|
2oloo�E5�
<br />premiums, if any, or any sums payable by �orrower to Lender in lieu of the payment of Mortgage
<br />Insurance premiums in accordance vvith the provisions of Section 10. These items are called "Escrow
<br />Items." At origination or at any titne during the term of the Loan, I.ender may require that Cornrnunity
<br />Association Dues, Fees, and Assessments, if any, be escrowed by Barrower, 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 Lender the Funds for Escrow items unless Lender waives
<br />Borrower's obligation to pay the Funds for any or all Escrow Ttems. i,ender may waive Borrower's
<br />obligation to pay to L.ender 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, Borrawer shall pay directly, when and where payable, the amounts
<br />due far 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 T,ender 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 ta a waiver, and
<br />Borrawer fails to pay the arnount 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 Section 9 to repay to i,ender any such
<br />amaunt. l,ender 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, upan such revocation, Borrower shall pay to Lender all Funds, aand in
<br />such amounts, that are thsn required under this Section 3.
<br />I,ender may, at any tima, callect and hald Punds in an amount (a) sufficient to permit L,ender to apply
<br />the Funds at the time speci�ed 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 institutian whose depasits are insured by a federal agency,
<br />instrumentality, or entity (including Lender, if L@nder is an institution whose deposits are so insured) or in
<br />any Federal Horne Loan Bank. Lender shall apply the Funds to pay the Escraw Items no later than the time
<br />speci�ed under RESFA. Lender shall not charge Borrower for holding and applying the �unds, annually
<br />analyzing the escrow account, or verifying the Escrow Items, unless L.ender pays Borrawer interest on the
<br />Funds and Applicable Law permits Lender to malce such a charge. Unless an agreement is made in writing
<br />or Applicable I.,aw requires interest to be paid an the Funds, Lender shall not be required to pay Botrower
<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 />Borrower fnr the excess funds in accordance wiCh RESPA. If there is a shortage of Funds held in escrow,
<br />as defined under RE5PA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to
<br />Lender the amount necessary to rnake up the shortage in accordance with RESPA, but in no more than 12
<br />monthly payments. Tf 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 de�ciency 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, I.ender shall promptly refund
<br />to Borrower any Funds held by Lender.
<br />4. Charges; Liens. Barrower shall pay all ta�ces, assessments, chargas, fines, and impositians
<br />attributable to the Property which can attain ptiority over this SeCUrity Tnstrument, leasehold payments or
<br />ground rents on the Property, if any, and Community Association Dues, Fees, and Assessrnents, if any. To
<br />the extent that these items are Escrow Tterns, Borrower shall pay them in the manner provided in Section 3.
<br />�-scNe► �04o��.oz
<br />Page 5 of 1 6
<br />Initials: �
<br />��
<br />oiio�o�5oa
<br />Form 3028 1I09
<br />
|