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<br /> An.�applxca��on af payments, insurance proceeds, or M�sGellanevus Pr�ceeds to principal ciue under the Nate
<br /> shall r�ot exten�or pvs�pvne the due�a.te, or change�he a�nou�t, af the Periad�ic Fayments.
<br /> 3. Funds far Es�row Items. $arrawer shall pa�to Lender on�he day Periodic Payments are du�und�r the
<br /> Note, un�i�th�Note is paid in full, a sum(the�'Funds"�to pro�ide for payment of an�aunts due far: �a}taxes
<br /> and assessments and a�her��ems�vhich can a�tain priar�ty v��r th�s Securi�y Instrument as a�ien or
<br /> �ncu.m�rar�ce on the Prnperty; (b�leaseh�ld payrnents ar graund ren�s on the Pr�per�y, if an�r; ��}pr�m�ums
<br /> far an}�and a��insurance required b�Lender undear Sect�on S; and�d}Mortga��Insurax�ce premiums, if an�,
<br /> ar any swms payable by Borrawer�o Lender�n lieu af the payment of Mortgage�nsuran.ce�remiums�n
<br /> ac�ardance with the pravisiuns af Sec�ion 1 D. These�tems are cal�ed"Escrow It�ms."A�origina�ivn�r at
<br /> an�time during the term of the Lvan, L�nder may require�.h.at�ommunity Associa�ion Dues, Fees, an�.
<br /> Assessments, if any,�he escrowed by Barrawer, and such dues, fees ar�d assessments shatl be an Escr��r
<br /> Item. Barrower sha�l promptly furnish to Lender all notices of amounts tQ be paid under thi�Section.
<br /> Barrower sha�l pay Lend�r th.e Funds f.or Es�ravv��ems unless Lender wa��es Borro�er's obiigation to pa�
<br /> t�he Funds far ax�y vr a��Escrow It�ms. Lender may waive Borrower's ob��ga�ion to pay ta Lender Funds for
<br /> an�or aIl Escrow�tems a�any time. Any such ura�ver ma�on�y be in writin�. In the e�ent of such waiver,
<br /> Bor�-�we�-shall pay directly,when and where payable, the amvunts due for any Escraw Items for which
<br /> pa�m�nt of Funds has laeen waived by Lender and, if Lender requires, sha�I fiunish to Lender rec�ip�s
<br /> e�idencing such payment within such time p�r�iod as Lender may re�uire. F�rrower's obl�ga�on tt�make
<br /> such paymen�s and to provide receipts sha�� f��r a��purp�ses he deemed to be a cov�nant and agreement
<br /> contained in this 5ecurity�nstnunen#, as the phrase"c�venant and agr�ement"�s u�ed in Sectian 9. If
<br /> Borrawer is obligated to pay Escrc�vv Items direct��,pursuant t�a vva�ver, and�orrower fails tv pay the
<br /> amaunt due for an Escraw�tem, L�nd�r may exerc�se its rights under�ectian 9 and pay such amount and
<br /> B�rrower sha11 t�ien be abligated under Sect�an 9�o repay ta Lender any such amount. L�nder may re�oke
<br /> the vuaiver as ta any or al�Escrow Items at any txme by a natic�give�in accvrd.ance with Section 15 and,
<br /> upon such re�ocatian, Borrawer shall pay to Lender al�Fun�s, and�n such amvunts, that are th�en requ�r�d
<br /> und.�r th�s Section 3.
<br /> Lender may, at any time, collec�and hold Funds in an amount�a}suffiGient t�permit Lender�a apply��
<br /> Func�s at th�time speci�ed un��r RESPA, and(b}not t�exceed th�maximum amaunt a�ender can require
<br /> under RESPA. Lender shall es�ua�a�e�he am�un��f Funds du�on the bas�s of current data and reasonable
<br /> �st�mates of expenditures of fu�re Escrow Items flr otherw�.se in ac�t�rdance�vith Applicable Lavv.
<br /> The Funds shail be held in an institution whose depos��s are insured by a federal agency, instrumentality, ar
<br /> entity�including Lender, if Lender is an institut�on whose deposits are so insured)ar in an�F�deral Hame
<br /> Loan Bank. £.ende�sha.��ap�1y�e Funds to�ay the Escrow Iterns no later than the�ime speci�i�d under
<br /> RESPA. Lender shal�not charge Borrow�r for halding and app�ying the Funds, a�u�ual�y ana�yzing the
<br /> e�craw a�count, or verifying the Escro�v Items, un�ess Lend�r pays&�rrvwer in��rest on the Funds and
<br /> �4pp�ica�le Law pernuts Lender to make such a charge. Unless an agre�ment�s made in writin�or
<br /> Applicable Law requires interest ta be pa�d vn the Funds, Lend�r shall na�be requir�d to pay Borrawer any
<br /> interes�or earnings an the Funds. Barrower and Lender can agr�e in writing, h�wever, that interest shal�be
<br /> paid on the Funds. Lender shal�gi�e�o Borrower, without charge, a�.annual account�ng of the Funds as
<br /> required by RESPA.
<br /> If there is a surp�us of Funds held in escraw, a�def ned under RESPA, Lend�r shal�account to Barrower for
<br /> the excess funds in accordance with RESPA. If�here is a shortage of Funds heid in es�row, as defined under
<br /> RESPA, Lender shall nat�fy Borr�wer as require�by RESPA, and Barrower shall pay to Lender the amoun�
<br /> necessary ta make up the�hortage in accordance with RESPA, bu#in nv rnore�han l2 month�y payments. �f
<br /> there is a deficiency of Funds held in escra�v, as defined under RESPA, Lcnder sha�l natif�Borrower as
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<br /> Vl+vlkers Kluwer Fi�ancial Services Page 5 of t 7
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