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<br />200605786
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<br />premiurlls, if any, or any SUlTlS payable by Borrower to Lender in lieu of the payment of Mortgage
<br />Insurance premiullls in accordance with the provisions of Section 10. These items are called "Escrow
<br />Itenls." At origination or at any time during thc term of the Loan, Lender may require that Community
<br />Association Dues, rees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and
<br />assessments shall be an Escrow Hem. Borrower shall promptly furnish to I,ender all notices of amounts to
<br />be paid under this Section. Borrower shall pay Lender the runds for Escrow hems unless Lender waives
<br />Borrower's obligation to pay the runds for any or all Escrow Itellls. Lender may waive Borrower's
<br />obligation to pay to Lender runds for any or all Escrow Items at any tillle. Any such waiver may only be
<br />in writing. In the event of such waiver, Borrowcr shall pay directly, wh en and where payable, the amounts
<br />due for any Escrow Items for which payrnent of Funds has been waived by Lender and, i I' Lender requires,
<br />shall furnish to Lender receipts evidencing such payment within such time period as Lender lllay require.
<br />Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to
<br />be a covenant and agreernent contained in this Security Instrument, as the phrase "covenant and agreement"
<br />is used in Scction 9. If Borrower is obligatcd to pay Escrow Items directly, pursuant to a waiver, and
<br />Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section l)
<br />and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such
<br />amount. Lender rllay revoke thc waiver as to any or all Escrow Items at any tillle 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 requircd under this Section 3.
<br />Lender may, at any time, coiled and hold funds in an amount (a) sufficient to permit Lender to apply
<br />the Funds at the time specified under RESPA, and (b) not to exceed the maxirnum amount a lender can
<br />require under R ESP A. Lender shall estilnate the amount of runds due on the basis of current data and
<br />reasonable estima\l.:s of expenditures of future Escrow Items or otherwise in accordance with Applicable
<br />Law.
<br />Thc Funds shall be held in an institution whose deposits arc insured by a fcderal agency,
<br />instrumentality, or entity (including Lcnder, if Lender is an institution whose dcposits are so insured) or in
<br />any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time
<br />specified under RESPA. Lender shall not charge Borrower f(Jr holding and applying the Funds, annually
<br />analyzing the escrow account, or verifying the Escrow Itcms, unless Lcnder pays Borrower interest on thc
<br />Funds and Applicable Law permits Lcnder to make such a charge. Unless an agreernent is madc in writing
<br />or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower
<br />any interest or earnings on the runds. Borrower and Lender can agree in writing, however, that interest
<br />shall bc paid on the Funds. Lender shall give to Borrower, without chargc, an annual accounting of the
<br />Funds as required by R ESP 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 funds in accordance with RESP A, If there is a shortage of Funds held in escrow,
<br />as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to
<br />Lender thc amount necessary to Inake up the shortage in accordance with R ESP A, but in no more than 12
<br />rllonthly payments. If there is a deficiency of Funds held in escrow, as defincd under RESPA, Lender shall
<br />notify Borrowcr as requircd by RESP A, and Borrower shall pay to Lender the alnount neccssary 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 sums secured by this Security Instrument, Lendcr shall promptly rcfund
<br />to Borrower any Funds held by Lender.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessmcnts, 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 COllllTlunity Association Dues, Fces, and Assessmcnts, if any. 'To
<br />the extent that thesc itellls are Escrow Herns, Borrower shall pay them in the manner provided in Section 3.
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<br />PC{Je 5 of 1 5
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<br />,,,4-cx
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<br />06-041407
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<br />G.6(NE) (0407).01
<br />(1)
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<br />Fonn 3028 1/01
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