201103071 - Laserfiche WebLink

Browse

2 0110307� BORROWER COVFNANTS that Borrower is lawfiilly seised of the estate hereby conveyed and has the right togrant and convey the Property and that the Property is unencwmbered, except for ettcumbrances of record. Bprrower warrants and wlil defend generalty the tide to the Property against all claims and demands, subje�i to arry encumbrances of record. THIS SECURITY INSTRUMENT combines w�iforw covenants for national use and non-aniform covenants with limited varlaflons by Jw3sdiction to constitute a uniform security inshvment covering real PmPertY• IJIVIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Priacipal, Interest, Escrow Itema, Prepsyment Chazgea, and Late Charges. Borrower shalI pay when due tlte principal of, az►d interest on, the debt evidenced by the Note and any prepayment char�es and late cl�rges due under We Note. Borrower shall also pay funds for Fscrow Items pursuant to Sect�on 3. Payments due under the Note attd this Se�urity Ir�trument shall be made in U.S. currency. However, if au3+ check or other inshvment received by Lender as payment unQer the Note or thls Securlty Inshvment !s returned to Lender unpaid, Lender may require that any or all subseguentpayments due under the Note and this Securiry Instrument be �de in one or more of the followin� forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer s check or cashier's check, provided aay such check is drawn apon an 1n�titution whose deposits are insw�ed by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the locaflon designated in the Note or at such other location as may be designated Lender in accordance with the noHce provlsions tn Sectioa 15. Lender may return any payment or payment if the payment or partial payments are iasuit?cient to bring the Loan current. Lender may accept any payment or partfal payment insufficient to br3ng the Loan current, without waiver of uty rig6ts hereunder or prejudice to its rIghts to refuse such payment or part4ai gayments in the futare, but Lender is not obligated to apply such payments at the Nme such payments are accepted. If each Perlodic Payment is applied as of its schedicled dne date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds unHl Borrower makes payment to bring the Loan current. If Bonower d�,s not do so within a reasonable p�eriod of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds w1ll be applled to the outstanding priaclpal b�laa�e under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against I,ender shall re�ieve Borrower from making payments due under the Note and this Securlty Instrument or pQrforming the covenants and agreements secured by this SecurYty YnstrumenE. 2. Application of Paymenta or Proceeds. Except as otherwise describ�d ln this Section 2, aII payments accepted and applied b I.ender shall l� applied �n the following order of prlority: (a) interest due under the N�te; (b) �rinci due under the Note; (c) amouuts due under Section 3. Such paymen�s shall be �pplled to each Peri c Paymeat ia t6e order in which it became due. Aity remaining amowtts shall be applied fi�st to late charges, second to any other amounfs due under this Securlty Instrument, aad then to reduce the pr3ncipal balance of We Note. If Lender receives a payment from Borrower for a delin Pedodic Payment which includes a sufl�cient amouttt to �y any late char�e due, the payment may be applfed to the dellnquent payment and the }ate charge. If more than one Ped�Tic Paymem is outstanding; Lender may apply any payment received &om Borrower to the repayment of We Periodic Payments if, and to the extent that, each payment can be paid in fuU. To the extent that any elccess eadsts after the payment is applied to the full payment of one or more Perlodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall l� applied first to any prepayment charges and then as descrIbed iat the Note. Atry a�pplicatlon of payments, insurance proceeds, or Misceilaneovs Proceeds to principal due under the Note shatl not extend or postgorte the �e date, or change the amiosnt, of the Periodic Payments. 3. Funds for F.scrow Itemis. Borrower shall pay to Lender on the day Perl�ic Payments are due under the Note, untll the Note ispaid in fiill, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and ather items which can attain priorIty over this SecarIty Instrument as a lien or encumbrance on the Properly; (b) leasehold payments or ground rents on the Propeny� if any: (c) premiums for arry and all insurance required by Lender under Section 5; and (d) Mortgage Insurance aoilzr��s�s N �KA - Single Family - F�tnie Mee✓Freddto Mac UNIFORAA ' -0A(NF� (�io) page a ot ts Citilldattgage 3.2.45.41 V2 INSTI�JMBdT a�umis: Fotm 3028 1/01