|
��14�7155
<br /> �►.pp��ca��on of Payments. Unless App�icabl� Lav�r pro�id�s o�herv�ise, a�1 payments receivec�by Lend�r sha�1 be
<br /> app�ied: f rs�, �o any prepayment charges due under the Note; second, to interest due; th�rd, �o principa.l du�; and
<br /> last,�a any�ate charges due under�he No�e.
<br /> Charg��; L�ens, Borro�er shall pay aIl �taxes, assessmen�s, charges, fines and impositi�ns at�ribu�able t� the
<br /> F�roper�y which may attain priority��er�his Security �nstrument, and leasehold payments or�round rents, if any.
<br /> �orrovtirer sha��pay th�se obligati�ns �n tim� and directly�o the person ow�d payment. At�h�r�quest af Lender,
<br /> �3orr�v�er sha��promp��y furnish��Lender receip�s ev�dencing�he paymen�s.
<br /> �orrov�er shall promp�Iy discharge any lien v�hich has pri�rity over this Security �nstrument unless Borra�er: �a}
<br /> agrees in writing to the paymen� of�he abliga�ion secured �y �he lien in a manner a�cep�ab�e to Lender; �b}
<br /> cont�s�s in good fa�th the �ien by, or defends agains� enforcement of�he l�en �n, Iegal proc�ed�ngs v�hxch �n �he
<br /> Lender's opiva.�an �perate ta pr��en� the enfarcernent of�he lien; or �c� secures from �he h�lder �f�he lien an
<br /> agreement sa�isfac�ory�o Lender su�ordina�i�ag the �ien�o th�s Secur�ty�nstrum�n�. 7f Lender de�ermines tha� any
<br /> par�of�he Praperty is subj ec��o a lien�vh�ch m.ay attain pr�flrity over this S�curi�y �nstru�m�nt, Lender may give
<br /> �orravver a n��i�e identify�ng�h� ��en. Borr�wer shall satisfy�he �ien ar�ake on� �r mflre �f�he acti�ms set far�h
<br /> abo�e�ith�n ��days of the giving of not�ce.
<br /> Hazar� or Praperty Insurance. Borro�ver�hall keep�he impro�ements naw existing or hereaf�er ere��ed on the
<br /> Property xnsured agains��oss by fire,hazards inc�uded w��hin the term"�x�ended coverage" and any other hazards,
<br /> in�lud�.ng flo�ds �r flooding, for v�hich Le�der requ�r�s insurance. This insurance shall be main�a�ned �n �he
<br /> amoun�s and for�he periods that Lender requ�res. Th� �.nsurance carrrer pro�iding�he insurance shall b�ch�sen by
<br /> Borrovver subject �o Lender's approval whxch shall nat be unreasflnably wi�hheld. If B�rrov�er faxls �o mai.n�a�n
<br /> coverage described abov�, Lender may, a� Lender's opt��n, obtain co�erage �o protect L�n�ier's rights �n the
<br /> P�rflper�y in accordance with sec��on ti��ed Pro�ecti�n of Lender's R�ghtS�n the Propert�.
<br /> ��I insurance polrcies and renevva�s shal� he accep�able to Lender and shall inc�ude a s�andard mortgage clause.
<br /> Lend�r sha�l h��e�he right t�hold the polici�s and renewals. �f Lender requires, B�rrower shal�pr�mp�1�give�fl
<br /> Lender a�l receip�s of paid premxums and rer�ewa�not�c�s. �n the e�en�af�oss, B�rrower sha�l g�ve pro�npt not�ce
<br /> �o the znsurance carrier and Lender.Lender rr�ay make proof of loss if no�made promptly by B�orrower.
<br /> Unless L�nd�r and Borrower o�her�ise agr�e �n v�ri��ng, insurance proceeds shal� �e app�ied �o re�t�ra��on or
<br /> repaxr of�he Praperry damaged, if, in Lend�r�s sfli� discr�tion, the restora�ion or repair is eGonomica�Iy f�asib�e
<br /> and Lender's securi�y �s na� lessened. �f, in Lend�r`s s��e discretion, the res�ora�ion or repa�r is no� �c�n�mically
<br /> f�as�ble or Lender's security wfluld be�essen�d,the ins�rance pr�ceeds shal�be app�ied�o th��ums secu.red by this
<br /> Security �nstrumen�, whether or not then due, w��h any excess pa�d �o Borr�v�er. If Borr�w�r ab�dons �h�
<br /> Pr�perty, or does no�ansvWer�vithin the nu�nL er of days prescri�ed�y Applicable Law as set for�h in a n�tice from
<br /> I�ender to Borr�wer tha��he insurance carrie�has offered to settle a�Ia�m, �hen Lender may ca�lec��h� �nsuran�e
<br /> praceeds. Lender may use �h.e pr��eeds �o repair �r restore the Proper�y or to pay sums secured hy th�s SeGurity
<br /> Instrument,vvhe�her or no��hen due.The p�ri=od nf�ime far Borrow�r�fl ansvver as set far�h in th��aotice will��gin
<br /> when the n��i��is given.
<br /> Unless L�nder and Borr�vver o�herv��se agree �n writi.ng, any appl�cation of proc�eds ta prir�cipal shall n�t ex�end
<br /> or p�stpone �he due date af the paymen�s r�ferred ta in �he section �itled Payment of Prrn�cipal and In�erest;
<br /> �repayment and Late Char�es or�hange t�e amount of�he payments. �f under�he section���led Ac���era�i�n;
<br /> l��medies, the Prop�r�y is acquired by L�nd�r, B�rrower's righ�to any insurance po��cies and proceeds resul�ing
<br /> fram damage fi�the Proper�y prior tfl the a�quisition sha�l pass�o Lender to the extent of�he �ums secux°ed by this
<br /> Secur�ty Instrument immedxa��ly priflr�o the acquis�fi�on.
<br /> Preservativn, Main�enance and Protecti�n of the Proper�y; Borrower�s Loan App�ication; L�aseholds.
<br /> Borrovver shal�not destroy, damage or�mpai�the Propert�y, al�ow the Froper�y to deteriorate, or comm��v�ras�e on
<br /> th�Proper�y.�orr�wer sha��be in defaul�if any farfeiture a�tian or proce�ding,wheth�r civii or crimina�,is begun
<br /> tha� in Lender's gaod faith judgmen� cou�d r�sult in forfeiture of th� Proper�y or ��herw�se materiaily impair the
<br /> l��n crea�ed by th�s Security Instrumen� or Lender's securi�y inter�s�. Barrower may cure such a defauXt and
<br /> r�i�ns�a�e, as pr�vided xn se�tion titled�3orro�rver's Rrght �o Reinstate, by causing�he a��ion or prQce�ding to be
<br /> d�smiss�d with a ruling tha�, in Lender's goad faith de��rmination,prec�udes forfeiture of the Borrovver's int�rest in
<br /> ��.e Proper�y ar ather ma�erial impa�rm�n� af the ��en created �y �his Securi�y Ins�rumen� or L�nder's s�cur��y
<br /> ir�terest.Borrovver shal�alsa b�in default if Borrower,dur�ng the loan applica�ion process,ga�e mat�rial�y fa�se ar
<br /> ir�accurate inf�rma��on or sta�em�n�s �� Lender �or failed �o provide Lender with any ma�erzal �nforr�ation} �n
<br /> c�nnection v�rith the Ioan evidenced b� the Na�e. If this Security �nstrumen� is an a �easeh�ld, Borrower sha�l
<br /> comply wi�h aII the pro�isions af�he ��ase.�f Borrov�er acquires fee t���e�t�the Proper�y,the 1�asehold and the fee
<br /> �i�Ie sha��no�m�rge unless Lender agrees�fl�he merger in v�ri��.ng.
<br /> Pratection of Lender's R�ghtS in th� Pro�er�y. If B�rrvw�r fails to perform the cQv�na�.�s and agreemen�s
<br /> con�ai.ned in th�s Se�urxty�ns�rumen�, �r�here is a legal pro�eed�ng that may signif can�ly affe�t Lender's righ�s zn
<br /> �he Property �such as a pro�eeding in bankr�.�p�cy, probate, for condemna�ion or forf�iture or�a �nforce laws or
<br /> r�gulations�, �h.en Lender may da and pay for v�hatever is necessary �fl prot�ct �he �a�ue of�he Pr�p�r�y and
<br /> L�nder's righ�s in the Properfiy. Lender's a���o�s may�nclude payzng any sums secur�d by a lien wh�ch h�s priarity
<br /> aaer this Security Instrument, appearing in cour�,paying reasonable a�torneys'fees and enterin�on�he P�oper�y�o
<br /> make r�pairs.A��hough Lender may take actian under�his sectian,Lender d�es not ha�e to do�o.
<br /> Any amoun�s d�sbursed by Lender under �hi� sect�on sha�l become additiona� debt of Borra�ver secured by this
<br /> S�curi�y �ns�rumen�. Un�ess Borrawer and Lender agre� �o other terms flf payment, �hese amounts shai� hear
<br /> 0 2044-2�14 Cvmpliance Systems,Tnc.495$-0563-2�13L2.3.1.843
<br /> Consumer Real Esta#e-5e��rity Instrument DL2435 Page 2 0�'5 www.compfiancesystems.�am
<br />
|