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�oiio�49� 451020093 Instrument. All nf the foregoing is referred to in this Security Instrument as the "Property." Borrower understands and agrccs that M�RS hold only legal title tn the interests grantai by Borrowcr in this Sccurity Instrumcnt, but, if ncccssary to comply with law or custom, MERS (as nominee for Lender and T.ender's successors and assig�ts) has the righl: to exercise any or all of thpse interests, including, but not limitcd to, the right to foreclose and sell the Property; and to take any action required of Lcndcr including, but not limited to, releasing and canccling this Sccurity Instrumcnt. BQRROWFR COVF,NAN'TS that 13orrower is lawfiilly seised of the estate hereby conveyed and has the right to grant and convey the Property and that the Property is uncncumbcred, cxccpt for cncumbrances of rccord. Borrower warrants and will defend gcncrally thc titic to the Property a�ainst 111 clainas and demands, subject to any encumbr�nces of recard. THIS SECURITY INSTRUMENT co�i�bines uniform covcnants for national usc and non-uniform covenants with limited variation5 by jurisdiction to constittrtc a unif`orm security instrument covering real property. UNIFORM COVL;NANTS. 13orrowcr and Lender covenant and agree as f'ollows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. f3orrower shall pay when due the: principal of, and intcrest on, the debt evidenced by the Note and any prepayment char�es and late charges due under the Note. Borrower shall also pay funds for �scrow Itcros pursuant to Scction 3. Payments due undcr the Notc and this Security Instrument shall bc made in U.S. currcncy. However, if any check or other instrument received by Lender as payment undcr thc Notc or this Security Instrwnent is returned to Lcndcr unpaici, Lcndcr may rcquirc that any or all subscqucnt payments due under the Note and this Sccurity Instrument be made in one or more of the following forms, as selected by Lcnder: (a) cash; (b) money order; (c) certified chcck, bank chcck, treasurer's check or cashier's check, provided any such check is drawn upon an instittrtion whose deposits are insured by a federal agency instr�imentality, or entity; or (d) Electronic Funds Transfer. Paymcnts are deemcd received by Lender when receivcd at the location dcsignated in thc Notc or at such other location as may be designated by I.endcr in accordance with the notice provisions in 5ection I5. Lender may return any paymcnt or partial payment if the payment or partial payments arc insufficicnt to bring thc Loan currcnt. Lcndcr may accept any payment or partial payrnent insufficicnt to bring thc Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or pardal payanents in thc future, but Lcndcr is not obligated to apply such payments at thc time such payments are accepted. Cf each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplicd fimds. Lcndcr may hold such unapplied funds until Borrower makes payment to bring the Loan current. Tf Borrowcr does not do so within a reasonable period of timc, Lcndcr shall cithcr apply such funds or rcturn thcm to Borrowcr. If not applied carlicr, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which $orrowcr might have now pr in the future against Lender shall relieve Borrqwer from making payments due under the Note and this Security lnstrumcnt or performing thc covcnants and agreemcnts securcd by this Security Instrument. 2. Application of Payments or Proceeds. �xccpt as otherwise described in this Section 2, all payments accepted and appliect by Lcnder shall bc appliai in thc following order of prioriry: (a) interest clue unaer the Note; (b) principal due under che Note; (c) amounts due under SecNnn 3. Such payments shall be applied to each Periodic Payment in the order in which it became due. Any remaining amvunts sh all be applied first to late charges, second to any other amounts due un�ier this Security Instrunient, and then to reduce the principal balance of the Note. If Lender rcccivcs a paymcnt from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the pay�r�ent may bc applicd to the delinquent payment and the late charge. if mpre than nne Periodic Paymcnt is outstanding, Lender may apply any payment reccivcd from Borrowcr to thc rcpaymcnt of thc Pcriodic Paymcnts if, and to the extent that, each payment can bc paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such cxccss may be applied to any late charges due. Voluntary prepayments shall bc applicd first to any prcpayment charges and then as described in the Note. Any application of paymcnts, insurance praceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amowit, of thc Pcriodic Paymcnts. 3. Funds for Escrow Items. Borrower shall pay to Lcndcr on thc day Pcriodic Payments are duc under the Note, until the Note is paid in full, a sum (the "Funds") to provide for paymene of amounts due for; (a) taxes and assessments and other NESRASI{A--Single Family--Fannic Mae/Freddie Mac UNIFORM INSTRCIMENT +Ei>� 338.2 Pagc 3 of 13 Form 30281/01 � � � � �