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, � � � { 1 � I 1 J . <br />2oioo�si2 <br />Lender will estimate frrnn time to time <br />Mortgagor or Grantor's yearly taxes, <br />assessments, leasehold payments or ground <br />rents and insurance premiums, which will be <br />called the Escrow Items. Lender will use <br />existing assessments and bills and reasonable <br />estimates of future assessments and bills. The <br />amounts that Mortgagor or Grantnr pays to <br />Lender far Escraw Items under this sectiou <br />will be called the Punds. Lender will collect <br />and hold Funds in ap amount not to exceed <br />the maximum amount a lender for a federally <br />related xnortgage loan may require for <br />MoRgagor or Grantor's escrow account <br />under the Federal Real Estate Settlement <br />Procedures Act of 1974 (as amended), unless <br />another Law that applies to the Funds sets a <br />lesser amoant. If so, Leader will collect and <br />hold Fnnds in the lesser amouut. <br />Lender will keep the Funds in a savings or <br />banl�ing institutian which has its deposits or <br />acconnts insured or guaranteed by a federal <br />or state agency. If Lender is such an <br />institution, Leader may hold the Funds. <br />Lender will use the �'unds to pay the Escrow <br />Items. Lender will give Mortgagor or <br />Grantor, without charge, an annual <br />accounting of the Funds. "That accounting <br />must show all additions to and deductions <br />from the Fuuds and the reason for each <br />deductiou. <br />Lender may not charge Mortgagor or <br />Grantor for holding or keepiag the Funds, <br />for using the Funds to pay Escrow Items, <br />for analyzing Mortgagor or Grantor's <br />payments of Funds, or for receiving, <br />verifying and totaling assessments and bills. <br />However, Lender �nay charge Mortgagar or <br />Grantor for these services if Lender pays <br />Mortgagor or Grantor interest on the Funds <br />and if the law permits Lender to make sach a <br />charge. Leuder may require Mortgagor or <br />Grantor to pay a one-tixne charge for an <br />independent real estate tax repoRing service <br />used by Lender in accordance with the <br />Secured Debts, unless applicable law <br />provides otherwise. L�uder will not be <br />required to pay Mortgagor or Grantor any <br />iuterest or earnings onth� Funds.unless <br />either (i) Lender and MoRgagor or "Gi�aniar <br />agree in writing, at tl�e tinae Mortgagor or <br />Grantor signed this Security Instrument, tbat <br />Lender will pay interest on the Funds; or <br />(ii) the law requires Leader to pay interest on <br />the Funds. <br />If the Funds held by Lender exceed the <br />amounts permitted to be held by applicable <br />law, Lender will account to borrower for the <br />excess Funds in accordance with the <br />requirements of applicable Law. If the amount <br />of the funds held by Leuder at any tune is <br />aot sufficient to pay the Escrow Items when <br />due, Lender may uotify borrower in writing, <br />and, in such case, borrower will pay to <br />Lender the amount necessary to make up the <br />shortage or deficiency. Borrawer shall make <br />up the shortage ac deficiency as Lender <br />directs, subject to the reqair�nents of <br />applicable law. <br />If, by reason of any default under this <br />Securiry Instrument, Lender declares all <br />Secured Dehts due and payable, Lender may <br />then apply any Fnnds against the Secured <br />Debts. <br />Wheu Mortgagor or Grantor has paid all of <br />the sums secured, Lender will promptly <br />refund to Mortgagor or Grautor any Punds <br />that are then being held by Lender. <br />Mort aga Rldar <br />VMP� Bankers Systems7M <br />Wokars Kluwar Financial Servicea � 2009 <br />MTG-R 2/8/2008 <br />� VMP-C701 (0902).00 <br />� Paga 2 of 3 <br />� <br />W <br />