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200601775 TI [IS SECURITY INSTRUMENT combines unitllrlTI covenants jl)]- national use and non-unitllrln covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covcnant and agree as follows: ]. Payment of Principal, Intet"est, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due thc principal of~ and interest OIL the debt evidenced by thl: Note and any prepayment dmrges 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 shall bl: nude in U.S. currency. However. if any check or other instrument reeeivl:d by Lender as payment under thl: Noll: or this Security Instrument is returned to Lender unpaid. Lender may require that any or all subsequent payments dUl: under the Note and this Security Instruml:nt be made in one or more of the following tlJrms. as selected by Lender: (a) cash; (b) money order; (c) certified check. bank dll:ck. treasurer's chl:ck or cashier's check. provided any such check is drawn upon an institution whose lkposits arc insured by a federal agency. instrumentality. or l:ntity; or (d) Electronic Funds Transfer. Payments arc deemed received by Lender when rcceived at the location designatl.:d in 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 partial payment if the payrnent or partial payments arl: insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan eurrl:nt, without waiver of any rights hereunder or prejudice to its rights to rctllse such payml:nt or partial payments in the future, but Lender is not obligated to apply such payments at the time such payml:nts are accepted. If each Periodic Payment is applied as of its schedukd due datc, then Lendcr nccd not pay interest on unapplil:d funds. Lender may hold such unapplied funds until Borrower makes payments to bring the Loan current. T f Borrower does not do so within a reasonable period of time, Lender shall t.:ither apply such funds or return tht.:m to Borrower. If not applied earlil:r, such funds will be applied to the outstanding principal balance under the Note immediately prior to tlJrec!osure. No offset or daim which Borrower might have now or in the future against Lender shall relieve Borrower ti'om making payments due under the Note and this Security Instrument or pertlJrlning the covenants and agreements secured 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 tlJllowing order of priority: (al interest due under the Note; (b) principal due U1Kkr the Note; (c) amounts dUl: under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts sball bt.: applied first to late charges, second to any other amounts due undt.:r this Security Instrument and then to reduce the principal balance of the Note. jf Lender receives a payment from Borrower tlJr a delinquent Periodic Payment which includl:s a sufficient amount to pay any late charge due, the payment may be applil:d to the delinquent payment and the late charge. If mOlT than one Periodic Payment is outstanding, Lender may apply any payment recl:ived from Borrower to the repayment of the Periodic Payments if. and to the l:xtent 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 eXCl:SS may be applil:d to any law charges due. Voluntary prepaYlllmts shall be applied first to any prepayment charges and then as described in the Note. . Any application of payments. insurance proceeds, or Miscdlaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change thl: amount, of the p'eriodic Payments. 3. Funds fot. Escrow Hems. Borrower shall pay to Lender on the day Periodic Payments atT due under the Note. unti I tht.: Note is paid in full, a SUIll (the "funds") to provide for paYlnent of amounts due J{Jr: (a) taxes and aSSl:ssments and other items which can attain priority over this Security Instruml:nt as a lit.:n or encumbrance on the Property; (b) leasehold paYIllt.:nts or ground rents on the Property, if any; (c) premiums for any and all insurance rl:quired by Lendl:r under Section 5; and (d) Mortgage Insurance .-6(NE) (0407).01 $ P'1;le 4 of 15 tnitia,s:fi./l1, 9 0110247550 U. B. U Fonn 3028 1/01