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201207370 BORRO��R COVCNANTS that Borrowcr is lawfidly seised o£the eeYate hereby conveyed and has tho rigl�t la gr[tnt and coirvey H�c Property nnd ChaC tihe Property is unencumbered, except for encumhraiice� aP record. Sorrower wan��i�its �nil will defeucl genarally tiie fitle to th�Propecly against a11 clairns and demands, subject to any encumUrances af record. THIS SL�CURITY INSTRUMENT comUines unifonn covonanLc for national use and non-uniform covenazits with linvi�ed vflrinrions by jw�isdiction to constihite a tiiniforin aecurity inshnnietrt covering real propertp. Uniform CovenanY�. I3ortou+er and Lendex covenant and agree as follows: 1. F'ayment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrowcr s1�a11 j�sy when due the principal of, aud inticresC on, Il��e debt evidenced by tha Note and fury prepx}anent charges and latc oharges due utzder the Note. Borrower sl�tdl aleo pny funds Por Escrow Iteins�ucsuaut to 3ection 3. Pnytztents dua tmder T�l�e Notc and tl�is Secm�i[y Inetrwnent sha11 be made in U.S. ctiirrency. IIowevar, if a�1y check or othcr instrmnent received by Lender as payment tmder the Nofe or lhia Security liistruinent is ret�n•ncd t'o Lender unpnid, Leuder may require tl�at an}�or all subsequent paynxents due tuider the Not�;and this Securiry Ineh•tiunenti be mzde in one or n�ore oP the£ollowing farms, as selecCed by l,ender: (a} casli; (b) n�oney�orde�•; (c) cerCil�ied chec)s, bai�l<cl�eck, lreAsurer's check or o.rshier's check, �rovided any si�ch check is drawn upon an L�stimt'ton wl�o�c deposits �re inaurecl by a�Federal agency, ix�strumenlaliCy, or entity; or(d)Elecll'oiiic Ftmds"I'ransPer. Paymeiits �u•e deen�ed received by Lender wl�ien rec�ived a[the location designaYed i�1 khe Note�r ak siich other location as niay bc designaked by Lender in accorda�ine��i8i Nia notioe provisions nt Secl�on 15. Lc,��der inay rehirn any payment or yartial payment if the payuient or partiat papmants are ineufficicnt to bring the Lonn cLurent, Lendar i��ay aocepC any payment or pu'Cial paymc;nt insufffcient to brin� Che Loau c�u�rent, withuut wsGiver of any rights hereunder or prejudicc to ils rights to refiise such peyment or�arti2l paymenCs in tlxe fuh�re, but Lendar is not obligatcd to apply such p�ymenYs aY tha lime such pa5nneiatu are eccepted. If each P�eriodic Payinent iy applicd as of its scheduled due date, then Le�ide��nced not��ay interest on unapplied fiuids. l.end�r may hold such unapplied funds tuitil Borrower malccs paymenks to brin�the Loan cuirent. ff Borrawer cioes not do so within a reasonaUle period of hirne, Lender shall either apply stiich fund� or return them ta Borrower. If'not�pplied earlier, such funds will be npplied to the outBCaAidiug principal l�alance under the Note innncdiatcly priur w Poreclosure. No offset or claim which Borr��wcr might have now oe ni fl�e fuCure againsC Lendec shall ralieve l�orrower G�oim m�ldng paymenPs due tmder tlie Note and this Secm'iky InsU'mnent or performing fl�e covenants and agreame�iCs�secured by this Sccurity Listrument. 2. AppliCation vf Payments or Proceetl3. Except as otlierwise descriUcii in thie Section 2, ell payments acceptcd and a�plied by Letider ahall be applied in the following order of priority: (2) iuterest dua under tl�o NoCe; (b)yrineipal due under the Note; (c) amount�v due under Section 3. Suoh p�ymante shall be applieGi Co eAch Periodic P�tymenC in tfie order in which iS Ueoame due. Ang remaining ainounts sl�all Uc applicd Cirst to lfltie chacges, second to any other ainoimCs due under this Security 1nsh�nmenE, and then Co reduce the principal balance of fhe Note. If I,endor reccives a p2}mient from Borrower for ti delivqncnt Pcrieadic Paymeiit which includes a suf'ficierit ninoun[fo pay any l�te charge due, tl�e paytncnt may be applied tt� the delinquent paynreut and the late charga.�It'more than ona Pcriodio Payinent is outstanding, Lentler may 2pp1}�any paymenC receivec�from Rorrowcr tn the repayvzenC o£the I'eriodic Payinents if, and Eo tl�e extent t(ittt, eacli pAynient ezn be paid Tn fiill. To H�e extent thaC<uiy excess exiets nftor the pa�mienk ia �p�lied to tlia fhll payment of one c�r m�re Periodic Payinents, saoh exc wss mny be applied to any late charges clue. Volw�taiy prcpayinents sl�nll be appl'red first to any prepayinent ohsugea tuid tlien as desoribui in ti1�c+Note. ---'--'— --- -- — 2400�014 N EHRASICA-SIn91e Famity-F2nnie M ac7FtedAio M nt UNIPORM MSTRUA4 ENT Form 3020 1!01 VMP pn VMP6(NC)(1106) Wolte�s Kluwer 6lnznclal Servlcea Page G of 11