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201103�3� amounts due under this 5ecurity Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Bonower for a delinquent Periodic Payment which includes a sufficient amount to pay any late chazge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Bonower to the repayment 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 Payments, such excess may be applied to any late charges due. Voluntary prepayments sha11 be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note sha11 not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Bortower sha11 pay to Lender on the day Periodic Payments aze due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Properly; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and a11 insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Bonower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." 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 Borrower, and such dues, fees, and assessments shall be an Escrow Item. Bonower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall 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 receipts evidencing such payment within such time period as Lender may require. Bonower's obligation to make such payments and to provide receipts shall for a11 purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in 5ection 9. If Bonower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower sha11 then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with 5ection 15 and, upon such revocation, Borrower sha11 pay to Lender all Funds, and in such amounts, that aze then required under this Section 3. Lender may, at any time, collect and hold Funds in an amount (a) suff'icient to pemut Lender to apply the Funds at the time specified under RE5PA, and (b) not to exceed the maximum amount a lender can require under RFSPA. Lender shall estimate the amount of �B�$� — Single Family — Femie Mae/Freddte Mac UNIFORM INS°i'RIJMENT Form 30?.B 1/qJ,� � GCC - G3028-05 (09J01) (Page S of 19) InitiaLs: ��! '