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<br /> 2. Applica�ion of Paymen�s or Prviceeds, Excep�as otherwise describ�d in�his Se�tion 2, al� paymen�s
<br /> ac�epted and app�icd by Le�ad�r shai�be app�ied in�h�fai�awing arder of priarity:
<br /> First, to �he Mor��age Insu�•ance premiums to be paid by Lender�o the Secre�ary�r the moz��h�y
<br /> charge by tl�e Secrctary instead of�he monthly mor�gage iY�surazace pr�m�ums;
<br /> Second, to any taxes, spccial assessments, leasel��ld paym�n�s or ground re���s, and f��e, t�ood
<br /> and o�h�r haz�rd insurance premiums,as r�qu�z ed;
<br /> Third,tn interes�due under the Not�;
<br /> Four�h,to amort�za�ian of tl�e principa�of�he No�e; a��d,
<br /> Fif�h,tn l�.te cha�rges du�urlder the Not�.
<br /> Any app�ication of paymen�s, insurance proceeds, or Miscel�aneo�.�s Proceeds to przz�.cipal due u��zder
<br /> �he Notie shall not extend or postpone�he d�.�e da�e,or change the amaun�af the Per�od�c Paymen�s.
<br /> 3. FundS for Escraw Items. Barrower shall pay �o Lender on ��le day Periodic Pay�nen�s are d��e ��nder
<br /> �hc:Note,un�ii tl�c;Note rs paid in fi�li, a sum�the"Funds")to provid�far payment of amo��nts d���for:
<br /> �a} taxes and assessmet��s and other�terns which ca�i attain priori�y o�e�•�h�s Se�ur�ty ���stY-ument as a
<br /> lien o�e��cumbrance on the Praperty; �b} �easehold payments or gr�und rents an�he Prapez-�y, if a��y;
<br /> �c} premiums for any and all ins��rance req�.�irc;d by Lender under Sectiion 5; and �d} Mortgage
<br /> Insurar�ce pr�m�ums �a b� paid by Lender to �h� Secretary or �he �-nonthly charge by the Secre��r�
<br /> instead of the month�y Mortgag� �ns�,�rance prern�ums. Thes� items are called "'Escrow Items." At
<br /> orig�natio�� oz- at any ��me during tl�e �e�-m of the Loa��., Lender- may �-equire �hat Cammunity
<br /> Associa�ion Dues, Fees, and Ass�ssmen�s, if any, be �scrov�ed b� Borrawe�•, and sucl� dues, f�es and
<br /> assessments shall be an Escrow Item. Borrower sha�l promp��y furni�h to Lender all natices of
<br /> arnaun�s to be paid under this Scction. Bar�-ower sha��pay Lende�r �he Funds for Escrow It�rns L�nless
<br /> Lender v�raiv�s Bar�ower's obligat�on�a pay the Funds for any or ail Esc�-ow i�ems. Lender may v�a�ve
<br /> Borrow�r's obl�gatio�� to pay t� Lc�ld�z• Funds far any or atl Esc��ow It�ms at any tim�. At�y suc��
<br /> wa��er may only b� in �v�•itin�. �n �l�e e�en� of st�ch wai�e�•, Borrow�r shal� pay di�•cc�ly, wl�en and
<br /> �vhere payabie, the amaun�s due for any Escr�w �tems for wh�ch paym�za.t of Funds has been waived
<br /> by Le��der and, if Lende�r requires, shall fi.�rnish �o Lende�• receipts evidencing such paymen� �u��h�n
<br /> such��me period as Lender may�•equ�re. Borrnvver's �b�iga�iot�to ma�te su�h payments and�o p�o�ide
<br /> rece�p�s shai� fflr ai� purpas�s be deemed �o be a co�enan� and agreement c�nta�ned in this 5���.�rity
<br /> Instrument, as �hc phrase "eovenant and agreemen�" �s ��sed zn Secti�n 9. �f Bor-rawer�s obligated �o
<br /> pay Escrov�r Items di�ect�y, pursuan� to a waiver, and Borrov►rer fa��s to pay �he anaount due for an
<br /> Escrow Item, Lender may e�ercise its �ights under Sccti�n 9 and pay such amount and Borrower shai�
<br /> then be obliga�ed unde�•Sec�ic�n 9 t❑�•epay to Le�lder any such amaun�. Lende�•may re�oke the wai�er
<br /> as ta any or all Escrow �tems at any time by a no��ce giv�n in accordanc�with S�ction I5 and, upon
<br /> such re�oca�ion, Bo�-ow�r shall pay to Lendcr a�Z Funds, and in s�.�ch amo��nts, that are then req�.rired
<br /> under this Secti�n 3.
<br /> Le��der may, at any �ime, coX��ct and hflld F��nds ���an amoun��a� suf�c�e���to permit Lender to apply
<br /> �he Funds at�he time specified L�nder RESPA,and�b}not�a exceed the maximum amo��nt a Iende�r can
<br /> require under RESPA. Lender shall es�imate the amoun�of Funds due on the basis of current data and
<br /> reasonable estimates of expenditures of fu�ur� Escrow Items or other�vise in accordance wi�h
<br /> App��cab�e Law.
<br /> The F�.�nds sha�I be he�d in an �nst�t�afifln vvhose depas��s are insured by a fedcral agency,
<br /> instrurnentali�y, o�• en�i�y �including Ler�der, if Lender is an ins��tu�ion whose depos�ts are so insured�
<br /> or in any Federal Home Laan Bank. Lendcr sha11 apply the Funds �o pay tlae Esc�rauj I�ems na Ia�er
<br /> �han the time sp�cif�ed under RESPA. Lender sha.11 n�t�harge �3orrovver for hoZding and applying the
<br /> Funds, annual�y ana�yzir�g �he escrow ac�ount, or �erifyin�; the Escr�w It�ms, unless L�nder pays
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