|
If Lender receives a payment from Boar
<br />y late charge due, the payment may be
<br />Payment is outstanding, Lender may ap
<br />if, and in the extent that, each payment
<br />shall not extend or postpone the due dale, or change the
<br />3. Funds for Escrowltems. Borrowershall
<br />until the Note is paid in full, a sum (the "Funds ") to prov
<br />ocher items which can attain priority over this Security li
<br />200211214
<br />a delinquent Periodic Payment which includes
<br />in the delinquent payment and the late charge.
<br />II .
<br />r Miscellaneous Proceeds to principal due under the Note
<br />of the Periodic Payments.
<br />:nder on the day Periodic Payments are due under the Note,
<br />tyment of amounts due for: (a) taxes and assessments and
<br />I as a lien or encumbrance on the Property; (b) leasehold
<br />any and all insurance required by Lender under Section 5;
<br />or at anytime during the term of the Loan, lender may require that Community Association Does, Pees, and Assessments,it
<br />any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly
<br />furnish in 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. Lender may waive Borrower's
<br />obligation m pay m Lender Funds for 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 for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, m the phrase
<br />"covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directy, pursuant m a waiver,
<br />and Borrower fails m 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 obligated under Section 9 to repay to Lender any such amount. Lender mayrevoke the
<br />waiver as to any or all 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 then required under this Section 3.
<br />Lender may, at any time, collect and hold Funds in an amount (a) su %cient 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 due on the basis ofcurrent data and reasonable estimates ofexpenditums offutureEscrow
<br />Items or otherwise in accordance with Applicable Law.
<br />for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender
<br />pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is
<br />made in writing or Applicable Law requires interest in be paid on the Funds, Lender shall not be required to pay Borrower
<br />any interest or earnings on the Funds. Borrower and Lender 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 RESPA, Lender shall account to Borrower for the
<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 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 of Funds held in
<br />escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall payto Lender the
<br />amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptlyref indto Borrower any
<br />Funds held by Lender.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the
<br />which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if my,
<br />mainly Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower
<br />pay
<br />legal proceedings which In lender's opinion operate to prevent me entorcement of me hen while muse proceedings are
<br />pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement satisfactoryto
<br />Lender subordinating the lien to this Security Instrument If Lender determines that any part of the Property is subject m 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 me date on which that notice is given, Borrower shall satisfy the lien or take one or more of the actions set form
<br />above in this Section 4.
<br />Lender my require Borrower to pay a one -time charge for a real estate tax verification and/or reporting service
<br />(including deductible levels) and for me ers that Lender requires. What Lender requires pursuant to the preceding
<br />sentences can change during the term of iod
<br />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 />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 />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, such coverage shall cover Lender, but might or might not protect Borrower, Borrower's equity in the
<br />Property, or the contents of 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 significantly
<br />exceed the cost of insurance that Borrower could have obtained. Any mounts disbursed byy Lender under this Secfion5 shall
<br />become additional debt of Borrower secured by this Security Instrument. Theseamountsshallbearinteresta tthe Noterate
<br />from the date of disbursement and shall be payable, with such interest, upon notice from lender to Borrower requesting
<br />payment.
<br />All insurance policies required by Lender and renewals of such policies shall be subject to Lender's right to
<br />disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as m
<br />additional loss payee. Lender 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. If Borrower obtains any form of insurance
<br />NEERASEA--Single Family -- Fannie Ma reddie Mac UPRFORM BHSTRUMENT Form M28 1/al (pa8e3af8pn8es)
<br />9754LV(IM) G11916
<br />
|