200804894 - Laserfiche WebLink

Browse

RE-RECORDED 200804894 200'708844 BORROWER COVENANTS that Borrower 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 llnd will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform 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. Pnyment of Principal, Interest, Escrow Items, Prepayment Chal'ges, and Lote Chlll'gea. Borrower 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 due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check Or other instrument received by Lender as payment under lhe Note or this Security Instrumcnt is rcturncd to Lcndcr unpaid, Lender may require thnt ony Or oil subsequent payments due under the Note nnd this Security Instrument be mnde in one or more of the following forms, as selected by Lender: (II) cash; (b) money order; (c) certified check. bonk check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose depOllils are insured by a federal agency, instrumentality, or entity: or (d) Electronic Funds Transfer. Poyments are deemed received by Lender when received at the location designateC: 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 return ony payment or portia I payment if the payment or partial payments are insufficient to bring the Loan current. Lender may nccept any payment or partial payment insufficient to bring the Loan current, without woiver of any rights hereunder or prejudice to its rights to refuse such payment or partIal payments in the future, but Lender is not obligated to IIpply such payments at the time such pnyments are accepted. If each Periodic Payment is applied as of ils scheduled due date, tben Lender lIeed nOI pay interest on onapplied funds. Lender may hold such unapplied funds until 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. If not applied earlier, such funds will be applied to the outstanding principal balnncc under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future agninst Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by Lender shail 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 paymenls sholl be applied to each Periodic Pnyment in the order in which it became due. Any remaining amounl~ shall be opplied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from BOl'rower for a delinquent Periodic Payment which includes n sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. If more tban one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, nnd to the extent that, each payment can be paid in full. To the extent that any excess exists after the pllyment 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 nny prepayment charges nnd then ns described in tbe Note. Any applicntion of pllyments, insurance proceeds, or ML5ceIlaneous Proceeds to principal due under the Note shall not extend or postpone the due dote, 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 Nole, untillhe Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) tllxes and assessments and other items which cnn attain priority over tbis Security Instrument as a lien or encumbraoce on the Property; (b) leasehold payments Or ground rents on the Property, if IIny; (c) premiums for any and all inSUfllnce required by Lender under Section 5; and (d) Mortgage Insurance _,SAINEIIO.071.01 PdQe 4 at 16 Inlllor.:A.P Form 3028 1101 '\