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200805531 BORROWER COVENANTS that Bonuwer is lawfully seised of the estate hereby conveyed and Ia the right to gnmt and convey the Property and that the Property is unencumbered, except for encumbrances of record. Bom)wer wammt., and will defend generally the tide to the Pmperty against all claims and demands, subject to any encumbrances of record. TlI1~ SEClJRITY INSTRUMENT combines uniform covenants for national u.,e and non-uniform covenants with limited variations by .iurisdiction to constitute a uniform security instrument covering real pmperty . UNIFORM COVENANTS. Hom)wer and Lender covenant and aaree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Bormwer shall pay when due the principul of, and interest on, the debt evidenct.'prepayment chaIges and late eharges due wxler the Note. Bonuwer shall also pay funds Cor Escmw Items pursuant to Section 3. Payments due wxler 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 wxler the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due wxler 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 check, bank check, trea.,urer's check or cashier's check, pmvided any such check i.. dmwn upon an institution whose deposits are insured by a federal agcncy, instrumentality, or entity; or(d) Elcctmnic Funds Transfer. Payment.., arc deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in tlCcordance with the 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 Loan current, without waiver of any rights herewxler or pre.iudice 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 unapplied funds until Bonuwer makes payment to bring the Loan current If Bonuwer does not do so within a reasonable period of time, Lender shall either apply such funds or return thcm to Bonuwer. If not applied earlicr, such funds will be applied to the outstanding principal balance wxler the Note immediately prior to foreclosure. No offset or claim which Bonuwer might have now or in the future against Lender shall relieve Bonuwer from making payments due wxler the Note and this Security Instrument or perfonning 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 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 payment., shall be applied to each Periodic Payment in the order in which it becan1e due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and tbcn to reducc the principal balance of the Note. If Lender receives a payment fmm Bonuwer for a delinquent Periodic Payment which includes a sufficicnt amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. ll' more thlUl one Periodic Payment is outstanding, Lender may apply any payment received from. Bonuwer 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. Voluntmy prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of paymeuts, insunmce proceeds, or Miscellaneou., 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. Bonuwer shall pay to Lender on the day Periodic PaYD1ents are due wxler the Note, until the Note is paid in full, a sum (the "Fund...") to provide for paynlCU: of amounts due for: (a) taxes and If>SeSsnlCnts and od1er items which can attain priority over this Security Instrument as a lien or encumbrancC on the Property; (b) leasehold paymems or ground rents on the Property, if any; (c) premi.unJS for lUlY and all insunmcc required by Lender under Section 5; and (d) Mortgage Insurance 002005398805 .-6A(NE) (0407).01 @ "-4 of 15 -ff:! Fo<m 3.2. 1101 CiliMortgage 3.2.15.16 V3