200306256 - Laserfiche WebLink

Browse

200306256 BORROWERCOVENANTSthat Borroweris lawfully Seised of the eslalchercby conveyed and has the right to grant and convey the Properly and that the Property is unencumbcred,exuet for encumbrances of record. Borrower warrants and will defend generally the tide to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non - uniform covenants with limited variations by ,jurisdiction to constitute a uniform security instrumentcovering real property. UNIFORMCOVENANTS. Borrower and Lender covenant 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 TaStrumcnt shall he made in U.S. currency. However, if any chuck or otherinstrunrentreceived by Lenderas payment under the Nile or this Security Instrumentis returnedto Lender unpaid, Lendermay require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) cortificd 'check, bank check, treasurer's check or cashier's chuck, 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 otherlocation as may be dcsignatedby Lender in accordam ewith the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to firing the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunderor prejudice to its rights to refuse such payment or partial payments in the future, but Lender is 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 payment to bring the Loan current. If Borrowerdocs not do su within a reasorrableperiod of time, Lender shall either apply such funds it returathemto Borrower. If not applied carlicq such funds will be apphedto the outstanding principal balance under the Note immediately prior to fOreclosurc. 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 Instrumentor perfomwrgthe covenants and' agreementssecnredby this Security Instrument. 2. Application of Payments or Proceeds. Excel as otherwise described in this Section 2, all payments accepted and applied by Lender shall be 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 Irr each Periodic Payment in the order in which it became duc. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Not c. 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 dclinquem payment cad the late change. If more than one Periodic Payment is outstanding Lender may apply any payment received from Borrower to the rcpaymcnt 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 prepaymemsshall be applied first to any prepayment charges and then as described in the Note. Any application tit payments, insurance proceeds, or Miscellaneous Proceeds to 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 Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of mnountsdue for: (a) taxes and assessmentsand other items which can attain priority over this Security lastrumentas a lien or cncumbranceon the Property; (b) leasehold payments or ground runts on the Property, if any; (c) premiums for any and all insurance required by Lender under Section S; and (d) Mortgage TnsarancC MFNE7770 (12/00) / 041- 90342(1-1 mm� (WvWNE),.t., e..,,,4 on6 �� Farm3028 1/01