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<br />200708844
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<br />premiums, if Bny, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage
<br />Insurance premiums in accordance with the provisions of Section 10. Thesc items are callcd "Escrow
<br />Items." At origination or at any time during the term of the Loan, Lender may require that Community
<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 Lender all notices of .mounts to
<br />be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives
<br />Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's
<br />obligation to pay to Lcnder Funds for any or all Escrow Items at any time. Any such waiver may only be
<br />in writing. In the evenl of such waiver, Borrower shall pay directly, when aod where pl'yable, the amounts
<br />due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires,
<br />shall furnish to Lender receipts evidencing such payment wiLbin such time period as Lender may 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 agreement contained in this Security Instrument, as the phrase" covenant and agreement"
<br />is used in Section 9. If Borrowcr is obligated to pay Escrow Items directly, pursuant to a waiver, and
<br />Borrower fails to pay the amount due for an Escrow Item, Lender may excrcise its rights under Section 9
<br />and pay such amount and Borrower shall Lben be obligated under Section 9 to repay to Lender any such
<br />umount. Lender may revoke the waiver as to any or all Escrow Items at any time by n notice given in
<br />accordance with Section IS und, upon such revocation, Borrower shall pay to Lender all Funds, and in
<br />such umounts, that are then required under this Section 3.
<br />Lender may, at any time, collect and bold Funds in an amount (a) sufficient to permit Lender to apply
<br />lhe Funds at the time specified under RESPA, and (b) not to exceed the maximum amuunt a lender can
<br />require under RESP A. Lender shall eSlimate the amount of Funds due Oil the basis of current data and
<br />reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable
<br />Law.
<br />The Funds shall be held in an institution whose deposits are insured by 1I federal agency,
<br />instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in
<br />any Foderal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time
<br />specified under RESP A. Lender shall not charge Borrower for holding and applying the Funds, annually
<br />analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the
<br />Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing
<br />or Applicable Law requires interest to be paid on the Funds, Lender shaH not be required to pay Borrower
<br />any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest
<br />shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the
<br />Funds as required by RESP A.
<br />If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to
<br />Borrower for tbe excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow,
<br />as defined under RESPA, Lender sball notify Borrower as required by RESPA, and Borrower shall pay to
<br />Lender the amount necessary to make up rbe shortage in accordance with RESP A, but in no more lhun 12
<br />monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall
<br />notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make
<br />up the deficiency in accordance witb RESPA, but in no more than 12 monthly payments.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shali 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 Property which can attain priority over tbis Securily Instrument, leasehold payments or
<br />ground rents OIl the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To
<br />the extenllhat these ilems are Escrow Items, Borrower shall pay thorn in the munner provided in Section 3.
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<br /><IIi.6AINE) <04071.01
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<br />P.g. I) 0116
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<br />1""I.,.b
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<br />Form 3028 1/01
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