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4357692426 " 'ftE...'RECORDEtJ 200611066 200610518 BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby 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, su~ject to any encumbrances of record. THIS SECURITY INSTRUMENT combines unifonn covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property . UNIFORM COVENANTS. Bonower 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 evidenecd by the Note and any prepayment charges and latc charges due under the Note. Bonower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. cunency. Howevcr, if any check or other instrument received by Lcnder as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent paymcnts 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) money order; (c) certified check, bank check, treasurer's check or cashicr's check, provided any such check is drawn upon an institution whose dcposits arc insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designatcd 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 payment or partial payments are insufficient to bring the Loan cunent. Lender may accept any payment or partial payment insufficient to bring the Loan cunent, without waiver of any rights hereundcr or prejudice to its rights to refuse such paymcnt or paliial payments in thc future, but Lender is not 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 Lcndcr necd not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payments to bring the Loan cunent. If Bonower docs not do so within a reasonable period of timc, Lender shall either apply such funds or return thcm to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immcdiately prior to foreclosure. No offset or claim which Borrower might have now or in thc future against Lender shall relieve Bonower from making payments due undcr thc Notc and this Security Instrument or performing thc COvenallts and agreements securcd 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 undcr 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 becalllc duc. Any remaining alllounts shall be applicd first to late charges, second to allY other alllounts duc under this Security Instrument, and thcn to reduce the principal balance of the Note. If Lender receives a payment from Bonower for a delinquent Periodic Payment which includes a sufficicnt alllount to pay any late charge due, the payment may be applicd to thc delinquent payment and the late charge. If more than one Periodic Payment is outstanding, Lcnder may apply allY payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can bc paid in full. To the extcnt that any excess exists after thc payment is applied to the full paymcnt 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 paymcnts, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone thc due date, or change the alllount, of the Periodic Payments. 3. Funds for Escrow Items. Bonower shall pay to Lender on the day Periodic Payments are due undcr thc Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of alllounts due for: (a) taxes and assessments and other items which can attain priority ovcr this Security Instrument as a lien or encumbrance on thc Propelty; (b) leasehold payments or ground rents on the Propcrty, if any; (c) premiums for any and all insurance required by Lender under Section 5; alld (d) Mortgage InSUfallCe .-6A(NE) (0407) @ Page 4 of 15 ",,,.,,/Id f1tt ~ Form 3028 1/01