|
�Q�1A�62�
<br />one or more of the foIlowing for,ms, as selected by Lender: (a) cash; {b) money order; (c) certified ch�k, bank check,
<br />treasurer' s check. or casluer' s cheek, pzovided any such check is drawn upon an institulion whose deposits are insured
<br />'by a federal agency, iwsirumentality, oz entity; or (� Electronie Funds Tzansfer.
<br />Payments ase deemed received by Lender when received at the location designated in the Note or at such other
<br />loeati.o� as may be desig,nated by i,ender in accordance •w ith i�e notiee provisions in Section 1 S. Lender naay return
<br />any pay3nent or pac tial payment if the payment or partial gayments are insuf�icient to bring the Loan current� Lender
<br />may accept any payment oz �artial payyment insuff'cient to bring the Loan euirent, without waiver of any rights
<br />hereunder or �re}udice to its rights to refuse sueh payment or partial payments in the future, but Lendez is not
<br />obligated to apply such �ayments at the iime such payments are accepted. If each Periodic T'ayinent is applied as of
<br />its scheduled d�e date, then Lender need not �ay interest on unapplied fimds. Lender ma.y hold such una�splied funds
<br />until Barrower makes payment to bring the Loan eurren� If Borrower does not do so within a reasonable period of
<br />time, L�nder shall either apply such fs�nds or return tl�em to Bonowez�. �f not applied earlier, such funds will be
<br />applied to the ontstand.in�g principal balance under tlae �1ote immediate�� prior to foreelosure. No o�'set or claim
<br />w�ich Borrovver might bave now ar in the future against Lend.er shau relieve Borzo�aver from makmg payments due
<br />undear the Note and #his Se�urity Instru�.ent or perfoz•mi�ag the covenants and agreements sec�ued by this Securily
<br />Tnstrunzent
<br />2. A�plicatian of Payments �r Proeeeds� Except as at�ez�vaise descn'bed in this S�ction 2, all payments
<br />accepted and applied by Lender shall be applied in the following order of priority: (a) inter�t due �mder the No'te;
<br />(b) principal due under the Note; (c).affiounts due under Section 3. Such payments shall be agplied to each Periodie
<br />Payznent sn the order in which it beca�me due. Any remaining amounts shall be applied first to late eharges, second
<br />to any other amrnmts due under this Se�urity Ins�trument, and then to zeduce the princigal balance af the Note.
<br />If Lender reeeives a payment from Borzower for a deiinquent Periodic Payment �hieh includes a sc�ficient
<br />amoimt to pay any Ta�te cl�arge due, the payment may be applied to the delinquent payment and the late c�►arge. If
<br />more than one Periodic Paynaent �s �utstanding, Lender tnay apply any payment z�eceived from Borrower to the
<br />repayment of the Periodic Payments if and to the eacte�nt #hax,, each payment can b� paid in full. To the exte�t that
<br />any exeess exists a� the payment is applied to the full paynaent of one or more Periodic Payments, �ueh exeess znay
<br />be applied to any late charges due. Voluutary pregayments sb�all be applied first to any prepayment charges ansi then
<br />as descnbed ia the Note.
<br />Any applica.tion of payments, insuranee proceeds, or Miscellaneous Proceeds to principal due under the I�Tote
<br />sha11 not extend or pastpone the due c7ate, or change the amoun� of the Periodic Payments. •
<br />3. Fnnds for Escrova Itenns. Borrower shall pay to Lender o�a the day Periodi.c Payments are ci�ie under the
<br />Note, until the Note is paid in full, a sum (the "Funds"j to provide for payment of amounts due for: (a) taxes and
<br />assessments and other items which can atYain priority over ttiis Sec�rity Insfrument as a Iien or encumbrance on the
<br />Property; (b) leasehold payznents or gr�und rents an the Propexty, i£ any; (c) premiums for any and a1I insurance
<br />recN.ired by Lender under Section 5; aztd (d) Mortgage Tnsurauce premiums, i.f any, or any sums payable by Borrower
<br />to Lender m lieu of the payment of Mortgage Insurance premiwms in accordance wii�a the provisions of Section I0.
<br />These items aze called "Escro�v Items." At arigination or at any tune during the term of the Loan, Lender may reyuire
<br />that Commuz�ty A.ssocia.tion Dues, Fees, and Assessments, if any, be escrowed by Barravver, and such dues, fees and
<br />assessmen'ts sha11 be au Fscrow ItenY. Borrower shall promptly fiunish to Lender all notices of amaun'ts to be paid
<br />under this Section. Borro�ver shall pay Lender 'the Funds fAr Escrow Items ranless Lender waives Borro�wer's
<br />obligatian to paq the Fund� for any or all Eserow Ytems. Le�aa�er may waive Bonower's obligation to pay to Lender
<br />Funds �oz any or all Escrow Ttems at aay rime. AYry such wai�er maq only be in writing. In the event of such waiver,
<br />Borrower shall pay directly, when and where payable, fhe amounts due fdr �.ny $scrow Ite�ns for whieh payment of
<br />Funds has beeal w�ived by Lender and, if Lender requires, shall fiunish to Lender receipts evidencing such payment
<br />within such time period as Lender snay require. Bozzower' s obli�arion to mak� su�h pas+ments and to provide recei�pts
<br />sha11 for all purposes be deepaed to be a coveuant and agreement eontained in �this Security Tnsirument, as the phrase
<br />"covenan,t and agreemern" is used in Section 9. �f Boaower is obligated to pay Escrovv Items directly, pursuant to
<br />a waiver, and Borrov��er fails to pay the amount due for an Escrow Item, Lender may exercise its rights tmder Section
<br />9 and pay such amount and Borrower shall ihen be obligat�i under Section 9 to repay to Lender airy such aznount.
<br />Lender may revoke t�e waiver as to any or all Escrow Items at any time by a notice givea in accordance with Section
<br />15 anc� upon sueh revoeation, Borrc�wer shall gay to Lendar all Funds, and in sueh amounts, that are then required
<br />under this Section 3.
<br />Lender ma.y, at any time, coTlect and hold Fru�ds in an amouut (a} suffieie�t to �ermit Lender to apply the Funds
<br />at the tune specif�ed under RESPA, and (b} not to exceed the maximum ainount a lender can require under RESPA.
<br />L.ender sha11 estin�ate the amount of Funds due on the basis of aarrent data and reasonable estimates of expenditures
<br />of fei'ture Escrow Items or otherwise in accorc�auce with Applicable Law.
<br />'The Funds shall be held in au ins�tutioh whose deposiYs are irasured by a federal agency, ins�rum.enTality, ar
<br />entity (iudcluding T.ender, if Lender is an instituti.on whose deposiis are so inszuued) or in any Federal Home Loan
<br />Bank. Lender shall apply tTie Funtls to pay the Escrow Items no later thau t3ie time specified tmder RESPA. Lender
<br />shall not charge Borrower for holding and. applying the FWnds, an�ually analyaing the escrow account, or verifying
<br />the Escrow Itzms, unless Lend�r pays Bonower interest on the Funds and Applicable La.�v permits Lender to malce
<br />such a ehaage. Unless an agreemenY is mad.e in writing or Applicable Law requires interest to be paid on the Funds,
<br />Lender shaIl not be required to pay Borrower any interest or earnings on tha Fimds. Bonrower and Leuder can agree
<br />in writing, however, that i�terest shall be paid on the Funds. Lendez shall give to Bozxower, witt�out charge, an
<br />annual accounting of the Funds as required by RESPA..
<br />If there is a surplus of Funds held in esezpw, as defiaed under RESPA, T.endez� shall accoymt to Borrower �or
<br />the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined umder RESPA,
<br />NEBF2A$KA�ingle Family—Fannie Mae/Freddie Mac UNIFOI�A INSTRi1MENT Dnr�yB,gJc�
<br />Form 3028 1/01 Page 3 of 19 www.docmagic.com
<br />__. ......._... _.._ . _. ,.__ ..--- ---...------------------------•---------._._._-.:-------°------__.___.. _.: � .., 1 .._ .
<br />
|