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201303297 2. Applicationof Payments or 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: at interest due under the Note: (b) principal due under the Note, le)amounts due under Section 1. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remanting amounts shall he applied first to late charges. second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Non.. If Lender receives a payment nom 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 late charge. If more than one Periodic Payment is outstanding. Lender may apply any payment received From Borrower to the repayntent of the Periodic Payments if. and to the extent that, each payment can be paid in full. To the e<tent 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 lute charges due. Voluntary prepayments shall he applied first to any prepayment charges and then as described in the Note. Any application of payments. insurance proceeds,or Miscellaneous Proceeds to principal due under the Note shall not c<tend or postpone the due date. or change the amount. of the Periodic Payments 3. Fundsfor Escrow Items. Bonower shall pay to Lender on the day Periodic Payments are due under the Note. until the Note is paid in full,a sum I the "Funds")to provide for payment of amounts due for. ta) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property: tb) leasehold payment\or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and Id)Mortgage Insurance premiums. if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums iii accordance with the provisions of Section 10. These items are called "Escrow Items," At origination or at any time during the teen of the Loan, Lender may require that Community Association Dues. Fees. and Assessments. if any, he escrowed by Botrower. and such dues. fees and assessments shall be an 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 Lender Funds for any or all Escrow Items at any tune. Any such waiver may only be in writing. In the event of such waiver. Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if 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 Security Instrument, as the phrase "covenant and agreemenr" is used in Section 4. If Borrower is obligated to pay Escrow Items 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 amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and. upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts. that are then required tinder this Section 3. Lender may. at any time,collect and hold Funds in an amount (at sufficient to permit lender to apply the Funds at the time specified under RESPA. and (b) 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 1.aw. NLSRTSR4Suiyle Fnn,rrramne Mae'Freuo s Mac...MK.'-4M INSTRUMENT'+VITH MFRS ' " '. .. Farm 1029 1/01 'MP y vMP6ACNE1 1 1105100 Wolters„luwe-F,nanc'al Services 'ats r of 17 III IIIIIIIIIIIIIIII11IDDI IIIIIIIIIIIIIIIIIIIIIII 003314941622 0235 326 0517