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<br />20070~288
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<br />Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due tllC
<br />principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the
<br />Note.
<br />
<br />Applicable Law. As used in this Security Instnunent, the te-,-m "Applicable Law" shall mean all controlling
<br />applicable f'exlL-,-a], state and local statutes, reb'ulations, ordinances and administrative TIlles and orders (that have
<br />the effect of law) as well as all applicable tinal, non-appealable judicial opinions.
<br />
<br />Funds for Taxes and Insurance. At Lender's request and su~ject to Applicable Law, Borrower shall pay to
<br />Le'nder on the day periodic payments are due under the Note, until the Note is paid in full, a sum ("Funds") for: (a)
<br />yearly taxes and assessments which may attain priority over this Security lnstmment as a lien on the Property; (b)
<br />ycarly Iea~chold payments or ground f(,'nts on the Property, if any; (c) yearly hazard or property insurance
<br />premiums; (d) yearly flood insurance premiums, if any; (e) yearly mortgage insurance premiums, if any; and (f)
<br />any sums payable by Borrower to Lender, in accordance Witll the provisions of the paragraph titled Mortgage
<br />Insurance, in lieu of the payment of mortgage insurance premiums. These items arc called "Escrow Items."
<br />Lende'T may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender te)r a
<br />federally related mortgage loan may require for Borrower's escrow account under the federal Real Estate
<br />SeUlemL'llt Procedures Act of 1974 as amcnded from time to time, 12 USe. Section 2601 et SClJ. ("RESPA"),
<br />unless another Applicable Law that applies to the Funds sets a lesser amOlUlt. If so, Lender may, at any time,
<br />collcct and hold Funds in an amount not to excccd thc k'Sser amount. Lende'T may cstimatc the amount of Funds
<br />due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in
<br />acconliUlce with Applicable Law.
<br />
<br />The FlUlds shall bc held in an institution whosc deposits arc insured by a fede-,-al age'llcy, instrumentality, or e11tity
<br />(induding Lender, if Lender is such an institution) or in any Federal Home Loan Bimk. Lender shall apply the
<br />FlUlds to pay the Escrow Items. Lender may not charge Borrower for holding and applying the Funds, annually
<br />analyzing the escrow account, or verifYing the Escrow Items, lUlless Lender pays Borrower interest on the Funds
<br />and Applicable Law permits Lender to make such a charge. Howe'VL'T, Lenc)(,'T may require BorrowL'T to pay a one-
<br />time charge for an independent real estate tax reporting service used by Lender in connection with this loan, unless
<br />Applicable Law provides otherwise. Unless an agreement is made or Applicable Law requircs intercst to be paid,
<br />Lender shall not be required to pay Borrower any interest or e,IDlings on the Flmds. Borrower and Lender may
<br />abJfee in writing, however, that interest shall be paid on the F1Ulds. Lender shall give to Borrower, without charge,
<br />an annual accounting of the Funds, showing credits and debits to the Funds and the purpose for which each debit to
<br />the F1Ulds was made. The Funds are pledged as additional secmity tor all sums secured by this Secmity lnstnunent.
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<br />If the Fmlds held by Lender exceccl thc amounts permitted to be held by Applicable Law, Le'Jl()(,'T shall account to
<br />Borrower for the excess Funds in accordance with the requirements of Applicable Law. If the amount of the Funds
<br />held by Lender at any time is not sufl:icient to pay the Escrow hems when due, Lender may so notify Borrower in
<br />writing, and, in such case Borrower shall pay to LendL-'- the amount necessary to make up the deficiency. Borrower
<br />shall make up the deficiency in no more th,Ul twelve montllly payments, at Lender's sole discretion.
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<br />Upon payment in full of all sums secnred by this Securhy Instrument, Lender shall promptly rcl"und to BOrrOWL'T
<br />any Flmds held by Lender. If, lUlder the section titled Acceleration; Remedies, Lender shall acquire or sell the
<br />Property, Lenckr, prior to the acquisition or sale orthe Property, shall apply any Funds held by Lender at the time
<br />of acquisition or sale as a credit against the sums secured by the Security Instrument.
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<br />Application of Payments. Unless Applicable Law provides otherwise, all payments reccivccl by Lendc'T shall be
<br />applied: first, to any prepayment charges due under the Note; second, to amomlts payable under the section titled
<br />Funds for Taxes and Insurance; third, to interest due; fourth, to principal due; and last, to any late charges due
<br />under the Note.
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<br />Charges; Liens. Borrower shall pay all taxes, assessments, charges, lines and impositions attributable to the
<br />Property which may attain priority over this Security Instrument, and leasehold payn1L11ts or gTOlUld rents, if any.
<br />Borrower shall pay these obligations in the manner providccl in section titled Funds for Taxes and Insurance, or
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<br />() 2004-2007 CopYlight. Compliance 8)'>1.""". Inc. HC9C-FnA - 2007.01.201
<br />CmlDtlJn~ Real n~tate - Sc:cwity Inal,rl.lJTlcut DL2036
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<br />rage 2 01"8
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<br />www.compliancosy3t.cms.com
<br />HOO-90H-H522 - Fax 01 0-956-IHoH
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