200702912 - Laserfiche WebLink

Browse

200702912 DOC ID #: 00016552167503007 Borrower to the repayment of the Periodic Payments if, and to the extent that. ClIch paYlIll.'nt can lx: paid in fulL To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as descril:x:d in the Nole. Any application of payments. insW'llIlce proceeds, or Miscellaneous Proceeds to principal due under the Nole shall nol el\1end or postpone the due date, or change the amounl, of Ihe Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under Ihe Nole, until the Note is paid in full, a sUIll (the "Funds") to provide tbr paymenl of amounts due tbr: (a) laxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insuran"", required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items_" At origination or at any time during the term of the Loan. Lender may require that Commlmity Asoociation Dues. Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shalllx: an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lendcr the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds jbr any or all Escrow Hems. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Hems al any time. Any aucll waiver lJIay only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due tbr any Escrow Items tbr which payment of f'unds haa been waived by Lender and, if Lender requires, ahall jurnish to Lender receipls evidencing such paymenl within auch time period as L~"llder may require_ Borrowe!'s obligation to make such payments and to providc receipts shall for all purposes be deemed to be a covenant and agre<llllent contained in this Security Inslrumllnt, as the phrase "covenant and agreement" is used in Sootion 9. If Borrower is obligatoo to pay Escrow Items directly, pursuant to a waiver, and Borrower tails to pay the amount due tbr an Escrow Item, Lender I118Y exercise its rights under Section 9 and pay such amount and Borrower shall tluln be obligated under Section 9 to repay to Lllnder any sooh amount. Lender tUay 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, thaI are lhen required under thia Section 3_ Lcndcr may, at any time, collecl and hold Funda in an amount (a) suflicient to pennit Lendcr to apply the Funds at the time apecitied under RESPA, and (b) not to exceed the llIIIximum alJlount a lender can require under RESP A. .Lendcr shall estimate the amount of :Fwlds due on the basis of current data and reasonablc estimatea of expenditures of future Escrow Items or otherwise in accordance wilh Applicable Law. The Funds shall be held in an inslinnion whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender ia an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender ahall apply the Funds to pay the EacTOw Items no later than the time specified under RESPA. Lender shall not charge BorroW\:f for 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 permits Lender to make such a charge. Unless an agreemelll is made in writing or Applicable Law requires interest to be paid on the Funds, (,ender shall mlt be required to pay Borrower any intereat or earnings On the Funds. Borrower and [,ender can agree in writing, however, that interest shall lx: paid on the Funds_ Lender shall give to Borrower, without charge, an annual accounting ofthe Funds as required by RESPA. If there is a b'Urplus of Fnnds held in escrow, as defined under RESPA, Lender shall acconnt to Borrower tor the excess ftmds in accordance with Rl\SPA. If there is a shorlage of Funds held in escrow, as ddJned under RESPA, Lender shall noti(v Borrower as required by RESPA, and Borrower shall pay to Lender the amOlmt necessary to make np the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in eacrow, lIS defined under RESP A, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the detJciency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in full of all sums secured by this Security Il1lllrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; liens. Borrower shall pay all taxes, assessments, charges, fi nes, and impositions attributable to the Property which can allain priority owr this Security Instrument, leasehold paym.ents or ground rents 011 the Property, if any, and Commlmity Association Dues, Fees, and Assessments, if any, To the extent that these items are Escrow Items, B01TOwer shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceplable to Lellder, but only so 10llg as Borrower is pertbnnillg such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such p(QCl;cdings are CQocluded; or (c) secures from the holder of the lien an agreement satib1'actory to Lcnder subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject 10 a lien which can attain priority over this Security Instrument, l,ender may give Borrower a notice idcntifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisty thc lien or take one or more of the actions set forth abovc in this Section 4. Lender may rcquire Borrower to pay a one-time charge for a real estate tax veritication and/or reporting service used by Lender in connection with this Loan. 'Sl-6A(NE) (04l(7) CHI.. (0Mlll1 Page4of11 Form 3028 1101