|
201107509
<br />Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note
<br />shall not extend or postpone the due date, or change the amount, of the Periodic Payments.
<br />3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the
<br />Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) talces
<br />and assessments and other items which can attain priority over this Security Insm�ment as a lien or
<br />encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums
<br />for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance premiums, if any,
<br />or any sums payable by Bonower to Lender in lieu of the payment of Mortgage Insurance premiums in
<br />accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at
<br />any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and
<br />Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow
<br />Item. Bonower shall promptly fiunish to Lender all norices of amouttts to be paid under this S�rion.
<br />Bonower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay
<br />the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for
<br />any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver,
<br />Borrower shall pay dire�tly, when and where payable, the amounts due for any Escrow Items for �vhich
<br />payment of Funds has been waived by I.ender and, if Lender requires, siiall fiunish to Lender recQipts
<br />evidencing such payment within such time period as Lender may require. Borrower's obligarion to make
<br />such payments and to provide receipts shall for all purposes be deemed to be a covenant and agr�ment
<br />contained in this Security Instrument, as the phrase "covenant and agreement" is used in Se�rion 9. If
<br />Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Bonower fails to pay the
<br />amount due for an Escrow Item, L.ender may exercise its rights under Section 9 and pay such amount and
<br />Borrower shall then be obligated under Secrion 9 to repay to Lender any such amount. Lender may revoke
<br />the waiver as to any or all Escrow Items at any time by a notice given in accordance with S�tion 15 and,
<br />upon such revocation, Bonower shall pay to Lender all Funds, and in such amounts, that aze then required
<br />under this Section 3.
<br />Lender may, at any time, coll�t and hold Funds in an amount (a) sufficient to permit Lender to apply the
<br />Funds at the time specified under RESPA, and (b) not to exc,ced the maximum amount a lender can require
<br />under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable
<br />estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable I.aw.
<br />The Funds shall be held in an insritution whose deposits aze insured by a federal agency, instrumentality, or
<br />enrity (including Lander, if Lender is an insriturion whose deposits are so insured) or in any Federal Home
<br />Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time spe,cified under
<br />RESPA. Lender shall not chazge Bonower for holding and applying the Funds, annually analyzing the
<br />escrow account, or verifying the Escrow Items, unless Lender pays Bonower interest on the Funds and
<br />App�acabls Law permits L,ender to malce such a charge. Unless an agrcement is made in writing or
<br />A}rpLic;able Iaw r�uis� �nter�t to be paid on tlie Funds, Lender shali not be require�i to pay Borrower any
<br />int�rest or eamings vn 1� Funds. Borrower and Lender can agree in wriiting, however, that interest shall be
<br />paid on the Funds. L�nd�r shall give to ��ower, without charge, an annual accounting of the Funds as
<br />re,quired by RE.SPA.
<br />If there is a sur¢�lus flf Fands held in escrow, as defined under RESPA, Lender shall account to Bonower for
<br />the excess funds in acxordance with RESPA. If there is a shortage of Funds held in escrow, as defined under
<br />RESPA, Lender shail notify Borrower as required b.y RF.SPA, and Bonower shall pay to Lender the amount
<br />neressary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If
<br />there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall norify Bonower as
<br />NEBRASKA-Single Family-Fannle Mae/Freddie Mac UNIFORM INSTRUMENT Form 3028 1/01
<br />VMP � VMPBINE) (170b1
<br />Wokers Kluwer Financial Services Page 5 of 17
<br />; d � a - ,y . �. _ � t d �,. „�
<br />
|