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200305727 BORROWER COVENANTS that Ronnnvur is lawfully seised of the estate hereby conveyed and has the right to prang and coI ev the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warranu rind will defend generally the title to the Property against all claims and demands, snbjeet to no, e III umbmnces of record. TI I I S SECURITY INSTRUMENT combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANT S Borrower and Lcndcr urvcnant and agree as follows: I. 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 lute 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. current,. However if anv check or other FISFuhnent received by Lender as payment under the Note or this Security Instrument is rcwrned to Lender unpaid, Leader may require that any or all subsequent payments due under the Note and this Security Instrument he made in one or more of the following forms, as selected by Lander (a) ,uh; (b) money order, (c) certified check, bank check, treasurer's check or cashier's cheek, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, insuumcatulity, 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 return any payment or partial payment if the payment or partial payments are insufficient to bring the Coal h current. Lender may accept any, payment or partial payment insufficient to bring the Loan current, without waiver of any tights hereunder or prejudice to its rights to refuse such payment or partial payments in the III arc, but Lender is not obllasted to apply such payments at the time such payments are accepted. If each Periodic Pri nient is applied as of its scheduled due date, then Lender need not pay interest on unupplied funds. tender may hold such unapplied funds until Borrower makes payment to bring the Loan current If Borrower does not do ,, 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 outstanding principal bahma; uuda the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the tuaure against Lender shall relieve Borrower from making payments due under the Note and this Seeu. it, Instrument or performing 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 al l by Lender shall he applied in the following order of priority: (a) interest due 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 al liel [list to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal huluncc of the Note. If Lender receives a payment from Rono ver for a delinquent Periodic Payment which includes a sufllcient amount to pay any late charge due, the payment may he applied to the delinquent payment and the lute charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Pavments if, and to the extent that, each payment can be paid in full_ To the extent that any excess exists open the payment is applied to the full payment of one or more Periodic Payments, inch czees may he applied to any late charges due. Voluntary prepayments shall be applied first to any pmmpucmcat charges and then as described in the Note. Any appfhcation or payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note hall not extend or postpone the due dare, or change the amount, of the Periodic Payments. 3. Funds for Fscrurr Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the Notc is paid in full, a sort (the "Funds ") to provide for payment of amounts due for: (a) taxes and asscssmenrs and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold pmymcnts or ground rents on the Property, if any; (e) prentiunhs for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance 03- 02- 000094 meinh(.�'1� - 6A(NE) ucsho v "an a "his Form JaiB 1101