|
to pay any late
<br />Periodic Payne
<br />ort
<br />tb
<br />shall not extend or postpone the
<br />3. Fun is for Escria
<br />unfil the Note is paid in full, a so
<br />other items which can attain prig
<br />payments or ground rents on the
<br />and (d) Mortgage Insurance prei
<br />Insurance premiums in recorder
<br />or at anytime during the term of
<br />env. be escrowed by Borrower,
<br />obligation to pay to under tunas to
<br />event ofsuch warveq Borrower shall
<br />payment of Funds has been waived
<br />payment within such time period as
<br />receipts shall for all purposes be deet
<br />"covenant and agreement" is used in
<br />and Borrower fails to pay the mom'
<br />amount and Borrower shall then be c
<br />waiver as to any or all Escrow Items i
<br />Borrower shall pay to under all Fur
<br />Lender may, at any time, co
<br />the time specified under RESPA, am
<br />shall estimate the amount of Funds dt
<br />Items or otherwise in accordance wi'
<br />The Funds shall be held in i
<br />apply the Funds to pay the
<br />for holding and applying t
<br />pays Borrower interest on
<br />made in writing or Applia
<br />200206363
<br />inquent Periodic Paymenlwhich includes asufficiantamount
<br />delinquent yayment and the late charge. If more than one
<br />art received from Borrower to the repayment of the Periodic
<br />full. To the extent that any excess exists after the paymentis
<br />rich excess maybe applied to any late charges due. Voluntary
<br />and then as described in the Note .
<br />i, or Miscellaneous Proceeds to principal due under the Note
<br />Or, Trfthe Periodic Payments.
<br />o Lender on the day Periodic Payments are due under the Note,
<br />r payment ofamounts due for (a) taxes and assessments and
<br />tent as a Gen or encumbrance on the Property; (b) leasehold
<br />for any and all insurance required byy Lender under Secton 5;
<br />TWO by Borrower to Lender N lieuofthepayment ofMortgage,
<br />an 10. These items are called "Escrow Items.' Atorigination
<br />hat Community Association Dues, Fees, and Assessments,if
<br />fees and assessments shall
<br />dunder this Section. Borto
<br />day the Funds for any or all
<br />°scrow Items at anytime. I
<br />and, if Lender requires, sh.
<br />row Items. Lender may waive Borrower's
<br />such waiver may only be in writing. In the
<br />rmounts due for any Escrow Items for which
<br />amish to Lender receipts evidencing such
<br />an to make such payments and to provide
<br />red in this Security Instrument, as the phrase
<br />?scrow Items directly, pursuant to a waiver,
<br />:ise its rithis under Section 9 and pay such
<br />Led under Section 9 to repay to Lender any such amount. under mayrevoxe me
<br />time by anolice given in accordance with Section 15 and, upon such revocation,
<br />nd in such amounts, that are then required under this Section 3.
<br />and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at
<br />not to exceed the maximum amount a lender can require under RESPA. Lender
<br />the basis ofcurrent data and reasonable estimates ofexpeaditures offuture Escrow
<br />plicable Law.
<br />dhntinn whoa denosits are insured by a federal moncv. instrumentality, or entity
<br />e time specified under RESPA. L
<br />the escrow account, or verifying
<br />w permits Lender to make such a
<br />�e Paid an the Funds. Lender shall
<br />Leader can
<br />Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by Kht,FA.
<br />Ifthere is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the
<br />excess Ponds 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. If there is a deficiency ofFunds held in
<br />escrow, as defined under RESPA, Lender shall nntity Borrower as required by RESPA, and Borrower shallpayto Lender the
<br />amount necessary to make up the deficiency in accordance with RESPA, but m no More than 12 monthly payments
<br />.
<br />Upon payment in full ofall sums secured bythis Security In' Lender shall promptyrefimdtoHorower any
<br />Funds held by Lender.
<br />4. Charges; Liens. Borrowar
<br />shall pay all taxes, assessments, charges, fines, and impositions attributable to the
<br />Property which can attain pWendy ON' this Security Instrument, leasehold payments or ground rents on the Property, ifany,
<br />and Community Association Dues, Peee, and Assessments, ifany. To the extent that these items annEscrowhems, Borrower
<br />shall pay them in the manner provided in Section 3.
<br />Borrower ahall promptly discharge any lien which has priority over this Security instrument unless Borrower: (a)
<br />agrees in writing to the payment ofthe obligation secured by the lien in a manner acceptable to under, 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 opmhon operate To prevent the enforcement of the hen while those proceedings are
<br />pending, but only until such proceedings are concluded; or (c) secures from the holder ofthe lien an agreemenlsafisfactoryto
<br />Lender subordinating the lien to this Security Irish ument. If Lender determines that any part of the Proper is subject to a
<br />lien which can attain priority over this Security Instrument, Lender maygive Borrower anotice identifying the lien. Within
<br />10 days ofthe date on which that notice is given, Borrower shall satisfy the lien or take one or more ofthe actions set forth
<br />above 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 />5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected m the Property
<br />insured against 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 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 yay, in connection with this Loan, either: (a) a one -lime charge for flood zone
<br />rm
<br />deteination, 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 might affect such
<br />determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal
<br />Emergency Management Agencyin connection with the review ofany 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 />Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of
<br />or
<br />become additional debt of Borrower secured by this Security Instrument. TI
<br />from the date of disbursement and shall be payable, with such interest, up
<br />payment.
<br />All insurance policies required by standard under and renewals e, such
<br />disapprove such policies, shall include a standard mortgage clause, and
<br />additional loss payee. Lender shall have the right
<br />epoliciesandlel
<br />alnot
<br />shell promptly give to Lender all receipts of paid premiums and renewal not
<br />NERRASRA -- Single Family— Fvnaie McNFYeddie Men UNIFORM INSTRUMENT
<br />9,5.1 Cv(,m) GD602
<br />sbursed by Under ander"a Section 5 shall
<br />rmounts shall bear interest at the Note rate
<br />itice from Lender to Borrower requesting
<br />:tea shall be subject to Lender's right to
<br />name Lender as mortgagee and/or as an
<br />I certificates. I£Lender requires, Borrower
<br />IfBorrower obtains any form ofinsurance
<br />Fo1m3028 Ida (Pnge3 18Pa8ey
<br />GOTO(00a23]9e)
<br />
|