|
��1 5��41 3
<br /> Any app�i�ation of payments, insurance proceeds, or Misc��Ianeous Fraceeds t�p�incipal due under the Note
<br /> shal� not extend�r�ost�one the due date, or chang�th�amaunt, of the P�riod�c Payrnents.
<br /> 3. Funds For Escraw Items, Barravver sha1�pay�a L�nder tin�he day Periodic Fa�ments are du�under the
<br /> I�o�e, un��� �h� Note is paid in fu11, a sum(the "Funds"}�a provide far payment Qf arnaunts du�far; �a} ta��s
<br /> and asses�ments and other i�ems which can attain priar�t�r flver th�s S�curi�y Instrumen�as a l�en or
<br /> encumbran�e�n th�Praper�y; �b}leasehold pa�rmen�s or ground rents on the Property, if an�; �c}prerniums
<br /> for any and aIl insura�ace required by Lender under Sec�i�n 5; and�d} Mor�gage InsuranGe p�emiums, if any,
<br /> or any sums paya�ie b�Barraw�r to Lender�n lieu of the payment af Mor�gage�nsurance prerniums in
<br /> accordance with�he provis�ons of Section 1D. These iterns are call�d "Escro��terns." At originat�an or at
<br /> any time durin��he term of the L�ar�, Lender may require that�ommunit�Association I)ues, F�e�, and
<br /> Ass�ssmen�s, if any, be escrowed by Barro�rer, and such dues, f��s and assessrnents shall be an Escr�w
<br /> I�em, B�rr�wer shail prornpt�y furnish to Lender alI not�ces af amounts�o be paid under this Sec�ion,
<br /> Borrov�er shall pa�r Lender�he Funds for Escrow Items unless Lender�raives Borrawer's obliga��on to pay
<br /> the Funds for any nr a�� Escrow �t�ms, Lender may wa�We Borrovver's ob�igatian to pay�o Lender Funds for
<br /> any or all �scrow Items at a��y�ime. Any such vvai�er may�n�y be in v�riting. In�he e�ent of such wai�er,
<br /> Borrawer shall pay direc�ly, wh�n and where payab�e, the amaun�s due for any Escrow �tems for urhzch
<br /> pa�ment of F�nds has been wai��d by I.ender and, if Lender requ�res, shall furnish to Lender�r�ce�p�s
<br /> e�iden�in�such payrnent within such��me period as Lend�r may require. Borrower's obliga�ian�a make
<br /> such�ayments and to provide rece�pts sha��far aIl purposes be deemed to be a c�venan�and agreement
<br /> cantained in this Secur�ty Instrument, as�he phras� "cti��nant and a�re�ment" is used in Se�tion 9. �f
<br /> �3orror�er is flb�igated to pay Escrou� Items direc��y, pursuant to a waiver, and Barrower fai�s�a pay�he
<br /> amount due far ari Escrow Item, Lender may exercise��s rights under 5�ctifln 9 and pay such amoun�and
<br /> Borrovv�r shall �hen be abligated under Sec�i�n 9 to repay �o Lender a���such am�unt. Lender z��a�revoke
<br /> the�a��er as to any or al�Escrav���ems at any time by a natzce given in ac�ordan��with 5ect�4n �5 and,
<br /> up�r�such re�ocati�n, B�rr�we�-sha��pay�a Lend�r alI Funds, and in such amoun�s, that are then requ�red
<br /> unde��h�s Se�t�on 3.
<br /> Lend�r may, at any time, c�Ilect and h��d Funds in an arnaun��a}suff�c�en��o p�rmi�Lender to appl�the
<br /> Fu�ads at the time specified under RESPA, and tb}not ta�xceed the max�mum amount a lender can require
<br /> under R�S�'A. Lender shall estimate�he amoun�of Funds due on�he basis of current data and r�asonable
<br /> estimates of�xpenditures flf future Escrow �tems or atherwise in accordance wi�h Appl�cable Lavv.
<br /> The Funds sha�l be held in an�nstitutian v�hose deposits are insured by a federai agency, instrumen�a�ity, or
<br /> entit� (inc�uding Lender, if Lender is an inst��ut�on v�hose depos��s are sfl�n�ured) ox�n an�Federal Home
<br /> Laan Bank. Lender shal�apply the Funds ta pay the Escrow ��ems no la�er than the�ime specified under
<br /> RESPA. Lend�r shall n�t char�e Borravver for ha�ding and apply�ng the Funds, annua�ly analy�ing�h�
<br /> eserow account, or verif�ring�he Escr�v�r Itcros, un�ess Lender pa�s Barrower interest on the Funds and
<br /> Applicable Law permit� Lender�o ma�e such a charge. I]nl�ss an agre�rnent is made in writing or
<br /> Applicable Law requ�res interest�a be pa�d�n the Funds, Lender shall no��e requir�d tfl pa�Barrawer any
<br /> interest or earnings on the Funds. Borrov�er and Lender can agree in w�rit�ng, howe�er, �ha� int�rest sha��be
<br /> paid on the Funds. Lender shall gi�e to B�rrov�er, w�thau�charge, an annual accounting of th�Funds a�
<br /> r�quired b�r RESPA.
<br /> If��ere is a surp�us of Funds he�d�n es�row, as definer�und�r R�SPA, Lender shall account�a Barro�ver fa�
<br /> th�excess funds in acc�rdance with R�SP�. If�here is a shortage of Funds he�d in escrow, a�de�ined under
<br /> RESPA, L,�nder shal�notify Borrov�er as r�quired by RESPA, and Borrower shail pay�a L�nder�he amoun�
<br /> necessary�o make up the shor�age in accordance wi�h RESPA, bu��n no more�han 12 monthly payrnen�s. �f
<br /> there is a deficiency of Funds h�Id �n escra�, as de�ned under RESPA, Lend�r�ha11 na�ify Borrawer as
<br /> N�SRASlCA-Single Famity-Fanni�MaelFred�iie Mac L.1NIF�RM lNSTRUM�NT �orm 3D�8�ID1
<br /> VMP Q VMP�tN�J t13�2f
<br /> Wplters Klvwer F�nanciat Servi�es Page 5 of 17'
<br />
|