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��15��5� �. Application of Payments or Proceeds. Except as �therwise described in this 5ection 2, a11 payments accepted and applied by Lender shall be applied in the following order of priority: �a} interest due under the Note; (b}principal due urider t�e Note; �c} amounts due under Section 3. Such payments sha11 be applied to each Periodic Paym�nt in th� order in whi�h it��came du�. Any remaining amounts shall be applied first to iate charges, s�cond to any other amounts due under this Security Instrument, and then to reduce the principal ba�ance of the Note. If Lender recei�es a payment from Borrower for a delinquent Periodic Payment which in�ludes a sufficient amoun� �a pay any late �harge due, the payment may be app�ied to the delinquent payment and the Iate charge. If more than one Periodic Payment is outstanding, Lender may apply any payment recei�ed from Borrower to the repaym�nt of the Periodic Payments if, and to the extent that, each payment can be paid in ful�. Ta the extent that any excess exists after the payment is applied ta the full payment of one or more Periodic Payments, such excess may be appli�d to any late charges due. Volun�ary prepayments shall be applied first�o 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 extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds f�r Escr�w �tems. Borrower sha11 pay to Lender on the day Periodic Payments are due under the Note, unti� the Nate is paid in full, a sum�the "Fund�"} to pro�ide for payment of amounts due for: �a}ta�es and assessments and other it�ms which can attain priority o�er this Security Instrument as a lien or encumbrance on the Property; �b� leasehold payments ar graund rents on the Property, if any; (c}premiums far any and all insurance required by Lender under 5ection 5; and �d}Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu af �he payment of Mortgage Insurance premiums in accordance with the provisions of 5ection 1�. These items are called "Escrow Items." At origination or at ariy time during the term of the Loan, Lender may require that Community Association I3ues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall �e an Escrow Item. Borrower shal� promptly furni�h to Lender all notices of amounts to be paid under this 5ection. Borrnwer shall pay Lender the Funds for Escrow Items unless Lender wai�es Borrower's obligation to pay �he Funds for any or all Escrow Items. Lender may wai�e Borrower's obligation to pay to Lender Funds far any ar all Escrow �tems at ariy time. Any su�h wai��r may only be in writing. In the ��ent of such wai�er, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of F°unds has been wai�ed by Lender and, if Lender requires, shall furnish ta Lend�r receipts e�idencing such paymen� wi�hin such time period as Lender may require. Borrower's o�ligation ta make such payments and to provide receipts shali for aI� purposes be deemed to be a covenant and agreement contained in this Security Instrumen�, as the phrase "co�enant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items direct�y, pursuant tv a wai�er, 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 B orrower shall then be obligated under 5ection 9 to repay to Lender any such amount. Lender may revok� �he waiver as to any or al1 Escrow Items at any time by a natice gi�en in accordance with Section 15 and, upon such re�ocation, Borrower shall pay to Lender all Funds, and in such amounts, that ar� then required under this �ection 3. Lender may, at any time, collect and hold Funds in an amount (a} 5ufficient to permit Lender to apply the Funds at the �ime speci�ed under RESPA, and (b} not to exceed the maximum amaunt a lender can require under RESPA. Lender sha11 estimat� the amount of Funds du� on the basis of current data and reasonable estimates of expenditures of future Es�row Items ar otherwise in accordance with Applicable Law. QOi 12408349a Cttibank 3�.9�.18 V3 N�BRASICA-5ingle Family-Fannie MaelFreddie Mac 11NIFDRM INSTRUMENT WI�'H MERS Form 3��8 11Q� VMP� VMP6A�NE}�13�Z}.44 Wniters Kluwer F�nancial 5ervices Page 5 of 17 l