|
2oiooi859
<br />Lender may, at any time, collect and hold Funds in an amount not to exceed the maximum amount a lender for a
<br />federally related mortgage loan may require for Borrower's escrow accaunt under the federal Real Estate
<br />Settlement Procedures Act of 1974 as am~nd t from time to time, 12 U.S.C. Section 2601 et seq. ("RESPA"),
<br />unless another Applicable Law that applia~s t they Funds sets a lesser amount. if so, Lender may, at any time,
<br />collect and hold Funds in an amount not t ex eec~ the lesser amount. Lender may estimate the amount of Funds
<br />due on the basis of current data and reasorabl~ es~ima$es of expenl~itures of future Escrow Items or otherwise in
<br />accordance with Applicable Law. ~ ~
<br />The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity
<br />(including Lender, if Lender is such an institution) ar in any Federal Home Loan Bank. Lender shall apply the
<br />Funds to pay the Escrow Items. Lender may not charge Harrower for holding and applying the Funds, annually
<br />analyzing the escrow accaunt, or verifying the Escrow Items, unless Gender pays Harrower interest an the Funds
<br />and Applicable Law permits Lender to make such a charge. Ilowever, Lender may require Borrower to pay a one-
<br />time charge for an independent real estate tax reporting service used by Lender in connection with this loan, unless
<br />Applicable Law provides otherwise. Unless an agreement is made ar Applicable Law requires interest to be paid,
<br />Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender may
<br />agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge,
<br />an annual accounting of the Funds, showing credits and debits to the Funds and the purpose for which each debit to
<br />the Funds was made. 'fhe Funds are pledged as additional security for all sums secured by this Security Instrument.
<br />if the Funds held by Lender exceed the amounts permitted to be held by Applicable Law, Lender shall account to
<br />Borrower for the excess Funds in accordance with the requirements of Applicable Law. If the amount of the Funds
<br />held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may so notify Borrower in
<br />writing, and, in such case Borrower shall pay to Lender the amount necessary to makeup the deficiency. Borrower
<br />shall make up the deficiency in no more than twelve monthly payments, at Lender's sole discretion.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower
<br />any Funds held by Lender. lf, under the section titled Acceleration; Remedies, Lender shall acquire or sell the
<br />Property, Lender, prior to the acquisition or sale of the Property, shall apply any Funds held by Lender at the time
<br />of acquisition or sale as a credit against the sums secured by the Security instrument.
<br />Application of Payments. Unless Applicable Law provides otherwise, all payments received by Lender shall be
<br />applied: first, to any .prepayment charges due under the Note; second, to amounts payable under the section titled
<br />Funds for Taxes and Insurance; third, to interest due; fourth, to principal due; and last, to any late charges due
<br />under the Note.
<br />Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the
<br />Property which may attain priority aver this Security lnstrument, and leasehold payments or ground rents, if any.
<br />Harrower shall pay these obligations in the manner provided in section titled Funds for Taxes and Insurance, ar
<br />if not paid in that manner, Borrower shall pay them on time directly to the person owed payment. At the request of
<br />Gender, Borrower shall promptly furnish to Lender receipts evidencing the payments.
<br />Borrower shall promptly discharge any lien which has priority over this Security lnstrument unless Borrower: (a)
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b)
<br />contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the
<br />Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the balder of the lien an
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. if Lender determines that any
<br />part of the Property is subject to a lien which may attain priority over this Security lnstrument, Lender may give
<br />Borrower a notice identifying the lien. Borrower sha11 satisty the lien or take one or more of the actions set forth
<br />above within 10 days of the giving of notice.
<br />Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
<br />Property insured against loss by tire, hazards included within the term "extended coverage" and any other hazards,
<br />including floods or flooding, far which Lender requires insurance. This insurance shall be maintained in the
<br />amounts attd for the periods that l.,ander requires. The insurance carrier providing the insurance shall he chosen by
<br />Borrower subject to Lender's approval which shall not be unreasonably withheld. If Borrower fails to maintain
<br />coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the
<br />Froperty in accordance with section titled Protection of Lender's Rights in the Property.
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
<br />Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to
<br />Gender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice
<br />to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not
<br />lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the
<br />insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with
<br />any excess paid to I3arrawer. If Borrower abandons the Property, or does not answer within the number of days
<br />prescribed by Applicable Law as set forth in a notice from Lender to Borrower that the insurance carrier has
<br />offered to settle a claim, then Lender may collect the insurance proceeds. bender may use the proceeds to repair or
<br />restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The period of
<br />time for Borrower to answer as set forth in the notice will begin when the notice is given.
<br />2004-20D9 Compliunte Syslc~ns, Inc. 0(12U-PCP~7 - 2009.12.368
<br />Consumer Real Estate -Security htsnvmcm UL2036 Page 2 of 6 www.complianccsystcros.com
<br />
|