|
�oioosi43
<br />premiums, if any, or atiy sums payable by Borrawer to Lender in lieu of the payment of Mort�agc
<br />Insuranc� pr�miums in accordance with the provisions of Section 1Q. Thesc items are callad "Escrow
<br />Items." At origination or at any time during the term of the Loan, Lender may require that Cammunity
<br />Association Dues, Fees, and Assessments, if any, be escrowed by Barrawer, and such dues, fees and
<br />as5essments shall be an Escrow ltem. Borrower shall promptly furnish ta I,endc:r all notices af amounts ta
<br />b� paid under this 5ection. Borrower shall pay Lender the Punds for �scrow Items unless Lender waives
<br />I3orrc>wer's obligation to pay the Funds for any ar all Escrow Items. I��nder may waive I3<�rrower's
<br />abligatian to pay ta 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 arnaunts
<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 witlai�t such tirne period as Lender may require.
<br />Borrowcr's pbligation to malce sueh payments and to provide receipts shall fc�r all purpases b� deemed to
<br />be a covenant and agreemeut cantained in this Security Instrument, as the phrasc "covenant and a�reement"
<br />is used in Section 9. If Barrawer is obligated to pay Escrow Items directly, pursuant to a waiver, and
<br />Borrower fails to pay the amaunt due far an Escraw Item, Lender may exercise its rights under Section 9
<br />and pay such amount and ]3c�rrower sl�all then be obligated under Section 9 to repay to Lender any such
<br />amaunt, Lender m7y revoke the waiver as to any or all Escraw Items at any time by a notice given in
<br />accordance with Section 1 S and, upon such revocation, Borrower shall pay to Lender all �'unds, and in
<br />such amounts, that are then requircd undcr this Section 3.
<br />Lender may, at any time, collect and hold Funds in an amount (a) sufficient to pennit Lender to apply
<br />the Funds at the timc: spcci�ed under RESPA, and (b) not to exceed the maximum amount a lender can
<br />require under R�SPA. Lender shall estimate the amount of Funds due on the basis of current data and
<br />reasonable estimate;± of expenditures of future Escrow Items or otherwise in accordance with Applicable
<br />Lzw.
<br />The Funds shall be held in an institution whose deposits are insured by a federal agency,
<br />instrumentality, or entity (including Lender, if Lende:r is an institutian whose deposits are so insured) or in
<br />any Pederal Home Loan Bank. Lender shall apply the Punds to pay the �Scraw Items no later than the time
<br />specified under RESPA. T.ender shall not char�;e I�c�rrower For holding and applying the Funds, annually
<br />analyzing the escrow account, or verifyin� the �scrpw items, unl�ss Lender pays Borrower interest on the
<br />Funds and Applicable I,aw permits Lcndcr to makc such a charge. Unless an agreement is made in writing
<br />or Applicable Law requires intt;rest ta be paid on the Funds, Lender shall not be required to pay Barrower
<br />any interest or earnin�;s c�n tli�: Funds. Barrawer and Lender can agree in writing, however, that interest
<br />shall be paid on the I"unds. Lender shall give to Borrawer, without charge, an annual accounting of the
<br />Funds as required by RESPA.
<br />If there is a surplus of Funds held in escraw, as d�fined under RESPA, Lender shall accounC to
<br />Borrower far the excess funds in accordance with RESFA. If there is a shartage of Funds held in escraw,
<br />as de�ined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrawer shall pay to
<br />Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more tha�� 12
<br />monthly pay�ncnts. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall
<br />nc>tify Barrawer as required by RESFA, and Barrower shall pay to Lender the amount necessary to makc
<br />up the deficiency in accordance with RESPA, but in na more than 12 manthly payments,
<br />Upon payment in full of all surns s�cured by this Security Instrument, Lender shall promptly refund
<br />to Sarrower any Funds held by Lender.
<br />4. Charges; Liens. Borrower silall pay all taxes, assessments, charges, fines, and impositions
<br />attributable to the 1'roperty wliich can attain priority over this 5ecurity Instrument, leasehold payments or
<br />ground rents on the Property, if any, and Community Association Dues, Fees, znd Assessments, if any. 'T'o
<br />the extent that thcse items are Escrow Items, Borrower shall pay them in the manner provided in Section 3.
<br />�-6(N�) �aaa>>.az
<br />�
<br />P�e 5 of 15
<br />Initials: ��
<br />�f S/ •
<br />1111056077
<br />Form 3D28 7/01
<br />
|