|
��14�7154
<br /> �►.pp��cab1Q Law. As used i.n �h�s Se�urity Ins�rum�n�, �he term "Appl�cable La�" sha�I ��ean a�� �ontrol�i.ng
<br /> applzcab�� federa�, s�a�e and loca� statutes, regu�atians, ordinances and adminis�rafiive rules and ord�rs �that have
<br /> the�ffec�of I�w}as vvell as alI applicable f�nal,non-appealab�e�udic�a�opinions.
<br /> �harges; Liens. Borro�ver shall pay aIl taxes, assessments, �harges, fines and impos�tions at�r�bu��.b�e to the
<br /> Property whzch may at�ain priori�y over this Security Instrument, and l�asehol�payments �r ground r�nts, if any.
<br /> .�.t the request af Lender,Borrower sha1l promptly fu�nish to Lender re�e�pts e�idencing�he paymen�s.
<br /> Barrower shal�promp�Iy discharge any �ien which has prior�ty vver this 5ecuri�y Instrumen� un�ess Bo�rower: �a�
<br /> agrees in writing to the payment flf�he flb�iga��on secur�d by the lien �n a manner ac�eptable t� L,�nd�r; �b)
<br /> �on�ests �n good fai�h �he lien by, ar defends agains� enforcement af�he lien in, legal pr�cPedings which in the
<br /> Lend�r's opini�n opera�e to preven� the en#'arcement of the lien; �r ��� secures fram �he �.older of�he I�en an
<br /> �greement sa��sfac�ory to Lend�r subardina�ing th� lien�a th�s Security �nstrument. If Ler�der de�erm�n�s�hat any
<br /> part of�he Proper�y is subj ect�o a l�en�h��h may at�ain priari�y over this Security Ynstrument, Lend�r may gi�e
<br /> Borrower a no�ice iden�ify�ng the �ien. Borrnv�er shall satisfy the Iien or�ake one or mor� of�he ac�i�ns se�for�h
<br /> �.�ove vvithin 1 Q days of the giving of no�ice,
<br /> Ha�ard or Pr�p�rty Insurance. Barrower sha��keep the �mpro�ements now�xist�ng�r hereafter erec�ed vn�he
<br /> Property�nsured against�oss l�y fire,hazards incXuded within�he term"ex�ended coverage" ar�d any ath�r hazards,
<br /> including f�o�ds or floodzng, for whych Lender requires insurance. This insurance shal� �►e maznta��ed in �he
<br /> �.mounts and f�r the peri�ds�ha�Lender requ.�res. The insurance carrier pra�iding the insuranGe shall b�chos�n by
<br /> Borro�er sub�ect to L�nder's approva� whi�h shall not be unreas�nably withheld. If Borra�ver fai�s �o m.ain�a�n
<br /> coverage described a�o�e, Lender may, a� Lender's op��on, obtain coverage �o pro�ec� L�nder's r�ghts in �he
<br /> property in ac�ordance with sect�an tztled PrRo�ection of L�nder's Rights in the Property.
<br /> AIl insurance poiicies and renewals shall be accep�a��e �a L�nder and shall �n�lude a s�and�.rd mor���.ge c�ause.
<br /> Lender sha��have the rrgh��o hold�he policies and renewals. If Len�er requ�res, B�rrovver sr�a��promptiy g��e ta
<br /> Lender a�l receipts of paid premiums and rerzewal notices. Zn the event af loss, B�rrower sha�.�gi��pr�mp�nQ��ce
<br /> t�the insurance carrier and Lend�r.Lender r��ay m.a�e proof of Ioss if not mad�pramp�ly by Barr�wer.
<br /> Un��ss Lender and Borrower a�herwise agree in writing, insurance proceeds sha�l be applTed to restora�ion ar
<br /> r�pair �f the Property damaged, if, in Lend�r's so�e discretifln, �he restoration or r�paiar is eron�mic�.�ly feas�ble
<br /> a.nd Lender's security is n�� lessened. If, in Lender's sal� dxscre�ian, the restorati�n or repa�r zs r�ot e�onamica�ly
<br /> f�asxbl��r Lend�r's securi�y would be lessened,�he insurance praceeds shall�be applied�o�he�ur�ns secured by�h�s
<br /> �ecuri�y �ns�rum�nt, vvhe�her or not then d�ue, with any excess paid �o Borraw�r. If Bnr�ower ab�ndons the
<br /> Proper�y,or does no�ansvver�ithin�he number of days prescribed by Applrca�le Law as s��f�or�h in a notice fram
<br /> Lender to Borrower tha��he insurance carrier has offered t� set�le a claim, �hen Lender may+�ollec��h� �nsurance
<br /> �roce�ds. Lender may use the proceeds to r�pa�r �r restore the Properry or to pay sums sec�:�red by this Security
<br /> r�strument,whether or not�hen due,The�eriod�f��me for Borrovver ta ansvver as se�f�r�h x��he notic�will begin
<br /> v�hen the notice is g��en.
<br /> Unless Lender and Borr�wer oth�rwis� agree in wri�ing, any appli�ation af proceeds�o principa� shal�not ex�end
<br /> or postpone the due date af the paymen�s du�e under the �ontra�t or chang� �he amaun�af the payments. If un�ier
<br /> �he se���on tit��d Acceleration; Remedie�, ��ne Property �s acquired by Lender, Borrawer's ri,�ht�o any�nsuranc�
<br /> polic�es and proceeds resulting from damag� to the Proper�y prior ta �he acqu�si�ion sha�I pass �fl Le�der t� the
<br /> ex�ent of the sums secured by this Secur��y�nstrumen�x.mmed�ate�y prior�o�he acquisit�on.
<br /> �re�ervation, Maintenance and Prot�ctia�n �f the Pr�perty; Borrnwer's LQan App����at��n; Leaseh�ids.
<br /> �orrov�er sha��no�de�tr�y, damage or im�air the Proper�y, a�lovv�he Froper�y�� de��riorate, or com.r�r�it waste on
<br /> �he Pr�per�y.Borrower sha��be�n defau�t if any forfeiture actian or proceedxng,vvh�ther civrl�ar criminal, �s b�gun
<br /> �hat in Lender's good fa�th judgment �ou1d result in forfeiture af�he Property or otherwise materially �rnpa�r the
<br /> lien crea�ed by th�s Security Instrument or Lender's secur�ty interes�. Borrovver may cure such a d�fault and
<br /> r��.nstate, as pro�ided�n section�itled Borrower's Right t� ReinState, by causing�he acti�n or proce��xng�o be
<br /> dismissed w��h a ru�ing�hat, in Lender's good fai�h determination,precludes farfeiture of�he B orrower's interest in
<br /> �he Properry �r o�her ma�erial impai�ment af�he lien created by �his Security �nstrument or L�nder`s securi�y
<br /> in�erest.Borrawer shall also�e in defaul�if�orrower,during�he Ioan app�ication process,ga�e material�y false or
<br /> inaccura�e information or sta�ements to Lender �ar fai�ed to pr�v�de L�nd�r w��h any mater�a� informa�ion� �.n.
<br /> c�nnec��on with�he �oan evidenced�y the Contract. I�th�s Security Instrument is on a�eas��o�d, Borrovver sha11
<br /> ��mp�y with all the pro�is�ons of the�ease. rf BorroWer acqu�res fee��tle�a�he Proper�y,�he I�aseho�d�.�d�he fee _
<br /> title shall na�merg�unless Lender agrees t�the m�rger in writing.
<br /> Protection of Lender'� Rights in the Property. If Barrflwer fails �a perfarm the c�venan�s and agre�men�s
<br /> con�ained in this Securxty Inst�rument, �r�here is a�ega1 proceeding�hat may signif can�ly affect I.ende�'�ribhts ir�
<br /> �he Property ��u�h as a prace�ding in bankr��p��y, pr�ba�e, for cond�mnation ar forfei�ure or�o enforce laws or
<br /> regulat�ons�, �h�n Lender may do and pay �'or whatever �s n�cessary to protect the �alue of�h� Proper�y and
<br /> Lender's r�ghts zn fihe Prop�rty. Lender's a�tions xnay znclude paying any sums secured by a l�en whi�h has priori�y
<br /> aver�h�s Security Ins�rument, appearing in c�ur�,pay�ng reasonable attorneys'fees and enter�ng an�he Proper�y�a
<br /> n�ak�repaxrs.Although L�nder may tak�action under�his section,Lender does no�ha��to do��.
<br /> Any amflunts d�sbursed by Lender under thx� sec��on sha�� become additional debt flf Borrora�er secu.r�d by this
<br /> S�cur�ty �ns�trument. Unl�ss Borrov�er and Lender agree ta oth�r terms of payment, �hese amoun�s shall bear
<br /> i�terest fr�m the da�e of disbursement at �h+� same rate assessed on ad�ances under the �an�rac� and shall be
<br /> payable,with interest,upon no�ice from Lend��r�o Borrower request�ng paymen�.
<br /> ���D�L-2414 Cvmp]i�nce Systems,In�.4958-8A55-20�3L2,3.1.$D3
<br /> Cansumer Real Estate-Security Instrument DL2035 Pa�e 2 vf 5 www.compliancesystems.com
<br />
|