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200707443 BORIWWER COVEN^NTS that Borrower is lawfully seised of the estale hereby converd and IIiIS the right to grant and convey the Property and that the Property is nnencumbered, except for encurnbralH:es of record. 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-unifofln covenants with limited variations by jurisdiction to constitnte a uniform security instroment covering real property. UNIFCWM COVEN^NTS. Borrower aIllI Lender covenant and agree as follows: I. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrowci' shall pay when duc the principal of, and .interesl lHI. Ihe debl evidenced hy thc Note a III I any prcpaymcnl charges and late charges due undcr lhe Note. Borrower shall also pay funds for FsC\'ow Itcms pursuant to Section :t Payments due under the Note and this Security Inslrument shall he miHk in U.S. currency. However, if any check or olher instrument received by Lender as payment under lhe Note or this Security Instrument is retnrned to Lender unpaid, Lender Illay require thai any or all subsequent payuwnts due under the Note and this Security Instrument be made in one 01' more of the following 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 hy a federal ;igency, instrumentality, 01' entity; or (d) Electronic Funds Transfer. Payments are deemed received by I,ender when received at the localion designated in the Note or al such other location as may be designated by Lender in accordance with the nolice provisions in Seclion 15. LeIlller may return any payment or partial payment if the payment or partial payments are insufficient 10 bring the Loan current. Lender may accept any payment or partial payment insufficienl to bring Ihe Loan current, without waiver of any rights hereunder OJ' prejudice to its rights to refuse such paynwnt or partial payments in the future, but Lender is not obligated to apply such payments at the lime such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need nol pay interest on unapplied funds. Lender may hold such unapplied funds unlil Borrower makes payment to hring the Loan cllrn:nL If Borrower does not do so within a reasonable period of tinlC, Lender shall either apply such funds or retui'll thenl to Borrower. If not applied earlier, such fnnds will he applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrowl'r mighl have now or in the future against Lender shall relieve Borrower from makiog payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrumenf, 2. Application of Payments or Proceeds. Except as otherwise described in fhis Section i'., all payments accepted and applied by Lender shall be applied in the following order of priority: (a) iOIl'rest due under t1H' Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shidl 1)(' applied t.O each Periodic Paymenl in the order in which il became due. Any n~maining amounts :,h,1I1 be ;Ipplied first to late charges, secoud to any other amouuts due under Ihis Security Inslnllnent, and Own to n:duce the principal balance of the Note. ] I' Lender receives a payment from Borrower for a delinquent Periodic PaYlllent which includes a sufficient amount to pay any late charge due, the paymenl Illay be applied to the delinquent paymenl and the late charge. If more than one Periodic Payment is outslanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment call be paid in full. To the extent that 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 prepayrnents sball be applied first to ,lilY prepayrnent charges and tben as described in the Note. Any ;Ipplication of payments, insnrance proceeds, or Miscellaneous Proceeds to principal due under Oil' Nole sball 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 Paynwnls are due under the Note, unlil 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 Instrument as a lien or encumbrance on the Property; (b) leasehold payments or ground renl.S on Ihe Property, if any: (c) premiums ror any and all insurance required by Lender nnder Section S; and (d) Mortgag(: Insllrance 002004634292 S-6A(NE) (O^07)01 (0:) 1";t;,,I, C-,,--E~'L Form 3028 1/0'1 CitiMOItgilgC :J.2.II.04 VI I'oye ^ or 15