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.Jun -30-00 13:11 From- T -601 P 14 F -139 200015488 BORROWER COVENANT'S that Borrower is lawfully seised of the estate hereby conveyed and has the right it) grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and denntnds, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for natiouat use and non- unilorm covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real Property. UNIFORM COVENANTS. Borrower and Lender covenant unit agree as follows: 1. Payment of Principal, Interest, 'Escrow Items, Prepuyment Charges, and Lute Charges, Borrower shall pay when due the principal of', raid interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds lot 'Escrow Items pursu.!.nt to Sccpon 3. Payments due under the Note and this Security Tnstrurnetlt attall be made ill I.J.S. currency. However, if any check or other instrument. received by Lender as payment. under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subs0iluent payments due under the Note and this Security Instrument be made in one or inure or the following forms, as selected by lender: (a) cash; (b) money order; (c) cert.ilied check, bank check, treasurer's check or cashier's check, (provided any such check is drawn upon an institution whose deposits are insured by a federal agency, ,nstru+nentalily, or ontity; or (d) Electronic Funds Transfer. Payments tae 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 return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. lender may accept any payment or partial payment insufficient to bring the Loan current, without. waiver of any right, hereunder or prejudice to its rights to refuse such ptglnrent or Partial payments in 1110 future, but Lender is not obligated u) apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled title date, then Lender need not pay interest on unitl:rfllied funds. Lender miry hold such unapplied Cunds until Borrower makes payments to bring the loan current. If Borrower does nor do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the ouminding principal balance under the Note immediately Prior to foreclosure. No offset or claim which Borrower aught have now or in the future against Lender shalt relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Applicatiun of Payments or Proceeds. )except as otherwise described in this SeCtion 2, all payment accepted and applied by Lender shall be applied in the following order of lrtority: (a) interest due under the Note; (h) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied (list to late charges, second to any other amount, due under this Security Instrument, and then to reduce th0 principal balance of the Note. 1C Lender receives a payment from Borrower for a delinquent Periodic payment which includes it sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and dv- late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received (ron) 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 Paytrtent.s, such excess may be applied to any late charges due. Volunurry prepayments shall hi. applied first to any prepayment charges and then its described in the Note. Any applicarion of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under 0W. Note shall not ext�;nd or postpone the due date:, or change lie amount, of the Periodic Payments. 3. Funds for !Escrow Items. Borrower shall pay to Lender on the day Periodic Payments arc due tinder the Now, until tltc Note. is paid in Jull, a sum (the "Funds ") to provide for payment of amounts dtte for: (,r) hates and ass0ssments and other items which can attain priority over this Security Instrument as alien Of encumbrance on rho Property; (b) leasehold payments or ground rents on the Property, it any; (c) pre.n)iurns for any anti all insurance required by Lender under Section S; and (d) Mortgage Insurance 7200303 -00 4 W- 6A(NF) (090,;),02 PaBu40t 15 Form 3028 3/99