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y . • � r R <br />4.. . � � E ; r 1 <br />Lender will estunate from time to tune <br />Mortgagor or Grantor's yearly taxes, <br />assessmen[s, leasehold payments or ground <br />rents aqd insurance premiums, which will be <br />called the �scrow Items. Lender will use <br />existing assessments and bills and reasonable <br />estimates oP fnture assessments and bills. The <br />amounts that Mortgagor or Grantor pays to <br />Lender for �scrow Items under this sectinn <br />will bc called the Funds. Lender will collect <br />and hold Funds in an a�►ount not to exceed <br />the maxiuiuui amount a lender for a federally <br />related mortgage loan may reqaire for <br />Mortgagor or C�rantnr's escraw accounr <br />under the federal Real T:state Settlement <br />Procedures Act of 1974 (as amended), unless <br />another law that applies to the Puuds sets a <br />lesser �mount. If so, Lender will collect and <br />hold F'unds in the lesser amouqt. <br />Lender will keep the Punds in a savings or <br />banking institution which has its deposits or <br />accounts insured ar guaranteed by a federal <br />or state agency. If Lender is such an <br />institution, Lender may hold the Funds. <br />Lender will use the Funds to pay the Escrnw <br />ltems. Lender will give Martgagor or <br />Grantor, without charge, an annual <br />accounting of the Funds. That accounting <br />rnust shc7w all additions to and deductions <br />from the Funds and the reason for each <br />deduction. <br />Lender may not charge Mortgagor or <br />Urxntor for holding or keeping the Funds, <br />for using the Funds to pay Escrow Items, <br />for analyzing Mortgagor or Grantor's <br />payments of Funds, nr for receiving, <br />verifying and totaling assessments and bills. <br />Ilowever, Lender may charge Mortgagor or <br />Grantor for these services if Lender pays <br />Mortgagor ar Grantor interest an the Funds <br />2010�8954 <br />and if the law permits I,ender to make such a <br />charge, Lender may require Mnrtgagor or <br />Grantor to pay a one-time char�e for an <br />independent real estate tax reporting service <br />used by I.ender in accnrdance with the <br />Secured llebts, unless applicable law <br />provides otherwise. Lender will nat he <br />required to pay Mortgagor or Grantor any <br />interest or earnings on the Funds unless <br />either (i) Lender apd Mortgagor or Cxrantor <br />agree rn writing, at the time Mortgagor or <br />Cirantor sigued this Security Instrument, that <br />Lender will pay interest ou the Punds; or <br />(ii) the law requires Lender t� pay interes� on <br />the Funds. <br />If the Funds held by Lender exceed the <br />amounts permitted to be held by applicable <br />law, Lender will account t.o borrower for the <br />excess Funds in accnrdance with the <br />requirements of applicable law. If the amount <br />af the funds held bq Lender at any time is <br />not sufficient to pay the Escrow Items when <br />due, Lender may notify borrower in writing, <br />and, in such case, borrower will pay to <br />Lender the arnount necessary tn make up ehe <br />shortage or deficiency. Borrower shall rtaake <br />up the shortage or deficiency as I,ender <br />directs, snbject ta the requirements of <br />applicable law. <br />If, by reason af auy defautt under this <br />Securiry InsCrurnent, Lender declares all <br />5ecured Debts due ar►d payable, Lender may <br />then apply any Fuu[is against the Secured <br />Uebts . <br />When Mortgagor or Grantor has paid all of <br />the sums secured, Lender will promptly <br />refund to Mortgagor or Grantor any Funds <br />that are then being held hy Lender. <br />Mort aage Fider <br />VMP�9 Bankers SystamsTM <br />Wolters Kluwer Financial Sarvicea 020�9 <br />MTG-R 2/6/2009 <br />VMP-C701 (0902).00 <br />Page 2 of 3 <br />1 <br />� I <br />� <br />\ �� <br />