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200301741 ICLender receives a payment firm Borrower for a delinquent Periodic Payment which includes a sulticientainount to pay any late charge due, the payment maybe 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 in the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in Cut 1. To the extent that any excess exists after the payment is applied to the full paymentofone or more Periodic Payments, such excess may he applied to any laxecharges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance an proceeds, or Mlwd cous Proceeds to principal due under the Note shall not extend or postpone the due dale, or change the amount, ofthe Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in fill, a sum (the "Funds") to provide for payment ofunounts 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 Property, ifany; (c) premiums for any and all irismarse required byy Lender under Section 5; and (d) Mortgage Insurance premiums, )fany, or any sums payable by Borrower to Lender in lieu ofihe paymentrfMongage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at anytime during the term ofihe Loan, Lender may require that Community Association Dues, fees, and Assessments,if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices ofamounls 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 or all Escrow Items. Lender may waive Borrower's obligation to pay to I ender Funds for any or ail Escrow Items at anytime. Any such waiver may only be in writing. In the event ofsuch waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items fur which payment of Funds has been waived y Under and, if Lender requires, shall furnish to Lender receipts evidencing such puyrnew within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes he deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "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 amomd and Borrower shall then be obligated under Section 9 to repay to Lender any such amount I ender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender 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 the time specified under RESPA, mid (b) not to exceed the maximum amount a lender can require under RESPA. lender shall estimate the amount of Funds due on the has is )fc.,,c.L data and reasonable estimates afexpenditures offuture Escrow Items or otherwise in accordance with Applicable Law. The funds shall he held in an institution whose deposits are insured by federal agency, instrumentality, or entity (including Lender, iClsnder is an institution whose deposits are so insured) or in any federal I lame Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall nut charge Borrower for holding arld applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Iender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an ran cement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to ppay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lunde, shalt give to Borrower, without charge, an annual accounting ofihe funds as required by RESPA. Ifthere 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. Ifthere is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notity 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. Ifthere is a deficiency ofPunds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Burrower 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, Iender shall promptlyrefrr d To Borrower any Funds held by Lender. C Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, irony, and Community Association Dues, Fees, and Assessments, Lady. To the extent that these items are Escrow Items, Borrower shall pay them in the manner prov idol in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment ofthe 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 good faith by, or defends against enforcement ofthe lien in, Legal proceedi l fs which in Lender's opinion operate to prevent the enforcement offl e lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder ofthe lien an agreement satisfactorym Lendersubordinating the lien to this Security Instrument. IfLewh, determines that anypart ofthe Property is subject to lien which earl attain prtorityover this Security Instrument, Lender maygive Borrower a notice identifying the lien. Within 10 days ofthe date on which that notice Is given, Borrower shall satisffy the ben or take one or more o the actions set forth above in this Section 4. Lender may require Harrower 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 "extended coverage," and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This ins ... ace shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan, The insurance carrier providing the insurance shall be chosen by Borrower subject to lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably_ Lender may require Borrower to pay, in connection with this Loan, either: (a) a one -time charge for food zone determination, certification and tracking services; or (b) a one -time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review ofany Flood zone determination resulting from an objection by Borrower. If Borrower fails to maintain arty of the coverages described above, Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Iender is under no obligation to purchase any particular type or amount of coverage. Theref ore, such cover age shall cover Lender, but might or might not protect Borrower, Borrower's equity in the Property, or the contents ofthe Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Burrower acknowledges that the cost ofthe insurance coverage so obtained might sibmificantly exceed the cost of insurance that Borrower could have obtained. Anyarnounts disbursed by Lender wider this Section 5 shall become additional debt of Borrower seem ed by this Security Instrument. 'These amounts shall bear interest at the Note rate Gem the date of disbursement and shall he payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required standard Under and renewals lau e, such policies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or o err shall promptly payee. Lender shall eeipts oeright premiums tX entrees and renewal ceiorrowes.If Lender any for ofinsrrance shall promptly give to Lunde[ all receipts ofpaid premiums and renewal notices. If Corrower obtains any form of insurance NERItASRA-- Sugl,1'emil)—F..u,w Mae/Freddie MaclINIFORM INSTRUMENT Form3028 11011,sge3cf8,,,,,l 0734CV(I /OY) 1"Ll"1 GO'1 O(OMP1i117)