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�01109560 3etermine that any part ofthe Property is subject to a lien which may attain priority over this Security [nstrument, Lenders may give Borrower a notice identifying the lien. Borrower sha11 satisfy the lien �r take one or more of the actions set forth above within 10 days of the giving of notice. 4. Hazard Insurance. Bonower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lenders require insurance. This insurance sha11 be maintained in the amounts and for the periods that Lenders require. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lenders' approval which shall not be unreasonably withheld. All insurance policies and renewals sha.11 be acceptable to Lenders and shall include a standard mortgage clause. Lenders shall have the right to hold the policies and renewals. If Lenders require, Borrower shall promptly give to Lenders a11 receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lenders. Lenders may make proof of loss if not made promptly by Bonower. Unless Lenders and Borrower otherwise agee in writing, insurance proceeds sha11 be applied to restoration or repair ofthe Property damaged, if the restoration or repair is economically feasible and Lenders' security is not lessened. If the restoration or repair is not economically feasible or Lenders' security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, wrth any excess paad to Borrower. If Bonower abandons the Property, or does not answer within 30 days a notice from Lenders that the insurance carrier ha.s offered to settle a cla.im, then Lenders may collect the insurance proceeds. Lenders may use the proceeds to repair or restore the Property or to pay sums secured by tlus Security Instrument, whether or not then due. The 30 day period will begin when the notice is given. Unless Lenders and Borrower othervvise agree in writing, any applica.tion of proceeds to principal shall not extend or postpone the due date of the yearly payments refened to in pa.ragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acqi.wed by Lenders, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lenders to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 5. Preservation and Maintenance of Property; Lea.seholds. Borrower shall not destroy, damage or substantially change the Properiy, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Bonower shall comply with the provisions of the lease, and if Bonower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lenders agree to the merger in writing. 6. Protection of Lenders' Rights in the Properiy; Mortgage Insurance. If Borrower fails to perform the covenants and agreements contained in this Secunty Instrument, or there is a legal proceeding that may significantly affect Lenders' rights in the Property (such as a proceeding m batikruptcy, for condemnation or to enforce laws or regulations), then Lenders may do and pay for whatever is necessary to protect the value of the Property and Lenders' rights in the Property. Lenders' actions may mclude paying any sums secured by a lien which has prionty over this SecuxYty Instrument, appearing in court, paying attomeys' fees and entering on the Property to make repairs. Any amounts disbursed by Lenders under this paragraph 6 shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lenders agree to other terms , of payment, these amounts shall bear interest from the date of disbursement at the Note rate and sha.11 be payable, with interest, upon notice from Lenders to Borrower requesting payment. If Lenders required mortgage insurance as a condition of making the loan secured by tlus Security Instrument, Borrower shall pay the premiums required to maintasn the insurance in effect ;umil such times as the requirement for the insurance terminates in accordance with Borrower's and ',Lenders' written ageement or applicable law. 7. Inspection. Lenders or their agents ma.y make reasonable entries upon and inspections of the Property. Lenders shall give Bonower notice at the time of or prior to an uispection specifying reasonable cause for the inspection. 8. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be pasd to Lenders. In the event of a total taking of the Properry, the proceeds sha.11 be applied to the sums secured by this Secwity Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lenders otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) ', the total amount of the sums secured immediately before the taking, divlded by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. 2