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�oioosos� 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 and 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 instrurnent 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. Borrower shall pay when due the principal af, and interest on, the debt evidenced by the Note and any prepayment charges and late chaxges due under the Note. Borrower shall also pay funds for Escrow Ttems pursuant to Section 3. Payments due under the Note and this Security Instrument shall be rnade in U.S. currency. However, if any check or other instrurnent received by Lender as payment under the Note or this Security Instrument is returned to I,ender unpa3d, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one ar more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certi�ed check, bank check, 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. Payrnents are dcemed received 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 pravisions in Section l5. L.ender may return any payment or partial payments if the payment or partial payments are insuf�cient to bring the Loan current. Lender may accept any payment or partial payment insuf�cient tn bring the Loan current, withaut waiver 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 apply such payments at the time such payments are accepted. If each Periodic Payrnent is applied as of its scheduled due date, then I.ender need not pay interest on unapplied funds. L.ender may hold such unapplied funds until Borrower makes payrnent to bring the I.oan current. If Borrower does not do so within a reasonable period af tirne, Lender shall either apply such funds or return them ta Borrower. Tf not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediaiely prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall xelieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Secuxity Instrument. 2. Application of Payments or Proceecls. �xcept as otherwise described in this Section 2, all payments accepted and applied by I.ender 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 ��►$�(�► — Single Family — Fannle Mwe/FYeddie Mac UNIFORM INSTRIJMENT Porm 30Z8 GCC - G3028-04 (09/01) (Page 4 of l9) Initia�s: