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2� 1 ��8748
<br /> An� appiication of payments, in�uran�e pra��eds, or Misc���aneaus Proceeds to principa� due under the No�e
<br /> shail no�extend or pos�p�ne the due date, or change the amoun�, of the Periodic Pa�men�s.
<br /> 3. Funds for Escr�wv I��ms. Barrow�r shall pay to I,�nder an the day Per�odic Paym�nts are due under�he
<br /> No�e, untii�he N��e is paid in fu11, a sum��he "Funds"} to provide for paymen�of amoun�s due for: �a} �a�es
<br /> and assessments and o�her items which can attain priority over�his Secur��y�nstrument as a lien or
<br /> encum�rance on the Property; �b} ieasehold paymen�s or ground rents on�he Proper�y, if an�; �c}premiums
<br /> for any and all insuran��requ�red by L.ender under Sect�on 5; and �d} Mortgage�nsurar�ce premiums, xf an�,
<br /> �r any surns payabie by B�rrov�er ta Lender�n��eu of the pa�ment of Nfartgage�nsurance prem�i.ums in
<br /> accordance vWith the pro�isi�ns�f Section 1D. These��ems are ca���d "Escrow �tems." At or�gina��on Qr a�
<br /> any�ime dur�ng the term�f th�Loan, Lender may require that�ammun��y As�ociation Dues, Fees, and
<br /> Assessments, �f an�, be escrov�red by Barrower, and such dues, f�es ar�.d assess�m.en�s sha��b�an Escrow
<br /> �tem. Borrower sha�l prompt�y furnish�o Lender al�n�tices of amounts to be paid under�h�s Sect�on.
<br /> Borro�ver sha11 pay Lend�r the Funds for Escrow �tems unless Lender v�ra��es Borrower's obliga���n to pa�
<br /> the Funds for any or a�� Escrow ���m.s. L,ender may wai�e Borrovver's o�ligat�on ta pay�o Lender Funds for
<br /> any or a�� Escrovcr ��ems aY an� t��ne. Any such wa�ver ma�onl�b� in wr��ing. �n�he e�ent�f such wai�ery
<br /> Sorrower sha11 pay dire��l�, wh�n and where paya�le, �he amoun�s due f�r any Escrow �terns far v�hic�
<br /> paymen�af Funds has been wai�ed by Lender and, if Lender requ�res, shall furn�sh�o Lender re�eip�s
<br /> evidencing such pa�rment w�thin such��me period as L.ender may requ�re. Borrower's ab�iga�i�n to ma1�e
<br /> such pa�ments and to pro�ide r�ceipts sha�l far a��purpases be deemed to be a co�enan�and a�reemen�
<br /> conta�ned in this Security Ins�rum�nt, as �he phrase "co�renan�and agreemen�" is used in Sec��fln 9. �f
<br /> Borrower is ob�igated to pay Escrow I�ems direc�Iy, pursuan�to a v�a��ver, and Borrower fails �o pay�he
<br /> amoun�du�for an Escr�vv ���m, Lender may exercise its righ�s under Sec�ion 9 and pay such am�unt and
<br /> Borr�wer sha��th�n b�obli�a�ed under 5ection 9 �o repa}� �o Lender any such am.oun�. Lender ma�r revake
<br /> �he u�a��er as t� any or a�� Escro�r �tems a�any�ime by a no��ce given �n accordanc�with S�c�ion 15 and,
<br /> upon such re�oca�ion, Borrower shall pay �o Lender al� Funds, and in su�h amoun�s, �hat are�hen required
<br /> under this Sectian 3.
<br /> Lend�r ma�, at an�r t�m�, co�lec�and hn�d Funds in an amaunt �a} suff�cien�to perm��Lender ta app�y the
<br /> Funds at the�ime specxf��d under R.�SPA, and �b} no��a exceed�he maximum amoun�a lend�r can require
<br /> under RESPA. L.�nder shall estimate�he a�maun�nf Funds du�on�he basis of current data and reasonab�e
<br /> estima�es�f expen�.itures of fu�ure Es�raw I�ems�r atherwise�n ac�ordance w��h Appl�cable Lau�.
<br /> Th�Funds shali be he�d xn an�nstitu�i�n whose depos��s are insured by a f�deral agency, �nstrumen�a��ty, or
<br /> en�ity �including Lender, if Lender is an ins�itu�xon�vhose depos��s are s� insured}�r in an�Fed�rai Hom�
<br /> L�an Bank. Lender sha�� apply�he Funds to pay�he Escro�v�r�tems no la�er�han�he tim�specifi�d under
<br /> RESPA. Lender sha��not char�e Borrower for holding and appiying the Funds, annually analyzing the
<br /> escro�v account, or v�rify�ng the �scrow ��ems, un�ess Lender pa�s B�rrower in��re��on�he Funds and
<br /> Appii�abie Law p�rmi�s Lender to make such a c�.arge. Un�ess an agreement is made in�rit�ng or
<br /> App�icable Lavv requires in�erest�o b�paid on the Funds, L,�nder sha1X not be required��pay Borrovver any
<br /> interest or earn�n�s on the Funds. Borrower and Lender�an agre�in vvr�t�ng, howe�er, tha�inter�st shall be
<br /> pa�d an the Funds. Lend�r shal� gx�e�� Borrower, withnut charge, an annual account�ng�f the Funds as
<br /> requ�red by RESPA.
<br /> If ther�is a surplus o�'Funds he�d in escrow, as defined under RESPA, L�nd�r shal�a�cnunt to Borr�v�er far
<br /> the e�c�ss funds �n accordance w�th RESPA. If�her��� a shortage af Fur�ds he�d�n escrow, as defined under
<br /> RESPA s L�nd�r shal� n��ify Borrawer as r�qu�red by RESPA, and Barrower sha��pay�o Lender�he amount
<br /> necessary to make up�he sh�r�age in acct�rdanc�vsr�th RESPA, but in no more�han i�monthl�pay�nents. If
<br /> �here is a defic�enc�of Funds he�d �n es�raw, a�defined under RESPA, Lender sha11 notify Borrower as
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<br /> Wolter5 Kluw�r�inancial Ser�ices Page 5❑f 17
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