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�0�106509 2. Applicetion of Payments or Proce�eds. Except as otheiwise described in this Section 2, all payuients accepted and applied by Lender shall be applied in the following order of prlority: (a) interest due under the Note; (b) priucipal due under the Note; (c) amounts due under Section 3. Such payments sha1l be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied flrst to late charges, second to any other arpounts due under th�s Security Instrument, and Wen to reduce the prindpal balance of the Note. If Lender receives a payment from Borrower for a delinquent Perlodic Payment w3uch includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lettder may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that az►y 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 shall be applied first to any prepayment charges and then as described in the Note. Any appHcation of payments, insurance proceeds, or Miscellaneous Proceeds to princigal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to pmvlde for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Insriwnent as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance preminms in accordance with the provIsions of Section 10. These items are called "Escrow Items." At origivation or at any time during the term of the Loan, Lender may require that Community Associatiott Dues, Fees, and Assessments, if any, be escrowed by $orrower, and such dues, fees and assessments shall be an Escrow Item. $orrower shall prompfly 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 gay the Funds for any or all Escrow Items. Lender may waive Borrower's obligaflon 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 direcfly, 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, shaIl furnish to Lender receipfs evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes bE deemed to be a covenant and agreement contained in this Security Instr�ment, as the phrase "covenant and agreement" is used in Section 9. If Borrower is obligated to pay Escrow Items direcdy, pwrsuant 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 shaIl then be obligated under Sectton 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 Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time collect and hold Funds in an amount (a) sufficient to. permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maxi�num amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Fscrow Items or otherwIse in accordance with Applicable Law. 007722625125 Cltibenk 3.2.49.09 V2 N� � KA-Sim�le FamflyFennie Mae/Freddia Mac UNIFORM INSTRUMENT WITH MERS Fmm 3028 1/01 VMP6A(N� (1105).� Wolters Kluvv� Financlal S�vices Page 5 of 17