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200603224 premiums, if any, or any sums payable by BOlTower to Lender in lieu of the paYlTlcnt of \1ortgage Insurance premiums in accordance with the provisions of Section 10. Thesc items arc called "[serow hems" At originatiolJ or at any time during the term of the Loan, Lender Illay require that Community Association Dues, Fees, and AsseSSInents. if any, be eserowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to I,ender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds ftJr any or all Escrow Items, Lender may waive Borrower's obligation to pay to Lender Funds fi,r any or all Escrow Hems at any time, Any such waiver may only be in writing. In the eVUlt of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and. if Lender requires. shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement eontained in this Security Instrument. as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver. and Borrower hlils to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds. and in such amounts. that are then requircd under this Section :1. Lendcr may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply thc Funds at the time specified under I{ ESP A. and (b) not to exceed the maximum amount a lender can require under RESP A. Lender shall estimate the amount of I'unds due on tbe basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Appl icable Law, l'he Funds shall bc held in an institution whose deposits arc insured by a kderal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits arc so insured) or in any Federal Home Loan Bank.. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under I{ESP^, Lender shall not charge Borrower fiJr holding and applying the Funds. annually analyzing the escrow account. or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law penllits Lender to make such a charge. Unless an agreement is made in writing or Appl ieable Law requires interest to he paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds, Borrower and Lender can agree in writing. however. that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of thc Funds as required by RESPA. If there is a surplus of Funds hdd in escrow, as defined under RESP A, Lender shall account to Borrower for the excess hll1ds in accordance with RESr A. If there is a shortage of Funds held in escrow. as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no Illore than 12 Illonthly payments. If there is a deficiency of Funds bdd in escrow, as defined under R ESP A. Lender shall notify Borrower as required by RESP A, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RLSPA. but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Sceurity Instrument Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shall pay all taxes, assessments. charges, fines, and impositions attributable to the Property which can attain priority over this Security InstrUlTlent. leasehold paYlllents or ground rents on the Property. if any, and COITnllunity Association Dues, Fees. and Assessments. if any. To the extent that these iteIlls arc Escrow Items. Borrower shall pay them in the manner provided in Section 3. Initii=1ls: ~') 0110247970 C!-6(NE) (0407).01 {!) P~e 5 of 1 5 Fonn 3028 1/01