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<br />200710231 <br /> <br />Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal <br />due under the Note shall not extend or postpone the due date, or change the amount, of the <br />Periodic Payments. <br />3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments <br />are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for <br />payment of amounts due for: (a) taxes and assessments and other items which can attain <br />priority over this Security Instrument as a lien or encumbrance on the Property; (b) <br />leasehold payments or ground rents on the Property, if any; (c) premiums for any and all <br />insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if <br />any, 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. These items are called <br />"Escrow Items." At origination or at any time during the term of the Loan, Lender may <br />require that Community Association Dues, Fees, and Assessments, if any, be escrowed by <br />Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall <br />promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower <br />shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to <br />pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay <br />to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in <br />writing. In the event of such waiver, Borrower shall pay directly, when and where payable, <br />the amounts due for any Escrow Items for which payment of Funds has been waived by <br />Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment <br />within such time period as Lender may require. Borrower's obligation to make such <br />payments and to provide receipts shall for all purposes be deemed to be a covenant and <br />agreement contained in this Security Instrument, as the phrase "covenant and agreement" <br />is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a <br />waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise <br />its rights under Section 9 and pay such amount and Borrower shall then be obligated under <br />Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or <br />all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such <br />revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then <br />required under this Section 3. <br />Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit <br />Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the <br />maximum amount a lender can require under RESPA. Lender shall estimate the amount of <br />Funds due on the basis of current data and reasonable estimates of expenditures of future <br />Escrow Items or otherwise in accordance with Applicable Law. <br />The Funds shall be held in an institution whose deposits are insured by a federal <br />agency, instrumentality, or entity (including Lender, if Lender is an institution whose <br />deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds <br />to pay the Escrow Items no later than the time specified under RESPA. Lender shall not <br />charge Borrower for holding and applying the Funds, annually analyzing the escrow <br />account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds <br />and Applicable Law permits Lender to make such a charge. Unless an agreement is made <br />in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be <br /> <br />SNE05 Rev 11/08/00 <br /> <br />Page 5 of 18 <br /> <br />l";';'l,t~ 'Y\ <br /> <br />FORM 3028 1/01 <br />