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201001243
<br />premiums, if any, or any sums payable by Borrower to Lander in lieu of the payment of Mortgage
<br />Insurance premiums in accordance with the provisions of Section 10. These items arc called "Escrow
<br />ltems." 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 Lcndcr the Funds for Escrow Items unless Lender waives
<br />Borrower's obligation to pay the Funds for any c>r all Escrow Items. Lender may waive Borrower's
<br />obligation to pay to Lender Funds for 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 Lcndcr and, i f 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 lnstrument, 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 far an 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 !.,ender 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 />Lcndcr 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. Lcndcr 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 are sa insured) or in
<br />any Federal Home Loan Bank. Lcndcr shall apply the Funds to pay the Escrow Items no later than the time
<br />specified under RESPA. Lender shall not charge Borrower for holding and applying the T'unds, am7ually
<br />analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest orr the
<br />Funds and Applicable Law permits Lender to make such a charge. l.Jnlcss an agreement is made in writing
<br />or Applicable Law requires interest to be paid on the Funds, I..ender shall not be required to pay Borrower
<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 required by RESPA,
<br />If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to
<br />Harrower 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 the shortage in accordance with RESPA, but in no more than ] 2
<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 l' ands held by Lender.
<br />4. Charges; Lrens. 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, Fees, and Assessments, if any. 'I'o
<br />the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section .3.
<br />-6(NE) ~aao~~.oz
<br />`~ 0110301373
<br />Pie 5 of 15 Form SOxs ~~~~
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