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200304927
<br />premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage
<br />Insurance premiums in accordance with the provisions of Section 10. 'these items are called "Escrow
<br />Items." At origination or at any time during the term of the Loan, Lender may require that Community
<br />Association Duce, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and
<br />assessmenesshall be an Escrow Rem. Borrower shall promptly furnish to Lender all notices of amountsto
<br />be paid under this Section. Borrower shall pay Lendcr the Funds for Escrow Items unless Lender waives
<br />Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's
<br />obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be
<br />in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts
<br />due for any Escrow Items for which payment of Funds has beenwaived by Lender and, if Lender requires,
<br />shall furnish to Lender receipts evidencing such payment within such time period as Lender may require.
<br />Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemedto
<br />be a covenant and agreementcontainedin this Security Instrument, as the phrase "covenant and agreement"
<br />is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and
<br />Burrower fails to pay the amount due for an Escrow Ilcm, Lender may exercise its rights wider Section 9
<br />and pay such amount. and Borrower shall then be obligated under Section 9 to repay to Lender any such
<br />anrount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in
<br />accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in
<br />such amounts, that are then required corder this Section 3.
<br />Lendermay, at any time, collect and hold Funds in an amount (a) sufficient to permit Lenderto apply
<br />the Fonds at the time specified under RESPA, and (b) not to exceed the maximum mount lender can
<br />require tinder 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 Looderis an institution whose deposits are so insured) or in
<br />any FedcralliomeLoan Bark. Lender shall apply the Funds to pay the Escrow Itemsno 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 Lenderpays Borrower interest on the
<br />Funds and Applicable Law permits Lender to make such a charge. Unless an agreementis made in writing
<br />or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrowcr
<br />any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest
<br />shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the
<br />Funds as 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 accordancewith RESPA. If there is a Shortage of Funds held in escrow,
<br />as defined under RESPA, Lender shall notify Ban'ower as requiredby RESPA, and Borrower shall pay to
<br />Lender the amountnecessary to make up the shortage in accordancewith RESPA, but in no more than 12
<br />monthly payments. If lhereis a deficiency of Funds held in escrow, as defined underRESPA, Lendershall
<br />notify Borrower as requiredby RESPA, and Borrower shall pay to Lender the amount necessary to make
<br />up the deficiency in accordance with RESPA, but in no more tharl 12 monthly payments.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund
<br />to Borrower any Funds held by Lender.
<br />4. Charges; Liens. Borrower shall pay all luxes, assessments, charges, fines, and impositions
<br />attributablelo the Propertywhich can attainpriority over this Security Instrumcnl,leasoholdpaymentsor
<br />ground rents on the Property, if any, and CommmdtyAssociation Dues, Fees, and Assessments,if any. To
<br />the extent that these items are Escrow Items, Borrowcr shall pay them in the manner provided in Section 3.
<br />(M- 6AINE) ^�Form3028 1/01
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