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<br />06/09/2008 MON lO:40 FAX l308 382 9235 HomcFcdGI
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<br />1;il]004/00!l
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<br />200805129
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<br />premiums, jf any, or any sums payable by Borrower to Lender in lieu of the payment of Mongage
<br />Insurance premiums in accordance with the provisions of Section 10. These itemS are cal.led "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 unI~ss Lender waives
<br />Borrower's obligation to pay the Funds for any or all Escrow ItemS. Lender may waive Borrower'!!
<br />obliganOn to pay to Lender Funds .lor any or all Escrow Items at any time. Any such waiver may only be
<br />in writing. In the event of such waiver, Borrower Shall pay directly, when and where payable, the amounts
<br />due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires,
<br />sball furniSh to Lender receiptS evidencing. such payment within such time period as :Lender may require.
<br />Borrower's obligation to make such.payments and to provide receipts shall for all pUIpOSes be deemed to
<br />be a covenant and agreement contained ~ this Security Instnunent, as the phrise"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 amount due for an Escrow Item, Lender may exercise its rights under Section 9
<br />and pay such 8DlP.unt and Borrower shall then be obligated under SCction 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 such revocation, 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 amount (a) sufficient to permit Lender to apply
<br />the Funds at the time specified under RESPA, and (b) Dot 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 Applicable
<br />Law.
<br />The FundS shall be held in an institution whose deposits are insured. by a federal agelicy,
<br />ins~ta1ity, or entity (including tender, 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 &crow Items no later than the time
<br />specified under RESPA. Lender 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 Applicable Law requires interest 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, however, thatinterest
<br />shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the
<br />Funds as required by RESPA.
<br />If there is a swplus of Furids 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 escrow,
<br />as defmed under RESPA, Lender Shall notify Borrower as required by RBSPA. and. Borrower shall pay to
<br />Lender the amount necessary to m8ke up the shortage in accordance with RESP A, 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 RESP A, . 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 payments.
<br />Upon payment in full of all sums securect by this Security Instrument. 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 anam priority over this Security Instrument, leasehold payments or
<br />ground rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. 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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<br />&$ 08-04-23-000057
<br />Initial.: -
<br />4It.eINE) (0407).02 . P"ge 15 of 115 Form 3028 1/01
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