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<br />premiums, if any, or any SUJ11S pllyable by Borrower to Lender in lieu of the payment of Mort,gaae
<br />Insutallce premiums in aCQQrdance with the provisions of Seotion 10. The$C items Me called "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 BUch dues, fees and
<br />atJSe8sirtents shall be anEllcrow Item. Borrower shall promptly furnish to Lender aU notices of amounts to
<br />be paid under this Section. Borrower shall pay Lender the Fund& for Escrow Items unless Lender waives
<br />Borrower's obliiation to pay the Punds for any or all Escrow Items. Lender may waive Borrower's
<br />obligation to pay to Lender Funds for any or all EscrQW Items at any time. Any such waiver may only be
<br />in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amolUUS
<br />due for any Escrow Items for which payment of Punds has been waived 'by Lender and, if Lender requires,
<br />shall furnish to Lender receipts evidencing such payment within 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 Instl"llII1ent, as the phrase "covenant and agreement"
<br />is use<l in Section 9. If Borrower 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 exercise its rights under Section 9
<br />and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any wch
<br />amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in
<br />accordance with Section lS and, upon sullh revocation, Borrower shall pay to Lender all FUnds, and in
<br />such amounts, that are then required unde:r this Section 3.
<br />Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pennlt Lender to apply
<br />the Funds at the time specified under RBSPA, and (b) not to exceed the maximum amount a lcntler can.
<br />require under RESPA. Lender shall estimate the amount of Funds due on the basis of ourrent data and
<br />reasonable estimates of expenditures of future Escrow ItelDl!l or otherwise in accordance with Applicable
<br />Law.
<br />The Funds shall be held in an institution whose deposits are insured by a federal agency I
<br />instrumentality, or entity (including Lendei:, if Lender is an institution whose deposits are 80 insured.) or in
<br />lIIly Federal Home Loan Bank:. Lender shall apply the Funds to pay the Escrow Items no later than the time
<br />specified under RESPA. Lender shall not charse 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 II. charge. Unless an asreemcnt is made in writing
<br />or Applicable Law requires interest to be paid on the Funds. Lender shall not be required to pay Borrower
<br />any interest or earnings on the Punds. Borrower and Lender can agree in writing, however, that interest
<br />shall be paid on the Funds. Lender shall give to Borrower, without char"e. an annual accounting of the
<br />Funds as required by RESPA.
<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 with RESPA. If there is a shorrase of Funds held in escrow,
<br />as defUled uncler RESPA, Lender shall notify Borrower as required. by RESPA, and Borrower shall pay to
<br />Lender the amount necessary to make up the shortage in accordance with RES~A, but in no lDOre than 12
<br />monthly payments. If there is a deficiency of Plinds held in escrow, as defmed under RBSPA, Lender shall
<br />notify Borrower as requlred by R,ESP A, and Borrower shall pay to Lender the amount necesslU)' to make
<br />up the deficiency in accordance with RESPA, but in no more than 12 monthly payments.
<br />'Upon payment in full of all SllIIl8 secured by thiB Security Instrument, Lender 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 Property which can attain priority over this Security Inarrument, leasehold payments or
<br />ground renU on tho Property, if any, and Community Association Dues, Pees, and Asse!sments, if any. To
<br />the extent that these items are Escrow ItC1tls, Borrower shall pay them in the manner provided in Section 3.
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<br />_-6(NE) (0005)
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