|
��15�1951
<br /> Payme�t of Principai and Int�rest; �th�r�harges.Borrflwer sha�l prompt�y pay when due the principal�f and
<br /> in�erest an the debt owed under�he Cantrac�and la�e charg�s or any fl�her fees and charges due und�r the�ontract.
<br /> Appiicab�e Law. As used in this Security Instrument, th� term "Applicab�e Law" sha1� mean al� c�ntrol�xng
<br /> applz�a�le federal, state and �oca� statu�es, regu�a��ons, ordinances and administra�ive rules and orders ��hat have
<br /> �h�effect of lav�r}as well as al�appli�able final,non-appealable j udicial op�nians.
<br /> �harges; Li�nS, Barrower shal� pay a1I taxes, assessments, charges, fnes and imposi�ions attribu�able �a the
<br /> Pr�p�r�y which may attain pr�ority aver�h�s Security rns�rumen�, and �easehold paym�n�s or gr�und rents, xf any.
<br /> At the reques�of L�nd�r,Borr��rer sha�l promptly furnish to Ler�der receip�s�v�dencing tihe paymen�s.
<br /> Borr�w�r shall promp��y di�charge any��en vvhich has priori�y o�er this 5ecur�fiy Instrument un�ess Borrower: �a�
<br /> agrees i� wri�ing ta �h� payment �f�h� ob�iga�ion secured by the �ien in a manner acc�pta�le �o Lender; �b}
<br /> contests �n gaod faith the lien by, or defends agains� enforc�men� ❑f�he lien in, ��ga1 proceedings wh�ch �n the
<br /> Lender's apinion operate ta prevent ��ae enfarcemen� of the lien; or �c} secures fram �he halder of the Iien an
<br /> agreem�n�satisfa�tory�a L�nder sui�ordina�ing�he I�en�o this Security Instrument. If Lend�r de�ermines that any
<br /> part of the Praperty is subj�ct t� a Iien which may attain priori�y ov�r�his Security Instrument, L�nder may give
<br /> Borrower a notice iden�ifying�he lien. B�rrower shall satzsfy the �ien or take an� or more of the actxons se�f�r�h
<br /> above with�n �Q days of the giving of nn�xce.
<br /> Hazard �r Praperty Insurance.Barrower shall keep the impro��m�n�s now e�is�ing or her�after ere�ted on�he
<br /> Prap�r�r insured agains��ass i�y f re,hazards includ�d wi�hin the��rm"extended coverage" and any other ha2ards,
<br /> inc�ud�n� fl.00ds or flooding, for �vhich Lender requires insurance. This insuran�e shal� b� maintained in �he
<br /> am.ounts and f�r�he p�r�ods�ha�Lender requires. The insurance carri�r pr��iding th�insuranc�sha�l be�hosen by
<br /> Barrow�r subj ect �o L�nd�r's apprnval wh�ch shal� nat be unreasonably withheld. If Borrower fax�s to ma�ntain
<br /> coverag� described a�ove, Lender may, a� Lender's optian, obtain co�rerage to pro�eGt Lender's righ�s �n �he
<br /> Property in acc�rdance with sect�on ti�led Protection of Lender's Rights in the Property.
<br /> A�1 insurance polxcies and renewa�s shal� be acceptable to L�nder and sha�X include a standard mor�gage claus�.
<br /> Lender�hall have �he righ�to ho�d�he poli�ies and r�n�wals, If Lender requires,Borrawer shal�pr�mp��y g�ve�o
<br /> Lender alI receipts of pa�d premiums and renewal not�c�s. In th� e��n�of los�,Borrov�er sha�l give prompt notice
<br /> �a�he�nsurance carrier and Lender.Lender may make prQof of��ss if no�made promptly by Borrotiver.
<br /> Unless Lender and Barr��vver atherw�se agree in �ri�ing, �nsuran�e proceeds shali be applied to res�oration or
<br /> repair of the Praperty damaged, if, in Lender's soie discretion, the res�aration or r�pair is economical�y feasible
<br /> and Lender's securzty �s na� lessened. If, ir� Lender's sflle dis�reti�n, �he restora�ion or repair is not ec�nomiCally
<br /> feasib�e�r Lender's secur��y wou�d b��ess�ned,the insurance proceeds shall he applied to the sums secured by thxs
<br /> S�cur�ty Zns�rument, whether or no� �hen due, w��h any �xcess paid �o Barrower. �f Borrower abandons the
<br /> Pr�pez-�y,or daes not answer vvi�hin the number of days prescri�ed by Applicable Law as se�for�h in a noti�e from
<br /> Lender�o Borrower�hat the insurance carrier has �ffered t� s�t���a claixn,then Lender may collec��he insurance
<br /> proceeds. L�nder may use �he praceeds �o repa�r �r restore �he Proper�y flr�o pay sums secured by th�s Securi�y
<br /> Ins�rum�n�,whether or no�then due.The periad of t�me for Borrov�rer�o ansvver as se�f�r�h in the no�ice w���begin
<br /> �vhen�he notice is given.
<br /> LTnless Lender and Borrawer othervvise agree �n wri�ing, any app�ica�ion of proce�ds t�principal shall no�extend
<br /> or pos�pane the due da�e of the paymen�s due under the Contrac�or change �he amount of�h�paymen�s. If under
<br /> th� sectzon titled Ac�elerat�on; l�emed�es, the Pr�per�y is a�quired by Lender, Borrower's right to any�nsurance
<br /> policies and proce�ds resul�ing from damage tQ �he Prope�ty prior to the acquisition shal� pass to Lender �o the
<br /> ex�ent of�he sums secured by�h�s S�curi�y�nstrum�nt immediately pri�r to the acquisi�ion.
<br /> Preservation, Maintenan�� and Fratect�on of the Property; �3�rrower's Loan App�icatior�; Leaseho�d�.
<br /> Borrawer�ha�l no�des�roy, damage flr impair the Property, allaw the Prop�z�y to de��riora�e, or cnmmit vvas�e on
<br /> �he Prop�r�y.Borrower shall be in defau�t if any forfeiture ac�ion or praceeding,whether�ivil or criminal,is b�gun
<br /> �hat in Lender's gaod faith judgment �ou�d resul� in f�rfeiture of�he Pr�per�y ar o�herv�ise m.a�erially impair�he
<br /> ���n created by this Security �nstrumen� ar Lender's securi�y interes�. Borrower may cure such a default and
<br /> re�nstate, as pr�vided in section ti�led Barrower�s Right to R�instate, b�caus�ng the a�tion ar praceeding to be
<br /> dismissed wi�h a rul�ng�hat,in L�nder's good fai�h determinati�n,precludes forf��ture of the Borr�wer's in�ere��in
<br /> the Proper�y or ather material impairmen� of�he lien �r�ated by �his Security Instrument or Lender`s s�curity
<br /> in�erest.Borrower sha��a�so be in defaul�if Borrower,during the Ioan app�ica�ion pracess,gave ma�er�al�y false or
<br /> inaccurate infarma�ion or statements to L�nder �or failed �o pravide Lender with any ma�erial inf�rma�ion� in
<br /> connection wi�h�he �oan evid�r��ed l�y�h� �on�rac�. If�hxs Security Instrumen�is on a �eas�hold, B�rroWer shall
<br /> comply�ith aII�he provis�ons of the Ieas�. �f Borr�wer acquires f�e ti�le ta the Praper�y,the�easeho�d and�he fee
<br /> �i�le shal�no�merge unl�ss Lender agrees t�the merger in wri�in�.
<br /> Pro�ectivn of Lender's R�ights �n the Property. Zf B�rrov�rer fai�s �� perf�rm �he covenants and agreements
<br /> con�ained in this Se�urity Instrumen�, or th�re is a legal proceedin��hat may significantly affec�Lender's r�gh�s in
<br /> the Prop�rty �such as a proceeding in bankrup�cy, pro�ate, for condemna�ion ar forfeiture ar t� enforce laws or
<br /> regula��ons�, then Lender may do ar�d pay for whatever is necessary �o pra�ect the �alue of�he Praperty and
<br /> Lend�r's rights in the Proper�y. Lender's ac�ions may include paying any sums secured by a���n which has pr�arity
<br /> �ver th�s Securi�y�ns�rumen�, appearing in court,paying reasonable a�t�rneys'fees and�nterzng on the Prapezrty��
<br /> make re�airs.A�though Lender may tak�ac�ion under this section,Lender d��s not have�o do so.
<br /> Any amaun�s disbursed �y Lender under this s�c��on shall become add��ional debt of Borrower secured by this
<br /> Security Ins�rumen�. Unless Barrower and Lender agree �o n�her terms of pa�ment, these amounts shal� bear
<br /> G 2Q44-�414 Campliance Systems,Ir�c.4958-FC6�-2413L2.3.I.8Q3
<br /> Cansumer ReaI Escate-Security Ir�strurnent DL2436 Page 2 of 5 www.campliancesystems.com
<br />
|