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214403279
<br /> in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts
<br /> due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires,
<br /> shall furnish to Lender receipts evidencing such payment within such time period as Lender may require.
<br /> Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a
<br /> covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" is
<br /> used in Section 9. If Borrower is obligated to pay Escrow Items directly,pursuant to a waiver, and Borrower
<br /> fails to pay the amount due for an Escrow Item,Lender may exercise its rights under Section 9 and pay such
<br /> amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender
<br /> may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section
<br /> 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then
<br /> required under this Section 3.
<br /> Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply
<br /> the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can
<br /> require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and
<br /> reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law.
<br /> The Funds shall be held in an institution whose deposits are insured by a federal agency,instrumentality,
<br /> or entity (including Lender, if Lender is an institution 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 specified under
<br /> RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the
<br /> escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and
<br /> Applicable Law permits Lender to make such a charge.Unless an agreement is made in writing or Applicable
<br /> Law requires interest to be paid on the Funds,Lender shall not be required to pay Borrower any interest or
<br /> earnings on the Funds. Borrower and Lender can agree in writing,however,that interest shall be paid on the
<br /> Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by
<br /> RESPA.
<br /> If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to
<br /> Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow,as
<br /> defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to
<br /> Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12
<br /> monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall
<br /> notify Borrower as required by RESPA,and Borrower shall pay to Lender the amount necessary to make up
<br /> the deficiency in accordance with RESPA,but in no more than 12 monthly payments.
<br /> Upon payment in full of all sums secured by this Security Instrument,Lender shall promptly refund to
<br /> Borrower any Funds held by Lender.
<br /> 4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions
<br /> attributable to the Property which can attain priority over this Security Instrument, leasehold payments or
<br /> ground rents on the Property,if any,and Community Association Dues,Fees,and Assessments,if any.To the
<br /> extent that these items are Escrow Items,Borrower shall pay them in the manner provided in Section 3.
<br /> Borrower shall promptly discharge any lien which has priority over this Security Instrument unless
<br /> Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to
<br /> Lender,but only so long as Borrower is performing such agreement; (b)contests the lien in good faith by,or
<br /> defends against enforcement of the lien in,legal proceedings which in Lender's opinion operate to prevent the
<br /> enforcement of the lien while those proceedings are pending,but only until such proceedings are concluded;
<br /> or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this
<br /> Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain
<br /> priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10
<br /> Initials:-
<br /> (M-6A(CA)
<br /> nitials:(M-6A(CA) poo5).o1 Page 5.1 15 Form 3005 1/01
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