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��14�4�SS
<br /> Any application af paymen�s, insurance proce�ds, or Misce��aneous Prnceeds to princ�pal due und�r the Note
<br /> shall no��xtend�r pos�pone the due date, or�hange the am.oun�, of the Period�c Pa�ments.
<br /> 3. Funds for Es�row Ite�ms. Barrower shal�pa� �o Lender on�he day Periodi� Payments are due under the
<br /> No�e, unt�� �h�Note is paid in fu�i, a suxn��h� "Funds"� �o pr��ide for pa�men�of amoun�s due for: �a} �axes
<br /> and ass�ssment�and other i�ems which can attain pri�rity over this Secur�ty �nstrumen�as a lien ar
<br /> encumbran�e on the Pr�perty; ��} leas�hold payments or�r�und rents on the Proper�y, if an�; �c}premiums
<br /> for an� and a�� �nsurance required by L�nder under Section S; and(d} N�or�gage �nsurance prem�ums, if an�,
<br /> or an�r sums payab�e by Borr�v�er ta L�nder in lieu af�he pa�n�ent of N�or�gage Insurance premuum.� �n
<br /> acc�rdance w�th the provisions of Section 1 D, Th�se items are call�d "Escrovv Items." At originatian or a�
<br /> any time during�he term of the L.�an, Lender ma� requ�re that Commun��y Association Dues, Fees, and
<br /> A�sessments, if an�, be es�rovved�� Borro�er, and such dues, fees and as�essments �hall be an Escrow
<br /> ��en1. Borrower sha��promptly fu�rn�sh�o L.ender ail not�ces of amounts�o be paid under�his Sec�ion.
<br /> Borrower shal� pa� Lender the Funds for�scrov�r ��ems unless L.ender wa�ves Borrov�er's abligation�a pay
<br /> �he Funds f�r any or a�l �scrflw It�ms. Lfender may wa�ve Borrower's abiigat�on�o pa�t� Lender Funds for
<br /> any or a�� Escraul �tems a�any t�me. Any such wai��r may�nly be in writing. In the ev�nt of such wa��ver,
<br /> Borrow�r shail pay directly, when and where payable, �he amoun�s due for any Escrow ��ems for vvh�ch
<br /> paymen��f Funds has been�vaived by Lender and, �f Lend�r requires, shal� furnish t� L.end�r receip��
<br /> ev�dencing such payment v��thin such time period as i.�nder may require. Borrov�r�r's obl�ga�ion to make
<br /> such payments ar�d�a pro�zde receip�s sha�� for ali purposes b�deemed to be a co�enant and agreem�nt
<br /> c�n�ained in th�s Securi�y Ir�s�rument, as�he phrase "covenan� and agreement" �s used in Secti�n 9. If
<br /> Barrower is ob�igated to pa� Es�raw It�ms direct��, pursuant�n a�raiver, and Borrov�►ter fai�s to pa� �he
<br /> arnount due for an Escravv �tem, Lender may exerc�s� i�s ri�h�s under S�c�ion 9 and pay such am�.oun�and
<br /> Borrov�er sha11 then be obl�gated under Sect�on 9 t� repay to Lender any such am.aunt. Lender rna�r revoke
<br /> �he wa��er as�o any ar a�l Escraw �tems a� any��me by a natic�gi�en in accordanc�with Sect�on IS and,
<br /> upon such revoca��on, Borrov�er shall pay to I.�nder a�l Funds, dtl� lI]SLiCh�In�IIn�S y �hat are�hen requir�d
<br /> under thi� Sec�ion 3.
<br /> Lend�r may, at any�ime, collect and ho�d Funds in an am�un� �a} suff�cient to permi�I,�nd�r to apply�he
<br /> Funds at the�ime speci�ied under RESPA, and�b} not t�e�ce�d�he maxi�num amount a I�nder can require
<br /> under RESPA. Lend�r sha�i est�mat�the amaunt af Funds�.ue an�he basis nf current data and reasonabie
<br /> estima�es af e�pendi�ures of fu�ur�Escraw Items or o�herwise in acc�rdance with Appl�cab�e Law.
<br /> The Funds �hall�e held �n an ins�i�u�ion whose depasits are�nsured b� a federa� agenc�, �nstrumen�alit�, or
<br /> en���y �including Lender, if Lender is an ins�i�u�ion who�e deposi�s are so insure�} or�n any Federal Home
<br /> Loan Bank. Lender sha�l app��r�he Funds �o pa�the Escrov�r �tems no Iat�r than�he�ime spe�ified under
<br /> R�5PA. Lender sha11 not charge Borr�vv�r for holding ar�d appi�ing �he Funds, annua���r anal�z�ng�he
<br /> escrovv ac�ount, or verifying the Escrow Items, unless Lender pa�s Barro�rer interes�on the Funds and
<br /> Applicable Law perm.��s L,ender to make su�h a charg�. Unless an agreem�n�is made in v�rrz�ing or
<br /> App�icabl� La�nr requ�res interest��be pa�d on the Funds, Lender shall not be required to pay Borr�wer any
<br /> �nterest or earn�ngs an�he Funds. Borrawer and Lender can agree in v�r�t�ng, howe�er, tha� interes�shall b�
<br /> paid on the Funds. Lender sha11 give�o Borrower, v�rithaut�harge, an annua� accounting�f�he Funds as
<br /> required b� RESPA.
<br /> If there is a surp�us o�`Funds held in escrov�r, as defined under R�SPA, Lender shall account�o Borrower far
<br /> the excess funds in ac�ordance wi�h RESPA. �f there is a shar�age of Funds h��d in escrow, as defined under
<br /> R�SPA, Lender shall notify Borrower as requ�red by R�SPA, and Borr�u��r shal� pa�r to L,�end�r the amoun�
<br /> necessary ta n�.ake up the shor�ag�in accordance with RE�PA, bu�in no more than 12�non�hiy pa�men�s. �f
<br /> there is a d��c�ency of Funds held in escro�, as de�ned under RESPA, Lender shall notif� B�rrawer as
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<br /> Walters Kluwer Financia!Ser�ices Page a af 17
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