Sample Document. Intended as reference only
Your actual closing documents will vary according to the lending institution
Page
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 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 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 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. Borrower 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. 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 Instrument, as the phrase "covenant
and agreement" is used in Section 9. If Borrower 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 shall 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 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 maximum 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 Escrow Items or otherwise in accordance with
Applicable Law.
The
Funds shall be held in an institution whose deposits are insured by a federal
agency, instrumentality, or entity (including Lender, if Lender is an
institution whose deposits are so insured) or in any Federal Home Loan Bank.
Lender shall apply the Funds to pay the Escrow Items no later than the time
specified under RESPA. Lender shall not charge Borrower for holding and applying
the Funds, annually analyzing the escrow account, or verifying the Escrow Items,
unless Lender pays Borrower interest on the Funds and Applicable Law permits
Lender to make such a charge. Unless an agreement is made in writing or
Applicable Law requires interest to be paid on the Funds, Lender shall not be
required to pay Borrower any interest or earnings on the Funds. Borrower and
Lender can agree in writing, however, that interest shall be paid on the Funds.
Lender shall give to Borrower, without charge, an annual accounting of the Funds
as required by RESPA.
If
there is a surplus of Funds held in escrow, as defined under RESP A, Lender
shall account to Borrower for the excess funds in accordance with RESPA. If
there is a shortage of Funds held in escrow, as defined under RESPA, Lender
shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the
amount necessary to make up the shortage in accordance with RESPA, but in no
more than 12 monthly payments. If there is a deficiency of Funds held in escrow,
as defined under RESPA, Lender shall notify Borrower as required by RESP A, and
Borrower shall pay to Lender the amount necessary to make up the deficiency in
accordance with RESPA, but in no more than 12 monthly payments.
Upon
payment in full of all sums secured by this Security Instrument, Lender shall
promptly refund to Borrower any Funds held by Lender .
4.
Charges; Liens. Borrower shall pay all taxes,
assessments, charges, fines, and impositions attributable to the Property which
can attain priority over this Security Instrument, leasehold payments or ground
rents on the Property, if any, and Community Association Dues, Fees, and
Assessments, if any. To the extent that these items are Escrow Items, Borrower
shall pay them in the manner provided in Section 3.
Next Page
OHIO--Single Family--Fannie
Mae/Freddie Mac UNIFORM INSTRUMENT
Form
3036 1/01
Document Systems, Inc. (800)
649-1362
Page 4 of 12
OH30361.MTG
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII