|
<br />200801215
<br />
<br />premiums, if any, Or any sums payable by Borrower ro Lender in lieu of the paymenl of Mortgage
<br />Insurance premiums in accordance with tb~ provisions of Section 10. These items are called "Escrow
<br />Items." Ar origination or at any rime 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 fumish 10 Lender all notices of amounts to
<br />be paid under t:hiB 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 Iten15. Lender may waive Borrower's
<br />obligation to pay to Lender Funds for any or ail Escrow Irems at any time. Any such waiver may only be
<br />in WIiting. In the event of such waiver, Borrower shall pay directly, when and where payable, me amountS
<br />clue tOr any Escrow Items for whiclt payment of Funds has been waived by Lender and. if Lender requires,
<br />shan furnish to Lender receipts evia.encmg such payment within such time period as Lender may require.
<br />Borrower's obligation to make sllch payments and. to provide receipts shall for all purposes be deemed to
<br />be a covenant and agreement contained in this Security 11'l$tI\l.IDent, as the phrase "covenant and agreement"
<br />is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and
<br />:Borrower fails to pay the amounr 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 such
<br />amount. Lcnder may revoke the waiver as to any or all Escrow Items at any time by a l'lotice given in
<br />accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in
<br />such amounts, lhat are then required under this Section 3.
<br />Lender may. at any time, collect and. hold Funds in an amoUnt (a) sufficient to pennit Lender to apply
<br />the Funds at the time specified under RESPA, and (b) not !O exceed me maximum amount a lender can
<br />require under RESP A. Lender shall estimate the amount of Funds due Oll the ba~is of current data and
<br />reasonable estimates of expenditures of future Escrow Items Or otherwise in accordance wiTh Applicable
<br />Law.
<br />The Funds shaIl be held in an institution whose deposilS are insured by a federal agency,
<br />instl1lmentality, or entity (includ;I1& Lender. if Lender is an instirution whose deposits are so insured) or in
<br />any Federal Home Loan Bank. Lender shall apply tl:le Fund-s to pay the Escrow I[ems l}0 later than the time
<br />specified under RESPA. Lender shall not charge Borrower for nolwng and applying the Funds, annually
<br />analyzing the escrow account, or verifying [be Escrow Items, unless Lender pays BOJTOw~ ~nterest on the
<br />Funds and Applicable .l..<iw permits Lender to make such a Charge. Unless an agreement is made in writing
<br />or Applicable Law requires interest to be paid on [he Funds, Lender shall not be required to pay Borrower
<br />any interest or earnings on tbe Funds. Borrower and Lender can ae;ree 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 the excess funds in accordance with RESP A. If there is a shonage of Funds held in escrow,
<br />as defined under RESPA, Lender shall notify Borrower as requited by RESPA. and Borrower shall pay to
<br />Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12
<br />monthly payments. If there is a deficiency of Funds held in eSCrOw, as defined under RESPA, Lender shall
<br />notify Borrower as requircd by RESPA, and Borrower shall pay [0 Lender- the amount neC~sary to make
<br />up the deficiency in accordance with RESPA, bur in no mQre Ih~ 1:2 monthly payments.
<br />Upon payment in full or all sums secured by this SecuriIY Insmllnem, Lendcr shall promptly refund
<br />to BOrrower any Funds held by Lender.
<br />4. Charges; Liens. BorroweT' shall pay aU taxes, assessments, charges, rilles, and imposiLions
<br />attribut<1ble to the Property which can attain priority over thiS Security Instrumem, leasehold payments or
<br />ground replS on the Property, if any, and Community Association bues, Fees, and AssessmenIS, if any. To
<br />the extent that these items are Escrow Items, Borrower shall pay them in Lhe manner provided in Section 3.
<br />
<br />Or.!)"6!NE) 10005,
<br />
<br />1n;t;&I&: ,I!:<:-
<br />
<br />I'B09 5 or 15
<br />
<br />FlIrm 3029 1/01
<br />
<br />P5
<br />
|