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200207719 If lender receives a payment from Borrower for a dclinqueif Periodic Payment which includes a sutfrcienl amoern to pay any late charge due, the Payment not be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent Thal, cacti payment can be paid in full. To the extent that any excess exists aPer the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall he aPpliad first to any prepayment charges and then as described in (he Note. Any application of payments, insurance proceeds, or MisudEncous Proceeds to principal due under the Note shall not extend or ppasipone the due date. or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall Pay to 1. ender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the °Fords') to provide for payment of amounts due for (a) taxes and assessments and other item., which can attain priority over this Security Instrument as a lien or encumbrance on the Properly; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by tender under Section 5; Insurance premiums m accordance with the provisions of Section 10. These items are ealled"Nscrow hems" At onginahon Or It any time during life lean of the Loan, lender may require that Community Association Dues, Fees, and Assessmednijf any, be escrowed by Borrower, and such dos, fees and assessments shall bean escrow Item. Borrower shall promptly fumish to Lei Le nil notices of amounts to he pa id under t his Sect ion. Borrower shall pay lender the Funds for Escrow Items unless tender waives Borrowei s obligation to Pay the Funds for any oral] Escrow Items. Icnder may waive Borrower's obligation to pay to Leader Funds for any or all Escrow Items at any here. Any such waiver may only fie in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow hems for which payment of Funds has been waived y Lender and, if Under requires, shall furnish to lender receipts evidencing such payment within ouch time period as Lender may require. Borrowers obligation to make such Payments and Of provide receipts shall for all purposes be deemed to ben covenant tut] agreement contained in this Security Instrument, as the phrase "cmvenanl and agreement' is used in Section's. If Borrower is obligated to pay Escrow Items directly, pursuant o if waiver, and Borrower fails to pay the amount due for an Escrow Item, Under may exercise its riehts under Section o and pay such amount and Bnrrowe, shall then be obligated under Section 9 to repay to I cnder any site amount. lender may revoke the waiver as to sever all Escrow Items at troy time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay ht Lender all Funds, and in such amounts. that are Then tee aired under this Section 3. Lender may. at any time, collect and hold Funds in an annount (a) sufficient to permit Lender to apply the Funds in The lime specified wider RESPA, and (b) not In exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of funds due on the hasis of ,final data and reasonable eslimales ofexpendilures of future Escrow hems or otherwise in accordance with Applicable Law. The Funds shall be held in an inst itul inn whose deposits are insured by a federal agency, instrumentality, or entity (including Icnder, if lender is an insti lution whose deposits are so insured) or in anv Federal Bome Loan Bank. Unaler shall apply the Funds to pay the B,crow hems no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analysing the escrow account, nr verifying the Escrow Items, unless Lender pays Borrower interest on the Funds ant] Applicable law permits Under to make such a charge. Unless an agreement is made in writing of Applicable Law requires interest to be paid on the Funds, lender shall not he required to pay Borrower any interest or earnings on the funds. Borrower and Under can agree in writing however, (hat interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required l y RESPA. 11 (here is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. if there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to lender the amount necessary to make up the shortage in aeemdance with RESPA, but in no more Than 12 monthlypayments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Burrower as requred by RESPA, and Borrower shall pay to lender the amount necessary to make up the dolciency in accordance with RESPA, but in no more Ilan 12 monthly payments. Upon payment in thll of all sums secured by Ihis Sccurily Instrument, Lender shall prompliv refund to Borrower any To offs held by Icnder. 4. Charges; Liens. Borrower hall pay all taxes, xssesserenIa, Charges, fities, and impositions allributableo the Properly which can attain priority over this Scuff l,y Instrument, leasehold payments or ground terns on the I'ropeny, if any, and Cunmmnily Association Dues, Fees, and Assessments, ifany To The extent that Ihcsc items are Escrow Rents, Borrower shall pay them in the manner provided in Section 3. Burrower shall promptly discharge any lien which has priority over Ihis Security hu4 umcnl unless Borrower. (a) agrees in writing tO The payment of the ohligatio t secured by the lien in a manner acceptable to Lender, but only so long as Borrnwcr is perfurmiugsuch agreemenC (h) contests The lien in good faith by or defends against enon;enicnt of tine lien in, legal proceedings which in Lender's opinion operate Io prevent life enforcement of the lien while those proceedings are pending,bu(nnlyunol such Proceedings are concluded; of (c) secures from the holder of The lienan agreementsatisfackayto Leader subordinating the lien to this Security Instrument. If Under dcmnnincs that any part of the Propert is subject to a lien which can attain priority over Ihis Seen ;b Instrument, lender may give Borrower a notice idenlifyng the lien. Within 10 days of the dale on which that notice is given, Borrower shall satisfy the lien or take unc or more of the actions set faith above in This Section 4. Lender may require Borrower To pay a one -time charge for a rest] estate lax ve,ificalion auVor reporliag, service used by Icnder in connection with this I oan. 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insure) aganud loss by lire, hazards included within the term "extended coverage," and any other hazards including, but not limited lo, earthgnake, fall hoods, fur which fender requires insurance . 'Phis insurance shall be maintamort in the Iranians (including deductible levels) and for the periods That Under requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the Insurance shall be chosen by Borrnwcr subject to lender's right o disapprove Borrower's choice, which right shall nil be exercised unreasonably. Lender may require Liorrower If pay, in connection with this Loan, either; (a) a one -time charge for flood zone determination, certification and tracking services; or (b) a one -time charge for hood zone ddermina ion and certification services and subsequent charges each time remappings of similar changes occur which reasonably might affect such (ICIGImhtahnn nr ccitificafon. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the revtcW Or any hood some Jctermitiation resulting front an objection by Borrower. If BonUwer fails to maintain any of The coverages described above, lender may Obelia insurance coverage, at Lender's Option and Borrower's expense. Under is unJcr no obligation to purchase any particular type of amount of coverage. Therefore, such coverage shall cover Lender, hill might or might not protect Borrower, Burrower -s equity in the Property, of the foments of the Property againd any risk, hazard or liability and might provide greater or lesser coverage Ihsnwispreyiouslyineffact. Bnrmwcr acknowledges l ha It he cost of the insurance cove rage so oblainul ntighl significanly exceed the cost ofily uranec that Borrower could have obtained. Any amounts disbursed b� Lender under This Section 5 shall become r e additional debt of Borrower seem by this Sccurily Instrument. Thcsc mnounls s all bear interest at the Note role from the date or dis'huncmcnl and shall be payable, with such interest upon notice front I ender to ti(Im)wcr requesting payment All insuranu: policies m aired by lender and renewals e, such policies shall he subject mo In gander's right to disapprove such Policies shall no a s'tanJard mortgage clause, and shall name Lender as mortgagee and /or as an addllmnal less payee. Lender shall have the right to hold the policies and renewal certificates. If lendia requires, Borrower shall Pmmplly give to Lender all receipts orpaid premiums and renewal notices. If Borrower obtains any form of insununc NFIW SKA Singlrl -omit Fannie MaelFreddie alas UNIFORM INSTRUMENT ForniM28 1 /01 (pals, x OfSsigef 1]5{ry(I1c) Glf,14 GI)Ilax 2,122)