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<br />due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or othervvise in
<br />accordance with Applicable Law.
<br />The Funds shall be held rn an institution whose deposits are insured by a federal agency, instrumentality, or entity
<br />(including L.ender, if I.ender is such an institution) or in any Federal Home Loan Bank. Lendet shall apply the
<br />Funds to pay the Escrow Items. l.ender may not charge Borrower for holding and applying the Funds, annually
<br />analyzing the escrow accounl, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds
<br />and Applicable Law permits L.�nder to make such a charge. However, I.ender may require Borrower to pay a one-
<br />tirne charge for an independent real escate tax reparting service used by Lender in connection with this loan, unless
<br />Applicahle Law provides otherwise. Unless an agreement is made or Applicable Law requires interest to be paid,
<br />Lender shall not be required to pay Borrower any intcrest or earnings on the �'unds. Borrower and Lender may
<br />agree rn writing, however, that intetest shall be �aid op th F�nds. L.ender shall give to Borrower, without charge,
<br />an annual accounting of the Funds, showin credits ��d �l��t� fo the Funds and thc purpose for which each debit to
<br />the Funds was made. The Funds are pledged as additional security for all sums secured by this Security Inslrument.
<br />If the Funds held by Lender exceed the amounts p�rznitt�s�, to be held.by Appl��ab��,a�,,.Lender shall account ta
<br />Sorrower for the excess Funds in accordance with the requirements of Applicable Law. If the arnount of the Funds
<br />held by Lender at any time is not sufficient to pay the Escrow Items when due, L.ender may so notify Borrower in
<br />writing, and, rn such case Borrower shall pay to I.ender the amount necessary to make up the deficiency. Borrower
<br />shall make up the deficiency in no rnore than twelve monthly payments, at Lender's sole discretion.
<br />Upon payrnent in full of all surns secured by this Security Instrument, Lender shall promptly refund to Borrower
<br />any Funds held by Lender. If, undcr thc section titled Aeceleration; Remedies, Lender shall acquire or sell the
<br />Properry, L.endet, priar to the acyuisition or sale of the Property, shall apply any Funds held by I.ender at the time
<br />of acquisition or sale as a credi[ against the sums secured by the Security Instrurnent.
<br />Application of Payments. Unless Applicable L.aw provides otherwise, all payments received by L.ender shall be
<br />applied: first, to any prepaymenl charges due under the Note; second, to arnounts payable under the section titled
<br />Funds for Taxes and Insurance; third, to interest due; fourth, to principal due; and last, to any late charges due
<br />under the Note.
<br />Charges; I.iens. Borrower shall pay all taxes, assessments, charges, fines and irnpositions attributahle to the
<br />Ptoperty which may attain priority over this Security Instrument, and leasehold payrnents or ground rents, if any.
<br />Borrower shall pay these obligations in the manner provided in section titled �nds for Taxes and Insurance, or
<br />if not paid in that manner, Borrower shall pay them on tirne directly to the person owed payrnent. At the request of
<br />Lender, Borrower shall promptly furnish ta L.ender receipts evidencing the payments.
<br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to L,ender; (b)
<br />contests in good faith the lien by, or aef�nds against enforcement of the lien in, legal proceedings which in the
<br />I.ender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an
<br />agreement satisfactory to Lender subordinaiing the lien to this Security Instrument. If I.ender determines that any
<br />patt of the Property is subject to a lien which rnay attain priority over this Security Instrument, Lender may give
<br />Borrower a notice identrfying the lien. 13otrower shall satisfy thc lien or take one or more of the actrons set forth
<br />above within lU days of the giving of noticc.
<br />Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
<br />Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards,
<br />including floods or flondin�, for which Lendet requires insurance. This insurance shall be maintained in the
<br />amounts and for the periods that I.ender requires. The insurance carrier providing the insurance shall be chosen by
<br />Sorrower subjeci io I.ender's approval which shall not bc unreasonably withheld. If Borrower fails to maintain
<br />coverage described above, Lender may, at Lender's option, obtain coverage to protect I.ender's rights in the
<br />Property in accordancc with section titled Protection of Lender's Rights in the Property.
<br />All insurance policies and renewals shall be acceptable to I.ender and shall include a standard rnortgage clause.
<br />Lender shall have the right to hold the policies and renewals. Tf Lender requires, Borrower shall promptly give to
<br />Lender all recerpts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice
<br />to the insurance carricr and Lender. Lender may make proof of loss if not rnade promptly by Borrower.
<br />Unless L.ender and Borrower otherwise agree 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 Lendet's security is nnt
<br />lessened. If the restoration or repair is not economically feasible or L.ender's security would be lessened, the
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<br />insurance proceeds shall be applicd to the sums secured by this Sccurity Instrument, whether or not thcn due, with
<br />any excess paid to Borrower. If 13orrower abandons the Property, or does not answer within the nurnber of days
<br />prescribed by Applicable Law as set forth in a notice from I.ender to Barrower that the insurance carrier has
<br />offered to settle a claim, then l.,ender may collect the insurance proceeds. Lender may use the proceeds to repair or
<br />restore the Property or to pay sums secured hy this Security Insttument, whether or not then due. The period of
<br />time for Borrower to answer as set forth in the notice will begin when Che notice is given.
<br />Unless Lender and Borrower otherwisc agree in writing, any application of proceeds to principal shall not extend
<br />or postpone the due date of the payments referred to in the sections titled Payment af Principal and Interest;
<br />Late Charges and �'unds for Taxes and Insarance or change the arnount of the payments. If under the section
<br />titled Acceleration; Remedies, thc Property is acquired by L.ender, Borrower's right to any insurance policies and
<br />(� 20U4-ZOU4 CumpGanu: Syslems, lnc. p021)-P5)9 - 2pU9.12.3G8
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