|
200214474
<br />If Tender receives a payment from Borrower to a deli ntlLieat Periodic Payment which includes a sufficient amount
<br />to pay any late charge due, the payment may be app led to the delinquent payment and the late charge. It more than one
<br />Periodic Payment is outstanding, Lender may apply aip payment received from Borrower to the repayment of the Periodic
<br />Payments if, and in the extent that, each payment can be paid in hl 1. To the extent hat any excess exists after the payment is
<br />applied to the full payment of one or more Periodic Payments, such excess my be applied to any late charges due. Voluntary
<br />prepayments shall be applied first to any prepayment c fat go and then as described in the Note.
<br />Any application of payments, inset ace proceeds, or Miscellaneous Proceeds to principal due under the Note
<br />shall not extend or postpone the due 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 Tunds") to provide far payment of amounts due for: (a) taxes and assessments and
<br />other items which can attain priority over this Security helNnte t as alien or encumbrance on the Property (b) leasehold
<br />payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by lender under Section 5;
<br />and (d) Mortgage Insurance premiums, if any, or any stun: pv)able by Borrower to Tender in lieu ofthe payment ofMorgage
<br />Insurance premiums in accordance with the provisions of Sccion 10. "these items are called "Escrow Items." Aboriginal
<br />or at anytime during the term of the loon, lender may requ l re that Community Association Dues, Fees, and Assessrser if
<br />any, be escrowed by Borrower, and such dues, lees and mscssmens shall be an Escrow Item. Borrower shall promptly
<br />furnish to Lender all notices of amounts to be paid under r his Section. Borrower shall pay fender the Punds 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 to pay to Lender Funds for any or all Escrow Item, at any time. Any such waiver may only be in writing. In the
<br />event c f tuch waiver, Borrower shall pay directly. when trod Ichore payable, the amounts due fir any Escrow Items for which
<br />payment of Funds has been waived by bender and, it Lcnder requires, shall furnish to Lender receipts evidencing such
<br />payment within such time period as Lender may require- Rorower's obligation to make such payments and to provide
<br />receipts shall for all purposes be deemed to be a covcrarl and agreement contained in this Security Instrument, as the phrase
<br />"covenant and agreement" is used in Section 9. If Boi oc ci is obligated to pay Escrow Items directly, pursuant to a waiver,
<br />and Borrower fads to pay the amount due for an Escrow pent_ I coder may exercise its rights under Section 9 and pay such
<br />amount and Borrower shall then be obligated under Suction 9 to repay to lender any such amount Lender may revoke 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 am then required under this Section 3.
<br />Under may, at any time, collect and hold Funds in an amount (a) sufficient to permit fender to apply the Funds at
<br />the time specified under RESPA, and (b) not to exuxd the maximum amount a lender can require under RESPA. Lender
<br />shall estimate the amount of Funds due on the basis Ofeannnt dale and reasonable estimates ofexpenditures of future Escrow
<br />Items or otherwise in accordance with Applicable Lirr_
<br />The Funds shall be held in an institution whose ricposits are insured by atederal agency, instrumentality, or entity
<br />(including Lender, if Lender is an institution whose dcposi Ls arc so insured) or in any Federal Home Loan Bank. Lender shall
<br />apply the Funds to pay the Escrow Items no later than die time spwo fied under RESPA. Lender shall not charge Borrower
<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 Lac, permits Lender to make such a charge. Unless an agreement is
<br />made in writing or Applicable Taw requires interest to be paid on the Funds, Lender shall not be required to pay Borrower
<br />any interest or earnings on the Funds. Borrower and I ender can agree in writing, however, that interest shall be paid on the
<br />Funds. Lender shall give to Borrower, without chage. an annual accounting of the Funds as required by RESPA.
<br />If there is a surplus of Funds held in escrow, is 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 nodes For l war as required by RESPA, and Borrower shall pay to 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 �L,curi ry I nsnument, Lender shall promptly nand to Borrower any
<br />Funds held by Lender.
<br />4. Charges; Liens. Borrower shall pay all taxes. assess cents, charges, fill and impositions eradicable at the
<br />Property which can attain priority over this Security don alneut, leasehold payments or ground rents on the Property, it any,
<br />and Community Association Dues, Fees, and Assessments, if any . To the extent that these items are Escrow Items, Borrower
<br />shall pay them in the manner provided in Section 3.
<br />Borrower shall promptly discharge any lien which has pr'iotfly over this Security Instrument unless Borrower: (a)
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only so long as
<br />Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the Tien in,
<br />legal proceedings which in Lender's opinion operate to prevent the enforcement of the Tien while those proceedings are
<br />pending, but only until such proceedings are concluded; or (c) secures from the holder of the lien an agreement saustaclorylo
<br />Lender subordinating the lien to this Security Instrument If Lender determines that any part of the Property is subject to
<br />Tien which can attain priority over this Security Lutrument. Leudcl may give Borrower a notice identify in, the lien. Within
<br />10 days of the date on which that notice is given, Bon oaci shall satisfy the lien or take one or more of the actions set forth
<br />above in this Section 4.
<br />Lender may require Borrower to pay a )no I.me. an go lot a real estate tax verification and/or reporting service
<br />used by Lender in connection with this Loan.
<br />5. Property Insurance. Borrower shall kcop the improvements now existing or hereafter erected on the Property
<br />insured against loss by fire, hazards included within the terra "extended coverage," and any other hazards including, but not
<br />linmed to, earthquakes and floods, but which Icnder rcqui tcs insurance. This insurance shall be maintained in the amounts
<br />(including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding
<br />sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by
<br />Borrower subject to Lender's right to disapprove 13,)i ocla' 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 sad tracking services; or to a onetime charge for flood zone detemiration and certification
<br />services and subsequent charges each time remappines art similar changes occur which reasonably might affect such
<br />determination or certification. Borrower shall also he « sponsrhle for the payment of any fees imposed by the Federal
<br />Emergency Management Agency in connection with the rc view of any flood zone determination resulting from an objection
<br />by Borrower.
<br />If Borrower fails to maintain any of the coverages desci bed above, Lender may obtain insurance coverage, at
<br />Lender's option and Borrower's expense. Under is under no obligation to purchase any particular type or amount of
<br />coverage. Therefore, such coverage shall cover Lendoc. baL night or might not protect Borrower, Borrower' segmty 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 amounts di shut sed by Lender under this Section 5 shall
<br />become additional debt of Borrower secured by this Sean'ity Insoaunent, These amounts shall bear interest at the Note rate
<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 Tell and renewals of such policies shall be subject to Lender s right to
<br />disapprove such policies, shall include a standard mortguge clause, and shall name Lender as mortgagee and/or as an
<br />additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If bender requires, Borrower
<br />shall promptly give to Lender all receipts of paid premmms and renewal notices. If Borrower obtains any form of insurance
<br />NERKASKA— Slagle Family— Fannie Mae /Freddie Mar UNIFORM INS'1'I<ItMIfNT Forin3028 1/01 (page3ol8paae,)
<br />9751CV aAo) 1629917
<br />
|