201100102 - Laserfiche WebLink

Browse

20iiQ0�02 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 uniforim covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment af Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrawer shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepaym�ent charges and late charges due under the Note. Borrower shall also pay funds for �scrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrurnent received by Lender as payment under the Note or this Security Tnstrument is returned to Lender unpaid, I,ender may require that any or a11 subsequent payments due under the Note and this Security Instrurnent be made in one or mare af the following forms, as selected by Lender: (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) �lectronic �unds 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 L.ender in accordance with the notice provisions in Section 15. Lender may return any payment or partial payments if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment ar partial payrnent insufficient to bring the Loan current, without 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 tima such payments are accepted. If each Feriodic Payrnent is applied as of its scheduled due date, then I,ender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower rnakes payznent to bring the Loan current. If Borrower does not da so within a reasonable period of tizne, 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 immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against I.ender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application o�' Payments or Proceeds. Except as otherwise described in this Section 2, all paymencs 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 undex Sectian 3. Such payments shall be applied to each Periodic Fayment in the order in which it became due. Any remaining amounts shall be applied �rst to late charges, second to any other �BR.eIS� — Single Family -- Fannie Mae/Preddie Mac UN�F'ORM INSTRUMENT Form 3028 • 1 v GCC - G3028-04 (09/Ol) (Page 4 of 19) Initia •