Common use of Funds for Escrow Items Clause in Contracts

Funds for Escrow Items. The Borrower will pay the Lender, on the day periodic payments are due, until the Principal Amount is paid in full, a sum (the "Funds") to pay for any: Taxes, assessments, or other items that can take priority over this Deed as a lien or encumbrance on the Property; Lease payments on the Property, if any; and Premiums for any and all insurance, including mortgage insurance required by the Lender. These items are called "Escrow Items." The Borrower must notify the Lender of the amounts to be paid under this provision. If the Borrower is late on payments, the Lender can, at its discretion, pay for any and all past due payments for Escrow Items and the Borrower will be obligated to repay the Lender such amount.

Funds for Escrow Items. The Borrower will pay the Lender, on the day periodic payments are due, until the Principal Amount is paid in full, a sum (the "Funds") to pay for any: : a. Taxes, assessments, or other items that can take priority over this Deed as a lien or encumbrance on the Property; ; b. Lease payments on the Property, if any; and and c. Premiums for any and all insurance, including mortgage insurance required by the Lender. These items are called "Escrow Items." The Borrower must notify the Lender of the amounts to be paid under this provision. If the Borrower is late on payments, the Lender can, at its discretion, pay for any and all past due payments for Escrow Items and the Borrower will be obligated to repay the Lender such amount.