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<br />I,ender may, at any tinie, ec�llect and laold Funds in an amount not ta exceed the maximum atnount a lender for a
<br />federally relat�d mortgage loan may require for Borrower's escr�w account under the federal Real F..state
<br />Settlement Pro�:edures Act ol' l9'14 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 amoiurt not to exceed the lesser amount. L,ender may estimate the arnount af Funds
<br />due on the ba5iti c�i' current data and rea�onable estimates oP expenditures of fuhire Escrow Items c�r otherwise in
<br />accordance with ApplicdUle I..aw.
<br />'1"hc Funds shall l�e helii in an institution whi�se deposits are insured by a federal agency, instrumentality, or entity
<br />(including Lender, if [�ender is such an institution) or in ar�y Federal Hor��e Loan Bank. I.ender shall apply the
<br />I;undS to pay fhe Lacrow Iterns. Lender may not cl�arge i3orrower for holding and applyin� the N'undti, annually
<br />analyzing the escrow accounl, or verifying the �scrc�w Items, unles5 Lender pays Borrower inter�st on the r'unds
<br />and A�plicaUle .I..aw pcnnits Lender to make such a charge. However, Lender may require Borrnwer to pay a one-
<br />tiine char�e lor an iiidependent real estate tax reporCing service used by Lender in connection with this loan, unless
<br />Applicable Law provides otlierwise. Unless an agrccment is made or Applicable Law requires interest to be paid,
<br />Lender sliall nc�t be rec�uired to pay Borrower any intereat or earnings on the Funds. 13orrower and l,ender may
<br />agree in writing, however, that intcrc5t shall be paid on the Funds. Lender shall give to Borrower, withouL charge,
<br />an annual accountin�; of tlie h'unds, vliowin�; credita and debits to thc: Funds and the pur}�ose for which each debit to
<br />the Funds was made. 'I'he Funds are plcdged as additinnal security for all sums secured by thia Security Instrument.
<br />If the Funds }ield by Lender exceed tlie amounts perniitted to be held by Applicable [,aw, Lender shall account to
<br />Bnrrower for the excess Funds in accordance with the requirements oF Applicable Law. If the amount of the Fur►ds
<br />held by Lender at any time is not sufficient to pay the l�scrow.Items when due, Lender may so notify Borrower in.
<br />writing, and, in 5ucli case 13orrower sl�all pay to I�ender tlie ainount necessary to inake up tlie deticiency. k3orrowcr
<br />shall make up the deticiency in no niore fhan twelve monthly payments, at T.ender's sole discretion.
<br />Upon paynient in full ot' all sums aecured by this Sccurity Instrument, Lender shall promptly refund ta Borrower
<br />any 1�'unds hcld Uy Lender. If, under the section titled Acceleration; Remedies, Lender shall acquire or sell the
<br />Property, Lender, prior to the acquisition or sale of the Property, shall apply any Funds held by Lender at the time
<br />of acquisition or sale as a credit against ihe sums secured Uy ihe Security InstrumenC.
<br />Applic�tion of Payments. U�ilctis Applicable I,aw provides otherwise, all payments received by T,ender shall he
<br />appliecl: �rst, to any prepayment charges due under tlie Note; second, to amounts payable under the sectio�i titled
<br />Funds for '1'axes and Insurance; fhird, to interest ciue; finurth, to principal due; and last, to any late cl�arges due
<br />uuder 1he Note.
<br />Charges; I.,iens. Fiorrower shall pay all taxe5, �stiessmeuts, charges, �nes and impositions atlributable to the
<br />I'roperty which may atCaiii priority over this Security Instniment, and leasehold payments or ground rents, if� any.
<br />Borrower shall pay fhese obli�;ations in the manner ��rovidcd in section titled Funds for '1'ax�s and Insirrance, or
<br />if not paid in that manner, Borrower sY�all l�ay them on time direcCly to the person owed pay�ncnt. At the request of
<br />I.�ender, Borrower shall proinptly furnish to Lender receipts evidencing th� payrnents.
<br />Boirower sltall pmmptly discharg� any lien wl�icl� has priority over thia Security Instrumenc unless Borrower: (a)
<br />agrees in writin�; to the paynient of tlie obligation secured by the lien in a manner acceptable t�� Lender; (b)
<br />contests in good 1'aith tl�e lien by, or defends a�ainst enfi�rce�i�ent of fhe lien in, lcgal proceedings which in the
<br />Lender'ti opiiiion operate to prevenC llie enforcement nf thc licn; or (c) secures li the holder of the lien an
<br />agreernent satisfactory to I.ender subordinating the lien to tl�is Security Instrurnea�t. If I_ender deterniines lhat any
<br />part of thc Prc�perty iti sul�jecl lo � lien which inay attain �riority nver thi5 Security Instr�iment, Lender may give
<br />Borrower a notice identifyin� the lien. F3orrpwer shall satisfy the lien or take one or more of the actions set forth
<br />ahove within 10 days oCthe giving oPnotice.
<br />Hazard or Properry Insnrance. Borrower shall keep the improvements now exi5ting or hereafter erected on the
<br />Property insured againsc loss by tire, hazards included within the term "extended coverage" and any other hazards,
<br />including flooda ��r flooding, 1'or which Lender requires insurance. T'his insurance sha11 be maintained in the
<br />amounts and ti�r iP►e periods that Lender requires. The insurance cai providin� t}ie insurance tihall bo chosen by
<br />liorrower subject to I,cnder's apprnval which sl�all r►ot be unreasonably witliheld. If Borrower fails to rnaintain
<br />coverage described above, I.ender may, at Lender's option, obtain coverage to protect Lender's rights in the
<br />1'roperty in accordance 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 mortgabe clause.
<br />Lender shall liave the right to hold the policies and renewals. If Lender requires, Borrower shall prornpdy give to
<br />I.ender all receipts of paid premiums and renewal noticca. ln the event of loss, Rorrower shall give prompt notice
<br />to the insurance carrier and I.ender. I.,ender may make proof of loss if not n�ade prompCly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, intiurance proceedti shall hc applied to restoration or
<br />repair of the l'roperty darnaged, if the restoration or repair is economically feasible and Lender's security is not
<br />lesser�ed. If the restoration or repair is not economic�lly feasible or Lender's security would bc letisened, tt�e
<br />insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with
<br />any excess paid to 13orrcywer, Tf [3orrower abandons the Property, or does not answer within the number of days
<br />prescribed Uy Applicable Law as set t<�rllt in a i7otice fi•om I�ender tc� Bc�rrc�wer that the insurai�ce carrier has
<br />oPier�;d to aettle a claim, then l.ender may collect the in5urance proceeds. Lender may use the proceeds to repair or
<br />restore the Property or to pay sums secured by this SecuriCy IiYStrument, wheiher or not tl�en du�. Th� period of
<br />time for Borrovver co answer as sel ti�rth in the notice will begin when the notice iti given.
<br />u.� 2U04-:p10 Cumpli�ncc 5ystcros. Inc. E�Ob-30�3 - 2010.O:i37R
<br />l'onsumer Re�J I(>4ite - tincuriiy Inyirumnn� p1::036 Pxgc 2 nf ti www.cnmpliaucesystams.cnm
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