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200703032 LOAW .. 82501'0803 due under the Note, Borrower shal al$Q pay funds for EsCfOW Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U,S. currency. HoweWI', if any check or other instrument received by Lender as payment under the Note or this Security 1l1lltfument Ia returned to Lender unpaid, Lander may require that any or all subsequent payments due under the Note and this Securily Instrument be made in one or more of the following forms, as selected by lender: (a) cash; (b) money order: (c) certIIled check, bank check, treaSurer's check: or cashier's check, proWled any such chook is drawn upon an institution whose deposits are insured by a federal agency, instfumentality. or entity: or (d) Electronic Funds Transfer, Payments are deemed received by lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions In Section 15. Lender may return any payment or partial payment if the payment or paftial payments arfl insufficient to bring the Loan current, Lender may accept any payment or partial payment insutlk:ient to bring the Loan CUIT$nt, without waiver of any rights hereunder or prejudice to Its rights to refuse such payment or partial payments In the tlture, but Lender Is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of Its scheduled due date, then Lender need not pay interest on unappied funds. lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. It Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or retum them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No oftset or claim which Borrower might have now or In the future agUlst Lender shall releve Borroww from making payments due under the Note and this Security Instrument or performing the cownants and agreements secured by this Security Instrument. 2. Application ofPayrMnts or ~ Exeeptas otherwise described in1l1is Section 2, aD payments accepted and applied by Lender shall be applied in the foBowing order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such paymenb ",hall bEo applied to each Periodic Payment in the order in which it became due. Any remaining amounts ",hall be applied first to late charges. second to any other amounts due under this Securily Instrument, and then to reduce the principal balance of the Note. If LendlH' ~es a payment fTom 6ottOwer for a delinquent Penodic Payment which includft a :tUfflcient MlQUnt to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more 11130 one Pericxfic Payment is outstanding, I...ender may apply any payment received from Borrower to the repayment of the Periodie Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after tile payment Is appned to the fun payment of one or mol'Q 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 described in the Note. My application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shaH not exlllnd or postpone the due date, or change the amount, of the Periodic Payments. 3. FuncbI for &crow ltema. Borrower shall pay to Lender on the day Periodic Payments 8fe due under the Note. unlll the Note Is paid in till, a sum (the "Funds") to prOYide for payment of amounts due for; (a) taxes 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 an insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in Deu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These lrems are called "Escrowltems." Atoriglrlalkln otatany~ durirtg e.tltlm ofiM Loan, LendermayrequirfllhatCommunity As$Oeiation Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall prompUy fumlsh to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lendef waiveG Borrower's obligation to pay the Funds for any or all Escrow Items. Lendef maywaiw Bom:lwer's obligation to pay to I..ender Funds for any or all Escrow Items at any time. My suchwalYer may only be in writing. In the event ofsuch waiver, Borrowershall pay directly, whoo and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, If Lender requires, shaD fUmiSh to Lender receipts evldenck1g such payment wllhln such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instfument, as the phrase "covenant and agreement" is used in Section 9. If Borrower. obligated to pay Escrow Items directly, pursuant to a waMlr. and Borrower falls to pay the amount due for an Escrow hern, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount Lender may rell'Oke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shal pay to Lender al Funds, and in sueh amounts, that are then required under this Section 3. Lender may, at any lime, collect and hold Funds In an amount (8) sufficient to permit lender 10 apply the Funds at the time specified underRESPA, and (b) notto exceed the maximum amount a lender can require under RESPA. Lender shal estimate the amount of Func/$ duill> on the basis; of current data and reasonabJt, estimates ofill>xpenditu/'t!$ of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity Qncluding Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. lender shall apply the Funds to pay the Escrow Items no later than the time specitied under RESPA. Lender shall not charge Borrower for hc:IIding and applytlg the Ftlnds. 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 agreement Is made In wrltlng or Applicable Law requires lntereStto be 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, withouteharge, an annual accounting of1l1e Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the eXl;:&$S funds in accordance with RESPA.lfthereis a shortage of Funds held in escrow, as defined under RESPA,lender shall notilY Borrower as required by RESPA, and Borrower $haII pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, lI$de1Ined underRESPA, Lendershal notify Borrower as required by RESPA, and Borrower shall pay to Lenderthe amOlmt necessary to make up the deticimcy in accordance with RESPA, but in no more than 12 monthly jEts. Upon payment in full of d sums secured by this Security Instrument. Lender shaH promptly refund to any Funds held by Lender. Initial... NIE8flASl(A.-SlngIe F..mlly-"...... ..,."....... _ UNIFORM lMImUMEHT Fom _, /In C 1~ Onin.. Doc:urt-.ls, Ino. Page 3 of 9 UOEEO ll4O'.:I