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��14�4153
<br /> An� applicatian of payments, insuran�e proceeds, or Misc�l�aneous Proceeds t�principal due under�h� Note
<br /> shal�no�extend ar p�s�pane the due date, or change the amaunt, of�he Per�od�c Paym�n�s.
<br /> 3. �'unds for Escrvw I�emS. Borrower sha��pay to Lender an the da}� Period�c Payments are due under�he
<br /> Note, untii th�N�te is paid �n full, a sum�the "Funds"} �o pro�ide for paymen�of amaunts due for: �a}�axes
<br /> and ass�ssmen�s and a�her�te�ms whi�h can at�ain prior��y ov�r�h�s Se�uri�� Instrument as a I�en or
<br /> encumbrance on the Property; �b} �easehold pa�ments or ground ren�s on�he Propert�, �f any; �c}premiums
<br /> for any and a�l insurance required by Len�.er under Sec��on 5; and �d} Mor�gage Insurance premiums, if an�,
<br /> or any sums pa�abl�by Borrovver to L�nder�n�ieu of the pa�m�n�of Martga�e�nsuranc�premiuxns �n
<br /> ac�ordance vvith�he pro�isions o�`S�ction I�. Th�se items are ca�ied "Escr�v� I��ms." At ar�gination or a�
<br /> any�ime dur�ng the term of�he L.oan, Lender may require�hat�orr�.mun�ty Association Dues, Fees, and
<br /> Assessmen�s, if any, be escrowed by Borrower, and such dues, fees and assessments shall b�an�s�rav�
<br /> ��em. Bnrrower shali prampt�y furni�h�o Lend�r all nntices af amaunts to be pa�d under�his Sect�on.
<br /> Borraw�r sha��pay Lender the Funds for Escrow ��ems unless L.�nder v�ra�ves Borrow�r's obiigation�o pay
<br /> the Funds for any or all Escrow �tems. Lender may wa�v� Borrovver's abl�gation to pay�o Lender Funds fflr
<br /> any ar a�� Es�rav� I�ems a�any t�rne. Any such wa�ver may on�y�e in v�riting. �n th�e�ent of such vvai�er,
<br /> Borrower shall pay d�rectiy, when and where paya��e, �he amounts due for any Escro�r �tems for which
<br /> paym�n�of�unds has been wa��ed by Lender and, if L,ender requires s shai� furnish�o Lender re�e�pts
<br /> e��dencing such pay�nent vWithin such��me periad as Lender naay requ�re. Borr�wer's obl�ga�ion�o ma�e
<br /> such pa�ments and�o prov�de r�ceipts sha�l far aI�purposes be deemed�o b�a co�renant and agreem�n�
<br /> con�a�ned�n�h�s Securit� �nstrument, as the phrase "covenan�and agreement" is used�n Sec�ion 9. If
<br /> Borrower is ob��ga�ed to pay Escrow ��ems dire��ly, pursuant�o a vvai�rer, and Borrower fa�Is to pay�he
<br /> an�aunt due for an Escrow I�em, I,�nder n�.ay exercise i�� rights under S�c��on 9 and pa� such amaunt and
<br /> Borrov�rer shal��hen be ob�zgated under S���ion 9 to repa� ta L.�nder any such amount. Lender may revoke
<br /> the vvaiver as to any ar all Escrov�r I��ms at any t�me by a not�ce gi��n in accordance with Sec�i�n �5 and,
<br /> up�n such revoca��an, Borrower sha��pay t� Lender a1� Funds, and in such am�unts, �hat are then required
<br /> under this Sec�ion 3.
<br /> Lender m,ay, at an��ime, co�Iec�and hoid Funds in an am�un��a� suf��c�ent ta p�rmit Lender to app�y the
<br /> Funds a��he time speci��ed under RESPA, and �b} not to exce�d�h�ma��mum amount a lender can requ�re
<br /> under RESPA. Lend�r shall estimate the amount�f Funds due on the�as�s of curren�data and reasona��e
<br /> estzma��s��`e�penditures o�future Escr��v ��ems or otherv�ise �n acc�rdance with Appiicable Law.
<br /> Th�Funds sha�l be he�d in an inst�tu��on v�hose deposi�s are insured by a federal agency, instrumentaii�y, or
<br /> en�ity�includin�Lender, �f Lender�s an ins��tut�on v�hose dep�s�ts are so insured}or�n any Federal �3ome
<br /> Loan Bank. Lender shail app�y the Funds ta pay�he Escro� �tems no later�han the t�me speci�ed under
<br /> RESPA. Lend�r shail not charge B�rrower for ho�ding and app��ing the Funds, annua�ly analyz�ng�he
<br /> escrow account, ar�er�fying the Escrow �tems, unless L.end�r pays Borrov�rer interes�on�he Funds and
<br /> App�icable Law perm��s Lender�n make such a charge. Un�ess an agreem�n� is nn.ade in vvri�ing or
<br /> App�icabie La�r requires interest to be paid on�he Funds, Lender sha�� no�be r�quir�d to pay Borrower any
<br /> inter�s�or earnings�n t�e Funds. Borrow�r and Lender can agree in wr���n�, howe�rer, �hat�n�erest sha�i be
<br /> paid on�he Funds. I,ender shal� gi�e�o Borrow�r, wi�hau�charge, an annual aCCoun��ng of the Funds as
<br /> requzred by R�SPA.
<br /> �f there is a surplus of Funds held �n�scrow, as def�ned under RESPA, Lender shall account�o B�rrov�er fflr
<br /> �he excess funds in a�cordance vWith RESPA. �f there is a sh�r�age of Funds held�n escrovv, as defined under
<br /> RESPA, Lend�r sha11 nat�fy Borrower as r�qu�red by RESPA, and Borrovver shai� pay to Lender the amount
<br /> necessary to mak�up�he shortag�in accordance vvith RESPA, but in no rnore than �2 man�h�y payments. �f
<br /> there is a d�ficiency of Funds held in�scrow, as defir�e�under RESPA, Lender shall notif� Borr�wer as
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<br /> VMP� VMPfi[N�)�i 302�
<br /> Wolfers Kluwer�inanciat Ser�i��s Page a vf�7
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