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<br />premiums, if any, or any sums payable by Harrower to Lender in lieu of the payment of Mortgage
<br />Insurance premiums in accordance with the provisions of Section 1 Q. 'I'hcsc: 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 cscrc>wed by Borrower, and such dues, fees and
<br />assessments shall be an Escrow Item. Harrower shall promptly furnish to Lcndcr all notices of amounts to
<br />be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Under waives
<br />Borrower's Obllgatlan to pay the Funds far any ar all Escrow Items. I,cndcr may waive Borrower's
<br />obligation to pay to Lender Funds for any or all Escrow Items at any tirne. 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 />shall 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 purposes be deemed to
<br />be a covenant and agreement contained in this Security Instrument, 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 an Escrow Item, Lender may exercise its rights under Section 9
<br />and pay such amount and Borrower shall then be obligated under 5ectior) 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 rcyuired 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) 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 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 agency,
<br />instrumentality, or entity (including Lender, if Lender is an institution whose deposits arc so insured) ar in
<br />any Federal Home Loan Bank. Lender shall apply the Funds to pay the I:scraw Items no later than the time
<br />specified under RESPA.. I.,cndcr shall not charge Borrower far holding and applying the Funds, annually
<br />analyzing the escrow account, ar verifying the Escrow Items, unless Lender pays Borrower interest or7 the
<br />Funds and Applicable T.,aw permits Lender to make such a charge. Unless an agreement is made in writing
<br />or Applicable Law rcyuires interest to he paid on the Funds, Lender shall not be rcyuired to pay B(>rraWL'r
<br />any interest or earnings on the funds. Borrower and Lender can agree in writing, however, that interest
<br />shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the
<br />Funds as rcyuired by RESPA.
<br />If there 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 Harrower shall pay to
<br />Lender 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 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; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions
<br />attributable to the Property which can attain priority over this Security Irrsirurneni, 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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