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200702312 THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-unifonn covenants with limited variations by jurisdiction to constitute a unifonn 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 aile the principal of. ilna interest on, the debt evidenced by the Note and any prepayment charges and late charges clue under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under dle 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 N Ole Or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note aml Ihi$ Security Instrument be made in one or more of the following fonos. as 6electecl by Lender: (a) ca6hj (b) mOnc}' orderj (e) cenified checlc. 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. Payments are deemed received by Lender when received at the location designated in the Notfl or at such other location as may be designated by Lender in accordlUlce with the notice provisions in Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufticient to bring the Loan current. Lender may flCrept any payment or partial payment insuffiCie:I1t to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or panial paym(!nts 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. u..'1\der may hold such unapplied funds until Borrower makes payments to bring the Loan current. If Borrower does nol do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funels wUl be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which aOTrower 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 Payments or Proceeds. Except as otherwise describe4 in tins 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; (0) amounts 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 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 I1Ufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is O\.l.!$.tanding, Lender may apply any payment received from BOrrOwer to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent tllat 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 ,hargeli and then as described 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. Funds for Escrow ltCIIUi. J3orrower shall pay to Lender on the day Perioclic Payments are due under the Note, until the Note is paid in full, a sum (the "Funds") to provic!c for payment of amounts due for: (a) taxe~ and assessments and other itetns which can attain priority over this Security Instrnment as a lien or encumbrance on the Propeny; (b) leasehold payments or groun4 rents on the Property, if any; (c) premiums for any and 0111 inSUrance required by Lender under Section 5; and (d) Mortgage Insurance 'nIIIOI,l4 -<TIb Q.-S(NEII00061 pago 4 01 1 6 Form 3Q2a 1/01