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200308321
<br />remiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage
<br />isurance premiums in accordance with the provisions of Section 10. These items are called "Escrow
<br />erns." At origination or at any time during the term of the Loan, Lender may require that Community
<br />SsOciation Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and
<br />: ;sessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to
<br />paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives
<br />orrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's
<br />nligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be
<br />„1 writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts
<br />ae For any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires,
<br />.call furnish to Lender receipts evidencing such payment within such time period as Lender may require.
<br />;orrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to
<br />a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement"
<br />used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and
<br />..orrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9
<br />;.ad pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such
<br />.mount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in
<br />;,c,cordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in
<br />;ich amounts, that are then required under this Section 3.
<br />Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply
<br />.:1e Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can
<br />require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and
<br />--asonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable
<br />aw.
<br />The Funds shall be held in an institution whose deposits are insured by a federal agency,
<br />istrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in
<br />ay Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time
<br />, )ecified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually
<br />ialyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the
<br />unds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing
<br />r Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower
<br />:,ny interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest
<br />iall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the
<br />unds as required by RESPA.
<br />If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to
<br />. orrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow,
<br />defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to
<br />.ender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12
<br />tonthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall
<br />otify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make
<br />p the deficiency in accordance with RESPA, but in no more than 12 monthly payments.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund
<br />> Borrower any Funds held by Lender.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions
<br /><,ttributable to the Property which can attain priority over this Security Instrument, leasehold payments or
<br />:,round rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To
<br />i.ie extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3.
<br />Initials:
<br />-6(NE) f0005l Page 5 of 15 Form 3028 1/01
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