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<br /> Any applica�i�n of pa�ments, insurance proceeds, or Mis�ellaneous Proceeds�a prxnc�pal due under the N�te
<br /> shal� not ex�end or p�stpone�he due da�e, or change the amoun�, of the Period�c Payments.
<br /> 3. Funds for Escrow I�ems. Borrower sha�l pa��a Lender on the day Periodic Payments are du�under�he
<br /> Note, un��i the Note�s pa�d in full, a sum(th� "Funds"} to pro�v�de for payment of an��oun��due for; �a} taxes
<br /> and assessmen�s and ather items which can attain priarity o�er this Securi�y �nstrument as a li�n or
<br /> encumbran�e an�he Pr�per�y; �b} leas�hoid payments or grnund rents on�he P�-opert�, if an�; �c}premiums
<br /> for any and all �nsurance required by Lender under Sec�ion 5; and�d} Mor�gage Insurance prenuum.s, �f any,
<br /> or any sums payable b� g�rrflwer ta Lender in l�eu of the pa�ment of Mor�gage�nsurance premiums in
<br /> accardance wi�h the provisions of Section 1 D. These�tems ar��a���d "Escrow ��ems." At orig�na�i�n or at
<br /> an���me durzng�he term of the Loan, Lender nZay require that C�mmunity Asso�iation Dues, Fees, and
<br /> Assessmen�s, if any, be escrowed by Borrawer, and su�h dues, fees and assessmen�s shall be an Es�r�v�
<br /> I�em, Bflrrawer shal�pr�mptly furnish�a Lender all not�ces of amounts�o be paid under t�is Sec�i�n.
<br /> Borrower s�.al�pa�Lender the Funds for Escrnw Items un�ess Lender wa��es B�rr�wer's ob�igati�n to pay
<br /> the Funds for any or a11 Escrow �tems. Lender may v�rai�e B�rrower's ob�igation��pay to Lender Funds far
<br /> any ar a11 E�crow I�ems a�any t�me. Any such wai�er may on�y he�n wri�ing. In�he e�en�of such waiver,
<br /> Borrawer sha��pay d�r�c���r, when and v�h�re payable, the amounts due for any EsGrow �tems far which
<br /> payment af Funds has been waived by Lender and, if Lender requires, shall furn�sh t� I.ender receip�s
<br /> e�idencing such payment w��hin such�ime period as Lender may require. Borrower's ob���ation to make
<br /> su�h payments and to pro��de receip�s shall far a11 purp�ses be deemed to be a covenant and agreement
<br /> conta�ned�n�h�s Se�uri�y �nstrument, as th�phrase "co�enant and agr��ment" is used in Sect�on 9. If
<br /> Borrower is obl�gated to pay Escrow ��ems directly, pursuant�fl a waiv�r, and Borrav�er fails to pay the
<br /> amoun�due for an Escrov�r �tem, Lender may ex�rcise �ts rights under Sec�ian 9 and pay such amount and
<br /> Borrov�er sha�� then be ob�igated und�r Section 9 t�re�ay ta Lender any such amount. Lender may re�oke
<br /> the waiver as to any or a�� Escrow I�ems a�any�ime by a no�ice g�ven in accordance�v�th�ection �5 and,
<br /> up�n su�h re�ocatian, Barrower shall pa��o Lender all Funds, and in such am�unts, that are then required
<br /> under�his Sec�i�n 3.
<br /> L�ender ma�, a�any t��rne, co��ect and hald Funds in an amflun� �a} suff��ient to permai�L.end�r to apply the
<br /> Funds a��he��me specif�ed under RESPA, and (b}n�t�o exceed the m�aximum amount a lender can require
<br /> under RESPA, L�nder sha11 es�ima�e�he am�unt of Funds due an the basis of�urrent data and reasonable
<br /> es�imates af expenditures of�'uture�scrov�r ��ems or o�herw�se in aGcardance�vith Applicab�e Law.
<br /> The Funds sha��be he�d in an�nsti�u�i�n whose deposits are�nsured by a federal agency, �ns�rum�n�a�ity, or
<br /> en�i�� �including Lender, if L�nder is an�nst�tu��an whose deposits are so �nsur�d}or in any Federa� �ome
<br /> Laan Bank. Lender�hal� apply�he�unds ta pa�the Escrow I�ems n�Iater than the time specifi�d under
<br /> RESPA. L�nder shall no�charge Borrower f�r ho�ding and applying the Funds, annua��y anal�rzing the
<br /> escrovv accoun�, or�erif�ing�he Escrov� I�ems, un�ess Lender pa�s Borrov�rer in�er�st on�he Funds and
<br /> Appl�cable Law perm�ts Lender to make su�h a charge. Un�ess an agreement is made in�nrr�t�ng or
<br /> Applicable Law requ�r�s �nt�rest�o be paid on the Funds, Lender sha��not be requ�r�d to pay Borrower any
<br /> in�erest or�arn�ngs�n the Funds. Borrower and I.ender can agree�n wr�ting, howe�er, �hat in��rest sha��be
<br /> paid on�he Funds. Lender shall gi�e to Borrov�rer, without�harge, an annual account�ng of the Funds as
<br /> required by RESPA.
<br /> If�her�is a surp�us of Funds he�d xn escrov�, as de�ned under RESPA, Lender s�a�� ac�ount to Barr�wer for
<br /> �he excess funds in accor�.ance w�th RESPA. �f�here is a shor�age af Fund�held in es�row, as de�ned und�r
<br /> R�SPA, L�nder shall nat�fy Borrower as required by RESPA, and Borrower shal�pay�n Lender�he axnount
<br /> necessary�o make up the shor�age�n accordance w�th RESPA, but�n no more�han �.�m�.onthly p�}�ments. �f
<br /> �h�re�s a deficiency of Funds h�ld in escrow, as def�ned under RESPA, L�nder sha�� notify B�rrower as
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<br /> Walters Kluwer Financia!Ser�ices Page�of 17
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