|
�l.�lj[III�.�II1�.3
<br />UNIFL)fi'M CflVBVANTS. Bc�nrawer �nnd Lea� oa�nt and agree as follows:
<br />1. Paymerat of Prluc�tpal, Inte�t, Fscraw Iteru�, Pr�ryr�rant Char�e�r, end I�te Char�es. &►rrowea shall
<br />paY w1�en due thc principal af, �d inter�st on, the debt cvid�xced by the Noke end anY Pr�aY�ut chargcs atad lat�
<br />charges duc �dcr tl� Note. Boxxovver shsl! also Jaay � for Escrow It+ems pur�ant tc� Sec�vn 3. Pay�ts d�e
<br />under tho Note and t�is Soc. Instru�etat shall l� made in U. S. ctu�xa►cy. H�owevea, af aay rb,e�lc ux athe�r
<br />instnnnant re�ived by Le�dar as payrt�:t tmd� the Note or this Secwrity In�um�t is retwrned to Lrndcr i�paid,
<br />L�ndeir may require tbat aay or ell subsec�uepuk �aynx�ts dtm und�r t�rs Nntc and this ScCUrity In�txu�t be tp�ads in
<br />AIkC At 1ri0PC A� f}1C �iO�IDW711,$ f01'II]S, as salcctcd by Lender: (a) cash; (b) mon�y ordea�; (c) cex6fied check,, bgnk che�k,
<br />Crrasurcr's chectc ar cashie�r's checlt, prorrided amy such chec� is drawn upon arn i�stitutia�n who�e depa�ifs are insured
<br />by a fede�al agenc;y, i�ttument�lity, or e�ltiiy; or (d) Ele�tronic Fun�is Tran.s�fer.
<br />Paya�mts are d�ed received hy Laidea when received at the location designafsd ita t�he Note or at su�ch other
<br />lc�atiain as mgy k� ctcsi�pnabd by F.e�d�t in acca�de�ce wittr tt� natice provisians in Seation �4. �.ard�er may r�tr.un
<br />auy paytn�t or I�artial paYm�aat if t� paymcnt ot partial paym�ants are insuffitcie�,t to bring tLe Laan curr�nt. L�sadar
<br />�Y �� �Y P&�t �r Y�� �Y�t in,suf�icirnt to bring the Loan currant, without waivear of aay xig�,ats
<br />�1'CUFI�f OI �fFC]}�1CG W 113 FI�3 [O 1"Cfkk4C SE�! ��L DF �EE� �f8�L9 tY1 �IE �F1LLlEC� bw! L�der is not
<br />obligatod to apply sucl� paym�nts at the time such pay�marrts azc acccptcd. If each Paiaiic Paytne�,t is appliod es of
<br />its schet�rled dtbe da#�, t}a�n Leader nead not p�ay intere.�t nn unspplied ii�nds. �tdar mayhold such uaa�lied �aads.
<br />wntil B�rrov�rer maloe� payrmexit ta bring the Loaa currc�nt_ If Borrar�r� doe� n�ot da sa withim a reasonable. p�eriod af
<br />time, I.dader sball either apply sach funds or rt�urn tliem ta Borrower. Tf' not applied earli�r, such £unds will be
<br />ap�Iied W the outstanding pxin�ipat balance undrx t1�e Nate ia�nne�fiatcly prior to foreclasuro. �`a o�`s�t ar cl�im
<br />wliich �orrowex mig�t }rave now pr in the futwre a$ainst Lcnc� sball relieve $arrowa Gam making.payments �h,ue
<br />undca tlaa Note and this Security Instrun�nt ar pafarming the cnv�afs end agreements sccurod by this Security
<br />Insttume�t.
<br />2. App�csidan o� Paymsnts or Pr�eeda Exc�gt as athe�rwise describ�d in t�is Section 2, ell payme�tts
<br />aecqated and appliEd by � sball be applied 'm t�e foJlawing order of prioxity: (a) interest due u�dar the Notc;
<br />(b} pci�psl ciuc �x clye �tote; (c) ana�rnts due ►m�r Secb'raa� 3. such pay� s�tl be,applied tn �cl� P+�iodie
<br />Pay�ent vn the ardex in which it bec�me du�. Any roauaining amounts shall be �pplied first to late charges, secarx.i
<br />to aay otl�x amounts duc wnc�r tlris Security Tnsttumeut, and thar io reduce the principal b�lance af the Note.
<br />If LeaYd�r ,rcceiv�s a payme�ut from �airrovv,� for a deluu�esnt Praiodic Payment whieh inelwd�� a eu�"�ei�nt
<br />am�ant to pay any late charge due, the �Ymezlt may be applied ta thc �elir►qu�ast pay�nt a�nd the late charge. If
<br />more t�aa one Ped'iodic Paym�t is outstanding, Lendrx may ap�IY at►Y �Ym�t reeeiv�d fro� �rrawex to t.�e
<br />rt�aymcut of t�e �'ecr�adic Paymctus i� and to ihe exte�t fl�at, oach pa}im�nt Cen 1ae �id it► fuW 'To tl� �x#pnt tt�at
<br />any excess cxi4ts after tl�e paymcnt is applied to t,�e full payrr�nt of aa� ar a�re Peatiaiic Payments, such cxcess may
<br />be applied to any late charges ctuc. Volunfary prepaYn�ents s�atI be appli�d first to any prepa�t ctaaxges a�d t�vn
<br />as described in �e Nute.
<br />Any application of payrnents, imsurancc proceed5, or Miscellaneuu5 Proceeds to princi�t cfiue unci�r t1�e Noce
<br />shal t �svt ext�d or �e Ehe due dste, or e�ge t1�e amrri�, of the Peariatlic Paeym�tts.
<br />3. Fands for Fa�cro�w ttam�. Hor�ower shall pay to Lmder on the day pcxiodic Pay�nent� are duo und�r tltc
<br />Natc, until thc Nnte is paid rn full, a sum (the "Fu�ads") to provide for paym�ent of amouNs due far: (a) taacc� a�d
<br />�se.�ts� a�ui athcr itcros w�ich ce� stt�in: priorit�y ov�r t� Sec�ity I�t es a liean or �rance n� ths
<br />ProI�'iY; (b)1�1d pay�onts ar ground rrants an the Fruperty if any; and (c) pre�iu� for any and all iwsurance
<br />requirod lry L.e�ca un�dex Section 5. Theae ite�ms are c�lled "Escrow It�." At ariginatian ar ak any �e �g
<br />t� te�m of khc Loan, L�uuder may require thak �ar�un:►ty Associatian Dues, F e;�s, aad As�sm�ts, if aay, �
<br />esctowed by Barrowerr, and such du�s, fees and assossments s1�all be sn E�ctow Ite�n. Horrower s�al! pmmptly
<br />fumiqh to I.,�der aYT notices. of amaunt�s ta ba paid undet t�ia Sectian. Borrowrr s�ll pay Lender the Funds for
<br />Escrow Itcams unless I.e�der waiv�cs Bonowe�''s obligatiati W p�y tha Funds for auy or all Escrow Ite�s. L� ma�+
<br />waive �rrower's obligatiaan ka pay t� Leanci� �unds for any or all Fscrow It�s at any t,inre. Any stxh w�ivmr may
<br />onNy be in writing. 1n th� event af s�t waiv�r, Barrc�w�r sl�ll pay directly, wricn aud whc�rc p�yabta, t�c ��ts
<br />duc for any Escrow ttea�ns for which pay�nt of Funds has bce�n waiv�ed by L�nder and, if Lea�det requirts, sball
<br />N�tA3KA�in e F'ernity -CJFI11�bFtM rFtB'I`f�1M�R � Dod�a�c�Aa� �a�s�e-�3a2
<br />MODIFIED WR��AFCT'ME�1'�' OF V�T'BZANS AFFAIR3 - MB�,S www.drx�k.�nm
<br />{RprF. 1/01 } R�ge 4 af 1 a
<br />
|