|
200210144
<br />premiums, if any, or any Sums p:rvable by Borrower to Lender in lieu of the payment of Mortgage
<br />Insurance premiums In accordance with the provisions of Section 10. These items are called "Escrow,
<br />Items." At origination or aI :mv tlme during the term of the Loan, Lender may require that Community
<br />Association Dues. Pecs, mod Valessluellts. if any. be escrowed by Borrower, mid such dues, fees and
<br />assessments shall be an Escrow hem_ Borrower shall promptly hurish In Lender all nuliees of amounts to
<br />he paid under this Section. Borrower shall pay Lender the ILnds for Escrow Items unless Lender waives
<br />Borrower's obligation to pgy the Funds for any or all Escrow Items. Lender may waive Borrower's
<br />obligation to pay m Lender Ivnds It,, anv or all Escrow hems at any time. Any such waiver may only be
<br />in writing. In the loan, of such waiver, Borrower shall It tlireelly, when and where payable, the amounts
<br />due lOr any ESGFOvJ hems for which payment of Funds has been waived by Lender and, if Lender requires,
<br />shall furnish to Lc lot r rcceipas cvidcncing such payment within such time period as Lender may require.
<br />Borrower's obligation to make such payments our to provide receipts shall for all purposes be deemed to
<br />be it covenant and aercemcnt contained in this Security Insurument, as the phrase "covenant and agreement"
<br />is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and
<br />Borrower fails to pi, the utnount d11c lirr rat Escrow heat. Lender may exercise its rights under Section 9
<br />and pay such amount and Borrower shall mca he ohligatcd under Section 9 to repay to Lender any such
<br />amount_ Lcndcr nlay revoke file waiver as to any or all Escrow Items at any time by a notice given in
<br />accordance with 6cotiuu 6 and, upon such revocation, Borrower shall pay to Lender all Funds, and in
<br />such amounts, that arc then rttpfhetl under this Section 3.
<br />Leader may 11 any tins. coll,st and hold Funds in :in amount (a) sufficient to permit Lender to apply
<br />the Funds at file :11111 specilled (bider RESPA, and (b) not to exceed the maximum amount a lender can
<br />require under RI PA_ 1 cutler shall estimate the amount of Funds due on the basis of current data and
<br />reasonable estimates of expendilures of hone Eyon)w Items or otherwise in accordance with Applicable
<br />Law.
<br />'fhe Funds shall be held in an institution whose deposits are insured by a federal agency,
<br />insaumer iry, or cnlhy (including Lcndcr. if Lender is an Institution whose deposits are so insured) or in
<br />any Federal Homc Loan Bank. Isndcr shall apply the Funds m pay die Escrow Items no later than the time
<br />speciEcd tattler RESPA. Lcndcr shall not charge Borrower for holding and applying the Funds, annually
<br />analyzing the escrow account. ur verifying the Escrow Items, unless Lender pays Borrower interest on the
<br />Funds and Applicacablc Law permits I ender to make such a charge. Unless an agreement is made in writing
<br />or Applicable La, requires interest to be paid on the Foods_ Lender shall not be nxluired to pay Borrower
<br />any interest or carning,a oil me Funds. Borrower and Lender can agree in writing, however, that interest
<br />shall be paid on .hc Pu fill s. I I11C nr shall give to Borrower, without charge, an annual accounting of the
<br />Funds as require,! bo RESPA.
<br />If them Is [1 surplus of Punds held in escrow, as defined under RESPA, Leader shall account to
<br />Borrower for fhe , %c, is Em,s III accordance with RESPA. It there is a shortage of Funds held in escrow,
<br />as defined under RESPA, Lender than notify Rnrruwcr a, [equimd by RESPA, and Borrower shall pay to
<br />Louder the amount neccssan w I mke up the shortage in accordance with RESPA, but in no more lhmu 12
<br />monthly paymcnn_ It there is a &I ... ency of Fund's held in escrow, as defined under RESPA, Lender shall
<br />nonfy Borrower us rc:lnord ho RESPA, and Borrower shall pay to Lender the amount necessary to make
<br />up the deficiency it accordance with RFSPA, but in nu lucre than 12 monthly payments.
<br />Upon pspnmm in full of all sums scented by this Sretu'ity Inslmment, Leader shall promptly refund
<br />to Borrower amv Punds In9d by Lcndcr.
<br />4. Chargos; I.irnv. Borrower shall pay all taxes. assessments, charges, fines, and impositions
<br />attributable to the Ropuor so-hfch can aoain priority over has Security Instrument, leasehold payments or
<br />ground nuts on fhe Propcny, it any. and Community Association Dues, Fees, and Assexaments, if any. To
<br />the extent that EL IC I1CIIIS a1u FSCrllsv Items, Borrower shall pay them fit the manner provided in Section 3.
<br />U
<br />`m -01NE) ca, 1, 1,11= m,i._ Farm 3028 1/01
<br />
|