|
2� 1 ��7�25
<br /> reQuires, shall furnish t�Lender receipts e�idencing such payment within such time period as Lender
<br /> may reyuire.Borrower's�bligation ta make such payments and to pro�ide receipts shal�far al�purposes
<br /> be deemed ta he a co�enant and agreement contained in this Security Instrument,as the phrase"covenant
<br /> and agreement" is used in Sectian 9. If Borr�wer is obligat�d to pay Escrow Items directly,pursuant to
<br /> a waiver,and Borrower fails t�pay the amount due for an Escraw Item, Lender may exercise its rights
<br /> und�r Sect�on 9 and pay such amount and Borrower shall then be obligated under Sectian 9 ta repay to
<br /> Lender any such amount. Lender may revoke the wai�er as to any or all Escrow Items at any time by a
<br /> notice gi�en in accordanc�with Section 15 and,upon such re�ocatian,Borrower shall pay��Lender all
<br /> Funds,and in such amaunts,that are then required under this Section 3.
<br /> Lender may, at any time,cal�ect and hold Funds in an amount�a}sufficient to perm�t Lender to apply
<br /> the Funds at the time specifed under RESPA, and�b�not to exceed the maximum amount a�ender can
<br /> require under RESPA. Lender shal�estimate the amount af Funds due on the basis�f current data and
<br /> reasonable estimates of expenditures vf future Escrow Items or otherwise in a��ordance with Applicable
<br /> Law.
<br /> The Funds shall be held in an institution whose deposits are insured by a federa�agency,instrumentaiity,
<br /> �r entity(in�lud�ng Lend�r, if Lender is an institution wh�se depnsits are so insured}�r in any Federa�
<br />� Home Loan Bank. Lender sha��apply the Funds ta pay the Escrow Items no later than the tim�specified
<br /> under RESPA.Lender shall not chaxge Borrower fnr holding and applying the Funds,annually analyzing
<br /> the escrow account, or�erifying the Es�row Items, unless Lender pays Borrawer interest on the Funds
<br /> and Applicable Law permits Lender to make such a char�e.tJnless an agreement is made in writing or
<br /> Applicable Law requires interest to be paid an the Funds, Lender shall nat be required to pay Borrower
<br /> any interest or earnings an the Funds. Borrower and Lender can agree in wr�ting,howe�er,that inter�st
<br /> shall be paid�n the Funds. L�nder shall gi�e to Borrower,with�ut charge,an annual accounting of the
<br /> Funds as required by RESPA.
<br /> If there is a surplus of Funds held in escrow,as defined und�r RESPA,Lender shall account to Barrower
<br /> for the excess funds in accardance with RESPA.If there is a shortage of Funds held in escrow,as defined
<br /> under RESPA,Lender shal�notify Barr�wer as required by RESPA,and Borrower shall pay to Lend�r
<br /> the amount necessary to rnake up the shor�a.ge in accordance with RESPA,but in no more than 1�monthly
<br />� payments.If there is a defic�ency of Funds held in escrow,as def ned under RESPA,Lender shall notify
<br />' Borrower as required by RESPA, a.nd B�rrower shall pay ta Lender the amaunt ne��ssary to make up
<br /> the deficiency in accordance with RESPA,but in n�more than 12 monthly payments.
<br /> Upon payment in full of a�l sums secured by this Security Instrum�nt,Lender shal�promptiy refund ta
<br /> Borrower any Funds held by Lender.
<br /> 4.Charges; Liens.Borrower shall pay all taxes,assessments,charges,fines,and impositions attributable
<br /> to the Property vvhich can attain priority o�er this Security Instrument, l�asehold payments or ground
<br /> rents on the Property, if any, and�ammunity Assaciation Dues, Fees,and Assessments, if any. T�the
<br /> extent that these items are Escrow Items,B�rrower shall pay them in the manner provided in Secti�n 3.
<br /> Borrower shall promptly discharge any�ien which has priority o�er th�s Security Instrument unless
<br /> Borrawer:(a�agrees in vvriting ta the payment of the obligation secured by the lien in a manner accepta.ble
<br /> to Lender,but only sa long as Borrower is performing such agr�ement;(b}cantes�s the lien in good faith
<br /> 1138827543
<br /> . 11I15
<br /> VMP�
<br /> Walters Itluwer Financia#Services 2�1 fi1�311 fi.1.a.3537-J2�1 fi0219Y Initials: Page 5 vf 17
<br /> ,�
<br /> * •
<br />
|