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<br />200700328
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<br />and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage
<br />Insurance premiums in accordancc with the provisions of Section 10. These items are called "Escrow Items." At origination or
<br />at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any,
<br />be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to
<br />Lender all notices of amounts to bc paid under this Section. Borrowcr shall pay Lcnder the Funds for Escrow Items unless
<br />Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to
<br />pay to Lendcr Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such
<br />waiver, Borrower shall pay dircctly, when and where payable, the amounts due for any Escrow Items fi.)r which payment of
<br />Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within
<br />such time period as Lcnder may rcquire. Borrower's obligation to makc such payments and to provide receipts shall for all
<br />purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and
<br />agreement" is used in Scction 9. If Borrower is obligated to pay Escrow Itcms directly, pursuant to a waiver, and Borrower fails
<br />to pay the amount due for an Escrow Item, I,ender may exercise its rights under Section 9 and pay such amount and Borrower
<br />shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all
<br />Escrow Items at any time by a notice givcn in accordance with Section 15 and, upon such revocation, Borrower shall pay to
<br />Lender all Funds, and in such amounts, that are then required under this Scction 3.
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<br />Lender may, at any time, collect and hold Funds in an amount (a) sutlicient to pennit Lender to apply the Funds at the time
<br />spccificd under RESI'A, and (b) not to exceed the maximum amount a lender can require under RFSPA. Lender shall estimate
<br />the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or
<br />otherwise in accordance with Applicable Law.
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<br />The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity
<br />(including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Ilome Loan Bank. Lender shall
<br />apply the Funds to pay the Escrow Items no later than the time specified under RESP^. I,endcr shall not charge Borrower for
<br />holding and applying the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays
<br />Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreemcnt is made in
<br />writing or Applicable Law requires interest to he paid on the Funds, Lender shall not be required to pay Borrower any intcrcst
<br />or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender
<br />shall give to Rorrower, without charge, an annual accounting of the Funds as required by RESPA.
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<br />If thcrc is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess
<br />funds in accordance with RESP A. If there is a shortage of Funds held in escrow, as defined under RESP A, Lender shall notify
<br />Borrower' as required hy RESP A, and Rorrower shall pay to Lendcr thc amount neeessal)' to make up the shortage in
<br />accordance with RESP A, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined
<br />under RESPA, Lender shall notify Rorrower as required by RESPA, and Borrower shall pay to Lender thc amount necessary to
<br />make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments.
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<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any
<br />Funds held by Lcndcr.
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<br />4. Char2es; Liens. Borrower shall pay all taxes, assessments, charges, tines, and impositions attributable to the Property
<br />which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and
<br />Community Association Dues, Fees, and Assessments, if any. To the cxtent that these items are Escrow Items, Rorrower shall
<br />pay them in the manner provided in Section 3.
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<br />Initial, U ~ G... JJ
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<br />_ .6A(NE) (0407)01
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<br />DDS-NET
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<br />Page 5 of 15
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<br />Form 3028 1/01
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