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200411598 BORROWERCOVENANTSthat Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Propertyand thatthe Propertyis unencumbered�except for encumbrancesof record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENTcombines uniform covenants for national use and non - uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORMCOVENANTS.Borrower and Lendercovenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the 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 Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrumentreceived by Lender as payment under the Note or this Security Instrumentis returnedto Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrumentbe 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 institution 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 designatedby Lender in accordancewith the notice provisions in Section 15. Lendermay returnany payment or partialpayment if the payment or partialpayments are insufficient to bring the Loan current. Lender may accept any payment or partialpayment insufficient to bring the Loan current, without waiver of any rights hereunderor prejudice to its rights to refuse such payment or partialpaymentsin the future, but Lenderis not obligated to apply such payments at the time such payments are accepted.If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lendermay hold such unappliedfunds until Borrower makes payments to bring the Loan current. If Borrower does not do so within a reasonableperiod of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier,such funds will be applied to the outstandingprincipalbalance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall 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. Application of Payments or Proceeds. Except as otherwise describedin this Section 2, all payments acceptedand applied by Lender shall be applied in the following order of priority: (a) interestdue under the Note; (b) 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 first to late charges, second to any other amountsdue under this Security Instrument,and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquentpayment and the late charge. If more than one Periodic Payment is outstanding, Lendermay apply any payment received from 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 Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any applicationof payments, insuranceproceeds, or MiscellaneousProceedsto principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lenderon the day PeriodicPayments are due under the Note, until the Note is paid in full, a sum (the "Funds ") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbranceon the Property; (b) leaseholdpayments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance �� (M 6A(NE) pom) Page 4 of 15 initials: Form 3028 1/01