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200308321
<br />THIS SECURITY INSTRUMENT combines uniform covenants for national use and non - uniform
<br />c,wenants with limited variations by jurisdiction to constitute a uniform security instrument covering real
<br />i;roperty.
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges.
<br />.:,n-row er shall pay when due the principal of, and interest on, the debt evidenced by the Note and any
<br />repayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items
<br />:rsuart to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S.
<br />:rrency. However, if any check or other instrument received by Lender as payment under the Note or this
<br />:curity Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments
<br />,e under the Note and this Security Instrument be made in one or more of the following forms, as
<br />s.!iected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or
<br />�tshier's check, provided any such check is drawn upon an institution whose deposits are insured by a
<br />(- -deral agency, instrumentality, or entity; or (d) Electronic Funds Transfer.
<br />Payments are deemed received by Lender when received at the location designated in the Note or at
<br />ich other location as may be designated by Lender in accordance with the notice provisions in Section 15.
<br />_mcler may return any payment or partial payment if the payment or partial payments are insufficient to
<br />in,, the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan
<br />,rren:, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial
<br />ymc.as in the future, but Lender is not obligated to apply such payments at the time such payments are
<br />__::eptcd. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay
<br />.serest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payments to
<br />ino tale Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either
<br />.,,)ply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the
<br />nstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which
<br />. orrower might have now or in the future against Lender shall relieve Borrower from making payments
<br />urtte under the Note and this Security Instrument or performing the covenants and agreements secured by
<br />i:;is Security Instrument.
<br />2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all
<br />nicnts accepted and applied by Lender shall be applied in the following order of priority: (a) interest
<br />..IC under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments
<br />.all he applied to each Periodic Payment in the order in which it became due. Any remaining amounts
<br />_:,tll be applied first to late charges, second to any other amounts due under this Security Instrument, and
<br />..:en to reduce the principal balance of the Note.
<br />11' Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a
<br />�:.,fficicnt amount to pay any late charge due, the payment may be applied to the delinquent payment and
<br />:e late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received
<br />C.-om Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be
<br />;,aid in Full. To the extent that any excess exists after the payment is applied to the full payment of one or
<br />ore Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall
<br />applied first to any prepayment charges and then as described in the Note.
<br />Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under
<br />Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments.
<br />3. 1"'unds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due
<br />. ;dcr the Note, until the Note is paid in full, a sum (the "Funds ") to provide for payment of amounts due
<br />..,r: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a
<br />.:gin or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c)
<br />,.lemiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance
<br />Initials:
<br />" + -6(NE) (00051 Page 4of 15 Form 3028 1/01
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