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.. 201501843 interest from the date of disb�n-sement at tl�e Note rate and shall be payable,witl� interest, upc»i notice from Lender to Borrower requesting payment. Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by ehis Security Instru�nent, Borrower shall pay the premiums required to maintain the�nortgage insurance in effect. If,fbr any reason, the mortgage insurance coverage required by Lender lapses or ceases to be in effect, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the �nortgage insurance previously in effect, at a cost substantially equivalent to the cost tc� Borrower of the mortgage insur�nce previously in effect, from an alternate mortgage insurer approved by Lender. If substantially equivalent mortgage insurance coverage is not available, Borrower shall pay to Lender each month a sum equal to one-twelftl� of the yearly mortgage i��surance premium being paid by Borrowei-when the ins�rance coverage lapsed or ceased to be in effect. Lender will accept, use �nd retain these payments�s a loss reserve in lieu of mortgage insiu•ance. Loss reserve payments may no longer be required, at the option of Lender, if n�ortgage insurance coverage (in the ainount and for the peric�d that Lender requires) providecl by�n insurer�pprovecl by Lender again becomes available and is obtained. Borrower shall pay the premiurns required�to mai��tain mortgage insurance in effect, or to provide a loss reserve, imtil the requirement for mortg�ge insurance eilds in accordance with any written agree�nent between Borrower and Lencler or�lpplicable Law. Inspection. Lender or its agent may make:reasonable entries upon and inspections of the Proper�ty. Lender shall give Borrower notice at the time of or priorto an inspection specifying reasonable cause for the inspection. Condemnation. The proceeds of any award or claim for damages, direct or consequential, i�� co�v�ection with any condemnation or other taking of any part of tfie Property, or for coi�veyance in lieu of condemnation, are }�ereby assigned and shall be paid to Lender. In the event of a total takii�g of the Property, the proceeds shall be applied to the sums secured by this Securiry lnstrument, whether or not then due, with�any excess paid to Borrower. In the event of a partial taking of the Properry in which the fair market value of the Property iinmediately before the taking is equal to or greater than the a��ount of the swns secured by this Sec�irity Instrutnent immediately before the taking, unless Borrower and Lender otlierwise agree in writi��g, the sums secured by th�s Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a)the total amouut of the sums secured imn�ediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. In the event of a partial taking of the Property in which the fair �narket value of the Property immediately before the taking is less than;the amount of the swns secured immediately before the taking, unless Borrower and Lender otherwise agree in writing or unless Applicable Law otherwise provides, t}�e proceeds shall be applied to the sums secured by this Security Instrument wt�ether or not the sums are then due. If the Properiy is abandoned by Borrower, or if, after notice by Lender to Borrower that the coiideinnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within the mini�uwn number of d�ys established by Applicable Law after the date the notice is given,Lender is authorized to collect and apply tl�e proceeds, at its option, either to restoration or repair of t}�e Properry or to the sums secured by this Security Instrument,whether or not then due. � Unless Lender and Borrower otherwise agnee in writing, �uy application of proceeds to principal sllall ziot extend or postpone tl�e d�ie date of the payments!referred to in the section titled Payment of Principal and Interest; Prepayment and Late Charges or change the amount of such payments. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the tiroe for payment or modification of amor�tizatio�� of tl�e sums secuz�ed by this Security Instrument granted by Lender to Borrower or any successor in interest of Borrower shall not operate to release the liability of the origina) Borrower or Borrowec-'s successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for paymeiit or otherwise modify amortization of the sums secur•ed by this Security Instrume�it by reason of any demand m�de by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not ba a waiver• of or preclude the exercise of any right or remedy. Successors and Assigns Bound; Joint and Several Liability; Accommodation Signers. The covenants and agreements of this Security lnstrurnent shall bind and benefit the successors and assig��s of Lender and Borrower, subject to the provisions oP sectioi� titled Transfer of the Property or a Beneficial Interest in Borrower. Borrower's covenants and agreements shall be joint a�1d several. Any person wt�o co-signs this Security Instrument but does not execute the Note ("Accom�nc�d�tion Signer"): (a) is co-signing this Security Instrument only to mortgage, gra»t and convey that Accominodation Signer's interest ira the Property under the ter�ns of the Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c)agrees that Lender and any other Bon•ower may agree to extend,modify, forbear or make any accommodations with regard to the terins of this Security Instrument or the Note without that Accominodation Signer's consent. Loan Charges. If the loan secured by t}1is Security lnstt-ument is subject to a law which sets rnaximum loan charges, and that law is finally interpreted so that the interest or other loan charges colleeted or to be collected in comiection with tl�e loan exceed the perinitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to t1�e permitted limits and (b) any sums already collected from Borrower which exceeded per►nitted limits will be�i-efunded to Boirower. Lender may choose to make this refund by reducing the principal owed under the Note or by n�aking a direct payment to Borrower. If a refuncl reduces priticipal,the reduction will be treated as a pai-tial prepayti�ent without any prepayment charge under the Note. �2004-2013 Compliance Systems,Inc.8fF33-OCBH-2013L2A.E1.71? Consumer Real Estate-Securiry histniment Dt..2036 �� Pa�{e 3 of 5 www.compliancesyst¢ms.com