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<br />200710429
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<br />Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under
<br />the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments.
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<br />3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under
<br />the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amOUlllS due for:
<br />(a) taxes and assessments and other items which can attain priority over this Security Instrument as a
<br />lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any;
<br />(c) premiums l()r any and all insurance required by Lender under Section 5: and (d) Mortgage
<br />Insurance premiullls, if any, or any sums payable by Borrower to Lender in lieu of the payment of
<br />Mortgage 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 require that
<br />Community Association DUes, Fees, and Assessments, if any, be escrowed by Borrower, and such
<br />dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all
<br />notices of amounts to be paid under this Section. Bon'ower shall pay Lender the Funds for Escrow
<br />Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items.
<br />Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any
<br />time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly,
<br />when and where payable, the amounts due for any Escrow Items: for which payment of Funds has been
<br />waiwd by 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 puyments and to
<br />provick receipts shall for all purposes be deemed to be a COVenant and agrcement contained in this
<br />Security Instrument, as the phrase "covenant and agreement" iis used in Section 9. If Borrower is
<br />obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due
<br />for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower
<br />shall then be obligated under Section 9 to repay to Lender any:such amount. Lender may revoke the
<br />waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and,
<br />upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then
<br />required under this Section 3.
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<br />Lender may, at any time, collect and hold Funds in an amount (a) sutlicient to permit Lender to apply
<br />the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can
<br />require under RESPA. Lender shall estimate 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
<br />Applicable Law.
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<br />The Funds shall be held in an institution wlwse deposits are insured by a federal agency.
<br />instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or
<br />in any Federal Home Lcmn Bank Lender shall apply the Funds to pay the Escrow Items no later than
<br />the time specH1ed under RESPA. Lender shall not charge Borrower for holding and applying the
<br />Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays
<br />Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an
<br />agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall
<br />not be required to pay Borrower any interest or cumings on the Funds. Borrower and Lender can agree
<br />in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without
<br />charge, an annual accounting of the Funds as required by RESPA.
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<br />IT 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 shortage of Funds held in
<br />escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower
<br />shall pay to Lender the amount necessary to make up the sbortage in accordance with RESPA, but in
<br />no more than 12 monthly payments. I f there is a deficiency of Funds beld in escrow, as defined under
<br />RESPA, Lender shall notify Borrower as required by RESPA, and BOlTower shall pay to Lender the
<br />amount necessmy to make up the deficiency in accordance with RESP A, but in no more than 12
<br />monthly payments.
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<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to
<br />Borrower any Funds held by Lender.
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<br />4. Charges: Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable
<br />to tbe Property which can attain priority over this Security Instrument, leasehold payments or ground
<br />rents on the Property, if any, and Comlllunity Association Dues, ,Fees, and Assessments, if any. To the
<br />eXTent that these items are Escrow Items, Borrower shan pay them in the manner provided jn Section 3.
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<br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless
<br />Borrower: (a) agrees in writing to the payment of the obligution secured by the lien in a manner
<br />acceptable lOLender, but only so long as Borrower is perfonning such agreement; (b) contests the lien
<br />in good faith by, or defends against enforcement of the lien in, legal proceedings which in Lender's
<br />opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only
<br />until such proceedings are concluded; or (c) secures fi.om the holder of the lien an agreement
<br />satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines thut any
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