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2� 17� 1582
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<br /> 4�AN#: 1 GD'I 8179'1
<br /> �. Application of Paym�nts or Proceeds. Except as �fihe�wise described�in �h�s Sect�vn �, a�l
<br /> paym�nts accep�ed and appli�d by L�nd�r shall be applied �n the f�l��wing ord���f priarity. �a} inter�st
<br /> due und�rthe Nate; ��}p��ncipal due un�erthe Note; �c}am�unts due und�rSects�n 3. Such payments
<br /> shall b�applied to each peri�dic Payment�n �he a�d�r in which i�becam�due.Any�remaining amount�
<br /> shal! �e applied �irst tv late charg�s, se�ond to any other amounts due under this�Security �nstrum�nt,
<br /> and th�n to reduce the principa� balance of�he IV�te.
<br /> If Lender receives a paym�nt fram Borrawer for a deli�quent Periadi� Paym�nt which includes a
<br /> �uffic�ent amount to pay any I�te charg�due; the paymen�may b�appi�ed to th�del�nqu�nt payment and
<br /> the lat�charge.If more than one Periodic Payment�s outstandin�,L�nder may apply�ny payment r��e�ved
<br /> fram Borr�werta�he repayment afthe Periodi�Pay�n�nts if, and to the�xtentthat,� ach payment can be
<br /> pa�d �n fu�R. To the extent that any excess exists a�t�r the paymen�is app�ied t��he f I� payment af�ne��
<br /> more Periodic F'aym�nfis, such excess may be appl�ed ta any late charges due. V untary prepayments
<br /> shall be appl��d �i�st ta any prepayment charges and then as described in th� Not�.
<br /> Any applicatian of paym�nts, insurance proce�ds,ar Miscelianeous P�aceedst principal due und��
<br /> the Nate sha�� not ext�nd �r postpan�the du� date, ar change the amaunt, of th� Periadic Paym�nts.
<br /> 3. Funds for Escraw ltems. B�rr�w�r sh�l� pay�o Lender on the day Periodwc Payments are due
<br /> under th� Nate, unti�the Nafie�s paid in fu�f, a sum �the"Funds"}to provide far payr�ent af amaunts due
<br /> far: �a}taxes and assessment�and other it�ms whi�h can attain pria��ty o�er this S�cu�ity�nstrum�nt as
<br /> a i�en or�ncumbrance on the Praperty; �b} leasehold paymen�s or graund r�n�s ari the Prop�rty, if any;
<br /> tc} premiums for any�nd a�!�nsu�ance requ�r�d by Lend�r under��ctian�; and �d}�Mortgage insurance
<br /> premiums,if any,vr any sums payable by Borr�wer to Lender in lieu af the paymento�M�rt�age lnsurance
<br /> premiums �n accordanc� wr�h the pra�isiQns of Sect�on ��. These items are call�d "Escr�w l�ems."At
<br /> originat��n or at any time during the term af the Loan, Lend�r may requ��e that�vmmunity Assoc�atEon
<br /> ❑ues, Fe�s, and Assessm�nts, E�any, be es�row�d �y Bor�aw��, and such dues, f�es and assessmen�s
<br /> sha�l be an Escraw Item. Borrowe�shall prom�tly furnish#o Lende�ai�notices�f amaunts ta be paid under
<br /> this Se�tion. B�rrower shall pay L�nd��th� Funds for Es��ow Items unl�ss L�nd�r waives Borrower's
<br /> obliga�ion to pay the Funds�o�any or al� Escrow Items. �ende�may wa�v� Barrouv�e�'s�bl�gation to pay
<br /> to L�nder Funds for any or all Escrow It�ms at any t�me.Any such wa�W�r may onl b� in v+rr�ting. In the
<br /> e�en� of such wa��rer, Bor�ower shall pay dir�ctly, when and wh�re payable, the� maunts due for any
<br /> Escrow Items far which p�yment o� Fund� has ��en waiv�d �y Lende� and, if �. nder requires, shal�
<br /> furnish to Lender r�ceipts e�idencing such payment with�n such tim� period as Lender may r�quire.
<br /> B�r�ower's ob�igat�on t�make such paymen�s and �o provide receipts shall for all � urpase� b�d�emed
<br /> to be a co�enant and agr�ement contain�d in this Security Instrument, as the p �ase "�o�enant and
<br /> agreement�' is used �n �ection 9. !f B�rrawer is ol�liga��ed ta pay Escrow Items irectly, pursuant tv a
<br /> waiver, and B�rr�uver fa�ls to pay th� amount due for an Escrow Item, Lender m y �xer�ise its �ights
<br /> und�r Secti�n 9 and pay such �mQun�and Borrower shal� then be obligated und�r �e�ti�n 9 �a repay
<br /> to Lender any such amount. Lender may rev�ke the waiver as�o any o�all Esc�orrr�Items at any time by
<br /> a not�ce g�ven in accordance with S�ctian 15 and, upon such revoca�ion, Borrow��shall pay t� Lender
<br /> all Funds, and in such amou�ts, that are then requi�ed under th�s ��ction 3. ,
<br /> Len�e�may, at any time, co�le�t and hold Funds in an amoun���}�uff�ci�n�to pEermit Lender to apply
<br /> the Funds at the�ime specif�ed under RESPA, and t�}not to exc�e�the maximur�amount a lend��can
<br /> requir� under RESPA. Lend��sha�l estimafie�h�amount of Funds du�an the ba��s af cu�rent data and
<br /> reasonable est�mates of exp�nditures o#future Es�ravir Items�r oth�erwise�n accordanc�w�th Appiicab��
<br /> L aw.
<br /> Th�Funds shall�e he�d in an institution whase deposits are insured by a federal��ency,instrumentality,
<br /> or entity �including L�nder, �f Lender�s an �ns�i�uti�n whase depnsits a�� so ins�r�ed} ar in any Federal
<br /> Hom� Loan Bank. Lender sha��app�y�he Funds to pay the Escraw lt�ms nQ ta�er t�han th�time sp�cified
<br /> under RESPA. Lender sha�l not charge Borrow�r#or h�iding and app�ying the Fun��s, annually ana�yzing
<br /> the escrow aec�unt, or Werifying the Esc�aw It�ms, unless Lend�r pays Bv�ro�er�nte�est on th� Funds
<br /> and Applicable LavU pe�m�ts Lender ta mak�Such a char�e. Unl�ss an agreemem is made in wr��ing or
<br /> Applicahle Law req�ire� interest�o b� paid on the Funds, Lender sha�l no�be ��q ired t� pay Barrower
<br /> any interest ar earnEng�on th� Funds. B��rvwer and L�nder can agre� in writing,� �we�er, that int�res�
<br /> shal� �e paid on the Funds. Lender shall giv�to Borrawer, w�th�ut charge, an an� �uai accountin� of�he
<br /> Funds as requ�r�d by RESPA. �
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<br /> If there is a surplus of Fun�s held in escrow, as def�ned under RESPA, L��der shal� account to
<br /> �arr�we�far th�excess�unds in accor�anc�with RESPA. If there is a shortage of�unds h�ld in eScr�w,
<br /> as defined under RESP�, Lender shall noti�y Barrower as requi�ed by RESPA, and Borrower shall pay ta
<br /> Lend�r�he amount necessary to make up th�shortage in a�cordance wi�h RE�R�►, bu�in na more than
<br /> 'l� monthly payments. I�there is a de�iciency of F u nds h�ld in escraw, as defined under RESPA, Lend�r
<br /> sha�� natify Bo�rower as requir�d by RESPA, and B�rrower �ha�l pay �o Lende�t�e amaun� nec�ssary
<br /> ta make up the defiiGiency rn accvrdance with RESPA, but in na mare than �� mc�nthiy pa�ments.
<br /> Upon paymer�t �n fult of all sums secur�d by this 5ecurity Instrumen�, Lender��ha�l p�vmpt�y refund
<br /> to Barrower any Funds held by Lend�r.
<br /> �. Char�es; Liens. 8or�-o�rv�r shali pay all taxes, �sse�sments, charge�, f�nes, and imp�sE�ians
<br /> at�ributabfe to the Prop�rty which can attain priority vver this Security InStrument, 4eas�hol p men�s
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<br /> I�itials:
<br /> NEB1�5F(A--Single Family--Fannie MaeJFreddie Mac IINIF�RI'IA lNSTRUMENT Form 3��8'�1�'1 -1 � -5�-
<br /> Ellie Mae, In� Page 4 af �1 NEEDEED �315
<br /> NEEDEEa�CLS}
<br /> ��21211�017 1� 1�AM PST
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