201201292 - Laserfiche WebLink

Browse

201201292 BORROWER COVENANTS Cliat Borrowee is ]awl'ully seised of Uie estate IiereUy co�iveyed avcl has the right to grant and convey Che Property aud that the ProperCy is unencuinbered, exeept for encumbrances of reeord. Bt�irowcr warrants and w'tll defend gcnccally Che title Co the Property againsE all claims and demands, suUject to any encumhrances of record. THIS SECUKI'CY INSTRUML�NT combines uniform covenanES for n.itional use and non-uniform covenants with limitod variations by jurisdiction to consCiCute a uniform security instrunzent oovering real �roperry. Uniform Couenants. BorroH�er and Lendcr covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borro�ver shall pay cvhen due the principal oP, and interesC on, tl�e deUt evidenccd by I'.he Note and any prepaymeiit eharges�md late charges due under tl�e Note. Borrower shall als� pay funds for Escrow ltcros pursuanC to Sactic�n 3. Payments due tiindec the Nc�te and fhis Sacuriey Iusecument shaill be macic in U.S. currency. Howevec, if any check or otl�er insteument reeeived 6y Leuder as payment under the Note or this Security InsCruroent ie reYUrned to Lendcr unpaid, Lender m1y iequire that any or all subsequent plyments due under rhe NoCe and cl�is Security 1nsCiutnent he made in one or more of the Tollowing Pocros, as selected by Lcnder: (a) easl�; (h) moiiey orticr; (c) oertiPied check, Utuilc check, treasurer's clieck�r cashier's check, provided any such chec]< is deawn upon au institution whose deposits are insured by a fedecal �igeiicy, inslrumentaliry, or eiitity; or {d) Electronie Pmids Tra�isYer. Paiymen[s ara deemed reeeived by Lender when received at the locaHon designated 'ui the Nnte or at such ohher locatio��as may be designaCed b� Lender in accordaiice with lhc nofice provisions in Section 15. Lender mny return amy paymenr or partial paymeilt if Che payment or partial payments are insufficient to Uring the Loan curxcnt. Lender may accept aiiy payment or partial payment insufficient lo bring the Loan current, wiChouC waiver of any rights hercundar or prejudice to its rigl�ts ro refuse such paymenY or partial paytnents in the ftiture, but Lender is not obligated to apply such payinenCs a6 the time sucli�aymei�ts are accepted. If eaeh Periodic Payment is applied as of its scheduled duc daCe, then Lender need not pay inCerest on unapplied funds, Lender may hold such uvapplied funds unCil Aorrowar makes pnyments to brin� Che Loan eEtxcent. If Borrower does nok do so within a reasonable period of Yime, Lender shall cither apply �uch funds or return them Co }3orrowex. If not applied caxlier, such funds will be tipplied to lhe outsCanding paincipal balance under Clie Note iiiunediaCely prior to foreclosure. No oYPscf or daim wliich Borrower might have now or in Uie fuCUCe against Lendec shall relieve Bou'ower finm making paynients duc under the Note and this Sccucily Insdument or perfocming the covanants aud agreeme�rts secured by fhis Sec�uity In5trument, 2. Application of Payments or Proceeds. Except ae catherwise described in this Sec�ion 2, all payments accepCal and applied by Lender shall be applied in the following order of priocity: (a)�i��terest due under tlie NoCe; (b) principal due under Ihc Note; (c) amounts due under Seclion 3. Such payments shall be applicd lo each Periodi�Payment in tha order in whicl� it Uecame due. Any remaining amounts shall be applied firstto late ehuges, second to any other amoimCS due�imder this Security Instrument, and theii to rcduce the piinoipal balance oP�he NoCe. If Lender receives a payment fi•om Borrower for a dclinquent Periodie Payment which includas a sufFiciai�t amount Co pay any late chaxge due, t1�e payment may be applied to the delinquenC payment and the late chaa'ga. If tt�ore thln ona Periodic PaymenY is outstandin�, L.ender may apply any payment received from Borrower to the repayment of Che Periodic P�ryiiients iP, and to khe ex[ent Chat, ench paymenl can be paid in fitll, To the extcnf fhat any excess exists after Clic payment is applied to the tiill paymenC of one or more Periodic Payments, sueli excess niay be applied to a�ty laYe cl�arges due. VolnnCary prepayments shall Ue applied first to any prepaymcnC charges and then as descriUed in thc Note.. _.. — ��`. . . � - za000aee NE6MSK/o-Sin�le Famlly-Fennie PoiaolF�oddic Mac VMFORM 7NSTRUMENT Ponn 3028 1/Ot VMP(u� VMP8WE1 V7106) Woltere I<luwor Flnanolol sarvlam Peqe 4 of 13