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201401140
<br /> Borrower a notice identifying the lien. Borrower shall satisfy the lien or talce 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 against loss by fire,hazards included within the term "extended coverage" and any other hazards,
<br /> includin� floods or flooding, far 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 unreasonably withheld. If Borrower fails to maintain
<br /> coverage described above, Lender rnay, at Lender's option, obtain covera�e 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 give 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 agree in writing, insurance proceeds shall be applied to restoration or
<br /> repair of the Property 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 Instruinent,whether or not then due, with
<br /> any excess paid to Borrower. If Borrower abandons the 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 ar
<br /> restare the Property 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 Borrower otherwise agree in writing, any application of proceeds to principai 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 resultin� from damage to the Property priar to the acquisition shall pass to Lender to the
<br /> extent of the 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 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,whather 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 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 Borrower,during the loan application p�-ocess,gave materially false ar
<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 shal]
<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 ab ees to the merger 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 1ega1 proceeding that�r�ay signif cantly 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 /> re�ulations), then Lender may do and pay for whatever is necessary to protect �he value of the Property 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 Properiy 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 /> Security 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 Borrower requestin�payment.
<br /> Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall
<br /> �ive 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 far conveyance in lieu of condemnation, are hereby
<br /> assigned and shall 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 or greater than
<br /> the amount of the sums secured by this Security Instrument immediately before the taking, unless Borrower and
<br /> Lender otherwise agree in writing,the sums secured by this Security Instrument shall be reduced by the amount of
<br /> the proceeds multiplied by the following fraction: (a)the total amount of the sums secured immediately before the
<br /> taking, divided by (b) the fair market'value of the Property immediately before the taking. Any balance shall be
<br /> paid to Borrower. In the event of a partial taking of the Property in which the fair market value of the Property
<br /> immediately before the taking is less than the amount of the sums secured immediately before the taking, unless
<br /> �2004-2005 Copyright Compliance Systems,Inc.74ED-4AOF�,-2008.t0289 www.compliancesystems.com
<br /> Consumer Real Estate-Securiry Instrument DL2036 �. Page 2 of 5 800-968-3522-Fax 616-956-1868
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