|
201401101
<br /> Applicable Law. As used in this Security Instrument, the term "Applicable Law" shall mean all controlling
<br /> applicable federal, state and local statutes, re�ulations, ordinances and administrative rules and orders (that have
<br /> the effect of law)as well as all applicable final,non-appealable judicial opinions.
<br /> Charges; Liens. Borrower shall pay all taxes, assessments, charges, 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 evidencing the paytnents.
<br /> Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
<br /> a�rees in writing to the payment of the obli;ation secured by the lien 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 /> a�reement satisfactory to Lender subordinatin�the lien to this Security Instrument. If Lender determines that any
<br /> part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give
<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 givin�of notice.
<br /> Hazard or Property Insurance. Barrower shall keep the improvements now existing or hereafter erected on the
<br /> Property insured against loss by fire,hazards included within the term "extended covera�e" 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 providin�the insurance shall be chosen by
<br /> Borrower subject to Lender's approval which shall not be unreasonably 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 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 �ive prompt notice
<br /> to the insurance carrier and Lender. Lender may make proof of]oss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in writin�, insurance proceeds 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 securiry would be lessened,the insurance proceeds shall be applied to the sums 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 claim, 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 for Borrower to answer as set forth in the notice will begin
<br /> when the notice is�iven.
<br /> Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend
<br /> or postpone the due date of the payments due under the Contract or chan�e the amount of the payments. If under
<br /> the section titled Acceleration; Remedies, the Property is acquired by Lender, Borrower's ri�ht to any insurance
<br /> policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the
<br /> extent of the sums secured by this Security lnstrument immediately prior to the acquisition.
<br /> Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds.
<br /> Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate, or 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 judgment could result in forfeiture of the Property or otherwise materially impair the
<br /> lien created by this Security Instrument or Lender's security interest. Borrower may cure such a default and
<br /> reinstate, as provided in section titled Borrower's Right to Reinstate, by causin�the action ar proceeding to be
<br /> dismissed with a rulin�that, in Lender's good faith determination,precludes forfeiture of the Borrower's interest in
<br /> the Property ar other material impairment of the lien created by this Security Instrument or Lender's security
<br /> interest. Borrower shall also be in default if Borrower,during the loan application process,gave materially false or
<br /> inaccurate information ar 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 /> tit(e shall not merge unless Lender agrees to the mer�er in writing.
<br /> Protection 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 ri�hts in
<br /> the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or
<br />
|