|
�oioos25s
<br />premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage
<br />Insurance premiums in accordance with the provisions of Section 10. These items are 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 $orrower, and such ducs, fces and
<br />assessments shall bc an �scrc�w item. Aorrower shall �ram�tly furnish to L,cnder all notic�s of amc�unts to
<br />be paid under this Section. 13orrower shall pay I�c�ader tlae Punds for Escrow Ttcros unless Lcnder waives
<br />$arrower's obligation to pay the Punds fc�r any or all �scrow Items. Lender may waive I3arrawer's
<br />obl'rgation 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, $orrower shall pay directly, when and where payable, the amounts
<br />due For any Escrow Items for which payment of Punds has been waived by Lender and, if Lender requires,
<br />shall furnish to Lender receipts evidencing such payment within such time period as Lender may reauire.
<br />Borrower's obligation to make such payments and to provide receipts shall for all purpases be deemed ta
<br />be a covenant and agreement eontained in this Security Instrument, as the phrase "covenant and agreement"
<br />is used in 5ection �. If Barrower is obligated to pay Escrow Items directly, pursuant to a waiver, and
<br />Borrower fails to pay the amount due for an Escrow item, Lender may exercise its rights under 5ection 9
<br />and pay such amount and Barrower shall then be obligated under Section � to repay to Lender any such
<br />amount. Lender may revoke the waiver as to any or zll Escrow Items at any time by a notice given in
<br />accordance with Section 15 and, upon such revocation, Barrower shall pay to Lender all Funds, and in
<br />such amounts, that are then required under this Section 3.
<br />Lender 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. 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 institution whose deposits are insured by a federal agency,
<br />instrumental.ity, or ci�tity (including Lender, if Lender is an institution whose deposits are so insured) or ii1
<br />any Federal Home Laan Bank. Lender shall apply the Funds to pay the Escrow ltems no later tl�an the tim�
<br />specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually
<br />analy�in�; the escrow account, or verifying the Escrow items, unless Lender pays Borrower interest on the
<br />Punds and Applicable I,aw permits Lender to make such a charge. Unless an agreement is made in writing
<br />c>r Applicable Law requires intcrest to be paid on the Funds, Lender 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 accaunting of the
<br />Funds as required by REST'A.
<br />If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall ac:count to
<br />Borrower for the excess funds in accordance with RESPA. If there is a shortage af Funds held in escrow,
<br />as defined under RESFA, Lender shall notify $orrower as required by RESPA, and �arrawcr shall pay to
<br />Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12
<br />monthly payments. lf there is a deficiency of Funds held in escrc�w, as de�ncd under R�SPA, Lender shall
<br />notify Borrower as required by RESPA, and Borrower shall pay ta Lender the a��nount necessary to make
<br />up the deticiency 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 Borrowcr any Punds hcld by Lcndcr,
<br />4. Charges; Liens. Borrower shall pay all taxes, assess�ncnts, chargcs, fincs, and impositions
<br />attributable to the Property which can attain priority over this Security Instrument, leasehold pdyments or
<br />ground rents on the Property, if any, and Community Association Dues, Fees, and Assessm�nts, if any. To
<br />thc extcnt that these items arc �scrow Ttems, Borrower shall pay them in the manner provided in Section 3.
<br />�-6(NE) �oao7�.oz
<br />P�e 5 of 15
<br />Initlals: �
<br />1111056073
<br />Farm SQ28 1l01
<br />
|