201604017 - Laserfiche WebLink

Browse

2� 1 ��4� 17 �. Application vf Paym�nts or Proceeds. Except as express�y stated o�herwise in this S�curxty Instrument or the ilTote, all payments ac�epted and applied i��r Lender shal,I be applied in�he follovvxng vrder�f priority: Fust, tv the Mortgage Insurance premuums tv be paid h�Lender to�he Secretary or the mnnthly Charge hy the Se�refary instead of�he monthl�mortgage insurance premiums; 5e�and, to any taxes, speciai assessments, Ieasehold pa�ments ar ground rents, and fir�, flnod and other hazar�insuranc�prenuums, as r�qu�red; Third, tv interest due under#he 1Vote; Fnurth, �a amartization of the principal of fhe Note; and, Fif#h, to late eharges due under the Note. Any application af payments, insurance prviceeds, ❑r Miscellaneaus Praceeds to principal due under the 11lote shall not extend�r pvstpane the due da�e, ar change the amount, of the Ferivdi�Payments. 3. Funds for�crovrr Items. Barrovver shall pay ta Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum tthe "Funds"� to pro�ide for paym�nt of amounts due for: (a} tax��and as5essments and other items vvhich can attain priority over this Securiiy Instrument as a lien or encum�rance an the Proper�y; �b} leasehold payments or grvun d rents an�he Praper t y, Y f an�; �c} premiums for any and all insurance required by Lender under 5ection 5; an d �d} Mortgage Insurance premiums to be paid by Lender ta the Secretar�or t he m�n t h l�c harge b�t he 5ecre tary ins t�a d o f t h e monthly Mortgage Insuran�e premiums. These items are�alled "Escrow 7tems." Af❑riginatinn vr at any time duri.ng the term❑f the Laan, Lender may requue that�ommunity Assv�iatian Dues, Fees, and Asses�ments, if an�, be escrflwed by B�rrnvver, and such dues, fees and assessments shall�e an EScraw Item. Borrawer shall promptly furnish to L�nder all no�ices of amounts ta be paid under this 5ectian. Borro�ver shall pa�Lender the Funds fnr Es�row Items unless Lender waiwes Borr��rer's obliga�ion to pay the Funds far any nr all Escrovv Items. Lender may wa�ive Borrower's abliga#ion to pay ta Lender Funds far an�or a11 Escrow I�ems a�any ti�m�. An�such waiver may�nly be in vc�ri#ing. In the event of such vva�ver, Bvrrawer shall pay directly,when and�her�pa�able, the amau.nts due for any Escraw Items fvr vuhich paymen�af Funds has been vttai�ed b�Lender and, if Lender r�quu'es, shall furnish to Lender receipts e�ridencing such pa�ment�rithrn such tune periad as Lender ma�require. Bnrro�ver's abliga#ion to make si�ch payments and ta provide receipts shall far all purpases be deemed�o be a �v�enant and agreement cflnfai.ned in�his Securit�Instrumen�, as the phrase "cavenant and agreement" is used�n Section 9. If Borrower is a�ligated to pa�Escro�Ifems directly, pursuant ta a wai�rer, and Borrower fails to pa�the amount due for an EScravv Item, Lender ma�exer�ise its righ�s under 5ec�i�n 9 and pa�r su�h amount and BorravW�r shall then be abligat�d under Se��on 9 to repa�to Lender any such amount. Lender ma�r revoke the vvai��r as to an�r or all Escraw Items at any time by a no�ce given in a�cordance v�ri�h Sectian 14 and, upvn such revocativn, Borrower shall pay tv Lender all Funds, and in such arnounts, �hat are then required under this 5ectian 3. Lender may,at an��ime,collect and hold Funds in an amaunt�a}suf�icxent ta permit Lender to appl�the Funds at the time spe�ified under RESPA,and�b} not#o e.xceed the maxi.mum amount a lender can require under RESPA. Lender shall�stvmate th�amaunt af Funds due❑n the basis af current data and reasona�i� es�irnates of expend�tures vf future Escrow�tems vr vtherwise in accordance with Applicable Law. 1936G69�9 ��95152344 FHA❑eed af Trust Wth MERS-NE 9130I��'14 Bankers 5ystems� VMP C� VMP4N�N�]t"i 506j.00 Wofters Kluwer�naneiai Senrices Page 5 of'l7