|
241U08374
<br />Lender may, at any time, cnllect 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 amended from time to time, 12 U.S.C. Section 2601 et seq. ("RESPA"),
<br />unless another Applicable Law that applies to the Funds sets a lesser arnount. If so, Lender may, at any time,
<br />callect and hold Funds in an amount nat to exceed the lesser arnount. Lender may estimate the amount of Funds
<br />due an the basis of current data and reasonable estimates of expenditures af future Escrow Items or otherwise in
<br />accordance with Applicable I�aw.
<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 institutipn) or in any Federal Hame Loan Bank. Lender shall apply the
<br />Funds to pay the Escrow Items. Lender may noc charge Borrower for holding and applying the Funds, annually
<br />analyzing the escrow account, or verifying the Fscrow Items, unless Lender pays Borrower interest on the Punds
<br />and Applicable Law permits Lendar to make such a charge. However, Lender may require Borrawer to pay a one-
<br />time charge for an independent real estate tax reporting service used by Lender in connection with this laan, unless
<br />Applicable Law provides otherwise. Unless an agreement is made or Applicable Law requires interest to be paid,
<br />Lender shall not be required to pay Borrower ariy interest or' earnings on the Fund.s. Horrower and Lender may
<br />agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Barrower, without charge,
<br />an an��ual accounting of the Funds, showing credits and debits to the Funds and the purpose for which each debit to
<br />the Funds was made. The 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 Nunds 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 Iterns when due, Lender may so notify Borrower in
<br />writing, and, in such case Borrower shall pay to Lender the amount necessary to make up the deftciency. Borrower
<br />shall make up the deficiency in na more tlian twelve monthly payments, at Lender's sole discretion.
<br />Upon payment in full of all sum5 secured by this Security Instiument, Lender shall promptly refund to Borrower
<br />any Nunds held by Lender. Ifi, under the section titled Acceleration; Remedies, Lender shall acquire or sell the
<br />Property, Lender, prior to the acquisition ar sale of the Property, shall apply any �'unds held by Lender at the time
<br />of acyuisition or sale as a credit against the sums secured by the Security Instrument.
<br />Applieation of Payments. Unless Applicable Law provides otherwise, a11 payments received by Lender shall be
<br />applied: first, to any prepaym�nt charges due under the Note; second, to amounts payable under the section titled
<br />�'unds for Taxes and Insurance; third, to interest due; fourth, to principal due; and lasc, to any late charges due
<br />under the Note.
<br />Charges; Liens. 6orrower shall pay all taxes, assessments, charges, �nes and impositions attributable ta the
<br />Properry which may attain priority over this Security Instrument, and leasehnld payments or ground rents, if any.
<br />Borrower shall pay these obligations in the manner provided in section titled Funds for Taxes and Insurance, or
<br />if not paid in that manner, 13orrower shall pay them on time directly to the person owed payment. At the request of
<br />I,ender, Borrower shall promptly furnish ta L.ender receipts evidencing the payments. .
<br />Borrower shall promptly discharge any lien which has priority over this Security instrument unless Borrower: (a)
<br />agrees in writing to the payment of the obligaCion secured by the lien in a manner acceptable to L,ender; (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 1ien; or (c) secures from the holder of the lien an
<br />agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any
<br />part of tlie Pro�erCy is subject to a lien which may attain priority over this Security Instrument, Lender may give
<br />Barrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth
<br />above within 10 days of the giving of notice.
<br />Aazard or Property Insuranee. Borrower shall keep the improvements now existing or hareafter erected on th�
<br />Property insured against loss by tire, hazards included within the term "extended coverage" and any other hazards,
<br />including floods or f]ooding, for which Lender requires insurance. This insurance shall be maintained in the
<br />amounts and tior the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by
<br />Borrawer subject to I�ender's approval which shall not be unr�asonably 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 />Property 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 rnortgage clause.
<br />Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to
<br />Lender 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 praaf of loss if not made promptly by Borrower.
<br />�J�ess-I.�ender and Borrower o#herwise agree in writing, insurance procceds shall b��pplied to restoration or
<br />repair of the Property darnaged, if the restaration or repair is economically feasible and I..ender's aecurity is not
<br />lessened. If the restoration or repair is not economically feasible or I,ender's security would be lessened, the
<br />insurance proceeds shall be applied to the sums secured by this Security Tnstrument, whether or not then due, with
<br />any excess paid to Borrower. If Borrower abandons the Property, or daes 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 i.ender may callect the insurance proceeds. Lender may use the proceeds to repair or
<br />restare 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 />H:� 20D4-20p9 Compliance Systems, Inc. 002D-SD9B • 2009.12368
<br />Consumcr Rcal Estatc - Sccurity Insinimcnt PL,2036 Pagc 2 oF6 kn+nv.complianccsystcros.com
<br />
|