|
��14�5797
<br /> Ap�licab�e Law. As used i�n �his Security :[ns�rument, �he term "Applicable Law'' sha1� mean a�l c�ntrol�ing
<br /> app�icable federal, s�a�e and Iocal s�a�utes, re�ula�iflns, ardinances and adrn��istra��ve ru�es and orders �tha�ha�e
<br /> the effect of Iaw�as well as all a�pl�cable fina�,non-appealable�ud�c�a�ap�nions.
<br /> Charges; Liens. B�rrov�er shal� pay a�1 �axes, assessments, charges, f�nes and xmpQsi��ons a�ribu�able �o �he
<br /> Pro��rfiy which ma�at�a�n priority over�his S�curity �nstrumen�, anti �easehold payments or ground rents, if any.
<br /> At�he request af Lender,Borrowver sha�l prarrnptly furni�h to Lender reCeip�s�viden�ing the paymen�s,
<br /> B�rrower shal�prompt�y dis�harge any �ien v�hich has priori�over�his Securi�y�nstru�nen�un�ess Borrower: �a�
<br /> agrees in v�r�ting �o the paymen� �f�he obl�gation secured by �he �ien �n a manner acceptable �ti Lender; �b}
<br /> cantes�s in good faith the l�en by, or defend� against enfor�em�nt �f the l�en in, �egal proceed��.gs wh�ch �n �he
<br /> LPnder's op�n�an operate �� pre�ent the enforcement of�he l�en; or �c� secures fram. �he h�lder �f�he �ien an
<br /> a�reemen�sa�isfactary�o Le�.der subardina��rng th� 1�en�a th�s Secur�ty Instrument. �f Lend�r determin�s that any
<br /> part�f the Pr�pert� is subject�o a �ien wh�ch may attain priority aver this Security �nstrument, Lende�may gi�e
<br /> Borr�vver a no�ice identifying�he l�en. Barro�ver shal� sa�isfy�he �ien or take one or m�re of�he actians se�for�h
<br /> aba�e wi�hin 1�days of�he g��ing�f notice.
<br /> �azard ❑r Pr�p�rty Insurance. Borrower s�all�eep�he impr��ements no�v e�istin�or hereafter erec�ed�n the
<br /> P��operty�nsure�against�oss by f�re,hazards inc�uded vrri�hin the term"e�tended c��erag;e" and any oth�r hazards,
<br /> in.�lud�g floods ar fl�ading, far which Ler�der requires insurance. Th�s insurance sha�l be mainta�ned �n the
<br /> amounts and f�r the periods�ha�Lender requires.The irisurance carrier provid�ng the�nsurance sha�l be chosen by
<br /> Borr�wer subject t� Lender`s appraval which sha1� not be un�-�asanal��y withheld. �f Borrov�er fa�ls �� main�ain
<br /> cc�verage described abo�r�, Lender may, a� Lender's opti�n, obtain coverage t� protect Lender`s righ�s in �he
<br /> P�-op�r�y in accordance w�th section�itlecl Protect�nn of L�nder's Rights�n�he Prop�rty.
<br /> AlI insurance po�i�ies and renevvals sha�l be a�ce��able �a Lender and sha�1 include a s�andard mortgage clause.
<br /> L�nder sha11 ha�e the r�gh�to hold the po��cies and ren�wa�s. �f Lender requires, Borr�v�er shal�pr�n�.ptly gi�e�o
<br /> L�nder all rec��pts of paid premium.s and ren�wa�no��c�s. In�he event af�oss, Borr�.vver shall gi��pr�mpt n�tice
<br /> ��the insurance carr�er and Lender.Lender may m.ake proof of�oss if not made pr�mp�ly by Borrov�er.
<br /> Unless Lender and B�rrower othervvise agr�e in v�ri�ing, insuran�e proceeds shall be applied �� restora�ion �r
<br /> rEpa�r of the Proper�y damaged, if, in Lender's sole d�scretion, the res�orat�an ar repa�r is ec�nornically feas�ble
<br /> a��d Lender's security �s not �essened. �f, in Lender's so�e discretion, �he res�ora��an or repair is n�� ec�n�m�cal�y
<br /> feasible or Lender's security would be lessened,the insurance pr�ceeds sha�1 be appX�ed to�h�sun,s secured by th�s
<br /> S�ecurity rns�rument, whethe� ar not then d�ae, vv��h any excess pa�d to Borr�v�er. �f Borrovver abandons the
<br /> Pr�perty,ar does n�t ans�er wi�hin�he number of days prescri�ed by Ap�l�cable La�nr as set far�h in a notice from
<br /> Lender to Borrower�hat the insuran�e carr�er has offered�o se�tle a�laim,then Lender may co11e���he insuran�e
<br /> p�oceeds. Lender may use �he pr�ceeds to repa�r �r restore �he Pr�per�y or�o pay sums se�ured by�his Securi�y
<br /> �nstrumen�,v�rhether flr nflt�hen due.The period af�im�f�r Borrower�o ansvver as set�farth in the no�i�e vvi11 begin
<br /> when�he notice is gz�en. �
<br /> Unless Lender and Borr�wer o�herv�rise agree �n wr�ting, any applica�ion�f pr�ceeds�a pr�ncipa� shall not ex�end
<br /> or p�stpane�he due date of the paymen�s du�under�he Contra�t or change�he amaunt Qf the p�.yments. If under
<br /> the section���led Ac�elerati�n; R�medies, the Pr�perty �s acqu�red by Lender, B�rrov�er's r�ght t� an�insurance
<br /> p�licies arid pra�eeds resu��irig from daxnag� t� the Pr�perty prior �o �he acqu�sition sha1� pass to Lender to �he
<br /> e�ten�of the sums secured by,this Security�ns�rumen�immediate�y�r�or to�he acquisitifln.
<br /> Preserv�ati�n, Ma�ntenan�e and Prutection of the Property; Barrower's Loan App��ca�ifln; I�eas�hvlds.
<br /> �orro�er sha�l not destroy, damage flr��npair�he Proper�y, allow the Proper�y ta deteri�rate, �r c�mm��was�� �n
<br /> �he Properry. Barrower sha�l b�in defau��if any forfeiture ac���n or pr�ceedxng,whether c��i�flr cr�minal,is be�un
<br /> that in Lender's go�d fai�h judgment could r�su�� �n fnrfeiture ❑f�he Property or o�herwise material�y impair�he
<br /> lien create� by �his Securxty �nstrum�ent or Lender's secur��y interes�. Barrower nrtay cure such a default and
<br /> reins�a�e, as pr���ded in sect�on�i�ied Borra�ver's Right to ReinstatQ, by causing�he actitin�r proce�ding�fl be
<br /> d�srr�issed vvith a rul�ng�ha�,in Lender's gaod fai�h determina�ion,precludes forfe��ure of the B�rravWer's in�erest in
<br /> the �r�pert� or ��her materiaX inzpazrment af�he lien created by �his Security rnstrumen� �r L�nder's security
<br /> �nterest.Borrower sha�l also be in default if Barrovver,during�he�oan appl�c�tion process,ga�e ma�erial�y false or
<br /> inac�urate �nformat�an or statements t� L�nder ��r failed ta pr��ide Lender �vith any materia� infar�.at��n} in
<br /> c�nr�ection v���h the �oan evxd�nced hy�he C�ntract. �f this Security�nstrumen� is an a �easeh��d, Borrower shai�
<br /> c�n��ly vvith all�he pra�isions of�he lease.If Borrov�er acqu�res fe�t�t�e�a the Proper�y,the Ieaseha�d and�he fee
<br /> ��t�e sha�1 no�merge unless Lender agrees�o�he merger in v�ri��ng.
<br /> Yrotect�an �f Lender'� Rights in the �ro�per�y. If Borrov�rer fails to perform �he c��enan�s �nd agreemerits
<br /> cr�nta�ned�n th�s Security InstrU.ment, ar ther�is a legal pr��e�di�g that�nay signifi�antly affec�Lender's rzghts in
<br /> the Pr�per�y �such as a proeeed�ng in bankruptcy, praba�e, f�r cnndemna��on �r farfe�ture or t� enforce lavvs �r
<br /> regula��ons�, �hen Lender may do and pay �or v�rha�ever is ne�essary tfl protec� �he �alue af the Pr�perty and
<br /> Lender's rights�n the Praperry. Ler�der's ac��ans ma�include pay�ng any sums secured l�y a��en which has priority
<br /> over this Secur�ty�nstrument;appearing�n caurt,paying reasonab�e attflrneys'fees a�d entering or��he Proper�y�o
<br /> ma��repa�rs.Al�h�ugh Lender may take action under this sec�ion,Lender does n�t have ta do so.
<br /> A.ny amounts disbursed by Lender under this section shal� �ecome addi���nal deb� of Borrov�er secured by th�s
<br /> Se�ur�t� �nstrument. Unless Borr��er and Lender agree to other �erms vf payment, �hese amoun�s shal� bear
<br /> interest from �he da�e of disburse�aen� at �he same ra�e assessed on advax��es under the Contract and sha�l be
<br /> pay�.ble,with in��re��,upon n���ce fr�m Lend�er to B�rr�v�er requesting paymen�. �
<br /> C�2a44-2�13 Cornpiiance Systerns,�nc.9F96-1768-2413L2.4,721
<br /> Cans�tr�er Real Estate-Security Tnstrumenc DL2035 Pa�e 2 of S www.compliancesystems.�a�n
<br />
|