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200508966
<br />any check or other instrument received by Lander as payment under the Note or this Security Instrument is
<br />ed to
<br />Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Ins
<br />ent be
<br />made in one or more of the following forms, as selected by Lender: (a) cash; (b) honey order, (c) certified c
<br />ck, bank
<br />check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits a
<br />insured
<br />by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer.
<br />2. Applicstlon of Payments or Proceeds. Payments are deemed received by Lender when recei
<br />d at the
<br />location designated in the Note or at such other location as may be designated by Lender in accordance with I
<br />ie notice
<br />provisions in Section 14 or in such manner or location as required under Applicable Law. Except as otherwise de
<br />cribed in
<br />this Section 2, and as permitted under Applicable Law, all payments accepted and applied by Lender shall be app led
<br />in the
<br />following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due and
<br />Section
<br />1 Such payments shall be applied to each Periodic Payment in the order in which it became due. Any roulairnin
<br />amounts
<br />shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to mduce
<br />the
<br />principal balance of the Note.
<br />If Lander receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficiel
<br />it amount
<br />to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more
<br />than one
<br />Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of th
<br />Periodic
<br />Payments if, and to the extent that, each payment can be paid in full. To the extent permitted by Applicable Law,
<br />oluntary
<br />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 due under the
<br />�Ote shall
<br />not extend or postpone the due date, or change the amount, of the Periodic Payments.
<br />Law, Borrower to Lender on the da
<br />Periodic
<br />3. Funds for Escrow Items. Subject to Applicable shall pay
<br />Payments are due under the Note, until the Note is paid in full, a sum (the "Funds ") to provide for payment of am
<br />unts due
<br />for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as
<br />lien or
<br />encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for
<br />y and all
<br />insurance required by Lender under Section S; and (d) Mortgage Insurance premiums, if any, or any sums p
<br />yable by
<br />Borrower to Lender in lieu of the payment of Mortgage Insurance premiums. These items are called "Escrow lb
<br />ms." At
<br />origination or at any time during the term of the Loan. Lender may require that Conum ity Association Dues,
<br />Tees, and
<br />Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Bom
<br />wer shall
<br />promptly furnish to Lender all notices of amounts to be paid tinder this Section. Borrower shall pay Lender the
<br />Funds for
<br />Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender
<br />y waive
<br />Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may
<br />my Min
<br />writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for
<br />Escrow
<br />Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lends
<br />receipts
<br />evidencing such payment within such time period as Lender may require. Borrower's obligation to make such pa
<br />nts and
<br />to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Ins
<br />t, as
<br />the phrase "covenant and agreement" is used in Section 8. If Borrower is obligated to pay Escrow Items directly,
<br />rsuant to
<br />a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Sec
<br />on 8 and
<br />pay such amount and Borrower shall then be obligated under Section 8 to repay to Lender any such amount. L
<br />er may
<br />revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 14 and,
<br />such
<br />revocation, 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) sufficient to permit Lender to apply th
<br />Funds at
<br />the time specified under R.ESPA, and (b) not to exceed the maximum amount a lender can require under RESP
<br />. Lender
<br />shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of fu
<br />a Escrow
<br />Items or otherwise in accordance with Applicable Law.
<br />The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality
<br />or entity
<br />(including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan B
<br />Lender
<br />shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall
<br />t charge
<br />Borrower for holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow I
<br />,unless
<br />Lander pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge.
<br />mess an
<br />agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be re
<br />" ed to pay
<br />Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that intere
<br />t shall be
<br />paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Fu n& as required b
<br />RESPA.
<br />Loan Nb: 121760239 Initials: _zf --Z
<br />Nebreela Deed of Trust Single Farrdly- ,Secondary l en MFRS Modified Po
<br />3801 01/01
<br />—THE COMPLJA KCg SOURCg, RqC— Page 4 of ] 1 Modified by "The CompM+nn 9amc ,1, '
<br />410VIM 03/63
<br />www.OMWVWO"OXO&Wm I0�p 1'1,111111MP■ C2002,11.Comp1
<br />S&.V hc.
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