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200411496 <br />premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance <br />premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At <br />origination or at any time during the term of the Loan, Lender may require that Community Association <br />Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be <br />an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this <br />Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation <br />to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender <br />Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such <br />waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for <br />which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts <br />evidencing such payment within such time period as Lender may require. Borrower's obligation to make <br />such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement <br />contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If <br />Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the <br />amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and <br />Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke <br />the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, <br />upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required <br />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 />require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and <br />reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable <br />Law. <br />The Funds shall be held in an institution whose deposits are 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 Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time <br />specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually <br />analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the <br />Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or <br />Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any <br />interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be <br />paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as <br />required by RESPA. <br />If there is a surplus of Funds held in escrow, as defined 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, as <br />defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to <br />Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 <br />monthly payments. If 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 up <br />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 to <br />Borrower any Funds held by Lender. <br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions <br />attributable to the Property which can attain priority over this Security Instrument, leasehold payments or <br />ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To <br />the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. <br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless <br />Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable <br />to Lender, but only so long as Borrower is performing such agreement; (b) cont e lien in good faith by, <br />Initials. <br />AWNE (0311) Page 5of 15 Form 3028 1/01 <br />0 100 240662 - 5665 �p mj <br />11/13/2004 9:35:58 pg['III <br />000001002406620301411605 <br />