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200300647 LOAN it: 2232578 Payment is applied as Orris scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. ifRorrower does not do so within a reasonable period oftime, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments nr Proceeds. Except as otherwise described in this Section 2, allpayments accepted and applied by Lender shall be applied in the following order of priority (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to Ibe delinquent payment and the late charge If more than one Periodic Payment is outstanding, Lender may apply any payment ox cived from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the cslunt that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow It ems. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in fill, a surn (the "Funds ") to provide for payment of amounts due for (a) taxes and assessments and other items which can attain priority over this Security Instrument as alien or encumbrance on the Property, (b) leasehold payments or ground rents on the Properly, if any, (c) premiums for airy and all insurance requiredby Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These hums are called "Escrow Items." Al origination or at any time during the term of the Loan may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall bean Escrow item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any oral] Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at anytime Any such waiver may orhly be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment" ithin such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all pugmsesbedeemed lobe acovenant and agreement comainedin this Security Instrument, as thephrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Itcnhs at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, zed in such amounts, that are then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the lime specified under RESPA, and (h) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of finite Escrow Itenhs or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instmnrentalily, or entity (including Lender, if Lender is an institution whose deposits me so insured) or in any Federal Aomc Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account, orverd6mg the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA, If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shal I notify, Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full ofall sums secured by this Security Instrument, Leader shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributableto the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Properly, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow hems, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly dIscharge any Iicn which has priority Over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests the lien in goad far thby, or defends against enfon ementofthe lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactory to Lender suhordirmting the lien to this Security Instrument I(Lcndcrdetennlnes that any part oftheProperty is subjeettoa lienwhieh eanattainpriorityyoverthis Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days ofthe date onwhich that notice is given, Borrower shall satisfy the lien or lake one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one -time charge for a real estate tux verification and/or reporting service used by Lender in connection with this Loan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not limited lo, NEmL\sKA- -Single Famil, Farad¢ Mae /Freddie mac UNIFORM INSTRUMEYf Initials: el /t/ Form 30281/01 Page 3 of 8 NEUDEED