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201401100
<br /> Applicable Law. As used in this Security Instrument, the term "Applicable Law" shall mean all controllin�
<br /> applicable federal, state and local statutes, regulations, ordinances and administrative rules and orders (that have '
<br /> the effect of law)as well as all applicable final,non-appeala�ble judicial opinions. �
<br /> Charges; Liens. Borrower shall pay all taxes, assessments; char�es, fines and impositions attributable to the
<br /> Property which may attain priority over this Security Instrument, and Leasehold payments or ground rents, if any. ��
<br /> At the request of Lender, Borrower shall promptly furnish to Lender receipts evidencin�the payments.
<br /> Borrower shali promptly discharge any lien which has priority over this Security Instrument unless Borrowet: (a)
<br /> agrees in writin� to the payment of the obligation secured by the lieri in a manner acceptable to Lender; (b)
<br /> contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the
<br /> Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an
<br /> agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any
<br /> part of the Property is subject to a lien which may attain priarity over tllis Security Instrument, Lender may �ive
<br /> Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth
<br /> above within 10 days of the giving of notice. '
<br /> Hazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
<br /> Property insured a�ainst loss by fire,hazards included within the term "extended coverage" and any other hazards,
<br /> including floods or flooding, for which Lender requires insurance. This insurance shall be maintained in the
<br /> amounts and for the periods that Lender requires.The insurance carrier providing the insurance shall be chosen by
<br /> Borrower subject to Lender's approval which shall not be'unreasonabl}� withheld. If Borrower fails to maintain
<br /> coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the
<br /> Property in accordance with section titled Protection of Lender's Rights in the Property.
<br /> All insurance policies and renewals shall be acceptable to Lender and shall include a standard mort;a�e 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 �ive prompt notice
<br /> to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise a�ree in writing, insurance prc�ceeds shall be applied to restoration or
<br /> repair of the Property damaged, if, in Lender's sole discretion, the restoration or repair is economically feasible
<br /> and Lender's security is not lessened. If, in Lender's sole discretion, the restoration or repair is not economically
<br /> feasible or Lender's security would be lessened,the insurance proceeds shall be applied to the swns secured by this
<br /> Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the
<br /> Property, or does not answer within the number of days prescribed by Applicable Law as set forth in a notice from
<br /> Lender to Borrower that the insurance carrier has offered to settle a clairn, then Lender may collect the insurance
<br /> proceeds. Lender may use the proceeds to repair or restore'the Property or to pay sums secured by this Security
<br /> Instrument,whether or not then due.The period of time far Borrower to answer as set forth in the notice will be�in
<br /> when the notice is given. '
<br /> Unless Lender and Borrower otherwise agree in writin�, any application of proceeds to principal shall not extend
<br /> or postpone the due date of the payments due under the Contract or change the amount of the payments. If under
<br /> the section titled Acceleration; Remedies, the Property is acquired by Lender, Borrower's right to any insurance
<br /> policies and proceeds resulting from damage to the Property prior to th�e acquisition shall pass to Lender to the
<br /> extent of the sums secured by this Security Instrument immediately priar t�o the acquisition.
<br /> Preservation, Maintenance and Protection of the Property; �orro�wer's Loan Application; Leasehoids.
<br /> Borrower shall not destroy, damage ar impair the Property, allow the Properiy to deteriorate, ar commit waste on
<br /> the Property. Borrower shall be in default if any forfeiture action or proceeding,whether civil or criminal, is begun
<br /> that in Lender's good faith jud�ment could result in forfeiture of the Property or otherwise materially impair the
<br /> lien created by this Security Instrument or Lender's security interest. l3orrower 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 Barrower's interest in
<br /> the Property or other material impairment of the lien created by this Security Instrument ar Lender's security
<br /> interest. Borrower shall also be in default if Borrower,during the loan ap�lication 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 evidenced by the Contract. 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 a�-ees to the merger in writing.
<br /> Protection of Lender's Rights in the Property. If Borrower faifs to perform the covenants and aQreements
<br /> contained in this Security Instrument, or there is a lega] proceeding that may si�nificantly affect Lender's rights in
<br /> the Properiy (such as a proceeding in bankruptcy, probate, for condemnation or farfeiture or to enforce laws or
<br /> regulations), then Lender may do and pay for whatever is''necessary tc� protect the value of the Property and
<br /> Lender's ri;hts in the Property. Lender's actions may include'paying any sums secured by a lien which has priority
<br /> over this Security Instrument, appearin�in court, payin�reasonable attorneys'fees and entering on the Property to
<br /> make repairs.Althou�h 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 /> Securiry Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear
<br /> interest from the date of disbursement at the same rate assessed on advances under the Contract and shall be
<br /> payable,with interest, upon notice from Lender to Barrower requesting payment.
<br /> OO 2004-20I3 Compliance Systems,Inc.8EB3-DA8F-2013t,2.0.E1.712 '�.
<br /> Consumer Real Estate-Security Instrument DL2036 Pa�e 2 of 5 '�. www.compliancesystems.com
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