|
201301425
<br />waiver may only be in writing. In the event of such waiver, I shall pay directly, when
<br />and where payable, the amounts due for any Escrow Items for which payment of
<br />Funds has been waived by Lender and, if Lender requires, shall furnish to Lender
<br />receipts evidencing such payment within such time period as Lender may require. My
<br />obligation to make such payments and to provide receipts shall for all purposes be
<br />deemed to be a covenant and agreement contained in the Loan Documents, as the
<br />phrase "covenant and agreement" is used in the Loan Documents. If I am obligated
<br />to pay Escrow Items directly, pursuant to a waiver, and I fail to pay the amount due
<br />for an Escrow Item, Lender may exercise its rights under the Loan Documents and
<br />this Agreement and pay such amount and I shall then be obligated to repay to Lender
<br />any such amount. Lender may revoke the waiver as to any or all Escrow Items at
<br />any time by a notice given in accordance with the Loan Documents, and, upon such
<br />revocation, I shall pay to Lender all Funds, and in such amounts, that are then
<br />required under this Section 4.D.
<br />Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit
<br />Lender to apply the Funds at the time specified under the Real Estate Settlement
<br />Procedures Act ( "RESPA "), and (b) not to exceed the maximum amount a lender can
<br />require under RESPA. Lender shall estimate the amount of Funds due on the basis
<br />of current data and reasonable estimates of expenditures of future Escrow Items or
<br />otherwise in accordance with applicable law.
<br />The Funds shall be held in an institution whose deposits are insured by a federal
<br />agency, instrumentality, or entity (including Lender, if Lender is an institution whose
<br />deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the
<br />Funds to pay the Escrow Items no later than the time specified under RESPA.
<br />Lender shall not charge me for holding and applying the Funds, annually analyzing
<br />the escrow account, or verifying the Escrow Items, unless Lender pays me interest
<br />on the Funds and applicable law permits Lender to make such a charge. Unless an
<br />agreement is made in writing or applicable law requires interest to be paid on the
<br />Funds, Lender shall not be required to pay me any interest or earnings on the Funds.
<br />Lender and I can agree in writing, however, that interest shall be paid on the Funds.
<br />Lender shall provide me, 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
<br />account to me for the excess funds in accordance with RESPA. If there is a shortage
<br />of Funds held in escrow, as defined under RESPA, Lender shall notify me as
<br />required by RESPA, and I shall pay to Lender the amount necessary to make up the
<br />shortage in accordance with RESPA, but in no more than 12 monthly payments. If
<br />there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall
<br />notify me as required by RESPA, and I shall pay to Lender the amount necessary to
<br />make up the deficiency in accordance with RESPA, but in no more than 12 monthly
<br />payments.
<br />Upon payment in full of all sums secured by the Loan Documents, Lender shall
<br />promptly refund to me any Funds held by Lender.
<br />F. That the Loan Documents are composed of duly valid, binding agreements,
<br />enforceable in accordance with their terms and are hereby reaffirmed.
<br />G. That all terms and provisions of the Loan Documents, except as expressly modified
<br />by this Agreement, remain in full force and effect; nothing in this Agreement shall be
<br />understood or construed to be a satisfaction or release in whole or in part of the
<br />obligations contained in the Loan Documents; and that except as otherwise
<br />specifically provided in, and as expressly modified by, this Agreement, the Lender
<br />and I will be bound by, and will comply with, all of the terms and conditions of the
<br />Loan Documents.
<br />
|