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200206065 BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right Io grant and convey the Property and Rod the Property is unencumbered, 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 non - uniform cuvenan(s with limited variations by jurisdiction to constitute a uniform security instrument covering real Premium. UNIFORM COVENANTS. 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 pmsuanl 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 instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may 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) more yy order: (c) certified check, bank check, helamer's check or cashier's check, provided any such chxk Is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entry; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated of 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 parifal payment if (he payment or partial payments are insufficient 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 prejudice to its rights to refuse such payment or partial payments in (he future, but Lender is not obligated to apply such paynren6 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 reapplied funds. Lender may hold such unapplled funds until Borrower nmkes payment to bring the Loan cement. If Borrower does not do so within a reasonable period of tine, Lender shag either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Nine imnrediately prim 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 life covenants and agreements secured by this Security Insocancnl. 2. Application of Payments or Proceeds. Except as otherwise desmlhed in this Section 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under (he Note: (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall he applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied full to late charges, second to any other amounts due under this Security Instrument. and (hen to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient accord to pay any late charge due, (he payment maybe applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding Leader may apply any payment received from Borrower to the repayment of the Periodic Payments if, and (o fie extent that, each payment can be paid in full. To the extent that any excess exists after the. payment is applied to lie full payment of one or more Periodic Payments. such excess may be applied to any late charges clue. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insua ice pprmeeds, or Miscellaneous Proceeds m principal due under the Note shall not extend or postpone the due Jme. or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower slmB Wy 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 amounts due for: (a) taxes and assessments and other Bents which can attain priority over this Security Instrument as a lien or encumbrance on the Properly; (b) leasehold payments 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 L �B &PAJpms) ry.a a+s Form 3028 1101