201302590 - Laserfiche WebLink

Browse

201302590 2. Applicationof Paymentsor Proceeds-Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (ai interest doe under the Note: (hi principal din: render the Nete; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges,second to any other amounts due under this Security Instrment, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the laic charge. If more than one Pexiodie Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if,and to the extent that, each payment can be paid in full, To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied that to any prepayment charges and then ns described in the Note, Any application of payments, insurance proceeds,or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date,or change the amount,of the Periodic Payments, 3. Fundsfor Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note. until the Note is part in MU. a sum (the "Fund.") to provide for pavmenr of amounts due for: la) taxes and assessments and other items which can attain priority over this Security Instrument as a lieu or encumbrance on the Property; fb) leasehold payments or ground rents on the Property, if air (c) premiums for any and all insurance required by Leader under Section S: and(d) Mortgage Insurance premiums. if any, or any sums payable by [knower to Lender to lieu of the payment of Mortgage insurance premiums In accordance with the provisions of Section LU These items are called"Escrow Items." At origination or at any time during the term of the Loan. Lender may require that Community Association Dues, Fees, and Assessments it any,be escrowed by Borrower. and such dues, fees and assessments shalt be are Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section Borrower shall pay Lender the funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items Lender may waive Borrower's obligation to pay to Leader Funds for any or all Escrow items at any time Any such waiver may only be in writing, In the event of such waiver, Borrower shall pay ditectly, when and where payable, the amounts slue for any Escrow Item:for which payment of Funds has been waived by Lender and. it Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained In this Sectn'iry Instrument,as the phrase "covenant and agreement" is used in Section '1, if Borrower is obligated to pay Escrow hems directly, pursuant to a waiver. and Borrower fails to pay the amount due for an Escrow Item Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amoanL Lender may revoke the waiver as to any or all Escrow Items at any time by a nonce given in accordance with Section 15 and. upon such revocation,Borrower shall pay to Lender all Funds,and in such amounts. that arc then required under this Section 3. lender may, at any time. collect and hold Funds in an amount (al sufficient to penult Lender to apply the Funds at the time specified under RESPA.and (bl not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance,with Applicable Law. N=BRn5K43ing4 Family-Few Maerrealcie M,a UNIFORM Ia3TR11MENT IDITH 87_145 Form 3328 W' Cue '81 vMP&ttNEI 0 i0.5.)% Wnllen Knjwer RCarsinl 9sv'c4s Page 5 M 1; Ill 11111111111 II 11 111111111111111 111!111!1111!11!1 801315605561 0233 318 0117