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200803167 BORROWER COVENANTS that 13orrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances ofrecord. THIS SECURITY INSTRUMENT combines uniform eovenants for national usc 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, Prepayment Charges, and Late Charges. 13orrower shall pay when due the 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 duc under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lendcr as paymcnt undcr the Notc or this Security Instrument is returned to Lender unpaid, Lendcr may rcquire that 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: (a) cash; (b) money order; (c) certified eheek, bank eheck, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at sueh other location as may be designated by Lender in accordancc with the notice provisions in Section 15. Lender may return any payment or partial payment if thc payment or partial payments are insufticient to bring the Loan current. Lender may accept any payment or partial payment insufticient to bring the Loan current, without waiver of any rights hercunder or pr~iudice to its rights to refuse such payment or partial payments in thc 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 unapplied funds until Borrower makes payment to bring the Loan current. If Borrower docs not do so within a reasonable period of timc, Lcnder shall either apply such funds or return thcm to Borrower. I f not applied carlier, 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 Lcnder shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Sccurity Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 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 under the Note; (c) amounts due under Section 3. Such payments shall 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 duc under this Seeurity Instrument, and then to reduce the principal balance of the Note. I f Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late chargc due, the payment may be applied to the delinquent payment and the late charge. If more than one Periodic Payment is outstanding, I.ender may apply any payment received from Borrower to the repayment of thc Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after thc 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 applicd first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miseellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, ofthe Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on thc day Pcriodic paymcnts arc duc 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 asscssments and other items which can attain priority over this Security Instrument as a I ien or encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required by Lender under Section 5; and (d) Mortgage Insurance 2008-1026667 100049700010113500 Initials cd. /..../, 2008-7966 .-6A(NE) (0407).01 @ Page 4 of 15 Form 3028 1/01