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200709533 subsequent payments due ooder the Note and this Socurity Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified chock, bank check, treasurer's chock or cashier's chock, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Foods Transfer. Payments are deemed roceived by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Soction IS. 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 Loan current, without waiver of any rights herewIder 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 ooapplied funds. Lender may hold such ooapplied funds ootil Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. Ifnot applied earlier, such funds will be applied to the outstanding principal balance wIder the Note immediately prior to foroclosure. No offSet or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due ooder the Note and this Security Instrument or performing the covenants and agreements seL'Ured by this Security InstrWllent. 2. Application of Payments or Proceeds. Except as otherwise described in this Soction 2, all payments accepted and applied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due ooder the Note; (c) amooots due ooder Section 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amowlts shall be applied first to late charges, second to any other amounts due ooder this Security Instrument, and then to reduce the principal balance of the Note. If Lender roceives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amowlt to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. Ifmore than one Periodic Payment is outstanding, Lender may apply any payment roceivcd from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can 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 prepayments shall be applied first 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 Escrow Items. Borrower shall pay to Lender on the day Periodic Payments are due under the Note, until 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 growld rents on the Property, if any; (c) premiums for any and all insurance required by Lender ooder Soction 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Soction 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid ooder this Soction. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds tor any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, maIU.SKA . Si"Sk: fliltnity. '..llil1II MII~lfrlllddlt: Ma~ UNlFORMINSTRUl\ttNI' <02004.2006 Copyright Complianco Syol.em>. Inc. 2D26-6E63 - 2006.11.140 Singlo Family Roal E,lato - Security II18\rumon\ DL2D47 Page 3 of 14 10nn30181101 www.complia.nc~y~t.c:m!;l.com 800-968-8522 - Fa>< 616.956-1868