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<br />200802938
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<br />prenUUIDS, if lAY, or any sums payable by Borrower 10 Lender in lieu of the payment of Mortgage
<br />JnsuIilI1ce premiwns in accordance with the provisions of Section 10. These items ;u-e called "Escrow
<br />Items." At oriiination or at any time during the tenn of the Loan. Lender may require that Community
<br />Association Dues, Fees, and AsseSSII1eDts, if any. be escrowed by Borrower, and such dues, fees and
<br />asscssments shall be an Escrow Item. Borrower shall promptly furnish to Lender aU notices of ammmts to
<br />be paid under this Section. Borrower shall pay Le11der the Funds for Escrow ItCIWi Wl1css Lender waives
<br />Borrower's obligation to pay the Funds for any or aU Escrow Jtems. Lender may waive Borrower's
<br />oblis:ation to pay to Lender Funds for any or all Escrow Items 8I any time. Any such waiver may only be
<br />in wridDg. In the event of such waiver, BoJTOwer shall pay directly, when and wbere payable, the amounts
<br />due for any Escrow ItemS for which payment of funds has bccJ1 waived by Lender and, if Lender requires,
<br />shall furni:sh to Lender receipts evidencil1g such payment within such tUne 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 'bmrumellt, as the phrase "covenant and agreement"
<br />is used in Section 9- If Borrower is obligated to pay Escrow ItemS direcUy, 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 Ilnder Section 9 to repay to Lender any such
<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 15 and, upon 3UCh revocalion, Borrower shall pay to Lender all Funds, and in
<br />such amounts, that are then required under this Section 3.
<br />Lender may, at any time, collect and hold Funds in an amourtt (a) sufficient to permit Lender to apply
<br />the Funds at the time spccifiedllDdcr RESPA, and (b) not to exceed the maximum amount a lender can
<br />require under RESP A. Lender shall estimate the amount of Funds due on the basis of cllIIent da1a and
<br />reasonable estimates of expenditureS of future Escrow Items or otherwise in accordance wilh Applicable
<br />Law.
<br />The Funds shall be held in an institution whose deposits are .insured by a fCC1eral agency,
<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 />specified under RESP A. Lender shall not chJrge Borrower for holding and applyinJ the Funds, annually
<br />analyzing the escrow account, Of verifying the Escrow Items, unless Len4er pays Borrower interest on thc
<br />Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing
<br />or A.pplicable Law requires interest to be paid on the Funds, l.cJ1der shall not be required to pay Borrower
<br />any interest or earnlngs on the Funds. BOlTOwer and Lender can agree in writing, however, that interest
<br />shall be paid on the Funds. Lender shall ;lve to Borrower, without charlJe, an anntull accounting of the
<br />Funds as required by RESPA..
<br />If there is a surplus of Funds held in escrow, as defined under RESP A, Lender altall account to
<br />Borrower for the excess funds in accordance with RESPA. If there is a shortage of F\,ml1s held in escrow,
<br />as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to
<br />Lend.er 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 RBSPA, Lender shall
<br />notify Borrower as reqllired by RESPA, and Borrower $ball pay to Lender the amount necessary to make
<br />up the d.eficiency in accordance with RESPA. but in no more than 12 monrhly payments.
<br />Upon paymeu.t in full of aU sums secured by tlUs Security Instrument, l..e.nder 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 Propetty which can attain priority over this Security InstrUment, leasehold payments or
<br />around rents on the Property, if any, and Community Association O\lCli, Fees, and Assessments, if any. 10
<br />the extent that these items are ElCTOw ItemS, Borrower &batt Pill them in the manner provided in Section 3.
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<br />01102e0022
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<br />lnlV~ -;Yh12
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<br />Form 3028 1/01
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<br />CIt.eINEII0407l.02
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<br />I'l!Ie 5 of 15
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<br />-ilze
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