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<br />200603823
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<br />premiums, if any, or any slims payable by Borrower to Lender in lieu of the payment of Mortgage
<br />Insurance premiums in accordance with the provisions of :;ection 10. These items are called "Escrow
<br />Iterns." At origination or at any time during the term of till' Loan, Lender may require that Community
<br />Association DlH:S, Fees. and Assessments, if any, be esnowed by Borrower, and such dues, fees and
<br />assessments shall be ;\II Escrow Item. Borrower shall prompt ly furnish to Lender all not ices of amounts to
<br />be paid under this Section. Borrower shall pay Lender the Funds for Escrow items 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 for any or all Escrow Items at any time. Any such waiver may only be
<br />in writing. In the event of such waiver, Borrowcr shall pay direeLly, when and where payable, the amounts
<br />due for any Escrow Items for which payment of Funds has becn waived by Lender and, if Lender requires,
<br />shall furnish to Lender receipts evidencing such payment within such time period as Lcnder may require.
<br />Borrower's obligatioIl to make such payments and to provick receipts shall for all purposes be deemed to
<br />be a covenant and agreelnent 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 clue for ,"In Escrow Item, L:nder 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 are then rcquired undcr 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 underRESPA, and (b) nol 10 exceed the maximum amount a lender can
<br />require under RESPA. Lender shall estimate the amount 01' funds due on the hasis of current data and
<br />reasonable estimates of expenditures of future Escrow ltems or othcrwise in accordance with Applicable
<br />Law.
<br />Thc 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 Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow lLeIT1S IlO later than the time
<br />specified under RESPA. Lender shall nol charge Borrower for holding and applying the Funds, annually
<br />analyzing the escrow account, or verifying lhe Escrow lLerns, unless Lender pays Borrower interest on the
<br />Funds and ApplicabiC' Law permits Lender to make such a charge. Unless an agreement is made in writing
<br />or Applicable Law requires interest to be paid on the Fune!:;, Lender shall not be required to pay Borrower
<br />any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest
<br />shall be paid on thc Fnnds_ 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 RESPA, Lender shall account to
<br />Borrower for the excess funds in accordance with RESPA. II there is a shortage of funds held in escrow,
<br />as defined under RESPA, Lender shall notify Borrower as re<juirc'd by RESPA, and Borrower shall pay to
<br />Lender the amount necessary to make up the shortage in accord,lIlce with RESPA, hut in no more than 12
<br />monthly payments. If there is ;\ deficiency of Funds held in escrow, as defined under RESPA, Lender shall
<br />notify Borrower as requ i red by R ESP A, and Borrower shall pay to Lender the amount necessary to make
<br />up the deficiency in accord:mce with RESPA, but in no more 'han 12 monthly payments.
<br />Upon payment in full of all surns secured by this Security Instrument, Lender shall promptly refund
<br />to Borrower ,my Funds helel hy Lender.
<br />4. Charges; Liens. Borrower shall pay all taxes, assc:ssments, charges, fines, and impositions
<br />attributable: to the Prc)peny which can attain priority over this Security Instrument, leasehold payments or
<br />ground rents on the Property, if any, ill1d Community Associ:ltiou Dues, Fees, and Assessments, if any_ To
<br />the extent thm these ilerns arc Escrow Items, Borrower sh,1I1 P:1Y tllem in the manner provided in Section 3.
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<br />Initials: 2-ilr
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<br />0110252081
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<br />.-6(NE) (OMJ71,Ol
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<br />Form 3028 1101
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