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200300946 QOM ,, 2233876 Payment is applied as of its 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 If Borrower 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 or Proceeds. Except as otherwise described in this Section 2, all payrncnts accepted and applied by Lender shall be applied in the following order of priority (a) interest due under the Nmco (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 dnc. 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 the delinquent payment and the late charge. If more than one Periodic Payment is outstanding. Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent 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 Itic Periodic Pay locals. 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 full, a sum (the "Funds ") to provide for peynrcnl of arnourds due for (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lice or encumbrance on the Property, (b) leasehold payments or ground rents on the Property, if any; (e) premiums for any and all insurance required by 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 items are called "Escrow Items." At origination or at anytime during the term of the Loan, Lender 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 Lcndcr all notices of amounts to be paid tinder this Seelion. Borrower shall pay Lender the Funds for Escrow items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lcndcr Funds for any oral] Escrow hems at any lime. Any such waiver may only 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, ifLender requires, shall furnishto Lender receipts evidencing such paymcul within such time period as Lender may require. Borrower's obligationtomake suehpayments andtopu vide receipts shalifor all purposeabe deemed lobe a covenant and agreement contained in this Security Instrument, as thephcase "covenant and agreement" is used in Section 9. If Rormwcr is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender my exercise its rights under Suction 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount Leader may revoke the waiver as to any or all Escrow hull's at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Leader all Funds, and 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 file time specified tinder RBSPA, and (b) not to exceed the rr'axinuull an'ount a lender can require under RESPA_ Lender shall estimate lire amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an inslihrtimn whose deposits are insured by a federal agency, instrumentality, or entity (including Lcndcr, if Lender is an institution whose deposits are so insured) or in any Federal Home 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, mmuoh analysing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicablel,aw pennitsLCnder io make such acharge_ Unless anagreement is made inwriting orApplieable Law requires interest to be paid on the Funds, Lender shall riot he required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, Ural 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 Ihcrc 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 Ihan 12 mnnlhly paynrente If drere is a deficiency of Funds held in escrow, as defined under RESPA, Lcndcr shall unity 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 of all sums secured try this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lcndcr_ 4. Charges;Licm. Borrower shall pay all taxes, assessments, charges, fincs, and impositions attributable to lheProperty which can attain priority over this Security Instrument, Icaschold payments or ground turns on the Properly, if any, and Conununily Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay thrill in the manner provided in Section 3. Borrower shall promptlydischargeany lien 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 suchagreement (b) contests thelien in goodfaithby, ordef"ends against enforcement of the 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 subordinating the lien to this Security Instrument If Lender determines that anypart of the Property is subject to alien which can attain priority overthis Security Instrument, Lender may give Borrower a notice identifyingthe lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or lake mic 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 tax 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 "emurided coverage," and any other hazards including, but not limited to, NEmtASILt— Single Family- -Famde Mae/Freddie Mac UNIFORM INSTRUMENT Initials: Form 3028 1 /01 Page 3 of 8 NEU ED