|
. y m
<br />^ ` . i i J ^ �
<br />2oi�o��5�
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
<br />Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to
<br />Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice
<br />to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Bonower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Properiy damaged, if the restoration or repair is economically feasible and Lender's security is not
<br />lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the
<br />insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with
<br />any excess paid to Bonower. If Bonower abandons th� Property, or does not answer within the number of days
<br />prescribed by Applicable Law as set forth in a notice from Lender to Borrower that the insurance carrier has
<br />offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or
<br />restore the Properiy or to pay sums secured by this Security Instrument, whether or not then due. The period of
<br />time for Borrower to answer as set forth in the notice will begin when the notice is given.
<br />Unless Lender and Bonower otherwise agree in writing, any application of proceeds to principal shall not extend
<br />or postpone the due date of the payments referred to in the sections titled Payment of Principal and Interest;
<br />Late Charges and Funds for Taxes and Insurance or change the amount of the payments. �f under the section
<br />titled Acceleration; Remedies, the Property is acquired by Lender, Borrower's right to any insurance policies and
<br />proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the
<br />sums secured by this Security Instrument immediately prior to the acquisition.
<br />Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds.
<br />Borrower sha11 not destroy, damage or impair the Property, allow the Property to deteriorate, or commit waste on
<br />the Property. Bonower shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun
<br />that in Lender's good faith judginent could result in forfeiture of the Property or otherwise m.aterially impair the
<br />lien created by this Security Instrument or Lender's security interest. Bonower may cure such a default and
<br />reinstate, as provided in section titled Borrower's Right to Reinstate, by causing the action or proceeding to be
<br />dismissed with a ruling that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest in
<br />the Property or other material impairment of the lien created by this Security Instrument or Lender's security
<br />interest. Borrower shall also be in default if Bonower, during the loan application process, gave materially false or
<br />inaccurate information or statements to Lender (or failed to provide Lender with any material information) in
<br />connection with the loan ev�denced by the Note. If this Security Instrument is on a leasehold, Borrower shall
<br />comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee
<br />title shall not merge unless Lender agrees to the merger in writing.
<br />ProtecHon of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements
<br />contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in
<br />the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or
<br />regulations), then Lender may do and pay for whatever is necessary to protect the value of the Properry and
<br />Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority
<br />over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to
<br />make repairs. Although Lender may take action under this section, Lender does not have to do so.
<br />Any amounts disbursed by Lender under this section shall become additional debt of Borrower secured by this
<br />5ecurity Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear
<br />interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender
<br />to Bonower requesting payment.
<br />Mortgage Insuranee. If Lender required mortgage insurance as a condition of making the loan secured by tlus
<br />Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect If, for
<br />any reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall
<br />pay the premiums required to obtain coverage substantially equivalent to the mortgage insurance previously in
<br />effect, at a cost substantially equivalent to the cost to Borrower of the mortgage insurance previously in effect,
<br />from an alternate mortgage insurer approved by Lender. If substantially equivalent mortgage insurance coverage is
<br />not available, Bonower shall pay to Lender each month a sum equal to one-twelfth of the yearly mortgage
<br />insurance premium being paid by Bonower when the insurance coverage lapsed or deased to be in effect. Lender
<br />will accept; use and reta.in these payments as a loss reserve in lieu of mortgage insurance. Loss reserve payments
<br />may no longer be required, at the option of Lender, if mortgage insurance coverage (in the amount and for the
<br />period that Lender requires) provided by an insuier approved by Lender again becomes available and is obtained.
<br />Bonower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a loss reserve,
<br />until the requirement for mortgage insurance ends in accordance with any written agreement between Bonower
<br />and Lender or Applicable Law.
<br />InspecHon. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br />give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection.
<br />Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby
<br />assigned and sha11 be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security
<br />Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the
<br />Property in which the fair market value of the Property immediately before the taking is equal to oi greater than
<br />� 2004-2011 Complience Systems, Inc. 9BAD-61 EO - 2011 L2.0.485
<br />Consumer Real Fstafe - Security Ins4vment DL2036 Page 3 af 6 www.compliancesyatems.com
<br />
|