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201206086 BORROW�R COVENANTS that Borrower is lawt'ully seised of the cstaCe hereby eonveyed and has Uie righY to granY and convey Che Properry and that the Property is unencumbcred, excepC for encumbrances of record. Borrower wacxants 2nd will defend genecally the tiCle to the Properry against all alaims and demands, subjact to any encumbr<uices of ruord. TIIIS SECUILITY INSTRUMENT combines uniPorm covenanfs for nationnl use aild non-uniform covenants widi lianited vaeiations by jurisdic[ion to eonstit�ite a uniform secm�ity instrument covei9ng real property. Uniforrti Covenants. Borrower and]..ender covenanC and agree as follows: 1. Payment of Princfpal, Interest, Escrow Items, Prepayment Charges, and Late Gharges. Rorrower sl�all pay when due tlie principal oP, and interest ou, the deUt evidenced Uy the Note and any prepaymenC charges and late charges due uiider the Note. Borrower shall also pay fitnds for L�scrow Iteme pursuant to 5ection 3. Payments due under Uie Note x�id this Security Instrument shall be made in U.S. currcncy. However, if any clleck or other inslxument received by Lender as payment under tlic Nofe or this Seeuricy Insh�ument is re6urnod Co I ender unpaid, Lendec may require that any or all subsequent payments due under Che Noce and lhis Security InsYrumevt be made in wie ar n�oro of Chc following fonns, as selected Uy Lender: (a) cash; (b) movey order; (c) certit'ieci uheck, bank check, treasurer's cl�ecic or casl�iei's clicck, provided any sucla check 3s drawn upon an institution whose deposits are insured by a feJei�al agcncy, instrumentafiYy, oe entity; or (d) �lcctranic Nunds Transfer. Payments nre deen�ed reccivad by Iznder when received at the loc�itio�i designaCcd in fhe Note or at such other ]ocation as may be designated by Lender in accordance witl� the not3ce provisions in SecCion 15. Lendcr may rettun any payment or parHal payme¢t if the payment or partial paymenCs are insufficient to bring Che Loan cucrent. Lender may necept any payment or parCial payment insufFicienC to Uring tl�e Loan current, widiout waiver of any rights l�er�undor ar prajudiee to its righCs Yo refttse such pxyment or parlial payments in the future, but Lencler is noC obligated to apply sucli payraents at Che tiine suah payments are nccepted. If ench P�:riodic PaymenC is applied as of its scheduled due date, then Lcnder need npt pay inCerest on unapplicd'funds. I.ender may hold such unapplied funds uiitil Borro�vcr makes payments to bring the Loan current. if Borrower does not do so within[i reasonable period of time, Lendec sl�all either a�jply suoh funds or return them to Borrower. IY noC appGed ea�9ier, such fimds will ba applied Co the ou�sianding principal balance under Che Note immediately prior to foreclosure. No ofteet or claim which Borrower miglit have now or in Clie PuCure against Lender shal] relieve Borrower from �naking paymevts due tmder tlic NoCc ai�d tl�is Seeurify Tnstrument or performing the covenants and agreements secured by this Security Instrument. 2, Applica�ion of Payments or Proceeds. L�xcepC as otherwise descriUed in this Section 2, all paymencs aocepted and applied by Lendcr shall be�applied in the following order of prioritq: (a) inCerest due ander the Note; (b) principal due under the Note; (c) amounts due nnder Sectio�i 3. Slach paymenfs shall 6e applied to each Periodic 1'2yment in the�order in which it becnnie due, tlny remaining amo�mts sl�all be applied first t� late ctiarges, second to�any other ainounl's duc under [his SecuriCy Inserument, and Uieii to�reducc Cl�c principa] balance of Che NoCe. I'f Leuder recei�es n paymcnC from Barrower for a delinquenf Periodic Payment which includes a suPi'ieienf fmzount to pay ai�ry la[e charge due, the paymenY may be applied to the delinquent payment 1i�d tlie Late cliarge. If more than one Periodic Payment is outstuuling, L,ender may apply any payment received from liorrower to Che repayment of the Periodic Payments iP, and Co the extent thaC, eRcli payment cui be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or morc Periodie Payments, sucli excess may be applied fo any late eharges due. Voluntary prepaa�menCs shall be applied first ro any prcpayment charges and theu as described in the Note. zaooienn NEORA9ICA-9in01e family-f-anrde Mae/Fraddle Mec UNIFOHM M5'fRUMENT Pom�3026 1/01 VMP @� VMPSINEI 111(J61 Wolfers Kluwvr Finenalal Snrvloos PaUa 4 of 19