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201100284 BORROWER COVENANT5 that Borrower is lawfully seised of the estate hereby canveyed 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 jurisdictioa to constitute a uniform security instrument 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 of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to 5ection 3. Payments due under the Note and this Security Instrurnent shall be made in U.S. currency. However, if any check or other instrument received by Lender as payrnent under the Note or this Security Instrurnent is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and Chis Security Instrument be made in one or more of the following forms, as selected by L.Qnder: (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 depasits 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 Lender in accordance with the notice provisions in Section 1S. 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 or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights ta refuse such payrnent or partial payments in the fitture, but L,Qnder is not obligated to apply such payments at the tirne such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hald such unapplied funds until Borrower makes payment to bring the Loan current. If Borcower docs nat do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note irnmediately prior to foreclosure. No nffset ar claim which Borrower might have now ar in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by Chis Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments accepted and applied by l.ender shall be applied in the follawing order of priority: (a) interest due under the Note; (b) principal due under the Nate; (c) amounts due under Sectian 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 �B�S� -- Single Pamily — Fannie Mae/Ihcddie Mac l7NIFORM IN5TRUMENT Form 3028 1101 GCC - G3028-04 (09/01) (Page 4 of 19) Initials: �� r