|
��14���93
<br /> �
<br /> A l�cable La�v�v. As used in �his Security �nstru�nent, the term "Applicable Law" shali mean all contr�lling
<br /> �P
<br /> appl�cable federal, state and loca� s�atu�es, regu�at�ons, �rdinances and admin�s�ra�ive ru�es and�rders ��ha� ha�e
<br /> �he effec�of law}as well as a�l appli�able fina�,nan-ap��alable�udic�aX opinxons.
<br /> �harges; Liens. BorrQv�er shail pay a�l ta�es, assessments, charges,� fines and impasiti�ns a��ribu�able to the
<br /> Froper�y whi�h may at�ain priority o�er ih�s Secur��y �nstrumen�, and �easehold paymen�s or ground rents, if any.
<br /> A����e request�f Lender,B�rrovver shall promptly fi�rnis���Lender�receipts evidencing the pa�men�s.
<br /> Borr�v�rer shaii pr�mp�ly d�sc�harge any Iien �vhich has pri�rity o�er this Secur�ty Instrument unless B�rr�vver: �a�
<br /> agrees �n wri�ing to the paymen� of the abi�ga�ion sec�ured hy the I�en �n a manner acceptable to Lender; ���
<br /> con�es�s xn g�od fai�h �he lien by, or defends against enfarcemen� of the Iien in, lega� proceedings �hich in the
<br /> Lender's opini�n �perate �o prevent �he enforcement of�he �ien; ar (c� secures from the h�lder of the lien an
<br /> agreemen�satisfact�r��o L�nder subordinat�ng��he l�en �o�his Security �ns�rumen�. If Lender determines tha�any
<br /> part of�he Proper� is sub�ect�o a 1�en v�hich may at�ain priorit� over�h�s Security Instrument, Lender may gxve
<br /> Borro�nrer a r�otice identifying�he Iien. Borr�v�e� sha�l sat�sfy the lien or�ake one or more of the ac�ions se� for�h
<br /> abo�e with�n �0 days�f the g���ng of n��ice. . �
<br /> Hazard ❑r Property Insur�nce: Barr�v�rer�hall l�eep the improvern�ents now exis�ing or hereafter erected�n�h�
<br /> Pr�perty insured against l�ss by fire,hazards iric�ud�d vvithin�he�erm "e�tended��verage" and any other hazards,
<br /> �ncluding floods �r f�ooding, for wh��h Lender requires �nsurance. This �nsuran�e shal� be malnta�ned �n �he
<br /> amounts and for�he per�ads that Lender requ�res. Th� ins�rance carr�er pra�iding�he�nsuran�e sha�i be chasen by
<br /> Borrower subject to Lender's a�proval v�hich shall n�t be unreasonably v�i�hheld. �f Borrawer fails �� maintain
<br /> �o�erage descr�he� above, Lender may, a� Lender's op�i�i1, obta�n co�rerage to pr��ec� Lender's rights �n the
<br /> Pr�per�y in a�cordan�e with sec�i�n�itled Protection of L�r�der's l�.ights in the Prope�-�y.
<br /> All insurance pa��c�es and r�newa�s shal� be accepta��e �� Lender and�sha�l include a standard mortgage clause.
<br /> Le�.der shal�have the right t�hold the poli�ies and renewals. �f Lender requires, Borr�vver shall pr�mptly give to
<br /> Lender al�r�ce�p�s �f paid premiums and renewal not�ces. In�he e�rent of�oss, Borrower sha�1 gi�re promp�no�ice
<br /> t��he insurance carrier and Lender. Lender may make proo�f of l�ss if not made promp�ly by B�rrower.
<br /> Unless Lender and I�orravver otherwise agree in writing, insu�ance proceeds sha1� be appXied �o res�oration �r
<br /> repair af�he Proper�y damaged,�if, �n Lender's s�le d�scre�ivn, �:he restora�ion ar repa�r is ecanomically feas�bl�
<br /> and Lender's secu�-i�y �s no� Iess��ed. �f; in Lender's sole d�scre��on, �he res�ora�ion �r repair �s not eco�omica�ly
<br /> feas�ble or Lender's security would�e lessened,th��nsuran�e pr��eeds shal�be appl�ed to the sums se�ured by th�s
<br /> Se�uri�ty �nstrurne���, wh��her or n�� �hen due, with any� e�cess paid �o Bax-r�wer. If Borrower abandans �he
<br /> Proper�, or daes no�ansvver v�iti�in�he num�er of days prescrlbed by Appli�ab�e Law as s�t for�h in a n�tice fram
<br /> Lender�o Barrower�ha��he insurance carrier has offerec�t� sett�e a clairn, �hen Lender may co�lec��he insurance
<br /> pr�ceeds. Lender may use �he proceeds to repair or res��re �he Property ar ta pay sums secured hy this Security
<br /> �nstrumen�,�vhe�her or not then due. The per�od o��i���e fa��orrav�er ta�ans�er as set f�r�h�n the notice w��I begin
<br /> �nrhen�he notice�s gi�en. . .
<br /> Unless Lender and B�r�o�er o�herv�ise agr�e in rnrrit�ng, any appl�ca��on of proceeds��principa� shall not extend
<br /> or pastp�ne�he due date �f�he payrnents due under the �ontra��ar change t17e amount�f�he payments. �f under
<br /> �h� sec�ian ti�led Accelerat�nn; Remedies, the Prapel�ty is ac�u�red by Lender, Borrov�er's r�gh�ta any insurance
<br /> po�icies and pr�ceeds resul��ng fr�m damage �o �he Pro�erty pr�or to the acqu�si��on sha�l pas� �o Lender tfl the
<br /> ex��n�of the sums secured by this Security�nstru��ent i��med�a�ely pri�r to the acquisi�ion.
<br /> Preser�a��on, l�aintenance and Pr��ec�ion of �he ]P�op�r�y; B�rrower's Luan Ap��ication; L►easeho�ds.
<br /> B�rrawer sha�l not des�roy, damage or impai�-the Property, allo�nr�he Proper�y ta de�eriorate, or cammit was�e �n
<br /> the Pr�perty. Barr�wer s1�a1� be in default�f any forf�i�u�-e ac�ion or praceeding,v�he�her ci�i��r criminal, is begun
<br /> tha� �n Lender's g�od fa�th judgmen� cou�d result in f��-fei�ure of t�e Proper�y ar o�herw�se ma�erial�y impair the
<br /> li�n �reated by �his Security Instrument or Lender's se�urity in�erest. B�rrower may cure su�h a defau�� and
<br /> reins�a�e, as provid�d in sectia��ti�led ]�orrow�r'S �ight tfl �einstate, by �ausing the ac�ion or prflceeding t� be
<br /> dismissed�ith a rulir��tha�, in Lender's gaod fa��h determination,precludes forfeiture of�he Borrov�er's in�e�est�n
<br /> �he Property or o�her ma�erial impairmen� of�he Iien crea��d by �h�s Security Instrumen� or Le�der's se�ur��y
<br /> interes�. Borrower shall also be in default if Borrower,during the�aan app�ication pr�cess,gave ma��rial�}�false�r
<br /> inaccura�e �nfor�riati�n or s��terx�ents �o Lender �ar failed to provide Lender vvith any materia� informa�ian} in
<br /> connection v���h the ��an e�idenced by the �ontrac�. If�h.�s Secu�-xty �nstrumen� is on�a leasehold, B�rrower shal�
<br /> comply with a�I�he pro�isions of�he �ease. �f B�rrov�er ac�uires fee�it1e to tl�e Prope�ty,fihe �easehold and�he fee
<br /> �itle sha�l not m�rge unless Lender agrees ta�he merger�n�vr�ting.
<br /> Protectio�n of Lender's Rights in the Prapert�. If B�rrower fails �a perf�rm the c�venants and agre�m�nts
<br /> c�nta�ned in this Securi�y Instrument, ar�he�re is a l�gai p�oce�dirig that xnay significantly affeCt Lender's r�ghts �n
<br /> the Proper�y �such as a pr�ceed�ng in bankruptc}�, pr�ba�e, f�r condemnati�n or forf�i�ure or�o enforce lav�s or
<br /> regulat�ons�, then Lender may do and pay far �ha�ewer �s necessary ta pra�ect the value of�he Prapert� and.
<br /> Lender's righ�s in�he Property. Lender's ac�ions may inc�ude paying any sums secured by a Ii�n which has prior�ty
<br /> ❑rrer�his Securi�.y�nstrumen�, appearing in c�ur�,payi��g reas�nable a��orneys'fees and enter�ng on�he PrQperCy�a
<br /> make repairs.Al�hough Lender ma�take ac�i�n under��is sec��on,L,ender doe�n�t ha�re to do sv.
<br /> Ariy amoun�s disburs�d by Lender under �:his sec�ion shal� became addit�ona� debt �f Borrov�er secured by this
<br /> Security Ins�rumen�. tln�ess Borrower and Lenc�er agree t� o�her �erms �f payment, �hese amoun�s sha�l bear
<br /> interes� from �he dat� of disbursemen� at the same ra�e assessed an ad�ances under the ��ntract and shal� be
<br /> payable,with�n�erest,upan no�ice fram Le�der t�Bor�-ower requ�s�ing paymen�.
<br /> C�2�[]4-2Q l 3�nmpliance S��ste3ns,Inc.8EB3-2Q74-�4 t 3 L2.Q.E 1.712
<br /> Coz�sur,ner Rea�Estate-Sec�rity Instn��nent DL2�3b i�agc;2 oF 5 www.carr�pIiancesysteans.�om
<br />
|