|
� Z�15���53
<br /> Pa �ment of Principal and �nteres#;Pr�pay�x�ent and Lat�Charges.B�rrovver shall promp��y pay when due the
<br /> �
<br /> principal of and int�res� on�he deb� e�idene�d b�the No�e and any prepa}�m��n�and la�e charges due under the
<br /> �ote.
<br /> Applicable Law. As used in this Se�ur�ty Ins�rument, the term "Appli�abl�� �.aw" sha�1 rnean a�� control�ing
<br /> appl�cabie federal, state and loca� s�:atu�es, regula�inns, ordinances and admini;�trative ru]�s and orders ��hat ha�re
<br /> �he effect�f law}as vvel�as all applicable fina�,n�n-appealable judicial�pinion,�.
<br /> Applica��an of Payn�.ent�. t]�n�ess Applica�le La�v prov�des�therw�se, a�l payments r�c��ved by Lender sha11 be
<br /> app�ied: f�rs�, �o any prepa�ment�harges due under�he No�e; sec�nd,t� inter��st due; third,to principal due; and
<br /> las�,to any late charges due under�he Note. �
<br /> Charges; Liens. B�rro��ver shail pay ali taxes, a�sessrnents, charges, fznes ��nd imp�si�ions attributab�e ta the
<br /> Proper�vvhich may at�ain priority oWer this Se�urity Instrument, and leaseholc�pa�ments �r graur�d rents, if any.
<br /> S�rrovver shall pa���hese �b�igatians on��me and direct�y t��he person awed:payrnent. At the requ�st�f Lender,
<br /> Borrovver sha�l promp�ly furnish ta Lender rece�pts evidencing the pa�ments.
<br /> Borrawer sha��pr�mp�ly discharge any lien�rhi��a has priarity���r�h�s Securi�y�ns�rument unless Borrower: �a}
<br /> agrees in writing �a �he payment of�he abli�ation secured by the �ien in a manner ac�ep�able to Lende�; �b}
<br /> contests �i.n �ood fai�h th� lien by, or defends against enf�rc�ment of�he ��en �n, Iega� pr�ceed�ngs v�hich in the
<br /> L�nd�r's flpinion opera�� tfl pre�ent the enforcement vf�he 1ien; �r �c} secures from the hald�r of the lien an
<br /> agreement satisfac�ory�o Lender subardznating the lien to this Secur�ty�nstrurnen�. If Lender de�erm�nes�hat ari�
<br /> par�flf th� Prop�rhy is subject to a lien v�hich may attain pr�ority aver�his Se3vur�ty I�s�rument, L�nder may gi�re
<br /> B�rrov�er a no�xce ident�fying the�Iien. Barrower shall sa�isfy�he �ien or take ����e or more of the actions set forth
<br /> above vvi�hin i�days of the giving�f n�t�ce.
<br /> Hazard or Property Insurance,BQrrower shal�keep the �mpra��men�s no��r exis�ing�r hereafter erec�ed on the
<br /> Prope�ty i��sured agains�lass by fir�,hazards in�luded with�n the term"e�.�end�,d caverage"and any a�h�r�azards,
<br /> znciud�ng floods or flood�ng, far vvhich Lender requires insurance. Th�s in��urance sha�1 be rna�n�ained in the
<br /> amounts and for the periods tha�Lender requires.The�nsurance carrier pr���ding�he insuran�e shali be ch�s�n by
<br /> Bor�rotiver subject �o Lender's appr��al �►�vhich sha�1 no� be ur�reas�nably w�thheld. �f Borrower fai�s t� mainta�n
<br /> coWerage des�ribed abo�e, Lender may, a� Lender's op�ion, obtain co�erage to pro�ect Lender's rights �n t�e
<br /> Pr�per�y in accordar��e with se��ia��itled pro�ectian vf Lender's Itights in�h e Pr�per�y.
<br /> A�1 �nsurance p�licies and renevvals sha�l�be acceptab�e to Lender and shall i nclude a s�andard m�rtgage clause.
<br /> Lende�r shall haw��he right to hald�he poli�ies and renevvals. If Lender requir��s, Barrovver sha�l promp��y give��
<br /> Lender a11 receip�s�f�aid premiums and renewa�n��ices. �n�he even�of 1oss,Borrower shall give pr�mpt nati�e
<br /> �a th�insurance caxrier and Lende�r.Lender may mak�pr�of af loss xf no�madE+prompt�y�y Borrower.
<br /> Unless Lender and B�rro�nrer otherwise agree in vvritin�, insurance proceed.� sha�l be applied to res�oration or
<br /> repair of the Properry damaged, if, �n Lender's sole discretian, the restarati�xa ar r�pair �s econ�mica�ly feasib�e
<br /> and Lender's s�curi�y is n�t]essened. If, in Lender's so�e d�scret�on, �he restora��on or repair.is no�ec�n�rnically
<br /> feas�ble or Lender's securi�y�vauld be lessened.the insuran�e proceeds sha11 bE;applied�o�he sums secured by�his
<br /> Se�urity Instrument, whether or not �hen due, vvith ariy exc�ss paid to Borr�v�rer. I�r Barro�ver abandons the
<br /> Proper�y,or does nnt ans�ver v�ithin�he riumber of days prescribed by App�ica��le Law as set for�h in a not�ce fr�m
<br /> Lender to B�rrov�er that the �nsuran�e carrier has offered ta se�t�e a cla�n�.,th�,n Lender rnay col�ect th� �nsurance
<br /> praceeds. Lender may use the praceeds to repair or res��re�he Property or�o pay surns secured by th�s �ecurity
<br /> Ins�rument,whe�her�r not then due.The per�od of time for Borrower to answer as set f��h in the n��ice wil�beg�n
<br /> vw�hen the n���ce i�giWen.
<br /> Unless Ilender and B�rrov�er otherwise agree �n wr��ing, an�application of prviceeds ta principal shall na�extend
<br /> �r pflstp�ne the due dat� �f the paymen�ts referred to �n the section t�tled P��ymen� of Principa� and In�ere��;
<br /> Prepaymen�and Late ���arges ar cha��ge�he amaunt�f the payn�en�s. �f under the section��tled Acc�l�ra��on;
<br /> Remedies, the Prflpert�y is acquired by Lender, Borrov�er's right ta any insu.r��nce po�iGies and praceeds resulting
<br /> fr����daxnage ta the.Prop�rry pr��r to the acquisifiian shall pass�o Lender to��e extent�f�he surns se�ured by this
<br /> Secu1��t,y�nstrurnent immed�ate�y priar�a�he a�quis�ti�n_
<br /> Preserva���n, 1Vla�ntenai�ce and Prot�ctifln of �he Property; Borrower`s Loan Ap��i�a�ian; L�asehald5.
<br /> Borro�ver sha�l no�des�ray, damage or�impair the Pr�per�y, a11a�v�he Pr�p�rt���o deteriora��, or�ommit was�e�n
<br /> �he Proper�y.Barr�vver shal�be in default�f any farfei�ure action ar pr�ceedin�;,whether civil or c�r�m�nal,�s begun
<br /> that in Lender's good faith judgment could resu�� in forfeiture of the Prapert�� or otherwise mater�a�ly �mpair the
<br /> �ien created by this Secur�ty rnstrumen� or Lender's se�ur�ty in�erest. Borr��wer may cure such a default and
<br /> reinstate, as pr�vided� sec�io��itled Borrower'� Ri�ht ta Reinstate,by ca�as�ng the action or proceeding�o be
<br /> dism�ssed wi�h a rulin��hat, in Lender's good faith determ�na�ian,precludes fo�rfeiture of the B�rrawer's�nterest in
<br /> the Praperty or o�herr rnater�a� �mpairrnen� of the �ien created l�y �his Se�urity Ins�rurnent or Lender's secur��ty
<br /> interest.Sorrower shal�a�so be in default if Barrawer,dur�ng the loan appl�catian proc�ss,ga�e materially false or
<br /> inaccurate �nformatian �r statem�nts tfl Lender �or failed �o pr4vide Lende�� �vith any material infor�n��ion} in
<br /> c�nnec��on wi�h �he loan e�iden�ed by �he �Na�e. �f thi� Security Instrumen-t is on a Ieasehold, Borrower sha11
<br /> c�mply w�th al�the prov�sions of�he lease.If Bo�-�rawer acquires fee ti��e to th��Pr�per�,the�easehold and�he fee
<br /> �i���shal�no��nerge unle�s Lender agrees�o�he merger an wr���ng.
<br /> Prate���on of Lender's Righ�s in �h� Prop�rty. �f Borrower fai]s �o perforrn �the covenan�s and �.gr�emen�s
<br /> Gonta�ned in this Securi�y�ns�trum�n�, �r there is a�ega�pr��eeding that may��ign�fican��y affe��Lender's righ�s �n
<br /> the Pr�per�y �su�h as a praceeding �n�ankrup�cy, �raba�e, for �ondemnat�or�or forfeiture or to enf�r�e �aws or
<br /> Cc�ZD04-20 I4 Compliance Systerrss,Inc_FD60-D4E7-2�13L2.10.1.$95
<br /> Consumer R�a3 Cstate-Sec�irity�nstnirtient DL2G36 Page 2 0€'6 �rrvvw.cvmpliancesystems.cam
<br />
|