Uy RESPA.
<br /> IP tl�cro is a snrplus of Funds held in e�acrow, as defined undar RESPA, Lender shall account to Borrower Por
<br /> the excess fimds in a000rdance wifh RLSPA. If fl�erc ie a shorte�ge of k�unds held in escrow, as defiued under
<br /> ItE+SPA, Lendar shall notify Bon�ower as rec�uirecl by RLSPA, �nd Boxrowe��shall p�y to Lm�dor the amonnt
<br /> ne;coesary Yo�na7cc u�thc sl�ortage in accm�dance with RESPA, but in no inore than 12 rnonthly paymente. If
<br /> thexe is a deflciency of Punds held in escrow, ae deCned imdcr R13SPA, Lender shall notify Borrower ae
<br /> 24003235
<br /> NEORA5ICA-SingloPamlly-FunnleMae/FratldleMaoUNIFORMIN9TRUMENT � Form80281l07
<br /> VM P� Vhi P6(N E)(11051
<br /> Wolters KIUW er Financial ServlCea Page 5 oi 1 Y
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