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<br />200601775
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<br />premiums, if any. or any sums payable by Borro\\[;r to Lender in lieu of the paymwt or 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 that Community
<br />Association Dues. fees, and Assessments, if any. be escrowed by Borrower, and such dues, tees and
<br />asseSSlnents shall bl~ an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to
<br />be paid under this Section. Borrower shall pay Lender the funds ror Escrow Items unless Lender waives
<br />Borrower's obligation to pay the Funds fix any or all Escrow Items. Lender may waive Borrower's
<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 fl)r any Escrow Items for which payment of Funds has been waived by Lel1lkr and, if Lender requires,
<br />shall furnish to Lender receipts evidencing sueh payment within such time period as Lender may require.
<br />Borrower's obligation to make sueh payments and to provide receipts shall for all purposes be deemed to
<br />be a covenant and agreement contained in this Security Instrument. 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 pay the amount due fl.)r an Escrow Item. Lender may exercise its rights under Section 9
<br />and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender 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 arc 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
<br />the Funds at the time specified under RESP A, and (b) not to exceed the maximum amount a lender can
<br />require under RESP A. Lender shall estimate the amount of Funds due on the basis of current data and
<br />reasonable estimates of expenditures 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 Lender is an institution whose deposits are so insured) or in
<br />any Federal l-lome Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time
<br />specified under RES!' A. Lender shall not charg[; Borrower for holding and applying the Funds. annually
<br />analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the
<br />Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing
<br />or Applicable La"": requires interest to be paid on the Funds, Lender shall not be required to pay Borrower
<br />any inkrest or carnings on the Funds. Borrower and Lender can agree in writing, however. that interest
<br />shall be paid on tbe Funds. Lender shall give to Borrower, without charge, an annual accounting of the
<br />Funds as required by RESPA.
<br />If there is a surplus of Funds held in escrow, as defined under RESP A, Lender shall account to
<br />Borrowcr for the excess funds in aecordancc with RESP A. If there is a shortage of Funds held in escrow,
<br />as defined under RESJ' A, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to
<br />Lender the amount necessary to make up the shortage in accordance with R ESP A, but in no more than 12
<br />monthly paymmts. If there is a deficiency of Funds held in escrow, as defined under RESP A, Lender shall
<br />notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make
<br />up thc deficiency in accordance with RESPA, but in no more than 12 monthly payments.
<br />Upon payment in full of all SlIms secured by this Security Instrument, Lender shall prornptly refund
<br />to Borrower any Funds held by Lender.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions
<br />attributable to the Property which can attain priority over this Security Instrument, leasehold paymcnts 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 arc Escrow Items, Borrower shall pay them in the nlallner provided in Section 3.
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<br />Initial~rf?
<br />v. B. ;f/.
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<br />0110247550
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<br />.-6(NE) (0407).01
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<br />Form 3028 1101
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