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201108174 BOIZROW�R COV�NANTS that Borrower is lawfully seised of the est�te hereby conveyed aild lias the right to grant and convey the Property 1nd that tlle Property is unencumbered, except for enc�unbrances of record. Borrower warrants and will defenc�generally the title to the Property against all claims ancl demands, subject to any encumbrances of record, THIS S�CLTRITY INSTRUMENT coinUines uniforin covenants for national use and non-uniforin covenants with liinited variations by jui�isdiction to constitute a uiuLor�n secui�ity inst�-usnent covering real property. Uniform Covenants. Borrower and Lender covenant�nd lgree as follows: 1. Payment of Principal, Interest, Escrow Items, Pre�aymen4 Charges, and Late Charges. Borrower s11a11 pay when c�ue t1�e principal of, and interest on, t11e deUt evidencacl by the Note and any prepayment cliar'ges aud late cliarges due und�r�he Note, Borrower shall also pay fitnds for Esorow Items pursuaut to Section 3. Paymeirts dLle under the Note and'this Security Instrunzent sharl be n7ade itl U.S. currency. However, if auy clzecic or other instrurn��t received by Lencler as payinent under the�Note or�his Security Instruinen�is returned to Lencler unpaid, Lendei•may reqtiiire that any or all suUsequent payments due urzder the Note and this Security InstrLUnent Ue inade in one or more of the following forms, as selected by Lender: (a) cash; (b)money order; (c) certilied checic, b�nlc cllecic, treasurer's cllecic or cashier's checic, provided any such checl�is drawn iipon an institutiosz whose deposits �re insured�y a federal agency, instru�nei�talit�!, or entity; ox (tl) Electroizic Ftulds Transfer. P�ymants �re c�eemed receivecl by Lencler when received at 1he location designated in the Note or at such other location as may be designated by Lender in accordance witlz the notice provisians in Section 1S. Lender may rettu�n any payment or partial payment if tlie payment or par�ial payments as•e insu�'fcient to briilg the Loan c�xrrent. Lender m�y�ccept any payment or pasti�l payinent insufCcient to bring the La�n current, without w�iiver of any rights hereunder or prejudice to its rights to reiiise such payn7ent oY•partial payments in the firture, Uttit Lender is not oblig�ted to apply such payinents at the tiine such payments are accepteci. If each Pei•iodic Payment is applied as of its scheduled due cl�te, then Lender neecl not pay interest on unapplieci fiinds. Lender ii�ay hold such unapplied funds until Borrower malces payments to bring the Loan current. If Borrower cloes not do so witlun 1 relsonaUle period of time; Lender sha11 either�p�ly sucli funds or return them tio Borrower. It'not applied e�rlier, such fiiilds will be applied to the outstaiidii�g principal balance under the Note immediately pz•ior to Foreclosure, No ofPset or claiin which Borrower inight h�ve ndw or in the fiiture against Lender sha11 relieve Borrower�i•oin inalcing payments due under the No�e and this Security Instiruinent or performing the covenanCs and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise descrived iii this Section 2, �11 payinents accepted and applied by Lender sha11 be ap�lie� in the following order of priority: (a) i7iterest due under tha Note; (b)principal ciue under tlie Note; {c) ainouuts due under Section 3. Such payments sh�ll Ue applied to each Periodic Payment in the arder iil wliich it Uecame c�ue. Aiiy remaining an7ounts shall l�e applied�"irst to late cllarges, seconcl to aiiy other�illounts due under this Security Insti�uinent, anel then to reduce the �rincipal balaiice of tlie Not�. If Lander receives a payment fi•om Borrower for a deli�lquent Periodic Payment which includes a sufficient a�llount to pay any late charge due, the payment may l�e�pplied to tlle delinqLi�nt payment and the latie cliarge, If moie than one Periodic P�yiilent is outst�nding, Lender may apply aily payinent received from Boi•rower to�he repaysnant of the Periodic Payments if, and to the extent th�t, each payment can be paid in fitll. To the extent that any exaess exists after the�ayn�ent is�pplied to the filll payment of'one or mora Periodic Payments, sueh excess inay Ue applied to any l�te cllarges due. Voluntary prep�yments sh�ll be applied�rst to axiy prepaymeiit charges and than as described in the Note. 231201 NE6f2ASKA-Single Family-Fannie MaelFreddle Mac UNIFORM 1NSTRUM ENT Form 302$ 1/01 VM P OO VM P6(NE)(11051 Wolters Kluwer Financlal Services Page 4 of 1 Y