201204276 - Laserfiche WebLink

Browse

20 �2042�s BORROWER COVENANf5 that Borrower is Iawfully seised of the estate hereby conveyed and has the right to grant and convey the Property and that the Froperty is unencumbererl, eaccept for encumbrances of r�ord. Borrower warrants and will defend generally the title to the Property against alt claims and demands, subject to any encumbiances of record. THIS SECURITY INSTRiJMENT aombines uniform eovenants for national use and non-uniform covenants with Iimited vatiations by jutisdicrion to constitute a uniform security inscrument covering real property. Uniform Covenants. Borrower and Lender covenant and agree as follows: 7. Payment of Princlpal,lnterest� Escrow Items, PrepaymentCharges, and Late Charges. Bonrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment cl�arges and late chargea due under the Note. Bortower shall also pay fimds for Escrow Items pursuant to Section 3. Payments dne �mder the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument r�eived by Lender as payment uader the Note or this Secutity Inshument is returned to Lender unpaid, Lender may require that any or all aubsequent payments due under the Note and this 3�urity Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) cettified check, bank check, treasuter's check or cashier's check, provided mny such check is drawn upon an institurion whose deposits aze insured by a fedetal agency, insttumentality, or enrity; or (c� Electronic Funds Transfer. Payments aze deemed received by Lendet when received at the locatioa designated in tlte Note or at auch othet location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments aze insuff'icieat to bring the Loan current. Lender may accept any paymeat or partial payment insufficient to bring the Loan curtent, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such paymente aze accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay inter�t on unapplied funds. Lender may hold such unapplied funds unril Borrower makes payments to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender s�all either apply such fimds or return them to Borrawer. If not applied earlier, such funds will be applied to the outsYanding principal halance under the Note immediately prior to foreclosute. No offset or claim which Bortower mighY have now or in the future against Lender shall relieve Borrower from making payments due under the Note and tlus Security Instr�ent or performing the covenants and agreements secured by this 3ecurity Ins�hument. 2. Applicationof Paymentsor' Proceeds.Except as otherwise described in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts dua under Secrion 3. Such payments sball be applied to each Periadic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Secruity Instrument, and then to reduce the principal balance of the Nate. If Leader receives a payment from Borrower for a delinquent Periodic Payment which includes a suf6cient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full, To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments ehall be applied first to any prepayment charg� an t as described in the Note. � � KASfng(a Family-Fennfe Mae/Freddfe Mac UNIFORM INS7RUMENT Fortn 30� 1/01 Wolters Kluwer Ffnanc1e18ervlces VMPB(NPeg18 U5 f00