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200207831 BORROW ERGO VENAN S that Borrower is lawfully seised of the estate hmeby conveyed and has the right to grant and convey the Property and that 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 SECURITVINSTRIJMENTarmbine, uniform cvenants for national use and non- uniform covenan[swith limited variations by jurisdiction to constitutes uniform security instrumcntcovcring real In operty. UNIFORMCO V ENANTS. Borrower and Leader 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 Instrument skull he made in U.S. currency. However, it mry check or other insu umentrcceived by Lender as payment alder the Note or this Security InatrumenlN rot tmucc ho Lender unpaid, Lender May require that any or all subsequent payments due under the Noo,, and this Security Instrument he made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, 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 deemedreceived by Lenderwhen received at the location designated in the Note or at such Olherlouilion ns may be designafedby Lenderin amirdancewith 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 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 Leader is out 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 uvapplicd funds. Lender hold such unapplied funds until Burrower makes payment to bring doe Loan current. It Borrower does not do so within a reasonablcperiod of time, I.cnder shall either apply such funds or returnthem to Borrower_ If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior 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 Seen, ity lastrmnenlar performing the covenants and agreementssecuted 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 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 to cacti Periodic Payment in the order in which it became due. Any remaining amounts shall be applied firs( to late charges, second to any other amountsduc under (his Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient umonntto pay any late change due, the payment may be applied to the delinquent payment and the laic charge If more than one Periodic Payment is outstanding, Lender may apply any payment rccuivcd from Borrow,,or the repayment of the Periodic Payments if, and to Lhc extent L al, eachh payment (an 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 prepaymenlsshall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or MLscellanenus Proceeds to principal due under the Notc 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 sun, (the Funds") to provide for payment of antomnts due for (a) taxes and assessments and other items which can attain priority over this Security Inslrumom as a lieu or encumbrance on the Property; (b) leasehold payments or ground rents un the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance MPNE7790 (12 1W) / U41435328 -4 mmse ARZ'^ P- 6A(NE) moon vase 4 o ne Form 3028 1101 m