|
2� 17��3�5
<br /> Any application af payments, insuranc�proceeds, or Mis�ellaneous Proceeds t�prinG�pa1 due under the Note
<br /> shall not extend ar postpone the due da�e, or change the amount, of the Periadic Payments.
<br /> 3. Funds for Escrow Items. Barrower sha11 pay to Lender on the day Periadic Paym�nts ar�due under the
<br /> Nate, until the Note is pa�d in fu�1, a sum(th� "Funds"�to provide for payment of amounts du�for: �a}taxes
<br /> and assessments and ather items which can attain pr�ori�y over this Security Instrument as a lien or
<br /> encumbrance on th�Property; �b} leas�hold payments or ground rents an the Property, if any; �c}premiums
<br /> for any and a11 insurance required by Lender under Section 5; and(d�M�rtgage Insurance pr�rniums, if any,
<br /> or any sums payable by Borrower ta Lender in�ieu af the�a�ment of Mortgage Insurance premiums in
<br /> accordance wit�the provisions of Sectian l�. These items are ca�led "Escrvw Items." At arigination ar at
<br /> any time during the term vf the Loan, Lender xnay require that�ornmunity Ass�ciation Dues, Fees, and
<br /> Assessments, if any, b��scrvwed by Borrower, and such dues, fees and assessments shal.�be an Escr�w
<br /> Item. Borrower�ha11 promptly furnish to�ender all n�tices of amounts to be paid under this 5�ction.
<br /> �orrower sha3.�pay Lender the Funds f�r Escraw Items unless Lender v�aives Borrower's obligation t�pay
<br /> the Funds for any or aIi Escrow I�ems. Lender may waive Borro�ver's obligation to pay to L�nder Funds for
<br /> an�r nr all Escrow Items at an�r time. Any such wazver may only be in writing. In t�ie event of such w2uver,
<br /> B�rr�wer sha�l pay directly, when and where�aya��e, the amounts due for any Escraw ���ms for v�h�ch
<br /> payment af Funds has been wai�ed hy Lender and, if Lender requ�res, shal�furnish to Lender receipts
<br /> evidericing such paymen�within such time period as Lender may require. Borrower's�b�igati�n ta make
<br /> such payments and to provide receipts sha11 for ali p�r�as�s be deemed to be a cov�nant an�.agreement
<br /> contairi�d in�his Security Instrurnent, as the phras�e"cov�nant and agreement" is used in 5ectian 9. I�
<br /> Borrower is obl�gated to pay Escrovv Items dire�tl�, �ursuant to a waxver, and Borrov��r fails to pay th�
<br /> amount due for an Escrow Item, Lender may exercx�e�ts rxghts under Section 9 and pay suc�amount and
<br /> Borrower shal�then be oblxgated under 5ectxon 9 to repay to Lender any such�amount. Lender may re�ake
<br /> �the wai�er as to any�r a�.l Escro�v�r Items at any�ime by a notice g�ven in accordance vvith Section 15 and,
<br /> upon such revocation, Borrower sha11 pay�o Lender ali�u�ds, and�n such amounts, t�iat are then required
<br /> under this Sectron 3.
<br /> Lender may, at any�ime, col�ect and h�ld Funds in an amoun��a} sufficient�to permit�end�er ta a.pply th�
<br /> Funds at the time specified under RESPA, and�b}n�t ta exceed the maximum amount a��ender can require
<br /> under RESPA. Lender shall estimate the amaun�of Funds due on the basis of current data and reasonable
<br /> est�mates�of expendi�ures of future Escrow Items or otherwise in accordance vvith Applicable Law,
<br /> The Funds sha�.l be held in an institution whose deposits are insured by a federal agency, instrumentality, or
<br /> entity�Yncluding Lender, rf Lender is an institution whose deposits are sa insured} or�n ar�y Federal Hame
<br /> Loan Bank. Lender sha11 app�y the Funds�o pay�.ie Escrow Items no Iater than the time speci�ied unc�er
<br /> RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually anal�zing the
<br /> escrow accaunt, or verifying the Escrow Items, unless Lender pays Borrvwer interest an�h�Funds and
<br /> App�i�able Law permits Lender to make such a charge. U��ss an agreem�nt is made in vvriting or
<br /> Appiicable Law requires interest to b�paid on the�unds,�Lender shal.�not be r�gu�red to pay Borrower any
<br /> interest or earnings o�th�Fun�.s. Borr�w�r and L�n.der can agree in wr�ting, however,that interest_s�ali be
<br /> paid o�the Funds. �ender shall give to Borrawer, withvut charge, an annual acc�unting of the Funds as
<br /> r�quired by RESPA. . _ .
<br /> If there is a surplus of�unds held in escrow, as def�n�d under RESPA, Lender shall ac�+a�t t�B�rrower fvr
<br /> the excess funds in accordance with RESPA. �f there is a s�iortage of Funds held in escrov�, as def�ed urid�r.
<br /> RESPA, Lender sha11 notify Borrower as required by�ESPA, and�orrawer sha�1 pay to Lender the arr�ount
<br /> necessary to make,up the shortage in accordance with RESP�, but in no more thar� 12 mvnthl�payrnents. If
<br /> there is a defi�i�ncy of Funds held in escraw, as defined under RESPA, Lender shali notify Borrovver as
<br /> NEBRASKA-5ingle Fami�y-Fannie Maet�reddie Mac UNlFQRM iNSTRUMENT Form 3�28 1101
<br /> VMP Q VMPfi{NEy(i 3021
<br /> Wolters Kluwer�inancial Ser�ices Page 5 of 17
<br />
|