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200708844 BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to gmnt and convey the Properly and lhat the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the lille to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use und non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower und Lender covenant and agree as follows: 1. Payment nf Principal, Interest, Escrow Items, Prepayment Charges, nnd Lale Charges. Borrower shall pay when due tbe 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 mnde in U.S. currency. However, if any check or other instrument received by Lender as payment UIlder the Note or this Security Instrumcnt is rcturned to Lender unpaid. Lcnder may require lhal any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (u) cash; (b) money order; (c) eertified check. bank check, treasurer's check or cushier's check, provided any such check is drawn upon an institution whose dcposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments ure deemcd received by Lender when received at the location designateG 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 relurn any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may uccepl any payment or partial payment insufficienllo brlng lhe Loan current, withoUl waiver of uny rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the lime such puymen!s are accepted. If each Periodic Payment is appliud as of its scheduled due date. then Lender need not puy interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes payment to brillg thc Lolln 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 muking payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Appllcntion of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shull be applied in the following order of priority: (a) interest due under the Nole; (b) principal due under the Note; (e) amounts due under Section 3. Such payments shull 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 lhis 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, the payment may be applied to the delinquent payment and lhe lale charge. If more than one Periodic Payment is oulstanding, Lender may upply any payment received from Borrower to the repayment of the Periodic Paymen~~ if, and to the eXlentthat, euch payment can be paid in full. To the extent that any excess exists after the payment is upplied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepaymenlS shall be applied tlrst to any prepayment charges 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 E~crow Items. Borrower shall pay to Lender on the duy Periodic Payments are due under the NOll', until the NoLe is paid in full, a sum (the "Funds") lo provide for paymenl of amounts due for: (a) taxe~ and asscssments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (b) lea~ehold payment~ Or ground rents on the Properly, if any; (c) premiums for any llnd all insurance required by Lender under SeetiOll 5; and (d) Morlgage Insurance q,.BAINEI (0401'.01 Page 4 ot 16 I"III"'P Form 3026 1'01