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DEC-11 -02 03:I1PN FROM-
<br />200214105
<br />T-019 P.009 /030 F -023
<br />premiums, if any, or any sums payable by Borrower m 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 at any time during the term of the Loan, Lender may require dial Community
<br />Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and
<br />assessments shall be an Escrow Item Borrower shall promptly famish to Lender all notices of amounts to
<br />be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives
<br />Borrower's obligation to pay the Funds for any or all Escrow Items. Lendcr may waive Borrowers
<br />obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be
<br />in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts
<br />due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires,
<br />shall furnish to Lender receipts evidencing such payment within such time period as Leader may require.
<br />Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to
<br />be a covenant and agreement contained in this Security t„strame„t, as the phrase "covenant and agreement"
<br />is usrd m Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and
<br />Borrower fails to pay the amotmt due for an Escrow Item, Lender may exercise its rights under Section 9
<br />and pay such amount and Borrower shall than be obligated under Section 9 to repay to Leader any such
<br />amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in
<br />accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in
<br />such amounts, that are then required under this Section 3.
<br />Lender may, a any time, collect and hold Funds in an amount (a) m&cimt to permit Lender to apply
<br />the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can
<br />require under RESPA Lender shall estimate the amount of Funds due on the basis of current data and
<br />reasonable estimates of expenditmes of future Escrow Items or otherwise in accordance with Applicable
<br />Law.
<br />The Funds shall be held in an institution whose deposits are insured by a federal agency,
<br />instrumentality, or entity (including Lender, if Leader is an institution whose deposits are so insured) or in
<br />any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escromv Items no later than the time
<br />specified under RESPA Leader shall not charge Dorrower for holding and applying the Funds, annually
<br />malyamg the escrow aceormt, or verifying the Escrow Items, unless Lender pays Borrower interest on the
<br />Funds and Applicable Law permits Leader to make such a charge. Unless an agreement is made in writing
<br />or Applicable Law requires interest to be paid on the Funds, Leader shall not be required to pay Borrower
<br />any interest or earnings on the Funds. Borrower and Leader can agree in writing, however, that interest
<br />shall be paid on the Funds. Lender shat give to Borrower, without charge, an annual accounting of the
<br />Funds as rcganed by RESPA.
<br />If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to
<br />Borrower for the excess funds in accordance with RESPA If there is a shortage of Funds held in escrow,
<br />as defined under RESPA, Leader shat notify Borrower as required by RESPA, and Borrower Shall pay to
<br />Leader the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12
<br />monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall
<br />notify Borrower as required by RESPA, and Borrower shall pay TO Lender the amount necessary to make
<br />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, Leader shall promptly refund
<br />to Burrower any Funds held by Lender.
<br />4. Charges, Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositious
<br />attributable to the Properry which can attain priority over this Security Instrument, leasehold payments or
<br />ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To
<br />the extent that these items are Escrow Items, Borrower shall pay them in the manncr provided in Section 3-
<br />0212061315
<br />041a :
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