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200709078 BORROWER COVENANTS that Borrower is lawfully seised of Ule estale hereby conveyed and has the right to grant and convey Ule Property and U18t Ule Properly is unencwnbered, except for encwnbrances of record. Borrower warrants and will defend generally Ule title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines wliform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property . UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of PrIncipal, Interest, Escrow Items, Prel>ayment Charges, and Late Charges. Borrower shall pay when due Ule 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 purSUilllt to Section 3. Payments due under the Note and this Security Instrwnent shall be made in U. S. currency. However, if any check or other instrument received by Lender as payment wlder the N ate or this Security Instrument is returned to Lender unpaid, Lender may require Ulat IDly or all subsequent payments due wlder the Note ruld Ulis Security Instrument be made in one or more of Ule fallowing 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 insurcd by a federal agency, instrumentality, or entity; or (d) Electronic FlUlds Trrulsfer. Payments are deemed received by Lender when received at the location designatcd in the Note or at such other location as may be designated by Lender in accordance WiUl Ule 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 LOrul current, without waiver of any rights herewlder 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 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 wlapplied funds until Borrower makes payment to bring the Loan current. If Borrower does not do so wiUlin a reasonable period of time, Lender shall eiUler apply such funds or return Ulem to Borrower. If not applied earlier, such funds will be applied to Ule outstrulding principal balance under tile Note inunediately prior 10 foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under tile Note and tilis Security Instrument or performing the covenants ruld agreements secured by Ulis Security InsLrmnent. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepled 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; (c) al110lUlts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it becrulle due_ Any remaining runounls shall be applied first to late charges, second to any oUler runounts due mlder tllis Security Instrwnenl, ruld 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 rullounl to pay any late charge due, Ule payment may be applied to Ule delinquent payment and the late charge. If more than one Periodic Payment is outstrulding, Lender may apply any payment received from Borrower to Ule repayment of tlle Periodic Payments if, and to Ule extent that, each payment can be paid in full, To Ule extent Ulal any excess exists after Ule payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to rulY late charges due. Voluntary prepayments shall be applied first to any prepayment charges llnd then as described in the Note. Any application of payments, insurance proceeds, or Miscellruleous Proceeds to principal due wlder the Note shall not extend or postpone Ule due date, or change the wnOWlt, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on Ule day Periodic Payments are due under the Note, Wltil tile Note is paid in full, a sum (the "Funds") to provide for payment of rulloml\s due for: (a) taxes and assessments ruld oUler items which Crul attain priority over this Security Inslrmnent as a lien or encunlbrance on Ule Property; (b) leasehold payments or ground rents on Ule Property, if any; (c) premimns for rulY and all insurance required by Lender under Section 5; ruld (d) Mortgage Insurance 8800278337 ~c J:fe~. 8800278337 Iniliols: Gl"6A(NE) (0401)01 Pogo 4 of 1 5 Form 3028 1/01