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201�094C�
<br />Lender inay, at any. time, collect and hold Funds in an amount ��ot to exceed the maximum amount a lender for a
<br />federally: related mo'rtgage loan- niay .require for Borrower's escrnw account under che federal Real Estate
<br />SetClemenc i'roced�rres Act of 197�4 as amended froin time to tiine, 12 U.S.C. 5ection 2601 et seq. ("RESI'A"),
<br />unless another ApplicaUle I.aw.that applies Co the Funds sets a lessea• aniount. If so, Lender inay, at any tirne,
<br />collect and liold Funds iu an arnouilt nnt to exceed the lesser amouiYt. Lender may estimate the amount of Funds
<br />due on fhe basis of cua'rent d�ta and reasonable estimates of expenditures oF Future Escrow Items or otherwise in
<br />acc'ord�nce witl� Applicable Law.
<br />The Funds shall be held in ai1 institution whose deposits are insured by a federal agei�cy, iustiumei�tality, ar entity
<br />(includiug Lei�der, i.f I,ender is such an institution) or in any Federal Home Loan Bank. Lender sliall apply the
<br />�unds to pay the Esca IteinS• L�nder may not charge I3orrower for holding and applying the Funds, annually.
<br />analyzing the escrow account,. or verifying tl�e Escrnw Items, unless Lender pays Barrower 'iiiterest on the �'unds
<br />anc�•Applicaule Law per►nits Lender to make suclt a cliarge. H�wever, Lender may require Borrower to pay a one-
<br />time charge for an indepei�dent real estate tax reporting service used by Lender in connection with tliis loan, unless
<br />Ap.plic,a}ale Law provides otlierwise. Unle�s agreement is made nr ApplicaUle Law requires inkerest ta be paid,
<br />Lender, shall not l�e r�q.uired to pay Borr�.�er any incerest or earnin�s on the �'unds.. Bon and �.�nder ,may
<br />agree in writing, however, that i,nterest shall Ue paid oi1 the Fuiids. Lender shall give tn Borrower, without charge,
<br />an annual accountiilg of tlae T�`unds, showing credits and clebits to the Funds and the purpnse foc which each debit to
<br />tHe Furids was made. Tiic Fuilds are pledged as additional seciirity fo� all sums secured Uy this Sacurity Instrument.
<br />If the �nnds.lield by Lender exceed the amoutats permitted Co be held by Applicable I�aw, Lender shall accouut to
<br />Bc�rrower for the excess.F�►nds iri:accordance w�th the requir�ments of Applicable Law. Tf the amount af the Fu�1ds
<br />held by Lend�r at any time is n�c sufficiene to pay the Escrow Icems when due, Letxder may so notify Borr'ower in
<br />writing and, in such case Borrnwer shall pay to Lender the amounC necessary to make up the deficiency. Borrower
<br />shall make up tlie de�ciency in no more tl�an twelve mo��thly payments, at 1'.,erider's sole discretion.
<br />Upnn,payr4ient in.full,of,all sums sectirred by this Security Instrument, Lender shall promptly refund to Borrower
<br />any �'uiids lield by Lender. if, under the section titled Aeceleration; Remediea, �,eitder shall acquire or sell the
<br />Property, Lender, prior to the acquisition or sale of the Property, shall apply any Funds held by Lextder at the time
<br />of acquisition or sale as a credit a�ainst tlie stitxns secuced by tl�e Sectiuity Ialstrurnent.
<br />Application ot' Payments. Unless Applicable Law provides otherwise, all payments received Uy Lender sl�all be
<br />applied: ,first, xo any prepayment diai-ges due tincler the Note; secnnd, to amounts payable under the section titled
<br />Funds for Taxes and �nsurance; third, to inte'rest due; fourCh, to principal due; and last, to any IaCe cl�arges due
<br />under the Note.
<br />Charges; Liens. Bor-rawer shall pay all taxes, assessments, charges, fines and impositions attributable to the
<br />Property wliich inay'attaiii priority over t11is Security Instrument, and leasehold payments or grourid rents, if any.
<br />Borro'wer shall pay these ob�ipatioi�s in the mainier provided in section titled Fnnds for Taxes and Insurance, or
<br />if riot �aid iti that mai�»er, Sorrdwer shall �ay tlaem on time directly to the person owed payynent. At the r�c�uest of
<br />Lender, Borrower shall prori�ptly furilisl� ta Leiider receipts evidencing the payn�ents.
<br />Borrower shall promptly discharge any lien whicl� has priority over this Security Instrument unless Borrower: (a)
<br />agrees , in writing to, tlie' payment of tl�e obligation secured by the lien in a manner acceptable to S.ander; (b)
<br />contests in good faith the lien by, or defends against enf'orcement of the lien in, le�;al proceedii�gs which in the
<br />Le�ider's opinion operate to �revent the ea�forcement of the lien; or (c) secures froin the l�older of the lien an
<br />agreement satisfactory to Lender sutiordinating the lien to this Security Tnstrument. If Leiider determines that any
<br />part of'ttxe Proparty is subject to a lien which may attain priorily over this Security Instrument, T_ender rnay give
<br />Bon'ower a notice identifying tlie lien. Borrnwer shall satisfy the lien or take an� or more of the accions set forth
<br />above within 10 days of the giving of notice.
<br />HAZard or Prnperty I�ts�rrance. Borrower shall keep the improvements now existing or hereafter erected on the
<br />Properry'insured �gainst loss by �re, l�azards included within Che term "extended covea and any other hazards,
<br />inciuding floods nr flooding, for which Ler7der requires insurance. This insuranc� shall be maintained in the
<br />amounts a�1d for the periads that Lender requices. Tl1e insurance carrier providing the i�isurance shall be chosen by
<br />Borrower subject to Lender's approval wl�ich shall not be unreasonaUly withheld. IF Borrower fails to maintain
<br />coverage described above, Lender may, at �,ender's nption, abtain coverage to �rotect Lender's rights in the
<br />Property in accordance with section titled Protection of I.,ertder's Rigltts in tlie Property.
<br />All insurance policies and renewals shall Ue acceptable to Lender and shall include a standard mortgage,clause.
<br />Lender shall have the right to hold the policies and renewals. If Leiider requires, Borrower shall prom�tly give to
<br />Lender all receipts of paid pre���iu�ns and renewal notices. In the event of loss, Borrower shall give prompt notice
<br />to the insurance carrier and Lender. I.,e�lder may make proof nf loss if not made promptly by 13orrower.
<br />Unless Lender and Bon•or�er otherwise agree in writing, insurance prnceeds shall i�e applied to restoratinn or
<br />repair of the Propercy damaged, i£ the restoration or repair is econornically feasible and Lender's security is not
<br />lessened. If the restoration or repair is not economically feasible or Lender's security would be ]essened, the
<br />insurance proceeds shall be applied ta the sums secured by Chis Security Instrument, whether or not tlien due, witli
<br />ariy excess paid to Borrower. If Borrower abandons tlie Property, or daes not answer widiin the number of days
<br />prescribed by Applicable Law as set forth in a notice fi'om Lender to Bnrrower chat the insurance carrier l�as
<br />offered to settle a clai�n, then Lender may collect tl�e insurance proceeds. Lender may use the proceeds to rcpair or
<br />t�stqrg �he Froperty or to pay sums sec�►red by this Security Instrument, whether or nat then due. The period of
<br />time for Boixower tn answez' as set forth in the x�otice will begin when thc notice is given.
<br />d9 2094-20a9�Cd�rYplience Sysmm9, Inc. �002D-D78C - 2009.12.368 � �
<br />Consumc�'Renl Esmte- Security Instnunent DL203G � Pngc 2 of6 � � ' www.campliencesystcros.¢nm
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