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2� 1 ��445�
<br /> An�app�ica�ion af payments, insurance proceeds, or Miscellaneous Praceeds to principa� du�und�r th� No�e
<br /> sha�l no� extend or pos�pone the due da�e, or chan�e the amoun�, of th� Period��Paymen�s.
<br /> 3. Funds for Escraw Items. Borrawer shall pay to I.�end�r on�he day Fe�•iodi� Pa�m�nts are due under the
<br /> Note, un�ii the N��e is paid in fu��, a sum(�he "Funds"} to provi�ie for paym�nt of amounts due f�r: �a} taxes
<br /> and assessmen�s and other items vvhich can a�ta�n priari�y over th�s Securi�y �ns�rument as a�ien�r
<br /> encum��rance on the Prop�rty; �b3 �eas�hoid paymen�s or gr�und ren�s on the Pr�per�y, if any; �c�prenuunzs
<br /> for any and all insurance required by Lender under S�et��n S; and �d} Mor�gage�nsurance prem.�um�, if any,
<br /> or any sums pa�able�y Borr�v�er to Lender in lieu of th�paymen�of Mor�gage Insurance premiums in
<br /> accordance vvith th�provisxons of Sec��on ��. These items are�alled "�scrow �tems," A�ori�inat�on or a�
<br /> any t�me during the term of th�L,�an, Len�ier ma� r�quire tha� �ommuni��Assoc�atzon Dues, Fees, and
<br /> Assessmen�s, if any, �e escrQwed b� Borrovwer, and such dues, fees and assessm�nts shal�be an Escr�w
<br /> �te�n. Borrow�r sha�l promp��y furn�sh to Lender a��n�tices�f amoun�s��b�pa�d under th�s Se�tion.
<br /> Borr�wer shall pa}� Lender�he Funds for Escraw �te�n,s un��ss Lender v�aives Borro�►rer's ob�igat�on to pa�r
<br /> �he Funds far any or all Escrow �tems. Lender may v�ai�e Borrov�rer's obligatian to pay�o I�ender Funds for
<br /> any or all �scrow �tem�s at an��ime. Any such wa�ver ma�r�nly be in wr�t�ng. �n the e��n���'�u�h w�iv��,
<br /> Borro�ver shail pa�directl�, when and v�rhere paya�le, �he am�un�s due for any�scro�v It�ms far which
<br /> payment of Funds has been wai�ed b�r Lender ar�.d, if Lender r�quires, shall furnish to Lender receipts
<br /> e��d�n��ng such pa�rment w��hin such t�me peri�d as Lender may require. B�rrovver's obl��a�ion ta make
<br /> such payments and ta pro��de r�c�ip�s shall for a��purpases be deemed to�e a co�enant and agreement
<br /> c�ntained in this Security �ns�rumen�, as the phrase "ca�enant and agreemen�" is use�i in S�ction 9. �f
<br /> Borr�vver�s ab���ated�o pay Escra�nr �tems dir�ct��, pursuant to a waiver, and��rrower fails to pa}� the
<br /> amaun�due far an�scrow Item, Lender n�.ay e�ercise i�s righ�s und�r Seet�on 9 and pay such amount and
<br /> Barrower sha�l then be ob�iga�ed under Se��ion ��o repay to Lend�r any such am�unt. Lender may revoke
<br /> �he waiv�r as�o an�or ail Escravv �tems a�any�ime b� a no��ce g��ren in accordance with S�ct�on I S and,
<br /> upon such r�vocation, B�rrawer shail pay t� Lender a�i Fundss and in su�h amoun�s, �hat are�hen required
<br /> under this Section 3.
<br /> Lender ma�, at any tim�, collect and h��d Funds in an amaunt�a} suf�cient to permit Lender to appl}��h�
<br /> Funds a�the��me spec�fied und�r RESPA, and �h} n�t to exce�d the max�mum amount a�ender can requ�re
<br /> under RESPA. Lender sha1� es�ima�e the amoun�of Funds�.ue on the baszs af Curr�nt da�a and reasonab�e
<br /> est�mates of expendi�ures�f fu�ure Escr�v� Items or atherwise �n accardan�e wi�h Appl�cable Law.
<br /> Th�Funds sha��be h��d in an Yns�itution whos�deposits are insured by a federa� agency, �nstrumen�ali�y, or
<br /> en�i�y ��nc�uding Lend�r, �f Lend�r is an ins�i�ut�on whose dep�sits are so �nsure�} or in any F�dera� �3ame
<br /> Loan Bank. Lender shal� app�� the Funds�o pa��he E�craw ��ems no later than the�ime specif�ed und�r
<br /> R�SPA. L�nder shal�not charge B�rrflwer for holding and appl�ing�he Funds, annua�ly analyzing the
<br /> es�row accoun�, or�er�fying�he Escro� ��ems, unless Lender pa�s Borrovver�nt�res��n�h.e Funds and
<br /> AppliCab�e Law permits Lender�o make such a charge. Unless an agreement�s naade xn writing or
<br /> App��cab�e La�v�r requires in�er����o be paid an�he Funds, Lend�r shall n�t be required�o pay Borrov�er any
<br /> interest�r earn�ngs on�he Fund�. Borrov�er and Lender can agr��in wri�ing, howe�rer, that in�erest sha11 be
<br /> paid on the Funds. Lend�r sha11 give to Borrower, withflu�charge, an annual acc�unting of��e Fund�as
<br /> required b�R.�SFA.
<br /> If�here�s a surpius of�unds he�d in escrow, as def�n�d under RESPA, Lender shall account t�Borrov�rer for
<br /> the�xcess funds �n accardance w��h RESPA. If�here is a shor�a�e of Funds he�d �n escrow, as de�ned under
<br /> R�SPA, Lender sha�X not�fy Borrower as r�quired by RESPA, and B�rr�v�er shall pay�o Lender�he amoun�
<br /> necessary to mak�u�the shor�age�n accordance�v��h�ESPA, �u� in no more�han 12 mo��h�y pa�ments. �f
<br /> �here is a def�c�ency of Funds held �n�s�ro�, as d�fzned und�r RESPA, Lender shaXl not�f� Bo�rrovver as
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<br /> Walters K[uwer Financial 5ec�ices Page 5 of i 7
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