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2� 1 �� 1542
<br /> Any app�i�ation af payments, insurance proceeds, or Miscel�aneous Proceeds to p�rinc�pa� due under the Note
<br /> sha�i not ex�end or postpone�he due date, ar cha�ge�he aam�un�, of th�P�r�ad�c Paymen�s.
<br /> 3. Funds for Escrow I�erns. B�rrawer sha��pay to Lend�r on the day Periodic Pa�ment� are�ue und�r�he
<br /> No�e, unti��he N�te is paid in fu�l, a su�m��he "Funds"} �o pro��de for pay�nent of amounts du�for; �a� taxes
<br /> and assessmen�s and o�her it�ms which can attain priarity over this Se�urity Instrument as a��en or
<br /> encum�rance�n�he Proper��; �b} �easehold paymen�s or ground ren�s on th�Prop�rt�, �f any; �c}premium�
<br /> f�r any and all �nsurance requ�red Y�� Lender under S�ction S; and�d} Mar�gage�nsurance prem��ums, if any,
<br /> or any sums payable hy Borrow�r tfl Lender in l�eu of�he payment of Mor�gag��nsurance prem�.ums �n
<br /> accordance v�rith the provisians of Sect��n �D. These items are ca.�led "Escraw �tems." At origina�ion ar at
<br /> any t�me dur�ng the term of the Laan, Lender may requ�re that Communit�Asso�ia�ion Dues, Fees, and
<br /> Assessmen�s, �f any, be escrowed by Barrower, and such du�s, f�es and a�s�ssmen�s sha��be an Escraw
<br /> ��e�m.. Sarr�wer shall pramp�ly furnish�a L.ender alI nat�ces of amaunts�o be pa�d under th�s SeC�ion.
<br /> Barrower sha��pa�r L�nder�he Funds f�r Escraw �tems unless I.�nder wa���s Borrower's ab�iga�ion�.o pay
<br /> �he Funds f�r an��r a�l Escrow ��ems. L.�nder may v�aive B�rrov�er's o�l�gation to pay�o Lender Funds f�r
<br /> a�.y flr a��Escr�vv Items a�an��ime. Any such waiver ma�on.�.�r be�n wr��ing. �n th�event af such wa��er,
<br /> Barrower sha��pay direc��y, vwhen and where pa�able, the amounts due for any Escr�v� I�em�s far whi�h
<br /> payment of Funds has�een wa�ved�by L�nder and, if Lender r�qu�res, shall furn�sh to I.�nder recexp�.s
<br /> e�i�.encing such payment within such time p�rio�as Lender may requir�. Barrower's o��iga�ion to�rnake
<br /> such pa�men�s and�o pro�ide rece�p�s shall for a��purposes b�deemed�o be a co�enan�and agreement
<br /> c�ntained in th�s Securxt�r �nstrument, as the phrase "co�enant and agreement" i�used in Secf��n 9. �f
<br /> B�rrov�er is�bligated to pay Escr�w�tems dir�ctl�, pursuan�ta a v�ai�er, and Bflrrawer fails t�pa��he
<br /> a�mflun�due far an Escrow Item, Lender ma�ex�rcise its righ�s under S���i�n 9 and pay such amount and
<br /> Barrower shall�hen be ob�iga�ed und�r Section 9 �o r�pay t� I�ender any �u�h a�mount. Lender may re�oke
<br /> the wai�er as to any or a�l Escraw �tems at any t�me by a not�ce g�ven in accordan�e w��h Sect�on ].S and,
<br /> upon such rev�catian, Borrower shall pay�a Lender a�l Funds, and�n such amounts, �hat are then r�quired
<br /> und�r this Sec�i�n 3.
<br /> Lender may, at any time, co�I�c�and ho�d Funds in an amount�a} suf��ient t4 perm�.t Lender�a appl�r�he
<br /> Funds at the�xme speci�ed under RESPA, and ��� not to exce�d�h�maximum amount a�end�r can require
<br /> und�r RESPA. Lender sha�� es�imate th�amount of�unds due on the basis of current data and reasonable
<br /> es�ima�es�f e�penditures of future Escravv ��ems or otherwi�e�n acc�rdance wi�h Applicable Law.
<br /> The Funds sha��be he�d in an ins�itution v�hose depos�ts are insured by a federa� agency, instrumen�ali�y, or
<br /> en�ity �inc�uding Lend�r, �f Lender�s an�nstitu�ion wh�se deposi�s are so insured}or in an� Federa� Home
<br /> L�ar�Bank. Lend�r sha�� app�y�he Funds to pay�he Escraw ���ms no la��r than the�ime�pe�i�ed under
<br /> RESPA. Lend�r sha11 not charge B�rrov�r�r for ho�ding and app�yzng the Funds, ar�nuai�y arialyzing t.he
<br /> �scravv accoun�, or�r�rxfying the Escr�w I��ms, uniess Lender pays Borrawer interest an the Fun�.s and
<br /> App�icable Law perrn.i�s Lender�o make such a�harge. Uniess an agreemen� is made�n writing or
<br /> Applicab�e Law requires interest tv be paid on�he F�nds, Lender shal�na�be required ta pay Barrfl�rer any
<br /> �nteres�or earnings on the Funds. Bvrrower and ifender can agree in v�riting, h�wever, that iriteres�.sha��be
<br /> pa�d on the Funds. Lender shai�give�o B�rr�w�r, vvi�haut charge, an annual a�c�unting�f the Funds as
<br /> required by R ESPA.
<br /> If there is a surplus af Fund�held in escrov�, as defined under RESPA, L�nder sha�l accoun�to B�rrow�r for
<br /> �he e�cess funds �n a�cnrdance wi�h RESPA. �f there is a shortag�of Fund�he�d in escrov�, as de�ned under
<br /> RESPA, L.�nd�r shall n�tify Borrawer as r�qu�red b�r RESPA, and Barrower sha�I pay�o L.end�r the amoun�
<br /> necessary�o make up�he shor�age in accordance with RE�PA, bu��n no m�re than �2 m�n�h�y payments. �f
<br /> there is a de�ciency of Funds held in escrow, as defined under RESPA, Len�.er�hall no�ify Borrower as
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<br /> Walters Kluwer Financial S�r�i�es 9
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