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- 201501843
<br /> Application of Payments. Unless Applicable Law provides otherwise, all payments received by Lender shall be
<br /> applied: first, to any prepayment charges due under the Note; second, to interest due; third, to principal due; and
<br /> last,to any late charges due under the Note.
<br /> Charges; Liens. Borrower shall pay all taxes, assessments, charges; tines and impositions attributable to the
<br /> Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any.
<br /> Borrower shall pay these obligations on time and directly to the person owed payment. At the request of Lender,
<br /> Borrower shall promptly fiirnish to Lender receipts evidencing Yhe payinents.
<br /> Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)
<br /> agrees in writing to the payment of Yhe obligation secured by the lien in a manner acceptab(e to Lender; (b)
<br /> contests in good faith the lien by, or defends against enforcement of the lien i1�, legal proceedings which in the
<br /> Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an
<br /> agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any
<br /> part of the Property is s��bject to a lien whicl� may attain priority over�tl�is Security Instrument, Lender may give
<br /> Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth
<br /> above within 10 days of the giving of notice.
<br /> Nazard or Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the
<br /> Property insured against loss by fire,hazards included within the tenn "extended coverage" and any other hazards,
<br /> including floods or f7ooding, for which Lender requires insurance. This insurance shall be maintained in the
<br /> amounts and for the periods that Lender requires.The insurance carrier providing the insurance shall be chosen by
<br /> Borrower subject to Lender's approval which shall not be unreasonably withheld. lf Borrower fails to maintain
<br /> coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the
<br /> Property in accordance with section Citled Proteetion of Lender's Rigtits in the Property.
<br /> All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
<br /> Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to
<br /> Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower sllall give prompt notice
<br /> to the insurance carrier and Lender.Lender may make proof of loss if not made promptly by Borrower.
<br /> Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br /> repair of the Property damaged, if, in Lender's sole discretion, the restoration or repair is economically feasible
<br /> and Lender's security is not lessened. If, in Lender's sole discretion, the restoration or repair is not economically
<br /> feasible or Lender's securiYy would be lessened,the insurance proceeds shall be applied to the sums secured by this
<br /> Security Instrument, whelher or not then due, with any excess paid to Borrower. If Borrower abandons the
<br /> Property, ar does not answer within the number of days prescribed by Applicable Law as set forth in a notice from
<br /> Lender to Borrower that the insurance carrier has offered to settle a claim, then Lender may collect the insurance
<br /> proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security
<br /> Instrument,whether or not then due.The period of time for Borrower to answer as set forth in the notice will begin
<br /> when the notice is given.
<br /> Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend
<br /> or postpone the due date of the payments referred to in the section tided Payment of Principal and [nterest;
<br /> Prepayment and Late Charges or change the amount of the payments. If under the section titled Acceleration;
<br /> Remedies, the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting
<br /> from damage to the Property prior to the acquisition shail pass to Lender to the extent of the sums secured by this
<br /> Security Instrument immediately prior to ihe acquisition.
<br /> Preservation, Maintenance and Protection of the Pro�erty; Borrower's Loan Application; Leaseholds.
<br /> Borrower shall not destroy, dantage oY� impair the Property, allow the Property to deteriorate, or commit waste on
<br /> the Property. Borrower shall be in default if any forfeitur•e action or proceeding,wheCher civil or criminal,is begun
<br /> that in Lender's good faith judgment could result in forfeiture of the Property or otherwise materially ilnpair the
<br /> lien created by this Security Instrument or Lender's security interest. Borrower may cure such a default and
<br /> reinstate, as provided in section titled Borrower's Right to Reinstate, by causing tlle action or proceeding to be
<br /> dismissed with a raling tllat, in Lender's good faith determination,precludes forfeiture of the Borrower's interest in
<br /> the Property or other material impainnent of the lien created by this Security Instrument or Lender's security
<br /> interest. Borrower shall also be in default if Borrower, during the loan application process,gave tnaterially false or
<br /> inaccurate information or statements to 'Lender (or failed to provide�Lender with airy material information) in
<br /> connection with the loan evidenced by the N�ote. If this Security Instrument is on a leasehold, Borrower sha11
<br /> comply with all dle provisions of the lease.If Borr�wer acquires fee title to the Property,the leasehold and the fee
<br /> title shall not merge unless Lender agrees to the merger in writing.
<br /> Protection of Lender's Rights in the Property. If Borrower fails to perform the covenants and agreements
<br /> contained in this Security lnstrument, or there is a legal proceeding that may significantly affect Lender's rights in
<br /> the Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or
<br /> regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and
<br /> Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority
<br /> over this Security Instrinnent,appearing in court,paying reasonable attorneys'fees and entering on the Property to
<br /> make repairs. Although Lender may take action under this section, Lender does not have to do so.
<br /> Any amounts disbursed by Lender under this section shall become additional debt of Borrower secured by this
<br /> Security Instrwnent. Unless Borrower and Lender agree to other tenns of payment, these amounts shall bear
<br /> �J 2004-2013 Compliance Systems,Inc.8E63-OC88-2013L.3.O.E1.712 �
<br /> Consumer R�al Estate-Securiry instrument DL2036 Page 2 of S www_compliancesystems.com
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