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if Lender receive:, a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount
<br />to pay any late charge due, the payment may be applied to the delinquent nawnent and the late charge. If more than one
<br />Periodic Pa menu is outstanding, Lender may apply, any payment received froth Burrower to the repayment of the Periodic
<br />„y7noilfs rand to OW extent uiat, cacti payniatit can be paid in full. To the extent that any excess exists after the payment is
<br />applied to the full payment of one or more Periodic Payrne.ntw;, su.h excess n7ay he applied to any lateclvarges due. Voluntary
<br />prepayments shall be applied first to any prepayment changes and then as desci ibed in the Note,
<br />Any ap piicaiion of payments, insurance proceeds, or Ivliscellaneous Proceeds to principal due under the Note
<br />shall not extend o-' postpone the due date, or change the amount. of the Periodic Payments.
<br />3. Funds fur Fscrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note,
<br />until the Note is paid in full, a sum (the "funds ") to provide for payment of amounts due for: (a) taxes and assessments and
<br />other items which can attain priority over this Security Instrument as a lien or encumbrame on the Property; (b) leasehold
<br />payments or ground rents on the Property, if any: (c) premiums for any and all insurance required by Lender under Section 5:
<br />and (d) Ivlortgage Insurance premium:, if any, or any sums payable by Borrower to Lender in lieu of the payment ofMortgage
<br />Insurance premiums in accordance with the provisions of Section 1R. These items are called "Escrow Iv ms. Atorigination
<br />or at any time during the term of the Loan, Lender rrlay require that Community Asscciation Dues, Fees, and Assessments, if
<br />any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item" Borrower shall promptly
<br />furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow items
<br />unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lander may waive Borrower's
<br />obligation to pay to Lenr.ler Funds tier any or all Escrow Items at any time. Any such waiver may only be in writing. In the
<br />event of such waiver, Borrower shall pay directly, when and where payable. the amounts due for any Escrow Items for which
<br />payment of Funds has been waived by 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 fvr ali purposes be deemed to he a girt er,ar,t and agreement contained in this Security Instrument, as the phrase
<br />covenant and a- reernent" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, ursuant to a waiver,
<br />and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such
<br />amount and Borrower shall then be oblieUated under Section 9 to repay to Lender any such amount. Lander may revoke the
<br />waiver 2s to any or ail Escrow Items at any time 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 them required under this Section 3.
<br />Fender mav, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at
<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 of Funds dlie on the basis of current data and reasonable estimates ofexpenditures of future Fscrow
<br />Items or otherwise in accordance with Applicable: Law.
<br />The Funds shall be held in an institution wflose deposits are insured by a federal agency, instrumentality, or entity
<br />(includmt_, Lender, it Lender is an Institution whose deposits are so insured) or in any Federal Rome Loan Bank. Lendershall
<br />apply the IFunds to pay the Escrow Items no later than the time :specified under RESPA. Lender Shall not charge Borrower
<br />for holding and applving the Funds, annually analvtirlg the escrow account, or verifying the Fscrow Items, unless Lender
<br />pays Borrower interest on the Funds and Applicable Law permits Under to make such a charge. Unless an agreement is
<br />trade in writing or Appficable Law requires interest to be paid on the Funds, Lender shall not be required to pay BO-rower
<br />any interest or earnings on the Funds. Borrower and under can agree in writing, however, that interest shall be paid on the
<br />Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA.
<br />If there is a surplus of Funds held in escrow, as defined under RI SPA, Lender shall account to Borrower for (fit:
<br />excess: funds in accordance with RESPA" If there is a shortage of Funds held in escrow, as defined under RESPA, Lender
<br />shall notify Borrower is required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the
<br />shortage in accordance with RF.SPA, but in no more than J? monthly payments. ff there is a deficiency of Funds held in
<br />escrow, as defined under RESPA, under shall notify Boric }u er as reellrired by RI:` P and Botrowcr s!iail pay to Lender the
<br />amount necessary to make up the dcti�:iericy in accordance with RESPA, but in no more !han 12 monthly payments.
<br />Upon payment in full of all sums secured by this Security Instrument, L.c,!t!er shall promptly refund to Borrower any
<br />Funds held by Lender.
<br />4. Charges; Liens. Borrower shall n•ty;lll tares, assessments, chargt_ lines, and impositions attributable to the
<br />Property which cal: attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any,
<br />and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower
<br />shall pay thern 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 obligation secured by the lien in a manner acceptable to Lender, but only so long as
<br />Borrower is perforrning such agreement; (h) contests the lien in good faith by, or defends against enforcement of the lien in,
<br />legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are
<br />perding, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisf a_:;.ary to
<br />Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a
<br />lien which can attain priority over this Security Instrument, Lender may give, Borrower a notice identifying the lien. Within
<br />10 days of the date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set forth
<br />abovti. in this Section 4.
<br />Lender 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 />S. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property
<br />insured a- ainst loss by fire, hazards included within the term "extended coverage," and any other hazards including, but not
<br />limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts
<br />(including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding;
<br />sentences can chap <:,e durina 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 />ser�ices and Subsequent charges each time remappings or similar changes occur which reasonably might affect such
<br />eleternunation 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 anv floral zone determination resulting from an objection
<br />by Borrcnaer.
<br />If Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at
<br />Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of
<br />coverage. Therefore, suc, average. s `tal l cover Under, but might or ,night not protect Borrower. Borrower's equity in the
<br />Property, or the contents c.r 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 sigmificanfl
<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 />tiom the date of disbursement and shall be payable. with such interest, upon notice from Lender to Borrower requesting
<br />payment.
<br />Ali insurance policies required by Lender and renewals c, such policies shall be subject to Lender's right to
<br />disapprove such policies, shall include a standard mortgage cruse, and shall name Lender as mortgagee and/or as an
<br />additional loss payee. L,end_r shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower
<br />shall promptly give to Lender all receipts of paid premiums and renewal notices. Ir Borrower obtains any form of insurance
<br />1EBR -kSK k UNIFORM INS RUNIEN' • For -M3028 11111 (pagr3uf8pages)
<br />GOTO(001101)6i
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