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4470248426 ; 2oosb347 BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby tnVeyed and has the right to grant and convey the Property and that the Property is unencumbered, except fo encumbrances of record. Borrower warrants and will defend generally the title to the Property against all cia s and demands, subject to any encumbrances of record. I THIS SECURITY INSTRUMENT combines uniform covenants for national use ~nd non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrumfmt covering real property. i UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, an Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by e Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds or Escrow Items pursuant 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 unde the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all sub equent payments due under the Note and this Security Instrument be made in one or more of the following orms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check o~ cashier's check, provided any such check is drawn upon an institution whose deposits are insured by 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 other location as may be designated by Lender in accordance with the notice provisi ns in Section 15. Lender may return any payment or partial payment if the payment or partial payments are in ufficient 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 p rtial payments in the future, but Lender is not obligated to apply such payment<; at the time such payments ar accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay inte est on unapplied funds. Lender may hold such unapplied funds until Borrower makes payments to bring th Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply su h funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding princ al balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might ha e now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreement.;; secured by this Security Instrument. 2, Application of Payments or Proceeds. Except as otherwise described in this seCtij2' all payments accepted and applied by Lender shall be applied in the following order of priority: (a) inte est due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments all be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall e applied first to late charges, second to any other amounts due under this Security Instrument, and then to r uce the principal balance of the Note. I If Lender receives a payment from Borrower for a delinquent Periodic Payment hich includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquen payment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any pay nt received from Borrower to the repayment of the Periodic Payments if, and to the. extent that, each paym nt can be paid in full. To the extent that any excess exists after the payment is applied to the full payme of one or more Periodic PaymenL<;, such excess may be applied to any late charges due. Voluntary pr ayments shall be applied first to any prepayment charges and then as described in the Note. ' Any application of payments, insurance proceeds, or Miscellaneous Proceeds to princ al due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Paym nts. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic paym nts are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of am unts due for: (a) taxes and assessments and other items which can attain priority over this Security Instru ent as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if ny; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mo tgage Insurance fIIt-6A(NE) (0407) Initials: ;::rIl...1l-. Paga4of15 Form 3028 1/01 './'R' 'd Ie