|
<br />200.709079
<br />
<br />DOC ID #: 00018001155510007
<br />
<br />UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Principal, Interest, Escrow Items, Prepayment Cha~es, and Late Charges. Borrower shall pay when
<br />due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the
<br />Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security
<br />Inslrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the
<br />Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under
<br />the Note and this Security Inslrument be made in one or more of the following forms, as selected by Lender: (a) cash: (b) money
<br />order: (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution
<br />whose deposits are insured by a federal agency, instrumentality, or entity: or (d) Electronic Funds Transfer.
<br />Payments are deemed received hy Lender when received at the location designated in the Note or at such other location as
<br />may be designated hy Lender in accordance with the notice provisions in Section 15. Lender may return any payment or partial
<br />payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial
<br />payment insufficient to bring the Loan current, wilhout waiver of any rights hereunder or prejudice to ils rights to refuse such
<br />payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are
<br />accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds.
<br />Lender may hold such unapplied funds until Borrower makes payments to hring the Loan current. If Borrower does not do so
<br />within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such
<br />funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim
<br />which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note
<br />and this Security Instrument or performing the covenants and agreements secured by this Security Instrument.
<br />2, Application of Payments or Pn)ceeds. Except as otherwise descrihed in this Section 2, all payments accepted and
<br />applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (h) principal due under the
<br />Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became
<br />due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument,
<br />and then to reduce the principal balance of the Note.
<br />If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay
<br />any late charge due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment
<br />is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if. and to the
<br />extent that, each payment can be paid in full. "0 the extent that any excess exists after the payment is applied to the full payment
<br />of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied
<br />first to any prepayment charges and then as descrihed in the Note.
<br />Any application of payments, insurance proceeds. or Mi5cellaneous Proceeds to principal due under the Note shall not extend
<br />or postpone the due date, or change the amount, of the Periodic Payments.
<br />3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until the
<br />Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items
<br />which can attain priority over this Security Instrument as a ]jen or encumbrance on the Property: (b) leasehold payments or ground
<br />rents on the Property, if any: (c) premiums for any and all insurance required by Lender under Section 5: and (d) Mortgage
<br />Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premium5
<br />in accordance with the provisions of Seclion 10. These items are called "Escrow Items." At origination or at any time during the
<br />term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by
<br />Borrower, and such dues, fees and assessments shall he an Escrow Hem. Borrower shall promptly furnish to Lender all notices of
<br />amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unles5 Lender waives Borrower's
<br />obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower\ obligation to pay to Lender Funds for any
<br />or all Escrow Items at any Ume. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly,
<br />when and where payable, the amounts due for any Escrow Hem5 for which payment of Funds has been waived by Lender and, if
<br />Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require.
<br />Borrower's ohligation to make such payments and to provide receipts shall for all purp05es be deemed to be a covenant and
<br />agreement contained in this Security Instrument, as the phrase "covenant and agreement" is used in Section 9. If Borrower is
<br />obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender
<br />may exercise its right5 under Section 9 and (\<lY such amount and Borrower shall then be obligated under Section 9 to repay to
<br />Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance
<br />with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required
<br />under this Seclion 3.
<br />Lender may, al any UTIle, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the (ime
<br />specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA. Lender shall estimate the
<br />amount of Funds due on the basis of current data and reasonable eslimat.es of expenditures of future Escrow Items or otherwise in
<br />accordance with Applicable Law.
<br />The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including
<br />Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds
<br />to pay the Escrow Items no later than the time specified under RESP A. Lender shall not charge Borrower for bolding and applying
<br />the Funds, annually analyzing the escrow account, or verifying the Escrow Items, unless Lender pays Borrower interest on the
<br />Funds and Applicahle Law permit5 Lender to make 5uch a charge. Unless an agreement is made in writing or Applicable Law
<br />requires interest to be paid on the Funds, Lender shall not he required to pay Borrower any interest or earnings on the Funds.
<br />Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower,
<br />without charge. an annual accounting of the Funds as required by RESP A.
<br />If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds
<br />in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower
<br />as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with
<br />RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defmed under RESPA,
<br />Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the
<br />deficiency in accordance with RESPA, but in no more than 12 monthly payments.
<br />Upon payment in full of all 5um5 5ecured by thi5 Security Instrument, Lender shall promptly refund to Borrower any Funds
<br />held by Lender.
<br />4, Charges; Liens, Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property
<br />which can attain priority over this Security Instrument, leasehold payments or ground rents on the Property, if any, and
<br />Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay
<br />them in the manner provided in Section 3.
<br />
<br />M Deed Of Trust-NE
<br />2006A.NE (06/07)
<br />
<br />Page 3of9
<br />
<br />Form 30281/01
<br />
|