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<br />premiums, if any, or any sums payable by Borrower to I..ender in lieu of the payment of Mortgage
<br />lnsurance premiums in accardance with the provisions of Section 10. These items axe called "Bscrow
<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 Borrower, and such dues, fees and
<br />assessrnents shall be an Escrow Item. Barrower sha11 promptly furnish to Lender all notices of arnorants to
<br />be paid under this Section. Borrower shall pay L.ender the �'unds for Escrow Items unless Lender waives
<br />Borrawer's obligation to pay the Funds for any or all Escrow Items. I.ender may waive Borrower's
<br />obligation to pay to Lender Fands for any or all Escrow Items at any time. Any such waiver may only be
<br />in writing. In the event of such waivex, Borrower shall pay directly, when and where payable, the amounts
<br />due for any Escraw Items for which payxnent of Funds has been waived by I.ender and, if Lender requires,
<br />shall furnish to L.ender receipts evidencing such payment within such time period as L.ender may require.
<br />Borcower's obligation to make such payrnents 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. Jf Borrawer is obligated to pay Escrow Items directly, pursuant to a waiver, and
<br />Barrower fails to pay the amount due for an Escrow Ttem, I.ender may exercise its rights under Section 9
<br />and pay such amount and Borrower shall then be obligated under Section 9 ta repay to Lender any such
<br />amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a noticc given in
<br />accardance with Section 15 and, upon such revocation, Borx�ower shall pay to L.ender all Punds, 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) suf�cient to permit T ender to apply
<br />the Funds at the time specified under RESPA, and (b) not to excEed the rnaxirnurn amount a lender can
<br />require under RESPA. L.ender sha11 estimate the amount of Funds due on the basis of current data and
<br />reasonable estimates of expenditures af future Escrow Items or otherwise in accordance with Applicable
<br />Law.
<br />The Funds shall be held in an institution whose deposits are insur�d by a federal agency,
<br />instrumentality, or entity (including Lender, if Lender is an institution whose deposits are sa insured) or in
<br />any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time
<br />speci�ed under RESPA. L.ender shall not charge Borrower for holding and applying the Funds, a�naaually
<br />a;nalyzing the escrow acr.ount, or verifying the Escrow Items, unless Lender pays Borrower interest on the
<br />Funds and Applicable I.aw p�rnuts Lender to make such a charge. Unless an agreement is made in writing
<br />ar Applicable Law requires interest to be paid on the Funds, �.ender 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 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 ta
<br />Borrawer for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow,
<br />as de�ned under RLSPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to
<br />Lender the amaunt necessary to rnake up the shortage in accordance with RESPA, but in no more than. 12
<br />anonthly payments. Tf there is a de£iciency 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�ci�ncy in accordance with RESPA, but in no more than 12 monthly payrnents.
<br />Upon payrnent in full of all sums se�cured by this Security Instrument, Lender shall promptly refund
<br />to Borrower azay Funds held by L.ender.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions
<br />attributable to the Pz'operty which can attain priority over this Security Instrument, leasehold payrnents or
<br />ground rents on the Property, if any, and Community Association Dues, �'ees, and Assessments, if any. To
<br />the extent that these items are Escraw It�ms, Barrower shall pay them in the manner provided in Se�tion 3.
<br />�-8G(NE) (00o51.oi
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<br />Fprm 3028 9/07
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