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�0120814� BORROWER COVENANTS that Borrower is lawfiilly seised of the estate hereby conveyed and has the right to grant and convey the Property and that We Property is unencumbered, except for encumbrances of record. Bonower warrants and wlll defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for naHonal use and non-uniform covenants wiW limited variations by Jurlsdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Esc�ow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, We debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall aLso pay funds for Escrow Items pursuant to SecNon 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other inshvrnent received by Lender as payment under the Note or th9s Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under We Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an instiluHon whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may retum any payment or partial payments if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufflcient to brIng the Loan cuirent, without waiver of any rights hereunder or pre,judice to its rlghts to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Perlodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable perlod of time, Lender shall either apply such funds or return them to Bonower. If not applied earlier, such funds will be applied to the outstand9ng prindpal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borcower from making payments due under the Note and t6is Security Instrument or performing the covenants and agreements secured by this Securtty Instrument. 2. Application of Payments or Proceeds. Except as oWerwise descrlbed in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of pdority: (a) interest due nnder the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applled to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other �B�l$�► — Slogle Family -- Fanuia Mae/Fraddio Maa UI�+ORM IN�ffRRUldHNf Fcrm 3028 1/Ol GCC - G3028-04 (09/Ol) (Page 4 ofl9) Initial • c ��