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<br />200602921
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<br />premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage
<br />Insurance premiums in accordance with the provisions of Section 1 n. These items arc called "Escrow
<br />Hems." 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, fees and
<br />assessments shall be 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 for Escrow Hems unless Lender waives
<br />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 f()r 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 f()r any Escrow Items for which payment of funds has bcen waived by Lender and, if Lendcr requires,
<br />shall furnish to Lender receipts evidencing such payment within such timc period as Lender may require.
<br />Borrowcr's obligation to make such payments and to provide receipts shall f()r all purposes be dcemed to
<br />be a covenant and agrcement containcd 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 for an Escrow Itcm, Lendcr may exercise its rights under Scction 9
<br />and pay such amount and Borrower shall then be obligatcd 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 Lcnder 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 Lcndn to apply
<br />the Funds at the time spccified 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 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 (ineluding Lender, if Lender is an institution whose deposits are so insured) or in
<br />any Pederal Homc Loan Bank Lender shall apply the Funds to pay the Escrow Items no later than thc time
<br />spccified under RESPA. Lender shall not charge Borrower f()l' holding and applying the Funds, annually
<br />analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower intcrest on the
<br />Funds and Applicable Law permits Lendcr to make such a chargc. Unless an agreement is made in writing
<br />or Applicable Law rcquires intcrcst to be paid on the Funds, Lendcr shall not be required to pay Borrower
<br />any interest or carnings on thc Funds, Borrowcr and Lender can agrce in writing, however, that intcrest
<br />shall be paid on the funds. Lender shall give to Borrower, without charge, an annual accounting of the
<br />Funds as required by RESP A,
<br />If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to
<br />Borrower for the excess fimds in accordance with RESP A, If there is a shortage of Punds held in escrow,
<br />as dcfined under R ESP A, Lendcr shall notify Borrower as rcquired by RESP A, and Borrower shall pay to
<br />Lender the amount nccessary to make up thc shortage in accordance with RESP A, 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 deticiency in accordancc with RESPA, but in no morc than] 2 monthly payments.
<br />Upon paymcnt in full of all sums securcd hy this Sccurity Instrument, Lender shall promptly refund
<br />to Borrower any Funds held by Lender.
<br />4. Charges; Liens. Borrower shan pay all taxes, assessments, charges, fines, and impositions
<br />attributable to the Property which can attain priority over this Security Instrument, leasehold payments or
<br />ground rents on the Property, if any, and Community Association Dues, Pees, 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.
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<br />0110247901
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<br />.-6(NE) (0407).01
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<br />P<ue 5 of 1 5
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<br />Form 3028 1/01
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