|
200303172
<br />If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount
<br />to pay any late charge due, the paym ant may be applied to the delinquent payment and the late charge. Ifmore than one
<br />Periodic Payment is outstartding Lender may apply any payment received from Borrower to the repayment of the Periodic
<br />Papnents i(and to [he extent that, each pa ant can be paid m full. To the extent [hat any excess exists after the payment is
<br />appbed to the full paymen[ofone or more Periodic Payments, such excess may be applied to any late charges due. Voluntary
<br />prepayments shall be applied first to any prepayment charges and then as described in the Note.
<br />Any application ofpapnents, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note
<br />shall not extend or postpone the due date, or change the amount, of the Periodic Payments.
<br />3. Funds for Escrow Items. Borrower shallPayto Lender on the day Periodic Pa entsaredueunderthe Nore,
<br />until [he No[e is paid in full, a sum (the "NUnds ") to provide for payment ofamounts due for. taxes and assessments and
<br />other items which can attain priority over this Security Instument as a lien or encumbrance on the Property; (b) leasehold
<br />payments or ground rents on the Property, ifany; (c) premiums for any and all insurance required byy Lender under Section 5;
<br />and(d)Mortga &e Insurance premmms, Ifany, or any sums payableby Borrowerto Lender m lieu oftheps nentofMongaga
<br />Insurance premmms in accordance with the provisions of Section 10. These items aze called "Escrow Items. At origination
<br />or at any time during [he term ofthe Loan, Lender may require at Commurd asceiation Dues, Fees, and Assessments, if
<br />unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender maywaive Borrower's
<br />obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only a in writingg In the
<br />event of such waiver, Borrower shall Day directly, when and where payable, the amounts due for any Escrow Items for which
<br />payment of Funds has been waived gy Lender and, if Lender requires, shall furnish to Lender receipts evidencing such
<br />payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide
<br />receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase
<br />"covenant and agreement" Is used in Section 9. IfBorrower is obligated to pay Escrow Items directly, pursuant m a waiver,
<br />and Borrower fads to pay the amount due for an Escrow Item, Lender may exercise its rib his under Section 9 and pay such
<br />amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the
<br />waiver as to any or all Escrow Items at anytime by a notice given in accordance with Section 15 and, upon such revocation,
<br />Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3.
<br />Lender may, at any time, collect and hold Funds in an amount(a)so cienttopermitlendertoappply the Fundsat
<br />the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender
<br />shall estimate the amount ofFunds due on the basis ofeurrent data and reasonable estimates ofexpandinlres offxtme Escrow
<br />Items or otherwise in accordance with Applicable Law.
<br />The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entityry
<br />(including Lender, if Lender is an institution whose deposits are so Insured) or in any Federal Home Loan Bc nk. la:ndushal11
<br />apply die Funds to pay die Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower
<br />for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender
<br />pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is
<br />made in writing or Applicable l aw requires Interest to he paid on the Funds, Lender shall not be required to gay Borrower
<br />any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the
<br />Funds. Lender shall give to Borrower, without charge, an annual accounting ofthe Funds as required by RESPA.
<br />If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the
<br />excess funds in accordance with RESPA. Ifthere is a shortage of Funds held in escrow, as defined under RESPA, Lender
<br />shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the
<br />shortage in accordance with RESPA, but in no more than 12 monthly Payments. Ifthere is a deficiency of Funds held in
<br />escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall payto Lender the
<br />amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments.
<br />Upon payment in full ofall sums secured by this Security Instrument, Lender shall promptly refund to Borrower any
<br />Funds held by Linder.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attribumbleto the
<br />Property which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, ifany,
<br />and Community Association Dues, Fuss, and Assessments, ifany. To the extent that these items we Escrow Items, Borrower
<br />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 Borrower: (a)
<br />agrees in writing to the payment of the obliggation secured by the lien in a manner acceptable to Lender, but only so long as
<br />Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement ofthe lien In,
<br />legal proceedings which in Lender's opinion operate to prevent the enforcement ofthe hen while those proceedings are
<br />pending, but only until such proceedings are concluded; or (c) secures from the holder ofthe lien an agreement satisfactoryto
<br />Lender subordinating the lien to this Security Instrument. If Lender determines that any part ofthe Property is subject to a
<br />lien which can attain priority over this Security Instrument, Lender maygive Borrower a notice identifying the lien. Within
<br />10 days ofthe date on which that notice is given, Borrower shall satisfy the lieu or take one or more ofthe actions set forth
<br />above in this Section 4.
<br />Undcr may require Borrower to pay a one -time charge for a real estate tax verification and/or reporting service
<br />used by Lender in connection with this Loan.
<br />5. Property I mat rance. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />(including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding
<br />sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by
<br />Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably.
<br />Lender may require Borrower to pay, in connection with this Loan, either: (a) a one -time charge for flood zone
<br />determination, certification and tracking services; or (b) a one -time charge for flood zone determination and certification
<br />services and subsequent charges each time remappings or similar changes occur which reasonably mi(, ht affect such
<br />determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal
<br />Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection
<br />by Borrower.
<br />If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at
<br />Iender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of
<br />coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the
<br />Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage
<br />than was previously in effect Borrower acknowledges that the cost of the insurance coverage so obtained might 8i1pificantly
<br />exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall
<br />become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate
<br />from the date ofdishursement and shall be payable, with such interest, upon notice front Lender to Borrower requesting
<br />payment.
<br />All insurance politics required standard Lender and renewals e, such policies shall be subject to lender's right to
<br />disapprove such policies, shall include a standard mortgage clause, and shall name lender as mortgagee and/or o er
<br />shall loss payee. Lender shallhavethe right toholdthepolicies and renewal certificates. btai Lender mrequires, Borrower
<br />shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance
<br />NERR)Oi" Single Family — Fannie MaaTrendie Mvr UNIFORM INSTRUMENT F'orm3028 1/01 (pigr3uf8pvgrs/
<br />49541 vo /02) 1466934
<br />GOT".046731)
<br />
|