200303085 - Laserfiche WebLink

Browse

200303085 BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right m grant and convey the Property and that the Property n tmencumbebed, except for encumbrances of 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 INSTRUMENT combines uniform covenants for national use and ran uniform covenants with limited variations by jurisdiction to roodhom a uniform security instrument covering real Property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Leta Charmw Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment eMrgrs end late ehmges due undo the Nate. Bertower sM1all also pay funds for Escrow Items pumnant a Section 3w Payments due under the Nora and this Security lusttvmeat shell be made in U.S. care ..ever any check or other instrument received by Lender as payment under the Nom or tills Security Instrument is returned m Lender unpaid, Lender may require that any or all subsequent pa�enis due under the Nate and this Security Instrument be made in one or more of the following t as selected by Lender: (a) cash: (b) m y order. (c) certified check, book check, beivairer s check or hiei s check, provided any such check is drawn upon an institution whore 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 @e Note or at such ether location as may he designated by Lender in accordance with the notice provisions m Section 15. Lender may return any p yment or partial payment ff the payment or partial payments are buuffici but to bring the Loan current Lender may accept any payment or partial payment insufficient to bring the Loan current without waiver of any rights hereunder or p judice to its rights to refuse inch payment or partial pyements in the boorc, but Lander 11 not obligated to apply suer payments at the time such payments are pled. If each Periodic Payment Is applied es of its .scheduled doe date, then Lender need net pay interest on ucompiled funds. Lender may hold such un applied funds until Borrower makes payment to bring the Lean current, If Borrower does rut do so within a reasonable Period of tlme, Lender shall either apply such Ponds or better them to Borrower. If not applied cattle, such funds wN be applied ,, the outstanding principal balance under the Nom immediately prier to foreclosure. No offset or claim which Borrower might have new or in the finure against Lender shall relieve Borrower hire making payments due under the Nom and this Security Inswment or perfomdng the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shell be applied In the Following order of priority: go interest due under the Not, @) ppcha al due under the Note; (c) ame nts due under Section 3. Such payments shall be applied to each Pmm�c Payment in the order in which it became due. Any remaining amounts 'ball be applied first to late charges, second to any other amounts due under this Security Instrument, and then m reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a s fficient amount to pay any lam charge due, the payment may be applied m the delinquent payment and the late charge. If mere than one Periodic Payment is outstanding. Lender may 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 Poll. To the extent that any excess exists after the payment Is applied to the Fall payment of one or arc Periodic Payments, such excess may be applied to any late charges due- Voluntary prepayments shall be applied first m any prepayment charges and then as described in the Note. Any aylicaden of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall oat extend or postpone tM1e dun date, or change the amount of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pa to Lender on the day Periodic paymmus are due under the Nine, until the Note is paid in full, a sum (the Funds ") to provide for payment of amounts due fee (a) taxes and ancessments and other items which can attain priority over this Security Inswment as a lien or encumbrance on the Property: (b) leasehold payments m ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5: and (d) Mortgage Insurance MATER1000236146 1000236146 0 �N LAtNE),as —, w —Ir Y+d/� —' Form3030 mal