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Loan - - /3 V3 201400
<br />for all purposes be 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 to pay Escrow Items
<br />directly, pursuant to a waiver, and I fail to pay the amount due for an Escrow Item, Lender may exercise
<br />its rights under the Loan Documents and this Agreement and pay such amount and I shall then be
<br />obligated to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow
<br />Items at any time by a notice given in accordance with the Loan Documents, and, upon such revocation,
<br />I shall pay to Lender all Funds, and in such amounts, that are then required under this Section 4.F.
<br />Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply
<br />the Funds at the time specified under the Real Estate Settlement Procedures Act ( "RESPA "), and (b) not
<br />to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount
<br />of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow
<br />Items or otherwise in accordance with applicable law.
<br />The Funds shall be held in an institution whose deposits are insured by a federal agency,
<br />instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or
<br />in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than
<br />the time specified under RESPA. Lender shall not charge me for holding and applying the Funds,
<br />annually analyzing the escrow account, or verging the Escrow Items, unless Lender pays me interest
<br />on the Funds and applicable law permits Lender to make such a charge. Unless an agreement is made
<br />in writing or applicable law requires interest to be paid on the Funds, Lender shall not be required to
<br />pay me any interest or earnings on the Funds. Lender and I can agree in writing, however, that interest
<br />shall be paid on the Funds. Lender shall provide me, without charge, an annual accounting of the
<br />Funds as required by RESPA.
<br />If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to me for
<br />the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined
<br />under RESPA, Lender shall notify me as required by RESPA, and I shall pay to Lender the amount
<br />necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly
<br />payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify
<br />me as required by RESPA, and I shall pay to Lender the amount necessary to make up the deficiency in
<br />accordance with RESPA, but in no more than 12 monthly payments.
<br />Upon payment in full of all sums secured by the Loan Documents, Lender shall promptly refund to me
<br />any Funds held by Lender.
<br />G. On and after the Modification Effective Date, and notwithstanding any other provision of the Loan
<br />Documents, if all or any part of the Property or any interest in it is sold or transferred without Lender's
<br />prior written consent, Lender may, at its option, require immediate payment in full of all sums secured
<br />by the Mortgage. However, Lender shall not exercise this option if state or federal law, rules, or
<br />regulations prohibit the exercise of such option as of the date of such sale or transfer. If Lender
<br />exercises this option, Lender shall give me notice of acceleration. The notice shall provide a period of
<br />not less than 30 days from the date the notice is delivered or mailed within which I must pay all sums
<br />secured by the Mortgage. If I fail to pay these sums prior to the expiration of this period, Lender may
<br />invoke any remedies permitted by the Mortgage without further notice or demand.
<br />H. On and after the Modification Effective Date, Lender will allow the transfer and assumption of the
<br />Loan, including this Agreement, only to a transferee of my property as permitted under the Gam-St
<br />Germain Act, 12 U.S.C. Section 1701j-3. A buyer or transferee of the Property will not be permitted,
<br />under any other circumstance, to assume the Loan. Except as noted herein, this Agreement may not be
<br />assigned to, or assumed by, a buyer or transferee of the Property.
<br />I. On and after the Modification Effective Date, any provision in the Note (or in any addendum or
<br />amendment to the Note) that allowed for the assessment of a penalty for full or partial prepayment of the
<br />Note, is null and void.
<br />J. I will cooperate fully with Lender in obtaining any title endorsement(s), or similar title insurance
<br />product(s), and/or subordination agreement(s) that are necessary or required by Lender's procedures to
<br />ensure that the modified mortgage loan is in first -lien position and/or is fully enforceable upon
<br />modification. Under any circumstance and not withstanding anything else to the contrary in this
<br />Agreement, if Lender does not receive such title endorsement(s), title insurance product(s), and/or
<br />subordination agreement(s), the terms of this Agreement will not become effective on the Modification
<br />Effective Date and the Agreement will be null and void. I will allow Lender to attach an Exhibit to this
<br />Loan Modification that will include a Legal Description, recording information of the original security
<br />instrument, and any other relevant information required by a County Clerk's Office to allow for
<br />recording if and when recording becomes necessary for Lender.
<br />K. I will execute such other documents as may be reasonably necessary either to (1) consummate the terms
<br />and conditions of this Agreement; or (2) correct the terms and conditions of this Agreement if an error is
<br />detected after execution of this Agreement. A corrected Agreement will be provided to me and this
<br />Agreement will be void and of no legal effect upon notice of such error. If I elect not to sign such
<br />corrected Agreement, the terms of the original Loan Documents, or the most recent modified terms
<br />currently in effect, shall continue in full force, and the terms of the original Loan Documents, or the
<br />most recent modified terms currently in effect, will not be modified by this Agreement.
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