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2oioo9490 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 clairns and demands, subject to any encurnbrances of record. THIS SECURITY INSTRUM�NT combines uniform covenants far national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Barrower and L.ender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late chazges due under the Note. Borrower shall also pay funds for Escraw Tterns pursuant to Section 3. Fayments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or nther instrurnent received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, I.ender may require that any or all subsequent payments due under the Note and this Security Instrurnent be made in one or more of the following forms, as selected by L.ender: (a) cash; (b) money order; (c) certified 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. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by I.ender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payments if the payment or partial payrnents are insuf�cient to bring the Loan current. Lender may accept any payrnent or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice ta 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 L.ender need not pay interest on unapplied funds. I..ender rnay 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 sha11 either apply such funds or return them to Borrower. If not applied eazlier, such funds will be applied ta the outstanding principal balance under the Note immediately 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 agreernents 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 fallowing order of priority: (a) interest due under th� Nate; (b) principal due under the Note; (c) amounts due under Section 3. Such paytnents shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied �rst to late charges, secand to any other �B�.SK.dI -- Single Family -- Ihnnie Mae/Freddie Mac UNIFORM IN3TRUM�NT Form 3Q28 1/9� _�, �` l\ GCC - G3028-04 (09/Ol) (Page 4 of 19) Initials: ��,,.{�, +��'�� ''"�� v T