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201204753 the lien or forfeiture of any part of the Property; or {c) secures from the holder of the lien an agreement satisfactory to Lenders subordinating the lien to this Security Instrument. If Lenders determine that any part ofthe Property is subject to a lien which ma.y attain priority over this Security Instrument, Lenders ma.y give Borrower a notice identifying the lien. Bonower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 4. Hazard Insurance. Borrower shall keep the improvements now earisting or hereafter erected on the Property insured against loss by fire, hazards included within the term "eartended 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 Bonower subject to Lenders' approval which shall not be unreasona,bly withheld. All insurance policies and renewals shall 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 all receipts of paid premiums and renewal notices. In the event of loss, Bonower shall give prompt notice to the insurance carrier and Lenders. Lenders may make proof of loss if not ma.de promptly by Borrower. Unless Lenders and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repa.0 is economically fea.sible 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, with any excess paxd to Borrower. If Bonower abandons the Property, or does not answer within 30 da.ys a notice from Lenders that the insurance carrier has offered to settle a claim, then Lenders ma.y 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 Bonower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the yearly payments referred to in paragraphs 1 and 2 or change the amount of the payments. If under paragraph 19 the Property is acquued by Lenders, Bonower's right to any insurance policies a.nd proceeds resulting from damage to the Property prior to the acquisition shall pass to Lenders to the e�ent of the sums secured by tlus Security Instrument immediately prior to the acquisition. 5. Preservation and Maintenance of Property; Leaseholds. Bonower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a lea.sehold, Bonower shall comply with the provisions of the lea.se, 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 Property; Mortgage Insurance. If Bonower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding thax ma.y significantly affect Lenders' rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lenders ma.y do and pay for whatever is necessary to protect the value of the Properiy and Lenders' rights in the Property. Lenders' actions ma.y mclude paying any sums secured by a lien which ha,s prionty over this Secunty Instrument, appearing in court, paying attorneys' 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 Bonower and Lenders agree to other terms of payrnent, these amounts shall bear interest from the da.te of disbursement at the Note rate and shall be payable, with interest, upon notice from Lenders to Bonower requesting payrnent. If Lenders required mortgage insurance as a condition of making the loan secured by this Security Instrument, Bonower shall pay the premiums required to maintain the insurance in effect until such times as the requirement for the insurance terminates in accordance with Bonower's and Lenders' written agreement or applicable law. 7. Inspection. Lenders or their agents ma.y make reasonable entries upon and inspections of the Property. Lenders shall give Bonower aotice at the time of or prior to an inspection specifying reasonable cause for the inspection. 8. Condemnation. The proceeds ofany 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 paid to Lenders. In the event of a total taking of the Property, the proceeds sha11 be applied to the sums secured by this Security 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 othervvise 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, divided by (b) the fair market 2