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<br />premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage
<br />Insurance premiums in accordancc with the provisions of Section 10. These items are 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 such dues, fees and
<br />assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to
<br />be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives
<br />Borrowl:r's obligation to pay thl: Funds for any or all Escrow Items. L("'Ildl:r may waivl: Borrower's
<br />obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be
<br />in writing. In thl: l:Vl:Tlt of such waiVl:r, Bornlwl:r shall pay dirl:ctly, whl:n and whl:fl: payabk, thl: amounts
<br />due for any Escrow Items for which payment of Funds has been waived by Lcnder and, if Lender requires,
<br />shall furnish to Lender receipts evidencing such payment within such timl: 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 />bl: a COVl:nant alld agrl:l:ml:nt eontainl:d in this Sl:curity Instrument, as the phrasl: "covl:nant and agrel:ml:nt"
<br />is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and
<br />Borrowl:r fails to pay thl: amount dUl: for an Escrow Item, Lender may l:xercisl: 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. Ll:ndl:r may rl:voh thl: waivl:r as to any or all Escrow Itcms at any timl: by a noticl: given in
<br />accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in
<br />such amounts, that are thl:n rl:quired undl:r this Sl:dion 3.
<br />Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply
<br />the Funds at the timl: specified undl:r RESPA, and (b) not to exeecd the maximum amount a lender can
<br />rl:quirl: undl:r RESPA. Ll:nder shall estimatl: thl: amount of Funds dUl: on the basis of current data and
<br />reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicabk
<br />Law.
<br />The Funds shall be held in an institution whose deposits arc insured by a fl:dl:ral agl:ncy,
<br />instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in
<br />any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time
<br />spccified under RESP A. Lendcr shall not charge 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 a charge. Unless an agreement is made in writing
<br />or Applicablc Law requires intl:rest to be paid on the Funds, Lender shall not be required to pay Borrower
<br />any interest or earnings on the Funds. Borrower and Lender can agree in writing, howl:ver, 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 hdd in l:scrow, as dl:finl:d undl:r RESPA, Lender shall account to
<br />Borrower for thl: excess funds in accordance with RESPA. If there is a shortage of Funds hdd in escrow,
<br />as defined under RESP A, Lender shall notify Borrower as required by RESP A, and Borrower shall pay to
<br />Ll:nder thl: 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 required by RESPA, and Borrower shall pay to Lender the amount necessary to make
<br />up the deficiency in accordance with RESPA, but in no more than 12 monthly paymcnts.
<br />Upon payment in full of all sums sl:cured by this Sl:curity Instruml:nt, 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 Instrument, leasehold payments or
<br />ground rents on thl: Property, ifany, and Community Association Dues, Fees, and Assessments, ifany. To
<br />the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3.
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