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�Oi��9�� amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If I,ender receives a payrnent from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment rnay be applied to the delinquent payment and the late charge. If more than one Periadic Payment is outstanding, Lender may apply any payment received from Borrower to the repayrnent of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payrnents, such excess may be applied to any late chazges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneaus Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, af the Periodic Payments. 3. Funds for Escrow Items. Barrower shall pay to Lender on the day Periodic Payments are due under the Note, until tl�e Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other iterns which can attain priority ovex this Security Instrument as a lien or encumbrance on the Property; (b) leasehold paymenCs or graund rents on the Property, if any; (c) prerniums for any and all insurance required by I.,ender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Barrower to I,ender in lieu of the payment of Mortgage Insurance prerniurns in accoxdance with the pravisions of Section 10. These items are called "Escrow Iterns." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees and Assessments, if any, be escrowed by Borcower, and such dues, fees, and assessments shall be an Escrow Item. Borrower shall promptly furmish to Lender all notices of amounts to be paid under this Sectian. Borrower shall pay L.Qnder the Funds for Escrow Ttems unless Lender waives Borrower's obligatipn to pay the Funds for any or all Escrow Items. Lender rnay waive Borrower's obligation ta pay ta Y.ender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. Tn the event of such waiver, Borrower sha11 pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender xeceipts evidencing such payment within such time periad as Lender rnay require. Borrower's obligation to �nake such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items directly, pursuant ta a waiver, and Borrower faals to pay the amaunt due for an Escrow Item, I,ender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. I,ender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Bormwer shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any tirne, collect and hold Punds in an amaunt (a) suf�cient to permit I,ender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estirnate the amount of �8�� -- Single Family — Fwwie Mae/PY�eddie Mac l7NIFdRM INSTRUMENT Form 3026 1101 GCC - G3028-05 (09101) (Page 5 of 19) Initials: