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200112568
<br />premiums, if any, or any sums payable by Borrower to lender in lieu of the payment of Mortgage
<br />lasuranee premiums in accordance with the provisions of Section 10. These items are called "Escrow
<br />Ilem7s." At origination or at any time during the term of the Loan, Lender may require that Community
<br />Association Dues, Fws, and Assessments, if any, bu escrowed by Borrower, and such dues, fees and
<br />assussments shall be an Fscrow Item. Borrower shall promptly furnish to Lender all noticos of amounts to
<br />be paid under this Section, Borrower shall pay Lender the Funds for Escrow Itcn-rs unless Leander waives
<br />Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's
<br />obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be
<br />in writing. in the event of such waiver, Borrower shall pay directly, when and where payable, the amounts
<br />due for any Escrow hears for which payment of Funds has been waived by Lender and, if Lender requires,
<br />shall furnish to Leader receipts evidencing such payment within such tune period as Lender may require.
<br />Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to
<br />be a covenant and agreement contained in this Security instrument, as the phrase "covenant and agreement"
<br />is used in Section 9. if Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and
<br />Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9
<br />and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such
<br />arnount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in
<br />accordance with Section 15 and, upon such revocation, Borrower shall pay to bander all Funds, and in
<br />such amounts, that are then required under this Section 3.
<br />Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply
<br />the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can
<br />rNuire undur RESPA. Lender shall ustinnate the amount of Funds due on the basis of current data and
<br />reasonable estimate� of expenditures of future Escrow Items or otherwise in accordance with Applicable
<br />Law.
<br />'I'lte Funds shall be held in an institution whose deposits arc insured by a federal agency,
<br />instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in
<br />any federal Horne Loan Bank. Lender shall apply the Funds to pay the Escrow items no later than lice time
<br />specified under RESPA, lender shall not charge Borrower for holding and applying the Iaunds, annually
<br />analyzing the escrow account, or verifying the Escrow Items, unless Leader pays Borrower interest oil the
<br />Funds and Applicable Lnw permits lender to make such a charge. Unless an agreement is made in writing
<br />or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower
<br />any interest or earnings on the funds. Borrower and tender can agree, in writing, however, that interest
<br />shall be paid on the Funds. Lender shall give to Borrower, without charge, an atnnual accounting of the
<br />Funds as required by RESPA.
<br />If there is n surplus of Funds held in escrow, as defiant under RESPA, Lender shall account to
<br />Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow,
<br />as defined under RESPA, Lender shall notify Burrower as required by RESPA, and Borrower shall pay to
<br />Lender thu amount necessary to snake up the shortage in accordance with RESPA, but in no more than 12
<br />ninthly payments. 11' there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall
<br />notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make
<br />up the deficiency in accordance with RESPA, but in no more than 12 monthly payments.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund
<br />to Borrower any funds held by Leander.
<br />4, Charges; Liens. Borrower shall pay all taxes, assessments, charges, lines, and impositions
<br />attributable to the Property which can attain priority over this Security Instrument, leasehold payments or
<br />ground ants on the Property, if any, and Community Association Dues, Fees, anti Assessments, if any. To
<br />the extent that these items atc Uscrow Items, Borrower shall pay them in the matuner provided in Section 3.
<br />IniUuls-
<br />(M�BGINE) l000si P;blla of 15 Form 3028 1101
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