|
<br />~ .;
<br />; >
<br />
<br />200902572
<br />
<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.
<br />
<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 amounts 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 for any and all insurance required by Lender under Section 5; and (d) Mortgage
<br />Insurance premiums, 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 tenn 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. Borrower 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. Lender
<br />may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any
<br />such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and
<br />where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by
<br />Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such
<br />time period as Lender lllay require, Borrower's obligation to make such payments and to provide
<br />receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security
<br />Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to
<br />pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an
<br />Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall
<br />then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver
<br />as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon
<br />such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required
<br />under this Section 3,
<br />
<br />Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pemlit 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 RESP A. 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.
<br />
<br />The Funds shall be held in an institution whose 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 Federat Home-IAl-ah Bank. Lender shall apply the Funds to pay the Escrow Items no later lhan
<br />the time specified 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 pemlits 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 eamings 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,
<br />
<br />If there is a surplus of Funds held in escrow, as defined under RESP A, Lender shall account to
<br />Borrower forlhe 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 BClITower
<br />shall pay to Lender the amount necessary to make up the shortage in accordance with RESP A, but in
<br />no more than 12 monthly payments. Ifthere is a deficiency of Funds held in escrow, as defined under
<br />RESPA, Lender shallnotity Borrower as required by RESPA, and Borrower shall pay to Lender the
<br />amount necessary to make up the deficiency in accordance with RESP A, but in no more than 12
<br />monthly payments.
<br />
<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.
<br />
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable
<br />to the Property which can attain priority over this Security Instrument, leasehold payments or ground
<br />rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the
<br />extent that these items are Escrow Items, Borrower shall pay them in the manner provided in St'clion 3
<br />
<br />Borrower shall promptly discharge any lien which has priority over this Securily Instrument unless
<br />Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a Inanner
<br />acceptable to Lender, but only so long as Borrower is performing such agreement; (b) contests lhe 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 from the holder of the lien an agreement
<br />
<br />NE;BR,A.SI(:^ . Smlllc htnily - Fllnat! M",eff."reddle Mac UNIFORM INSTRUMENT
<br />(:I 2004~2008 Copyright Conlphance Systems, Inc. D49F~552r ~ 2008.10.254
<br />ISin~l< r:a'.'!'!l..Re"1 Es"'t. - Security In,"ument DL2!!17
<br />
<br />
<br />L~_,.~____..~~__.__ ..__..
<br />
<br />l'~~., 3 of 10
<br />
<br />FlIl"tnJu:Ullflll
<br />www.c()mp]mnce!ivstell1~ COIl1
<br />f;OO~96l:'-8~;'?_..: k',~x 616.Y.5.?~ I.~~.~\
<br />
<br />Initials.
<br />
<br />_....",_.__...J
<br />
|