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200603226 THIS SECURITY INSTRUMENT combines unifl)rm covenants fl)r national use and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform security instrument covering rcal property. UNIfORM COVENANTS. BorrowL:r and LcndL:r COVL:nant and agrL:L: as J(,lIows: 1. Payment of Principal, Interest, Escrow Items, rl"epayment Chaq~es, and Late Charges. Borrower shall pay when duc the principal ot~ and interest on, thc deht evidenced by the Note and any prepayment charges and late charges duc under the Note. Borrower shall also pay funds flJr Escrow Items pursuant to Section 3. Payments duc under the Note and this Security Instrument shall he made in U.S. currency. J-lowever, if any chL:ck or other instrument received by Lender as payment under thc Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments duc under thc Note 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 arc insured by a federal agency. instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deelned received hy Lender when received at the location designated in the Note or at such other location as may be designated hy Lender in accordancc with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments arc insufficient to hring the Loan current. Lender may accept any payment or partial payment insufficient to hring the Loan current. without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in thL: future, but Lender is not obligated to apply such payments at the time such payments are acceptcd. If each Periodic Payment is applied as of its scheduled due date, thcn Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payments to bring the Loan current. I f Borrower docs not do so within a reasonable period of time, Lender shall 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 Note immL:diately prior to foreclosurc. No offset or elaim which Borrower migbt have now or in tbe futurc against Lender shall relieve Borrower from making payments due under thL: Note and this Security Instrument or performing the covenants and agreelnents securL:d by this Security Instrument. 2. Application of Payments 01" 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) alllounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrulllent and then to reduce the principal balance of the Note. I f Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient alnount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If morc than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments i( and to the extent 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 excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of paynlCnts. insurance proceeds, or Miscellaneous Proceeds to principal due under the Notc shall not extend or postpone the due date. or change the amount, ofthe Periodic Payments. 3. Funds for Escl"Ow Items. Borrower shall pay to Lender on the day Periodic Payments arc due under the Note, until the Note is paid in full. a sum (the "Funds") to provide jelr payment of alnonnts duc fl)r: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrancc on the Property; (b) leasehold payments or ground rents on thc Property, if any~ (c) prcmiums f(1I' any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance ~.6(NE) (040I).Dl ~ Injtial$:(I/IW.~ 0110247977 PqJO 4 of 1 5 Fonn 3028 1/01