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201201978 BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and lias the right to granf and convey the ProperYy aud tl�at the Properry is uuevcumUered, excep[foc encumUr.mces of recorcl. Borrower w.irruits uid will defend generally the title ro the Properry a�;ainst ali claims and dcmands, subject to any cncwnbranccs of record. THIS SECURITY INSTRUMENT wmbiites uniforni covcnants Por national ase and non-unifoim eovenants witl� IirniCed variafions by jurisdiction ta wnsCiCuCe a unifarm securiry instrument eovering real pmperty. Unifiorm Covenants. Borrower and Lender covenantand agrae as Pollows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Rorrower shall pa� when due the principal of, and intares�on, I��e debl evidonced by the NoCe and any prepaYment charges and late c(�argea due under tlie Note. Borrower shall also pay fiivds for Escrow Items pursuant Co Sec[ion 3, Payme�rts due under the Note vicl this Security Instrument shnll be n�acle in U.S, cureency, Howeve�, If any chec]<or othc�r instrument received by Lcnder as paymenC under tlie Note or this Seeurity 1nsCruaient' is rcturned to Lendcr unpaid, Lender may require tfiat a�y or all st�bsequent payments due under the Note and this Securiry instrument be roade in one or moiE of the following forms, as selected by Lender: (a) cash; (b) money order; (c}ceitified eheck, vank check, h�eaeurer's check or cashier's check, pcuvidal any such check is drawn upon tm uistitutioil whose deposits ure insur�d by a t'ederal agency, ins�rumentali6y, or entity; or (d) Slechonic Funds Trxnsfer. Payments are deemed receivad by Lender when reeaiveci at the loctition clesignatcd in Che Note or aC suc6 other location as may be designated by Lender in accordance with lhc noCice provisions in Section 15. L,ender may retucn any paymenC or parCial paymenC if the payment or partial payments are insuffieient to bring the Loan curcenC. I,ender map accept any payment or parCial paymei�Y insufficienY to bring Il�e Loai� current, without waiver of any righks hereunder or prejudice to iCs righCS to refuse such payment or partial �t�yments in the fueuce, l�ut I,ender 'ts not oUligated to apply euclx�.iyme�its at the time�such paymcnCs arc accepted. If each Periodic Payment is applied ae of its schcduled due datc, rhen I.ender need not pay interest on unapplied funds. Lendcr may hold sach unapplied funds until Bonrower makes payrne�ts eo 6ring the Loan current. if Borrower does not do so within a reasonable period of time, I,ender sl�all either apply sucli funde or 1'eCUrn them to Bon'ower. If not applied eaxlier, such fuuds will be applied to the autstanding prineipa] balance under the Note immediately prior to foreelosure. No offset or claim which Sorrower miglit have now or in [I�e fufure againsl Lender shall relieve BormwerPmm maltiug payments due under tlie Note and this Security InsCrument or performing the covenants and agreem�nts secured by this Security InsCxumant. � 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payntcnCs accepted atld fipplied by Lender shall be applied i�1 the following order of pcioriCy: (a) interesC due under the NoCe; (b) pcincipal clue under thc Note; (c) amounfs due under Section 3. Such pagme�ts shall he appfied to each Periodic Payment in the order in vWhich it became due. Any remalning amounts sl�all be apptied first to late chliges, seeond Co any other amounts due undei fhis Security Lishument, and Uien to reduce the principal Ualance of tlie Note, If Lender receives a payment from Boirower�Por a delinc�tent Periodic P2pment wl�icl� includes a sufticienC amount to pay �ny late chaige due, the paymeilt may be applied to the delinquent payment and Che lale charge. If uiore thau one Periodic Payment is uutstanding, Lcnder may app}y any paymeot reeeived from Borrower to the repaymenf oP khe Pexiodic Yayments tP, and to t}ie extent that, eaeh paymenC�can b�Waid in fulL 1'o the exCent thal any excess exists after tfle payment is applied Co the fiil] payment oT one or more Periodic Payments, �ucli excess may be applied to any late cliarges due. Vohmtaiy prepayments shall be a�aplied first to any prepayment cl�argas ai�d then as described in the Note. za000so� NE�RA51<ASingle family-Farnie Maelfreddie Mao UNIfOpM INSTRUMENT Form 3028 1/01 VMP� VMPB�iVF��1705j Walters ICluwer Finencial Servloea Page 4 of'I]