|
��15�1��1
<br /> Applicabl� Law. As used in �his S�curi�y �ns�rumen�, �he �erm "Appli�ahle Law" sha�l mean all control�ing
<br /> app�icable federa�, sta�e and local s�a�utes, regulatians, ord�nances and administrative rules and orders ��hat have
<br /> the effec�of law}as wel�as all app�icab�e final,nan-appealable�udicia�opinions.
<br /> Charges; L�enS. Borrower sha�l pay a�l �axes, assessments, charges, fines and 1I11�}�51�1�nS attribu�ab�e to the
<br /> Property which may attain priorit�ov�r this Security Ynstrument, and leasehald payments or grou.nd rents, if any.
<br /> A��he reques�of Lender,Borrower shail promp�Iy furnish to L�nd�r receip�s evidenc�ng th�paym�n�s.
<br /> Borrower shall pr�rnptly discharg� any lien�vhich has priority over this Security Instrument unless Barrov�er: �a�
<br /> agrees in �rit�ng to the payment of the o�ligation secured by the 1�en in a manner accep�able to Lend�r; �b�
<br /> con�es�s in go�d faith �he Iien by, or defends against enfarcement of the lien in, �egal pr�ceedin�s wh�ch �n �he
<br /> Lender's op�n�on opera�e �� prevent �he enforcemen� af�the lien} or ��� se�ures from the holder of�he ��en an
<br /> agreement sa�isfac�ory ta Lender subordinating the lien���his Security Instrument. Yf Lender determ�nes that any
<br /> par� of th� Prop�rty is subj ecti to a lien which may a�tain priority�ver�his Securi�y Ins�rument, Lender may g�ve
<br /> B�rrawer a noti�e identifying the lien. Borrower sha�I satisfy the �i�n or take ane or mnre af�he actions se� for�h
<br /> above w�thzn 1�days of�he giving of notice.
<br /> Hazard ar Property Insurance. Borrower shall keep �h� improvements now�xisting or hereafter erected on�he
<br /> Pr�perty insured against Ioss by fire,hazards in�luded w�thin�he term"extenc�ed coverage" and any other hazards,
<br /> in�luding floods ar flaad�ng, for which Lender requires insurance. This insurance sha11 be main�ained in �he
<br /> amflunts and for th�perxods�hat Lender r�quires. The insurance carrier providing�he insurance shall be chasen by
<br /> B�rrower sub��c� �o Lender's appro�a� which sha�l not be unreasflna�bly w�thheld. �f Borrawer fai�s to main�ain
<br /> coverage described above, Lender may, at Lender's option; �btain coverage �o protec� Lender's righ�s in �he
<br /> Property xn accordan�e with sec�ion�itled Protectran of Lender's R�ghts in the Property.
<br /> AIl insurance po�icies and renewals sha�1 �be acceptable to Lender and sha1l inc�ude a s�andard mor�gage clause.
<br /> Lender sha11 ha�e the right to hold�t�ie polici�s and renewa�s. If Lender requir�s,Borrow�r shal�promp�ly g�ve to
<br /> Lender a�l r�ceip�s of paid premiums and ren�wa� no�ices. In the event of lass,Bnrrower shall g�ve promp�notzce
<br /> to the insurance�arrier and Lender.Lender may make proof of loss if riot made promp�ly by Borrower.
<br /> Uni�ss Lender and Borrower othe�ise agree i� wr��ing, insurance proceeds shall b� app�ied �o restoration or
<br /> repair of the Properry damag�d, if, �n Lender's so�� discre�ion, the restoration ar repair is econflmical�y feasxb�e
<br /> and Lend�r's security �s not less�ned. If, in Lender's soie discretian, �he restora�ion or repair is not econ�mically
<br /> feasible or Lender's security would be less�ned,�he insurance proceeds shall be applied to the sums secured by this
<br /> Security Instrumen�, vvhe�her �r na� �hen due, wi�h any �x��ss paid �o Borrower. If Borrawer abandons the
<br /> Property,or does riot answer wi�hin the number af days pr�scribed by Applicable Law as set for�h in a notice fr�m
<br /> Lender�o Barrow�r�ha�the insu.rance carrier has offered t� �et�Ie a claim, �hen Lender may coliect the insurance
<br /> proceeds. Lend�r may use fh� proceeds �o repair or res�ore �he Proper�y or to pay sums secured by�his Security
<br /> Ins�rumen�,whether or not then due.The peri�d of time for Borrower�o answer as set for�h in�he notice wi11 beg�n
<br /> �uhen�he notice is given.
<br /> Unless Lender and Borrower otherwise agree �n wri�ing, any applica�ion of proceeds to princ�pal sha1�not extend
<br /> ar postpane the due date �f the payments due under the Con�ra�t or change the amoun�af�h�payments. �f under
<br /> the se�tion txtled Acceleration; Remedies, th� Proper�y is a�quired by Lender, Borrovver's righ��o any�nsurance
<br /> pa�icies and proce�ds resulting from damage to the Prop�rty prior to �he acquisi�ian shali pass t� Lender �o the
<br /> extent flf�he sums secured by this Security�ns�rument immediately prior to�he acqu�s�t�an.
<br /> PreServat�nn, Maxntenan�e and Pr�te�tion af the Proper�y; B�rrower's Loan Application; LeaSehoid5.
<br /> Borrawer shall no�des�ray, damage ar impa�r the Praperty, all�w�he Proper�y to deter�orate, or commit was�e an
<br /> the Froperty.B�rrovv�r shal�be in default if any forf�i�ure action or prflce�ding,whe�her civil or cr�m�nal,is begun
<br /> tha� in Lend�r's g�od fai�h j udgment ��u1d resul� in forfeiture af�he Property ar otherwzse mat�riall� impair the
<br /> �ien created by �his Se�uri�y Instrument or Lender's security int�rest. Borrawer may cure such a defauit and
<br /> reinsta�e, as provid�d�n section�i�1ed Borrower�s Righ� �o Reins�ate, by causing�he ac�ion or proc�eding to be
<br /> dxsmissed with a ruling tha�,�n Lender's gaod fai�h determina�ion,prec�udes forfei�ure flf the Borrower's interest rn
<br /> th� Properry or o�her material �mpairmen� �f�he �ien crea�ed by this Security Ins�rument or Lender's security
<br /> �n�erest.Borrower shali alsa be in default if Borrower,during�he laan applicat�on process,gave materia�ly false ar
<br /> inaccurate �nfflrmation or statements t� Lender �or failed to provide L�nder wi�h any materia� informat�an� in
<br /> connection wi�h�he loan ev�denced hy the �on�ra�t. If this Security Instrument is on a l�asehold, Borrow�r sha��
<br /> comply wi�h all the provisions af�he lease.If B�rrovver acquires fee�itie�o�he Property,the leasehold and�he fee
<br /> t�tle sha11 not merge unless Lender agrees�o the merger in writing.
<br /> Prfltection af Lender�s Rights in the Property. If Barrower faz�s �o perf�rm the cavenan�s and agreements.
<br /> con�ained in th�s Security Ins�rumen�, ar�here is a�ega�praceeding that may significan�ly affec�Lender's r�ghts�n
<br /> the Proper�y �such as a proceeding in hankrup�cy, proba��, for condemnatian or forfeiture or �o enfor�e laws or
<br /> regulat�ons}, then Lender may do and pay for whatever is necessary �o pratect the value of the Property and
<br /> Lend�r's rights �n the Praperty. Lender's actions may include paying any sums secured by a lien which has priority
<br /> over�his 5ecurity Ins�rument, appear�ng in caur�,paying reas�nalle at�orneys'fees and en�ering on the Property to
<br /> make repairs.Although Lender may�ake a�tion under this s�ction,Lender dfles no�have to do sa.
<br /> A.ny amoun�s dzsburs�d by Lender under this sec�ian sha1� become add���onal d�bt af Barrotiver secur�d by this
<br /> Secur�ty Instrument. Unless Borrower and Lender agree to other terms of payment, �hese amaunts shal� bea�
<br /> in�eres� from the date of disbursement ati the same rate assessed fln advances under the �ontrac� and sha�l be
<br /> payable,wi�h interest,upon not�ce from Lend�r�o Borrower requ�s�in�paymer�t.
<br /> G�'2�44-ZOI4 Con-cpliance Systems,Inc.4958-�788-2D13L2.3.I.803
<br /> �ansumer Rcat Estate-Security Instrurr�ent DLZ43b Page 2 Qf 5 ww��.campliancesystems.com
<br />
|