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---- 20070141 G LOAI1 t: 0021635891 BORROWER COVENANTS that Borrower Is lawfully seized 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. Borrowerfurther covenants that Borrower has disclosed to Lender and obtained Lender's approval otany mortgage, deed of trust or other security agreement with a lien which has priority over this Security Instrument ("Prior Uen") , Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute B uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Prlnclpa., lmer..t, Eacrow ltema, Prepayment Charg... and Late Charge.. 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, tf required, pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, tf any check or other Instrument received by Lender as payment under the Note or this Security Instrument Is retumed to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security lnatrument be made In one or more of the followlng 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 are Insured by a federal agency. instrumentality, or entity; or (d) Electronic Funds Transfer. In addition, except Where prohibited by Applicable Law, Lender may impose a fee on Borrower for any check or other instrumentthatls returned unpaid for insuffk:lent funds or no account to Lender, up to the maximum amount permitted by Applicable Law. 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 provisions In Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient 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 partial paymenta in the 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 Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to bring the Loan current, If Borrower does 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 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 this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payment. or Proceed.. Unless othefWlse required by Applicable Law. all payments received by Lender under the Note shall be applied by lender as provided in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount. of the Periodic Payments. 3. Fund. for Escrow Items. SUbJect to Applicable Law or a written waiver by Lender, 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'1 to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any, and (c) premiums for any and all insuranc::e required by Lender under Section 5. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly (or to the holder of a Prior Uen), when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement" Is used in Section 9. If Borrower Is obligated to pay Escrow Items directly or to the holder of a Prior Lien, pursuant to a waiver, and Borrowerfalls to pay the amount due for an Escrow Item, Lender may exercise Its right under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts. that are then required under this Section 3. Borrower shall not be obligated to pay Lender Funds for Escrow Items to the extent that Borrower makes such payments to the holder of a Prior Lien if the holder Is a residential mortgage lender. A "residential mortgage lender" is a company or financial institution who extended more than 25 mortgage loans In the previous or current calendar year. Lender may, at any time, collect and hold Funds In an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) notto exceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held In an institution whose deposits are Insured by a federal agency, instrumentality, or entity (Including Lender, if Lender is an Institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually analyzing the escrOW account, or verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits lander to make such a charge. Unless an agreement is made in writing or Applicable Law requires interestto be paid on the Funds, Lender shall not be required to pay Borrower any Interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest HE Deed of Tru!lt . SIngle Family. Home Eqully flev.4/(6) Page 3 of9 NEXDEED oei06 1\) r;