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2� 1 ��8413
<br /> An� app��cation of paymen�s, insurance prflceeds, or M�s�elianeous Prac�eds�o princ�pal due under the No�e
<br /> sha�l n��ex�end or po�tpone the due dat�y nr�hange the amount, of th�P�riodic Pa�ments.
<br /> 3. Funds for�scrow Itexns. Borrower shall pa}�to Lender on�he da� Periodic Payments ar�due under�he
<br /> No�e, unti� the Na�e is paid in full, a sum�the "Funds"� t�pro�ide for pa�men�of amoun�s due for: ta} ta�es
<br /> and as�essmen�s and ather items�nrhzch can a�tain priority�ver�his Securit� Instrumen�as a��en ar
<br /> encumbrance�n the Proper�y; ��} �easeha�d pa�n�en�s or ground rents an the Praper��, if any; �c}pr�miums
<br /> far any and all �nsurance requ�red by Lender under Section S; and �d3 1V�or�gage�nsurance pr�miums, if any,
<br /> ar����s���p�y��l��� B���w��-�a �.,�����i����u�i��.���y�r�E�i��if i�ar�������.s�xr���p�����i���s iri
<br /> accordance wi�h�he pro�is�ons of S�ct�on 1�. Th�se items are cal�ed "Escrow �tems." At�r�ginat�on or at
<br /> any t�me during�he term of the Loan, Lender may require tha�Communi�y Asso��ation Dues, Fees, and
<br /> Assessments, �f any, be escrowed by Borrovwer, and such dues, fees and assessments sha��be an Escrow
<br /> I�em. Borrower shal�promp��y furnish to L.ender a�i not�Ges�f a�n�un�s �o be pa�d under this Se�tion.
<br /> Btirrower sha�� pay Lender�he Funds for Escrow I�ems unless I.�nder wai�es Borrower's o�l�gation to pay
<br /> the Funds for any ar ail Escrnw ��ems. Lender ma�wai�e Borrav�rer's abliga�ion to pay ta Lender Funds for
<br /> any nr a�i Es�r�w��ems at any�im�. Any such v�ai�er may on��be�n wr�ting. �n�he e�en�of such v�aiver,
<br /> Borra�er shall pay d�rectly, when and wher�payable, the amounts due for an��scrow �tems for which
<br /> payment af Funds has b�en wa��ed b� Lender and, �f L�ender requ�res, sha�i furnish�o Ifend�r rece�p�s
<br /> e�idencing such payment v�rithin such time period as I�ender may requ�re. Borrower's obligat�on ffl�m.ake
<br /> such payments and t�pro�id�r���ip�s s�a�� f�r a��purpnses be deemed tn be a covenan�and agre�men�
<br /> c�ntained�n�his Se�ur�ty �ns�rumen�, a��he phrase "co�venant and agr�ment" �s used in Sec�i�n 9. If
<br /> Borrower is obligated�o pay Es�rnvv Items dir�c���, pursuan��o a waiver, and Borrawer fails �o pa�r���
<br /> amoun�due far an Escrov� Item, I�nder may exercise its rights under Sec�ian 9 and pa}� suc�amoun� and
<br /> Borrawer sha�� th�n be obl�gated und�r Sec�ion 9�o repay to Lender any such amoun�. L�nder may re�oke
<br /> the wai�er as �o any nr a�l �scrov� I�ems at any time by a not�c�g�Wen in accordance with Section 15 and,
<br /> upfln such re�ocatian, Borrower shall pay to Lender all Funds, and �n such amounts, �ha�are then requ�red
<br /> under this S�c�ian 3.
<br /> Lender may, at any t�me, c�1�e��and ho�d �unds in an amount �a} suf����en��o pe�t �nder to apply�he
<br /> Funds at�h���m�sp���f��d under�.�SPA, and��}not Co�xceed�he max��num amount a�ender can require
<br /> under R.ESPA. Lender shall estimate�he amoun��f�unds due on the ba�is of current data and reasonable
<br /> �st�ma�es o�`e�pend��ures of fu�ure Escr�w �tems or❑th�rwise�n accordance vvith Appl�cab�e La�t�v.
<br /> The Funds sha���e he�d�n an�nst�tutian v�hose depas�ts are insured b�a federa�agenc�r, instrumen�aiity, or
<br /> en�ity �including L,�nder, if Lender�s an insti�ution v�rhase depos��s are�o �nsured}or in an� Federal �ome
<br /> Loan Bank, L,ender shall apply�he Funds ta pay the Escrov� Items no later than�he time spe��f�ed under
<br /> RESPA. Lender sha�l not charge Borrower for holding and applying the Funds, annuall}�ana��rzing�h�
<br /> eSCr��r �CCount, or verify�ng�he Escrow �tems, unless L.ender pays Barrower�nt�r�s�on�he Funds and
<br /> Appi�cable Law perrnits I.ender�o make such a charg�. L�nless an agr�emenf�s xnade in writing ar
<br /> App�icable Law requires �nter�s�ta be paid�n�:he Funds, Lender sha��not be required tn pay Barro�ver any
<br /> in�eres�or earn�ngs an t�e Funds. Borrower and L�ender can agree in wri�ing, however, that in�erest sha��be
<br /> paid on�he Funds. �.,�nder sha11 gi�e�o Borr�wer, v�ithou�charge, an annual accoun�ing of the Funds as
<br /> required b�RESPA.
<br /> �f�here is a surplus of Funds he�d�n escrow, as def�ned under R�SPA, Lender sha�� ac�ount�� Borro�ver for
<br /> the excess funds �n a�cordance with RESPA. �f�here�s a shor�age of�und�held�n escrow, as def�ned under
<br /> RESPA, Lender shal�notify Borrower as required by RESPA, and Borrnwer shall pay�o L,ender the amount
<br /> n�cessary�o mak�up the shortage in accordance wi�h RESPA, �ut�n no more than �2 mnnthly paymen�s. If
<br /> �h�r��s a defic�ency of Funds he�d in escrovv, as def�ned under RESPA, I.ender shai�no��fy Borrower as
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<br /> Woiters Kluwer Financia!Ser�ices Page 5 a�17
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