|
, 20iO49215
<br />Lender may; at any time;'collect and'hold Funds in an amount nat to exceed tlre maximum amount a�ender for a
<br />federaliy related mortgage loan may requi're for Borrower's escrow account under the federal Real Estate
<br />5ettlemenc' Prc�cedures 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 amount. IF so, Lender may, at any time,
<br />collect and. hold Funds in an amaunt not to exceed the lesser amount. Lender may estirnate the amount of Funds
<br />due on the basis of current data and reasanable estimates of expenditurea of future Escrow Items or otherwise in
<br />accordance with Applicab1e Law.
<br />'rhe Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity
<br />(including Lender, if C,ender is such an institutian) or in any Federal Home Loan Bank. I.ender shall apply the
<br />FundS to pay the Escrc�w ItemS. Lender, may not charge Borrower for holding and applying the Funds, annually
<br />analyzing the escrqw account, or verifying the Escrow Items, unless Lender pays Borrower interest an the Funds
<br />and Applicable Law pennits Lender to make sucli a charge., IIowever, Lender may require Borrawer to pay a one-
<br />time ctiarge for ar� independenC real estate tax reporting service used by Lender in connectinn with this loan, unless
<br />Applicable Law provides ot}�erwise. Unless an agreement is made ar Applicable Law requires interest to be paid,
<br />Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender may
<br />agree in writing, however, that interest ahall be paid on the Funds. Lender shall give to Borrower, without charge,
<br />au annual accounting of the Funds, shpwing crcdits and debits to the Funds and the purpose for which each debit to
<br />the Fundy was made. The h"unds are pledged as additional security for all sums secured by this Security lnstrurnent.
<br />If the Funds held by Lender exceed fh� amounts permitted to be held by Applicable Law, Lender shall account to
<br />Borrower for the exccss Funds in accordance with the requirements of Applicable I.aw. If the amnunt of the Funds
<br />held by I�ender at any time is not sutficient to pay the Escrow .ltems when dua, Lender may so notify Borrower in
<br />writiu�;: and, in, �uch Gase Horrower shall pay to I.ender the amount necessary to rnake up the deficiency. Borrpwer
<br />shall make up the deficiency in no more than twelve monthly payments, at Lender's sole discretion.
<br />Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower
<br />any Funds,held by Lender. If, under the section titled Acceleration; Remedies, Lender shall acquire or sell the
<br />Property, Lender,, pric�r to the .aG,quisition or sale of the Pr��perty, sha11 apply any Funds held by I,ender at the time
<br />of acquisition or sale as a credit against the sums secured by the Security Instrument.
<br />Ap.plication of Payments. Unless Applicable Law provides otherwise, all payments received by Lender shall be
<br />applied: first, to any prepayment charg.es due under the Note; second, to amounts payable under the section titled
<br />Funds far Taxes and lnsurance; third, to interest due; f��urth, to principal due; and last, to any late charges due
<br />under the Note.
<br />Charges; I�iens. Borrower ahall pay all taxes; assessments, charges, fines and impositions attributable to the
<br />Property which may attain priority over this Security Instrument, and leasehold pay�nents or ground rents, if any.
<br />Bon shall pay tl�ese obligations in the rnann�r provided in section titled l�unds for Taxes and Insurance; or
<br />if not paid in thac manner, Borrower shall pay them on time directly to the person owed payment. At Che request of
<br />Lender, Borrower shall promptly furni5h to Lender receipts evidencing the payrnents.
<br />Borrower shall promptly discharge any lien which l�as priority over this Security Instrument unless Borrower: (a)
<br />agrees in writing to the payrnent of tNe obligation secured by the lien in a manner acceptable to Lender; (b)
<br />contests in,�;ood faich the lien by, or defends against enforcement of the lien in, legal proceedings which in the
<br />Lender's opinion operatc: to prevent die enfarcement of the lien; ar (c) secures from the holder of the lien an
<br />agreement satisfactory to Lender subc7rdinating the lien to this Security Instrument. IF Lender determines that any
<br />�art of Che Property is subject to a lien whicl� may attain priority over this Security Instrument, Lender may give
<br />Borrower a noiice identifying the lien. Borrower shall saCisfy the lien or take one or more of the actians set forth
<br />above within 10 days of the giving of notice.
<br />Hazard ar Property Insurance. Borrower shall keep the improvements now existing nr hereafter erected on the
<br />Property insured against loss by tire, hazards included within the term "extended coverage" and any other hazards,
<br />includin� tloods or flooding for which Lender requires insurance. This insurance shall ba rnaintained in the
<br />amounts and for the periods that I.�ender requires. The insurance carrier providing the insurance shall be chosen by
<br />Borrower subject to Lender's approvai. whicl� shall not be unreasonably withheld. If Borrower fails to maintain
<br />covera�e 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 laeiader's Rights in the Property.
<br />All insurance policies and renewals shall be acceptable to Lender and sha11 include a standard mortgage clause.
<br />Lender shall have the ri�ht to hold the policies and renewals. If Lender requires, Borrower sha11 promptly give to
<br />Lender all receipts of paid prerniums and renewal notices. In the event of loss, Borrower shall give prompt notice
<br />Co the insurance carrier and Lender. Leuder may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agrea in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not
<br />lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the
<br />insurance proceeds shall be applied to th� sums secured by this Security Instrument, whether or noC Chen due, with
<br />any excess paid to Borrower. If Borrower abandor�s fhe Proparty, nr does 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 tn settle a claiin, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or
<br />restore the Yroperty or to pay Sums secured by this Security Tnstrument, whether or not then due. The period of
<br />time for Borrower to answer as set fortti in the notice will begin wlien the notice is given.
<br />(�;� 2004-20UY Compliance Systeme, hic. 002U-7C46 - 2009.123ti8 . .
<br />Cnnsumer Real �state - Security Instrumcnt DL2036 . 1'age 2 nF 6 www.cnmpliancesystenvs.com
<br />
|