|
20�00930
<br />7'HCS SECURITY INSTRUMENT combines uniform covenants fornationa) usa and non-uniform covenants with
<br />IimiteJ variations by jurisdiction to constitute a uniform security instrument covering real property.
<br />UNIFORM COV'�J'dANT$. Bnrrower and Lendar covenant and agree as follows:
<br />1. Payment uf Prfneipul, Interest, Escrow Items, Prepayment Charges, und Late Chawges. Borrower shall
<br />pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late
<br />charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due
<br />under the Note and this Security Instrument shall be mada in U.S. currency. Mowever, if any check or other
<br />instrument receivad by L,ender as payment under che Note or this Security Instrumant is returned to Lender unpaid,
<br />Lender may raquire that any or all subsequent p�yments due under the Note and this Security Instrument be made in
<br />one or more of the following forms, as selected by Lender: (a) cash; (b) money ordar; (c) certified check, bank check.
<br />treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured
<br />by a federal agency, instrumentality, or entity; or (d) Electronic Hunds Transfer.
<br />1'ayments arc deemed received by Lender when received at the location designated in the Nota or at such other
<br />lucation as may bc designated by Gender in accordance with the notice provisions in Section I5. Lander may return
<br />any payment or partial payment if the payment or partia] paymencs are insu�cient to bring the Loan current. Lender
<br />may accept any paymant or partial payment insufficient to bring the Loan curreny without waiver of any rights
<br />hereunder or prejudice to its rights to refuse such payment ar partial payments in tha future, but Lender is not
<br />obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of
<br />its scheduled due date, then Lender need not pay interest un unapplied funds. Lendcr may hold such unappliad funds
<br />until Borrower makes payment to bring the Loan current. If Borrower doas not do so within a reasonable period of
<br />time, Lender shall either apply such funds or return them to Borrower. If not applied carliar, such funds will be
<br />applied to the outstanding principal balance under the Npte immediately prior to foreclosura. No offset or claim
<br />which Borrowcr might have now or in the future a�ainst Lender shall relieve Borrower from making payments due
<br />under the Note and this Security Instrument or performing the covenants and agreements secured by this Security
<br />Instrument.
<br />2. Application of Payments or Proceed�. Except as utherwise described in this Section 2, all payments
<br />accepted and applied by Lender shall be applied in the follpwing order of prioriry: (a) interest dua under the Note;
<br />(b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic
<br />Payment in the order in which it became due, Any rem�ining amounts shal] be applied first to latc charges, second
<br />to any other amounts due under this Security Instrument, and then to reduce the principal balance oF the Note.
<br />If Lendcr receives a payment from Barrower for a delinquent Periodic Payment which includes a su�cient
<br />amount tp pay any late charge due, tha payment may be applied to tha delinquent payment and the late charge. Tf
<br />more than one Periodic Payment is outstanding, I.ender may apply any payment received from Borrower to the
<br />repayrnent of'thc Pariodic Payments if, and to the extent that, each payment can be paid in full. To the extent that
<br />any excess exists after thc payment is applied to the full payment of one or more Periodic Payments, such excess may
<br />be applied to any late charges due. Voluntary prepayments shall be applied Frst to any prepayment charges and then
<br />as described in the Note.
<br />Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note
<br />shall not extend or postpone the dua date, or change the amount, of the Neriodic Payments.
<br />3. Funds Tor Escrow items. Borrower shall pay to Lender on the day Yeriodic T'ayments are due under the
<br />Note, until the Note is paid in full, a sum (the "Punds") tv provide for payment of amounts due for: (a) taxes and
<br />assessments and other itams which can attain priority over this Security Instrument as A lien or encumbrance on the
<br />Properry; (b) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance
<br />required by Lendcr under Saction 5; and (d) Mortgage Insurance premiums, if any, or any sums payable by 8orrower
<br />to Lender in lieu of the payment of Mortgage lnsurance premiums in accordance with the provisions ot Section l0.
<br />These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require
<br />that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and
<br />assessments shall be an Escrow Itam. Borrowar shall promptly furnish to Lender all notices of amounts to be paid
<br />under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives sorrower's
<br />obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender
<br />H'unds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver,
<br />Borrower shall pay diractly, when and whera payable, the amounts dua tbr any F.scrow Items for which payment of
<br />Hunds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such paymant
<br />within such time period as Lander may requirc. Borrower' s obligation to make such payments and to provide receipts
<br />shall for all purposas ba deamed to ba a covenant and agreement contained in this Security Instrument, as the phrase
<br />"covenant and agreament" is used in Section 9. If 6orrowar is obligated to pay Escrow Items directly, pursuant to
<br />a waiver, and Borrower fails to pay the amount due for an F.scrow Item, Lender may exercise its rights under Section
<br />9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount.
<br />Lender may revoke tha waivar as to any or all Escrow [tcros at any tima by a notice given in accordance with Saction
<br />15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required
<br />under this Section 3.
<br />Lender may, at any time, collact and hold Funds in an amount (a) su�cient to permit Lender to apply thc Funds
<br />at the [ime specified under I2�SPA, and (6) not to exceed the maximum amount a lender can requirC undet RESPA.
<br />Lender shal! estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures
<br />of future Escrow Items or otherwise in accprdance with Applicable Law.
<br />Borrower Initials: � � V� _ _
<br />NESR4SKA--Single Family--Fannie MaelFreddie Mac UNIFORM INST
<br />Fprm 3028 1l01 Pege 3 oi 11
<br />DOCMaglc �fr 6b4�C Boo-619-f 36z
<br />www.docmagic.com
<br />
|