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<br />200707405
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<br />BORROWER COVENANTS that Borrower is lawfully sl:isl:d of till: l:stak hl:ITby wnvl:Yl:d and has thl: right to
<br />grant and convey thl: Propnty and that the Property is unl:neumbered, l:xeept Il)r l:neurnbranees of ITl:ord. BOIT()wer warrants
<br />and will defend gl:nerally thl: title to thl: Property against all claims and delllimds, subject to any l:I1cumbranLTs of ru:ord.
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<br />THIS SECURITY INSTRUMENT combines uniform COVl:nants Il)r nationalusl: and non-unifonn covenants with
<br />Iilnitl:d variations by jurisdiction to constitute a uniform security instrunwnt covering ITal property.
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<br />UNIFORM COVENANTS. Borrower and Lemkr wvenant and agrl:l: as follows:
<br />I. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall
<br />pay when dUl: thl: prinl:ipal of, and intl:rest on, the debt evidenced by the Note and any prl:payruenL charges and late dJargl:s
<br />dUl: under thl: Note. Borrower shall also pay funds for Escrow Items pursuant to Sedion 3. Payull:nts due ull(kr thl: Notl:
<br />and tlIis Sl:curity Instrument shall bl: made in U,S. eurrcncy. However, if any check or other instrument recl:ivcd by Lmdcr
<br />as payml:nt under the Note or this Security Instnmll:nt is returnl:d to Lcnder unpaid, Lefl(kr Illay requirl: that any or all
<br />snhsl:qul'nt paYlllcnts due under the Note alld this Sel:urity Instrument bl: made in Olll: or IllOIT of the /l)lIowing IlJrlrlS, as
<br />sclcctl:d by Lelllkr: (II) cash; (b) money order; (c) cl:rtified chl:ek, bank d1l:ek, treasurn's check or eashin's check, providcd
<br />any such chcck is drawn upon an institution whose deposits are insured by a kderal agcncy. instrumentality, or l:11tity; or (d)
<br />L:kctronil: Funds Transfer.
<br />Payments arl: deelned rel:l:ived by Ll:llder when rl:ceivl:d at the location designatl:d in thl: Note or at such ollll:r
<br />10e;l1ion as may bl: dcsignatl:d by Lender in accordance witb the notiel: provisions in Sl:etion 15. Lender 11Iay rl:tlllll ,my
<br />paynll:nt or partial payment if the payment or pmiial payml:nts arc insufficient to bring the Loall current. Lender may ,Kcepl
<br />,IIlV p<lYl1lcnt or partial payment insufficient to bring the Loan eUllTnt, without waiver of allY rights hereunder or prejudice to
<br />lis rights tu refuse such paYlnent or pmiial payments in the future, but Lender is not obligatl:d to apply sneh paynll:llts at the
<br />tilne such payml:llts are accepted. If each Pniodic Payml:nt is applied as of its scheduled due date, thell Lendn nl:l:d Ilot P<lY
<br />interl:st on unapplicd fimds. Lenlkr may hold such unapplied funds until Borro\Vl:r makes payment to hring the Loan CUITl:nt.
<br />If Borrower dOl:s not do so within a reasonable period of time, Lender shall either apply such funds or r(;(urn thun to
<br />Borrower. If not applied earlier, such funds will be appIil:d to the outstanding principal balance under thl: Note ilTll1ledi<ltely
<br />p,'iur to /lJrccloSl!rl:. No off~,et or claim which Borrower might have now or in the future against 1,l:lILkr shall n.:heve
<br />f)OlTOWl:r tI-OlTl making payments due unlkr tbe Noll: and this Security Instrument or perfi:.mning thc coven<lnts and
<br /><IgllTlllUltS sl:eulTd by this Sceurity Instnnnl:n1,
<br />2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all paYIlll:nts accepted
<br />Ilnd applied by I.,ender shall be applied in the following order of priority: (a) interest due under the Notl:; (b) principal due
<br />under the Now: (c) alnounts due under Sl:ction 3. Such payments shall be applied to each Pl:riodie Payml:nt ill thl: order in
<br />which it hl:eallW due. Any ITmaining amounts shall be applied fIrst to late chargl:s, second to allY other arnOUllts dUL' ull(kr
<br />III IS Security Instrument, and then to reduce the principal balance of the Note.
<br />If Lender ITeeives a payment Ii-om Borrowcr for a delinqul:nt Periodic Payml:nt whIch includes a sufficient <I11lount
<br />tu 1'<1)' any Jat,.' ell<lrgl: due, the payment may be applicd to the delinquent payment and thl: late charge. If morl: than onc
<br />Pelwc!lc PaYIlll:nt is outstanding, Lenlkr may apply any payment rcceived ti-om Borro\Vl:r to the rep<lyment of the Pcriodie
<br />1\1)'llll:nts if and to thl: l:xtult that, each payment can be paid in fulL To the extent that any exel:SS cxists after the payment is
<br />,Ipphl:d to the full payment of one or more Periodic Payments, such excess may be applied to any lat(; charges dUl:.
<br />Volulltary prl:payments shall hl: applied first to any prepayml:nt charges and then as lkseribl:d in thl: Note.
<br />^ny application of payments, insurancl: proceeds, or Miscellaneous Proceeds to principal due under the Nok shall
<br />Ilut l"xtcnd ur postpone the dUl: date, or change the amount, of the Periodic Payments.
<br />J. Funds for Escrow Items. Borrower sball pay to Lenlkr on the day Periodic Payments are dUl: undcr thl~ Note,
<br />ulltIi the Nole IS p<lid in full, a surn (the "Punds") to provide for payment ofaulOunts due for: (a) taXl:S ,Ind aSSl:SSllll:llts and
<br />othn items which can attain priority over tbis Security InstrUITIl:nt as a lien or eneumbrallL:l: on the Property; (b) leilsehold
<br />paYI1ll:nts or ground rl:nts 011 the Property, if any; (c) premiums tor any and all insurance required by Lender under Sectioll 5;
<br />and (d) Mortgage Insurance premiums, if any, or any SUIllS payable by Borrower to Lender in lieu of thl: payment of
<br />!'v1ortg<ige lnsuranel: prcmiullls in accordance with the provisions of Section 10. These items arl: called "Escrow Itcllls." At
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<br />Loan No: 127317292
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<br />Initials: _ _ _.... ~_
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<br />,',[EnS \IoLlitkd Forlll JII2S 1111111
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