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200700055 THIS SECURITY INSTRUMENT combines unifornl covenants for national use and non-unifornl covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower 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 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 shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and tIus Security Instrument he made in one or more of the following fonus, as selected by Lender: (a) cash; (h) 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 iI1.<;ured by a federal agency, instrumentali ty, or entity; or (d) Electr01uc 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 tIle notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are iI1.<;ufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, witIlout waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in tIle 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, tIlen Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payments to hring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return tIlem to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under tIle 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 tIlis Security Instrument or perfoIDling 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 hy Lender shall he 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 he 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 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 amount to pay any late charge due, tIle payment may be applied to the delinquent payment and tIle late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to tIle repayment of the Periodic Payments if, and to tIle extent that, each payment can be paid in full. To tIle extent tIlat 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 payments, iI1.<;urance proceeds, or MisceIlaneous Proceeds to principal due under the Note 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 sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security 1I1.<;trument as a lien or encumbrance 011 the Property; (b) leasehold payments or ground rents 011 the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance .. -6(NE) 100051 @ Page 4 of 15 i It Q lnitials:~ ' Form 3028 1/01 /vi. &~