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��15�54�� BDRR�'�ER�C]VENANTS that Bo�rrowe�r�s la�Wfully se�sed�f�he estate hereby canveyed and has the right to g�ant and can�ey the Property and that the Proper�y is unencumber�d, ex��pt far encum.b�ances of r��ord. Bor�awer�varrants and w�� defend generall�the title to the Property agains�aI�claims and demands, subjec�t� any encumbrance� of record. TH�S SE�URITY �NSTR.UMENT c�m�zn�s unifarm�avenants for na��tina�use and nonµunif�rm c��nants w�th limit�d variati�ns b�jurisdic�ion ta canst�tute a un�form se�ur�ty �nstrument covering real praperty. Uni#orm �o�enants. Barr�wer and Lender covenant and agre�a�fa�iQws: '1. Payrn�n� af Principal, fnter�st, EScraw It�ms, P�epayment Gharg�s, and Late �harges. Barr�w�r shail pay��hen due�.he principal of, and znterest an�, ��ae deb�e�rid�nc�d by the Na�e and any prepaym�n� char�es and�ate charges due under the Na�e. Borravver sha�� a�sa pay funds fo�Es�r�w �tems pursua�t�a Secti�n 3. Payments due un��:r�hc�Iote and this Security Instrumen�sha��e made�n U.�. �urren��. Ho�ve�ver, if any check�r other instrument re�eived b�L�nd�r as pa�ment under�h�Note or th��SeGur��y �nstrument�s re�urned ta Lender unpaid, Lender ma�require that an��r all subsequen�payxnents due under th�Note and th�s Security Instrurnen�be made�n one or more of�he failowing farms, as selec�ed by L�nder: �a��ash; �b}mon�y or��r; ��}�ertified check, ban�check, �reasurer's Check or cashier's cheGk, pra�ided any such check is drawn upan an��st�tution whose deposits are�nsu�red by a fede�ra�agency, �nstrumentali��r, or �ntity; or{d� �lectr�nzc Funds Transfer. Payments are deemed rec�i�ed by L�nder v�rhen received at the location�esigt�ated in the I�ate ar a�such other lo�ati�n as ma�be d��ignated by Lender in a�cordance with the n�tice pro�i�ions�n 5ection 15. Lender rnay return any paymen�or partia�paymen��f th�paymen�or par��al payments are�nsufficien�ta bring the Loan curren�. L�nd�r may accept any paym�n�or part�al paymen�in�uf�c�ent�a bring the Loan current, wzth�ut waiver af�ny rights hereunder or pr�judi�e t�its rights ta�refuse such payrnen�or par��al �ayments in the futur�, �ut L�nd�r�s not ob��gated�o app�y such paym�nts at the��me su�h payments are accepted. If each Periodic Payrnen�is appl�ed as of�ts schedu�ed due da�e, then Lender need n�t pay interest �n unappl�ed funds. Lend�r may hald such unappiied funds unt�l Borr�wer m�kes payments�o bring�he Loan current. �f Borro��er d�es not do so within a r�asonable period of time, Lender sha��the�r ap��y such funds or return them�a B�rra�ver. �f nat applied earli�r, such funds wi��b�app�i�d to th�outstanding pr�ncipa�ba�anc�under the�[o�e�mmediately pr�or t�fnre�l�sure. N�offse�or claim which Borro�ver xn�ght ha�e now ar in the future against Lend�r sha�l r�lie�e B�rrflw�r fram making payments due under the I��t� and�his Security Ins�rument o�perf�rming�he ca�enants and agreements secured by�his Security �nstrument. �. App��ca#�on af Payments vr Praceeds. Except as otherwise described in this Secti�n 2, al�paymen�s a�cep��d and app�ied by Lender shal�be appixed�n the follow�ng order af pr�ority; �a}interest due unde�r the N�te; �b)principal due under the Note; �c}amounts due under Section 3. Such payments shall be applied to �ach Periadic Paymen�in�he ard�r in which it became due. Any rema�nxn�arnounts sha��be applied first ta �a��harges, �ecan�. to any a�he�amflunts due under this Securi�y Ins�rument, and then�o z-educ�the principal ba�ance af the Note. If Lender t�ecei�es a pa�men�from Borrower for a de��nqu�n�PeriQd�C Payment which includes a suffic�ent amoun�ta pay any�ate charg�due, the payrnent may b�app�ied�a the de�inqu�n�payrnent and the�ate charge. �f more than�ne Per�odxc Paymen�is outstanding, Len��r may app�y any payment recezved from Barrower�a the repay�nent of�he Per�adzc Payments�f, and to�he ex�ent�hat, each paymezat can be paid�n fu11. Ta�he e��ent�hat any exce�s�xists af�er the payment�s app�ie�.�o the fuil payment af one ar n�ore Periodic Pa�ments, such excess may be applied ta an��at�charges due. Vo�untary prepaym�nts sha��be app��ed firs�to any prepa�rment charges and then as de�cribed in�he Note. N��RAS�CA-Sing�e�amify-�annie Mael�reddie Mac UiVIF�RM INSTRUMENT Fvrm 3D2$1I01 VMP� VMP6SNE)t13�2f Walte�s�CEuwer Fir�ancial Ser�ic�s Pag�4❑f 1 7