200910138
<br />premiums, if any, or any sums payable; by Borrower to Under in lieu of the payment of Mortgage
<br />Insurance premiums in accordance with the provisions of Section 1 q. 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, Fccs, and Assessments, if any, be escrowed lry Borrower, and such dues, fees and
<br />assessments shall be an Escrow ltern. 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 artless Lender waives
<br />Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's
<br />obligation to pay to Lender Funds for any or all Escrow liems at any lime. Arty 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, i f Lender raluires,
<br />shall furnish to Lender receipts evidencing such payrnertt within such time period as I.,ender may raluire.
<br />Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to
<br />be a covenant surd agreement contained in this Security Instrutnertt, 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 amount due for art 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 arty 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 />snclr amounts, that are then required under this Section 3.
<br />Lender Wray, 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) not 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. artd
<br />reasonable estimates of expenditures of future Iscrow Items or otherwise in accordance with Applicable
<br />Law.
<br />The Funds shall be held in an institution whose deposits arc insured by a federal agency,
<br />instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in
<br />any Federal 1•Iorne Loan Sank. Lender shall apply the Funds to pay the l;scrow Items no later tlran the time
<br />specified under RESPA. lender shall not charge Borrower for holding and applying the Funds, annually
<br />analyzing tyre 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 1' ands. Borrower and Lender can agree in writing, however, that interest
<br />shall be paid on the I~ ands. Lender shall give to Borrower, without charge, an annual accounting of the
<br />1"ands as required by RESPA.
<br />If them 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 RESPA. If there is a shortage of Funds held in escrow,
<br />as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to
<br />Lender the amount necessary to make up tyre shortage in accordance with RESPA, but in no more than l2
<br />monthly payrnertts, 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 payments.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund
<br />to Borrower any Funds held by Lender.
<br />4. Charges; L,i~ns. 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 the Property, if any, and Community Association Dues, lees, and Assessments, if any. "I~o
<br />tyre extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3.
<br />0110299891
<br />Inltlals:
<br />-6(NE) ~oao~~.o2 Pia 5 or , 5 Form 3Q28 1/01
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