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<br />200707443
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<br />premiullls, if any, or any sums payable by Borrower tu LelHil'r iu lieu of the paymeut of Mortgage
<br />Insurance premiullls in accordance willI the provisions of Section 10. These hems are called "Escrow
<br />Items." At origination or at any time during the term of the Loan, Lender may require that Conllllunity
<br />Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and
<br />assessments shall be an Escrow Item. Borrower shall promptly furnish to I,ender all notices of amounts 10
<br />he paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lpnder waives
<br />Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waivp Borrower's
<br />obligatioll to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver Inay only be
<br />in writing. In thp event of sllch waiver, Borrower shall pay directly, when and whprp payahle, the iunouuls
<br />dup for any Escrow Hems for which paynll'nt of Funds has been waived hy Lender and, if LelHler requires,
<br />shall furnish to Lender receipts evidencing such payment within such time period as I,endpr may require.
<br />Borrower's obligation to make such payments and to providp receipts shall for all purposps he deellled to
<br />be a covenant and agreement contained in this Security Instrument, as the phrase "covpnant and agreenwnt"
<br />is used in Section (]. If Borrower is obligated to pay Escrow Heins directly, pursuant to a waiver, and
<br />Borrower fails to pay the amount due for an Escrow Hem, L(~nder may exercise its rights under Section ~)
<br />and P,IY such amount and Borrower shall then be obligated UlHkr Section 9 to rppay to Lender any such
<br />(Il1lol!nl. Lender lllay revoke the wai\f('r as to any or all Fscrow Items at any tinl(' by a notice givell in
<br />(Iccordance with Section 15 and, upon sllch revocation, Borrower shall pay to Lender all Funds. and ill
<br />such amounts, that are then required under this Section 3.
<br />Lender may, at any time, collect and hold Funds in an amount (a) sulficient to permit Lender to apply
<br />the Funds at the time specified under RESPA, and (b) not to exceed the maximum anlllUnt a lender can
<br />require under RESP A. Lender shall estirnale the amount of Funds due on the basis of current data and
<br />reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable
<br />Ll\v.
<br />The Funds shall be held in an institution whos(~ deposits are insured by a federal agency,
<br />instnnnentalily, or entity (including Lender, if Lender is an institution whose deposits are so insured) or iu
<br />any Federal Home Loan Bank. Lender shall apply the I.'unds to pay the Escrow Items no later than the limp
<br />specil1ed under HESPA. Lender shall not charge Borrower for holding and applying the Funds, annually
<br />analyzing the escrow account, or verifying the Escrow Items, unless Lemler pays Borrower interest on the
<br />Funds and Applicable Law permits Lender 1.0 make such a charge. Unless an agreement is made in writing
<br />or Applicable Law reqnires ini.erest 1.0 be paid on the Funds, Lender shall not be required to pay Borrower
<br />,lny interest or eamings on tlw Funds. Borrower and Lender can agree ill writing, however, thai inl(~rest
<br />shall be paid on the Funds. Lender shall give to Borrower, without charge, an anlluaJ accouuting of the
<br />Funds as required by HF:SPA.
<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 wilh RESPA. If tlwre 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 the amount. neCl'ssary to make up the shortage in accordauce with RFSP A, but in no more than 12
<br />monthly p<lynlents. If there is a deficiency of Funds held in escrow, as defined under RFSPA, Lemler shall
<br />Ilotif l~orrower as required by RESPA, and Borrower shall pay to Lender the anlount necessary to make
<br />up Ih,' deficiency in accordance with RI':SP A, but in no rnore than 12 monthly payrnenls.
<br />Upon payment in full of all slims secured by this Security Instrument, I,emkr shall promptly refund
<br />to Borrower any Funds held by Lender.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions
<br />attributable to the Properi.y which can attain priority over this Security Instrument, leasehold payments or
<br />ground rents on the Prop(~rty, if any, and Community Association Dues, Fees, and Assessments, if auy. To
<br />the extent that these items arc Escrow Items, Borrower shall pay i.hem in the manner provided iu Section 3.
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