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2� 15�8�41
<br /> Borrativer and Lender covenant and agr�e as follows:
<br /> Payment of Principa�and In�eres�; �ther Charges.B�rrovver shall pramptly pay when due the principai of and
<br /> �nteres�on�he debt a�ed under the�ontract and late charges ar any ather fees and charges due under�he�on�rac�.
<br /> Applicab�e Law, A5 lIS�� 1�1. ��1i5 Security �ns�rumen�, the �erm "Applicable Law" shall mean all con�rall�ng
<br /> appXzcable federal, state and loCal sta.tutes, regulatians, flrdinances and adn�in�s�ra�ive rules and orders �tha�have
<br /> the effect�f lav��as well as alI applicab�e f�nal,non-appea�ab�e judicia�api�.xans.
<br /> Charges, L�ens, Borr�vver sha�� pay all taxes, assessmer��s, charges, fznes and impositians a��ributa.ble to the
<br /> Property wh�ch may a��ain prior�ty over�his Secu.r�ty�ns�rument, and Ieaseha�d paymen�s or ground ren��, �f any.
<br /> A��he reques�of Lender,Barr�vver shall promptly furnish�o Lender receipts e�id�ncing the payments.
<br /> B�rrovver shall promptly discharge any Izen which has pri�rx�y over this S�curi�.y Instrument unless Barrov�er: �a�
<br /> agrees �n wrxting �o the pa�ment �f�he abligation secured by �he �ien �n a manner accep�able to Lender; �b}
<br /> contests rn go�d faith the Iien by, or defends against enforcement of the lien in, �egal proceedings wh�ch in �he
<br /> Lender's apinion opera�e ���prevent �he enforcement of�he Iien; ar �c� seeures fram the holder af�he l�en an
<br /> agreement sa��sfac�ory�a Lender subardinating�he l�en t� this Security�ns�rumen�. If Lender determines tha� any
<br /> par�of�he Property is subject to a l�en vvhich xnay at�a�n priority over th�s Secur�ty Znstrument, L�nder may g�ve
<br /> Borrow�r a n��ice identifying�he �ien. �3�rroWer shal� sa�isfy�e lien or take one or more of the act�ans se�far�h
<br /> abov�within 1�days�f�he giving af not�ce.
<br /> I3azard or Property Insu�an�e. Borrawer shall keep the improvem�n�s nov�r exis�ing ar h�reaf�er erec�ed on the
<br /> Property insured against�oss by f re,hazaxds included within the term"ex�ended cflv�rage" and any�ther hazards,
<br /> znc�uding fl�ads or fi�oding, f�r �vhich Lender requires insura.nce. Th�s insuran�e shall be maintained in �he
<br /> amount�and far the per��ds tha�L�nder requires. The �nsurance carr�er providing the insurance shall be chasen by
<br /> Barrovver subj ect �o Lender's appr�va� �which sha1� not be unreasonably withhe�d. If Barr�wer fai�s �o ma���a�n
<br /> caverage described ab�ve, Lender may, a� Lend�r's optian, obta�.n. coverage to protec� Lender's rights in the
<br /> Pr�per�y in accordance vvi�h�sectian titled Prote�t�on of Lender's Rights in the Prflpe��y.
<br /> A11 insurance policies and renevvals shall b� ac�ep�ab�e ta Lender and shall inc�ude a standard mor�gage cZause.
<br /> Lender shall have�he right to ho�d�he po�icies and rene�irals. If Lend�r requires,Borrower sha��promp�Iy giv�to
<br /> Lender all re�eipts of paid prexn��rns and rene�aX no�i�es. In the ev�nt of loss, Barrovver sha�I give pr�mpt n��i�e
<br /> �o�he insurance carrier and I.ender.Lender may mal�e proaf�f loss if not made promptly by Borrower.
<br /> Uniess Lerider and Borra�er o�herwise agree �n wri��ng, insurance proceeds shall be applied ta res�ora��on �r
<br /> repair flf�he Proper�y dam.aged, if, in Lender's sale discre�ifln, �he restora�ion ❑r repair is econom�cal�y feasihle
<br /> and Lender's secur�ty is no�:lessened. �f, in Lender's sole dis�re�ion, the restoration or repair is no� economica��y
<br /> feasible�r Lender's securi�y�vould be�essened,�he insurance proceeds shall be applied�o�he sums secured by this
<br /> Securi�y Ins�rumen�, �vhe�her or no� then due, with any excess paid to Borrower. If Borrower abandons the
<br /> Pr�per�y, flr does not ansvver wi�hin�he r�umber of days prescr�bed by Applicab�e Law as set f�r�h in a no��ce from
<br /> Lender to Borr�wer that�he:insurance carr�er has ❑ffered to set��e a claim, then Lender may collec�the insurance
<br /> proceeds. Lender may use the pr�ceeds �o repa�r or restore the Pr�per�y or�a pay sums secured by�his Security
<br /> �nstrumen�,wh�ther or not�en due. The p�r�od of time f�r Borrower to answer as set for�h in�he nQ��ce vv�l1 begin
<br /> vvhen�he no��ce is g�ven.
<br /> Unless L�nder and Borrawer othe�-v�ise agree in�rr��ing, any app��ca�ian of praceeds�o principal shal�not ex�end
<br /> or postpane the due da�e of the paymen�s due under the �on�rac�or change the amoun�of the payments. �f under
<br /> �he sec�ion titled A��eleration; R.emedie�, the Property is ac�uired by Lender, Borrower's right�� any�r�surance
<br /> palic�es and pr�ceeds resulting from damage �o the Proper�y pritir tifl the ac�uisit�on sha�� pass �o Lender �a the
<br /> ex�ent o�'�he sums secured b��his Security Instrurn�nt imme�ia�ely pr�ar t�the acqu�si�i�n.
<br /> Pre�ervation, �Vla�n�enan�e and Prot��tion �f the Prvperty; Barrower's Loan App�i�a�ion; Lea�eh�ids.
<br /> Borrotiver sha�1 n�t des�roy, damage or impair the Property, a11o�v the Proper�y to de�eriorate, or comm��waste on
<br /> the Property. Borrau�er shall;be�n defaul��f any f�rfeiture actinn�r proceed�ng,vvhether civi�or crimina�,�s begun
<br /> �hat zn L�nder's good fa�th judgment cfluld resul� in farfezture of the Proper-ty ar�th��ise materia�ly impazr the
<br /> Iien crea�ed by �his 5ecu.ri�y Ins�rument ar Lender's se�urity in�eres�. Borrower may cure such a defaul� and
<br /> reinstate, as provided in sec�ion ti�led Borrflyv�r's Righ� �� Reins�a�e, by causing the ac��on�r proceed�ng to be
<br /> dismissed vvith a ru�ing tha�,in Lender's good fai�h de�ermznation,precludes fflrfe�ture of�he Borrovtrer's�nteres�in
<br /> the PrQper�y or a�her material impa�rm�nt of the �ien crea�ed by this Security ��strumen� or Lender's secur�ty
<br /> �n�erest.Borro�ver sha��al��be�n defau��if Barro�ver,during�he�oan appl�cati�n process,gave materia��y false or
<br /> inaccurate informati�n ar sta.temen�s �o Lent�er �or failed to pravide Lender tivith any material �nf�rma�ian} in
<br /> conn�ct�on vvith the loan evidenced�y�he Con�rac�. If�his 5ecur�ty�nstrument�s on a leasehoi�, Borrovv�r sha��
<br /> camp�y w��h a��the prov�si�ris af the Iease. If Borrotiver acquires fee�it1e�o�he Property,the leasehol�and�he fee
<br /> ti��e shall nat merge unless Lender agrees ta the merger in wri�ing.
<br /> Prote�t�on flf L�nder'� R��hts in th� Property. �f Borrnwer fai�s to perform the cavenan�s and agreemen�s
<br /> con�ain�d in this Securi�ty�ns�rumen�, or there is a Iegal prflc�eding that may s�gnificant�y affec�Lender's rights zn
<br /> the Proper�y �such as a proceeding in bankrup��y, probate, for c�ndemnativn or forfeitiure �r to enforce Iavvs �r
<br /> regula�ians}, then Lender rx�ay do and pay for whatev�r is nece�sary to protec� �he va�ue of the Property and
<br /> Len�er's rights in the Proper�y. Lcnder's actions may ine�ude paying any sums secUred by a Iien vvhi�h has pr�ority
<br /> over th�s Securi�y In��rumen�;appearing ixi cour�,paying reasonable att�rneys'f�es and entering on�he Praperfiy�o
<br /> make repairs.Althaugh Lender may take ac��on under�his section,Lender does na�have to do s�.
<br /> C�2044-�415 Cv�npliance Systems,Tnc.8C54-4192-20 t S.1 t.3.1�98
<br /> Consumer ReaI Estate-Security Instrumer�t DL2�35 Pa�e 2 af 5 www,cvmpliancesystems.com
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