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<br />premiums, if any, or any sums payable by I3orrower to Lender in lieu of th� payment of Martgage
<br />Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow
<br />Items." At origination or at dny time during the term af the Loan, Lender may require that Community
<br />Association I7ues, rees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and
<br />assessments shall be an �scrc�w Item. Barrower shall promptly furnisl� to Lender all notices of amounts to
<br />be paid under this Section. Borrower shall pay Lender the Funds for L�scrow Items unless Lender waives
<br />Borrower's obligation to pay the Funds for any or all Escrow Items. I,ender may waivc Barrower's
<br />obligation to pay to Lendar 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, $orrower shall pay directly, when and where payable, the amounts
<br />due for any Escrow ltems for which payment of Funds has been waived by Lender and, if Lender requires,
<br />shall furnish to Lender receipts evidencing such payment within such time period as Lender may require.
<br />Borrower's obligation to make such payments and to provide receipts shall for all purpases be deemed to
<br />be a covenant and agreement contained in this Security Instrum�nt as the phrase "covenant and agrecmcnt"
<br />is used in Section 9. Tf T3orrc>wcr is obli�ated to pay �scrow Items directty, pursuant to a waiver, and
<br />$orrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9
<br />and pay such amount and $orrower shall then be obligated under Section 9 to repay to Lender any such
<br />amount. Lender 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, upon such revocation, Borrower shall pay to Lender all Funds, and in
<br />such amounts, that are then required under this 5ection 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 RESFA, and (b) not to exceed the maximum amount a lender can
<br />require under RBSPA. 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 �unds shall be held in an institution whose deposits are insured by a federal agency,
<br />instrumentality, or entity (including Lender, if Lender is an institut'ron whose deposits are so insured) or in
<br />any Federal Home Loan I3an.k. Lender shall apply the Funds to pay the Escrow Items no later than the time
<br />specified under RESPA. Lender shall not charge Borrower for holding and applying the �'unds, annually
<br />analyzing the escrow account, or verifying the Escrow ltems, unless Lender pays Borrower interest on the
<br />Funds and Applicable I.,aw permits Lender to make such a charge. Unless an agreement is made in writing
<br />or Applicable I.aw re.quires interest to be paid on the Funds, Lender shall not be required to pay Barrower
<br />any interest or earnin�;s on the Funds. Borrower and Lender can agree in writing, however, that interest
<br />shdll bc paid on the Funds. �,c�nder shall give to Borrower, without charge, an annual accounting of the
<br />Funds as required by R�SPA.
<br />If there is a surplus of Funds held in escrow, as defined under RESFA, Lender shall account to
<br />Barrower for the excess funds in accordance with R�SPA. If there is a shortage of Funds held in escrow,
<br />as defined under RESFA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to
<br />Lender the amount necessary to make up the shortage in accordance with RESPA, but in na mare than 12
<br />monthly payments. lf there is a deficiency of Funds held in escrow, as defined under RESPA, Lend�r shall
<br />ilotify Borrower as required by RESFA, and Borrower shall pay to Lender the amount necessary to make
<br />up the deficiency in accordance with R�SPA, but in no more than 12 monthly payments.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shalt promptly refund
<br />to Borrower any Funds held by Lender.
<br />4. Char�es; I.�iens. I3orrower shall pay all taxes, assessments, charges, fines, and impositions
<br />attributable to the Property which can attain priority over this Security Instrument, leasehold payments or
<br />graund rents an the Property, if any, and Cammunity Association Dues, Fees, and Assessments, if any. To
<br />the extent that these items are Escrow Items, Borrower shall pay thcm in the mann�r pravidcd in Section 3.
<br />�-6(NE) �oao��.o2
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<br />Initials: �J` �
<br />Page 5 of 15
<br />1ii�.o�6206
<br />�orm 3028 1/01
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