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<br /> Any application of paym�nts, insurance prace�ds, or N�isce��aneflus Proceeds�o pr�ncipa� due und�r the Note
<br /> shal� no��xtend�r postpon�the du�date, or change the amount, �f�h� Periodic Payme�.ts.
<br /> 3. Funds far Escrovv I�e�ns. Borrower shal� pa� �a Lender on the da� Periodic Payments are due und�r�he
<br /> Note, until the Nate is paid in fu�i, a sum�the "Funds"}�o pro��de for payment of amoun�s due for: �a} taxes
<br /> and assessments and�ther it�ms wh�c�. �an attain prio�i�y over�his Secur�ty �ns�rument as a��en or
<br /> encumbrance on�he Proper��; �b} Ieasehold payments or ground ren�s on the Proper��, if an�; �c} pr�miums
<br /> for any and ail insurance r�quired by Lend�r under Sect�on 5; and �d} Mortgag� �nsurance premiums, �f an�,
<br /> or any sums pa�ab�e�y Borrower to Lender in�ieu of�he payment af Mortgage �nsurance premiums �n
<br /> accordance w�th�he pro��sions of Sec�ian 1D. Thes���ems are cal�ed "�scraw I�ems," A�originatifln ar a�
<br /> any tim�e during�he term of the Loan, Lender may require�ha�Cammunity Associatian Dues, Fees, and
<br /> Assessm�nts, if any, be es�rov�red b�Borrower, and such dues, fees and assessments sha��be an �scrow
<br /> �tem. Borr�wer shali prompt��furnish t� Lender all no�ices of amounts�o be pa�d under this Sect�on.
<br /> Borrovver sha�l pay Lender�he Funds for�scrow Items unless Lender wa�ves Borrovver's obligat�an�o pay
<br /> th� Funds for an�ar all Escrow I�ems. Lender ma�wai�e Borrovver's obliga�ion t�pay to Lender Funds for
<br /> any or all Escrow �tems a�any time. An� such wai�er may on�y be in writing. In the�ven�of such wai�ver,
<br /> Borrov�rer sha��pay direc�Iy, when and vvhere payable, �he amoun�s due f�r any Escrov� Ite�ns for whic�
<br /> �ay�m.ent of Fund�has b�en wai�ed b� Lender and, if L�nder requ�res, sha�I furn�sh�o Lender reGe�pts
<br /> - e�idencing such pay�nen�with�n such�ime period as L.�nder ma�require. Barrower's ob�i�ation��make
<br /> such payments and to pro�ide receipts shall far alI purposes b�deemed ta�e a co�enan�and agreemen�
<br /> con�ained �n this Securit��nstrument, as th�phras� "cavenant and agreement" is used in Sec�i�n 9. If
<br /> Barrower is�b��ga�ed�o pay Escrow Item� direc���, pursuant t�a v�ai�er, and Barrower fai�s�o pay�he
<br /> amount du�for an Escrow �tem, L.�nder may exercise�ts r�ghts under S�ction 9 and pay such amoun�and
<br /> Borrower shall�hen be ob�iga�ed under Sec��on 9 to repay�o Lender an�r such amount. Lender may �re�oke
<br /> the wa�ver as to any or aii Escrovv It�ms at any time by a no�ic�given in acc�rdance v�i�h Se��ion 15 and,
<br /> upon su�h re�oca�ion, Barrower shall pa�to L.ender al1 Funds, and in such amount�, that are then requir�d
<br /> under�h�� Sec�i�n 3.
<br /> Lender n7ay, a�any time, �ollec�and h�id Funds in an amount �a} suf�ic�en��o permit Lender to apply�he
<br /> Funds a��he time spe�ified und�r RESPA, and�b} not to exceed the max�mum amoun�a lender can require
<br /> under RESPA. Lender sha�l es��mate the arnoun�flf Funds due�n�he bas�s�f curren�data and reasona��e
<br /> es�imates�f expend��ures of future Escrow Items ar o�h�rw�se�n accordance with Appli�able Lav�.
<br /> The Funds shal� be h��d in an in�titution whose deposits are insured by a federal agency, instrumentali�y, ❑r
<br /> enti�y ��ncluding Lender, �f Lender is an insti�ut�on whose depasi�s are s� insured}or in an� F�deral Hflme
<br /> L�an Ba.nk. Lend�r shali apply the Funds to pay the Es�row I�ems no later than�he�ime speci�i�d under
<br /> RESPA. L,ender shali no�char�e Borr�wer for hold�ng and app�ying the Funds, annua�l� analyzing the
<br /> escrow accflunt, or verifying�he Escrow �tems, unless Lender pays Borrower�nterest on�he Funds and
<br /> Applicable Lav�r perm�ts Lender�o make such a charge. Un�ess an agreemen�is mad��n wri��ng or
<br /> App�icable Law requires �n�eres��o be paid on the Funds, Lender sha��no�be required�o pa� Borrow�r any
<br /> intere�t or earn�ngs�n the Funds. B�rro�ver and L.ender can agree in�riting, how�ver, tha�interest shall be
<br /> pa�d on the Funds. Lender sha�l gi�ve�a B�rrower, without charge, an annual accounting of the Funds as
<br /> requ�red by RESPA.
<br /> �f there is a surp�us of Funds he�d in escrow, as defined und�r RESPA, Lender shall accoun�to Borrower for
<br /> the ex�ess funds in accordance with RESPA. If�her��s a shorta�e of Funds held�n escrov�r, as de�ned under
<br /> RESPA, Lender sha11 not�fy Borrower as re�uired by RESPA, and Borrovver shall pay�o Lender�he amaun�
<br /> necessar� �o make up the shortage�n accordance with RESPA, but in no more than I�manthl�paym�nts. If
<br /> ther�is a defi�ien�y�#'Funds held in escrow, as defined under RESPA, Lender shai� not�f� Borrower as
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<br /> WQtters Kluwer�inar�cial Servi�es Page 5 af 17
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