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200208474
<br />interest ono uappfied foods. Lender may hold such unapplied fmhds mid Borrower uudces payment to bring the Loan cement.
<br />If Borrower does not do so within a reasonable period of time, Lender shall either apply weele foods or return them to
<br />rhoo wee_ If not applied carlier, such funds will be applied to the outstanding principal balance under the Note immediately
<br />prior to foreclosure. No of'f'set or claim which Borrower might have now or in the future against Lender shall relieve
<br />Borrower from making payments due under the Note and this Security Instrwuunt or performing the covenants and
<br />agreements secured by this Security Instrument.
<br />2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted
<br />and applied by Lender shall be applied in the following order of priority. (a) interest due under the Note; (b) principal due
<br />wider the Note, (c) amounts due wider Section 3. Such payments shall be applied to each Periodic Payment in the order in
<br />which it became due. Any remaining anrouts shall be applied treat to late charges, second to any other amowns due under
<br />this Security Instrument, and then to reduce the principal balance of the Note.
<br />If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient renown,
<br />to pay any late charge due, the payment may be applied to the delinquent payment and the late charge If more than one
<br />Periodic Payment is outstanding, Lender may apply any payment received hour Borrower to the repayment of the Periodic
<br />Payments if, and to the extent that, each payment can be paid in hill, To the extent that any excess exists after the payment is
<br />applied to the fill payment of one nr more Periodic Payments, such excess may be applied to any late charges due_
<br />Vohmley prepayments shall be applied first to any prepayment charges and then as described in the Note.
<br />Any application of payments„ insurance proceeds, or Miscellaneous Proceeds to principal flue under the Note shall
<br />not extend or postpone the doe date, or change the amount, of the Periodic Payments_
<br />3. Funds for Escrow 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 lien (a) lanes and assessments and
<br />other ileum which can attain priority over IN, Security In6lrwncxel as a lien or encumbrance on the Property; (h) leasehold
<br />payments or g owed a cuts ono the Property, if any, (c) plenuunhs for any and all insurance required by Lender wide, Section 5;
<br />and (d) Mortgage hnawence prcuuun,s, if any, or any sums payable by Borrower to Lender in lieu of the payment of
<br />Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At
<br />origination or at any time during the tern of the Loan, Lender may require that Community Association Dues, Fees, and
<br />Assessments, if any, be escrowed by Borrower, and such does, fees and assessments shall be an Escrow Item Borrower shall
<br />promptly banish to Lender all notices of ammmts to he paid under this Section. Borrower shall pay Lender the Foods for
<br />Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow hems_ Lewder may waive
<br />Borrower's obligation to pay to Lender Foods for any or all Escrow Items at any time Any such waiver may only be in
<br />writing. In the event of such waiver, Borrower shalt pay directly, when and where payable, the ammmts due for any Escrow
<br />Items for which payment of Funds has been waived by Lender and, if Lender requires, shall banish to Lender receipts
<br />evidencing such payment within such time period as Lender may require_ Borrower's obligation to make such payments and
<br />to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as
<br />the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pus ism to
<br />a waiver, and Borrower fails to pay the amoum due for an Escrow Item, Lender may exercise its rights under Section 9 and
<br />pay such amount and Borrower shall then be obligated under Section 9 to repay to [.ender any such amount Lender may
<br />revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 rod, upon such
<br />revocation, Rmmwer ahal l pay In Lender all Funds, and ur such winters, that are then required wider this Section 3.
<br />Lender may, at any lime, collect and hold Funds ooh an amowd (a) sufficient to permit Lender to apply the Foods at
<br />the time .specified under RESPA, and (b) not to exceed the maximwn unionist a lender can require notice RESPA Lender
<br />shall estimate the amount of Funds doe on the basis of cement data and reasonable estimates of expenditures of tutee Escrow
<br />Items or otherwise in accordance with Applicable Law.
<br />The Funds shall he held in au institution whose deposits are insured by a federal agency, instrumentality, or entity
<br />(including tender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank Lender
<br />shall apply the Funds to pay the Escrow Items no later than the time specified wider RESPA. Lender shall not charge
<br />Ronrwer fir holding and applying the Foods, annually analyzing the escrow account, or verifying the Escrow Items, unless
<br />Lender pays Borrower interest on the Funds and Applicable Law remits Lender to make such a charge. Unless an
<br />agreernent is made in writing or Applicable Law requires interest to be paid on the Foods, Lender shall not be required to pay
<br />Burrower any interest or earnings on the Funds. Borrower and Lender can agree in writing however, that interest shall be
<br />paid ono the 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 Foods held in escrow, as defined trader RESPA, Lender shall account to Bnemwe, fur the
<br />excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender
<br />loan No: 1735183
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