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2� 17�� 1 �8
<br /> Any appl�cati�n of paymen�sy insurance prnceeds, or Misce�Ianeous Frflceeds to pr�ncipal due under�he No��
<br /> shall nat ext�nd or pastpone the due da�e, �r cha�age��e a�mount, of�he Periodic Payments.
<br /> 3. Funds far Escraw I�ems. Borrower shall pay to Lender on the da�P�r�od�� Pa�men�s are due under the
<br /> Note, un�i1�he No�e is paid in full, a sum�the "Funds"}�a provide for payment of amounts due for: �a}�axes
<br /> and assessmen�s and other i�ems v�hich can a��a�n priori��over this Se�ur�t��ns�rument a�a��en or
<br /> encumbranc�an�he Property; �b}leasehoid payments �r ground ren�s an the Propert�, if an�r; �c}prem�ums
<br /> for any and ai� insurance r�qu�red by Lender under 5ectian 5; and�d} Mor�gage Insurance premium�, if a.ny,
<br /> �r any surn�.s pa�rab�e by Borr�wer to L.�nder in lieu�f the paym�n�of N�or��age�nsurance premiums �n
<br /> accordance v��th�he pro�isions of S�c�ion �a. These�tems are called "Escrow �tems." At or�gination�r a�
<br /> any�ime during the term of the Loan, Lender may r�quire that�ammunity Assacia��on Dues, Fees, and
<br /> Assessment5, �f any, be escrowed b�B�rrower, and such dues, fees and assessments sha��be an Escrow
<br /> I�em. Borrower sha�i promptly furnish to Lender all notices af amounts�o�e pa�d under this Section.
<br /> Borrower shall�a�Lender the Funds for Escrow Iter�s unless Lender waives Barrawer's o�l�ga�ion to pay
<br /> the Funds for an�r�r aii Escrow �tems. L.ender may waiv�Barrov�rer's obliga�ion to pay�a Lender Funds far
<br /> any or ai� Escrow ��ems a�any t�me. Any such wa�ver may only be�n vvriting. �n�he e�ent of such waiver,
<br /> Borrower shall pay d�r�c��y, vvhen and where payab�e, the amounts due for any Es�rov� �tems for v�rh�ch
<br /> payment of Funds has been waived�� Lender and, if Lender r�quires, shall furn�sh�o Lender receipts
<br /> evidenc�n� su�h pa�rmen�w��h�n such�ime period as Lender may require. Borrov�►rer's abligatian�a mak�
<br /> such payments and to pro�id�re�eipts shal� f�r a��purposes be deemed ta be a�ovenan�and agreement
<br /> con�ained in�his Secur�ty Ins�rument, as the phras� "covenan�and agreernent" �s used in Se��ion 9. �f
<br /> Borrower is obligated �o pa� Escr�w I�ems d�rectiy, pursuant�o a v�aiver, and Borrov�rer fails to pay�he
<br /> amoun�due for an Escrow �tem, Lender may exercise its rights under Section 9 and pay such amoun�and
<br /> Borr�vv�r shall �hen be obl�ga�ed under Section��o repay to L.ender any such amount. L�nder may revake
<br /> the v�a��er as t� an�or a�� Escraw I�ems at any�ime by a notice g��ren in ac�ordance►��th Se��ion �S and,
<br /> upon such re��ca�iony Borrower shall pay��L.ender a�� Funds, and in such amoun#s, �ha� are�hen required
<br /> under�his Seetion 3.
<br /> L�nder rna�, at an��ime, collect and h��d Funds in an am�unt �a} suff�c�en�to permi�Lend�r�o app�y�he
<br /> Funds at th�time specif�ed under RESPA, and �b}not�a exc�ed�he max�mum amount a lender can require
<br /> under RESPA. Lender sha�1 es�ima�e the am�unt af Funds due on�he bas�s of current da�a and reasana��e
<br /> es�imates flf exp�nditures of fu�ure Escrav� I�ems or��he�-v�r�se�n ac�ordance w��h Applicabie Lav�.
<br /> The Funds shaii be held in an�nsti�u�ion whos�depos�ts are insured b�a federal agency, instrum�n�a�ity, nr
<br /> en�i�� ��ncluding Lend�r, if I�ender is an�ns�i�u�ion�v�aose depos�ts ar�so �nsured}or in an� Federal ��ame
<br /> Loan Bank. Lender sha�l app�y the Funds to pa�the Escrow �tems no �ater�han�he�ime spe�ified under
<br /> RESPA. I..�nder�hal� not charge Borrower fnr hoid�ng and apply�ng�he Funds, annually ana��zing�he
<br /> �scrow account, or�rer�fy�ng�he Escrov�r �tenzs, un�ess L�nder pays Borrow�r�nteres��n the Funds and
<br /> Ap�li�abie Law p�rmits L.�nder to make such a charg�. Un��ss an agreemen� �s niade in wr�ting�r
<br /> Applicab�e Lav� require��n�erest t�be paid an the Funds, Lender sha�l not be required to pay Borrower any
<br /> in�eres�or�arn�n�s on the Funds. Borrower and �ender can a�ree in writ�ng, hov�ev�r, tha�in�eres�sha�l�e
<br /> paid on the Funds. Lender shall giv�t� Borrower, w�thou�c�arge, an annuai acc�un�ing of the Funds as
<br /> required by R�SPA,
<br /> If there is a surp�us of Funds he�d �n e�crow, as defined under RESPA, Lender shall a��oun��a�orrow�r for
<br /> the excess funds in accordance w�th RESPA. �f�here�s a shor�age of Funds held in escrow, as def�ned under
<br /> RESPA, Lender shall n�tify Borrov�er as required by RESPA, and Borrawer sha��pay�o Lender the amoun�
<br /> necessary to make up the shor�age�n accQrdan�e wi�h RESPA, but in no mor�tihan 12 mon�h�y paym�n�s. If
<br /> there is a de�ciency of Funds h��d �n escrow, as def�ned under RESPA, Lender sha��not�fy Barro�er as
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<br /> Walters K�uwer�inancial Ser�ices Page�of Z 7
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