|
2� 1 ���23�
<br /> Pawment of Princ�pal and In�ere��; tlther Char�es.Barrower sha1�pr�m.ptly pay when due�he pr�nczpa�of and
<br /> in�erest on�he deb��ured undler�he�ontract and late charges or any o�her fees and charges due under the C�n�ract.
<br /> Ap�licab�Q Lavv. As used nn �his Se�uri�y ��strument, the term "Ap�licable Lav�r" shal� mean �.11 �ontra�l�ng
<br /> appl�cable federal, s�a�e and loca� statu�es, regula�i�n�, ordinances and adm�nistrati�e rules and orders �that ha�e
<br /> the effec�of�a�nr}as�vell as al�app�icab�e fna�,non-appea�ab�e judicial�pinions.
<br /> Charges; Liens. B�rr�wer sha�1 pay a�l ta�es, assess�nents, charges, f nes and �mposi�ions a�tr�butable �o �he
<br /> Pr�perty which may attain pr�ar��y o�er this Se�uri�y�nstrument, and �easehold payn�.en�s or ground rents, if any.
<br /> At the request�f Lender,Borrovver shall pramptly furnish t�L�nd�r receip�s evidenc�ng the pa�men�s.
<br /> B�rr�vver sha11 promptly d�scharge any �ie�v�hi�h has priority o�ver�his Se�urit� �ns�rurnen�unless Barrov�er: �a}
<br /> agrees in wr�ting �� the payment af the abligation secur�d by �he �ien in a mari�er accep�able �a Lender; �b�
<br /> contes�s in good faith �he 1i�n ��, or defe�ds against enforcement of the �ie� in, �egal pr�ceedings wh�ch in �he
<br /> Lender's opini�n operate to pre�en� the �riforcement af the �ien; or ��} secures fram the h4lder of the lien an
<br /> agreement sat�s�actary�� Lender subordinat�ng the l�en to �his Securi�y �nstrumen�. If Len�er deterrn�nes that any
<br /> part of the ]Pr�perty is subjec��o a lien�hich may a�ta�n�riority over this Secur�ty �ns�rumen�, Lender may g�ve
<br /> Borrov`rer a not�ce identifying th� lien. Barrav�er s�aail sa�isfy th� lien or take �ne or more �f the actions se� forth �
<br /> above w�th�n 1 D days of the g�ving of notice. �
<br /> Hazard or Proper�y Insurance. Borrower shal�keep the �mpra�ements n�v5r ex�s�ing or hereaf�er erec�ed on the
<br /> Proper�y�nsured a�ains�loss by f�re,ha�ards included w��hi.�the�erm "extend�d c�verag�"and any�ther hazards,
<br /> xncluding flaads �r flaod�n�, for which Lender requires insurance. Th�s znsurance shall be main�ained in �he
<br /> amaun�s and for the per�ads�hat Lender requires. T��e insurance�arr�er prov�ding�he�nsurance shal�be chasen by
<br /> Borrower su��ect �o Lender°� apprfl�al u�hich shall n�� be unreas�nab�y withheld. �f Borro�ver fails �o n�.a�ntain
<br /> c��rerag� des�ribed above, Lender may, at Lender's op�ion, ohta�n �average �o pro��ct Lender's righ�s in �he
<br /> Proper�.y in accordance vvi�h se���on ti��ed Protec�i�n of Lend���s I�ights in the Property.
<br /> Al� �nsurance policies and renewa�s shall be accep�able t� Lend�r and shal� include a s�andard m�rtgage clause.
<br /> Lemder sha�l haWe the righ���hold�he poli�ies and ren�wals. If Lender requires, Borr�v�er shall prQmpt�y gi�e�o
<br /> Lender all receip�s of paid prem.iums and rene�val notices. �n�he e�en�of loss, Borr�vsrer shal�give promp�notice
<br /> t�the�nsuran�e carr�er and L�nder.Lender may make praof of loss�f not made prompt��by Barrow�r.
<br /> Unless Lender and Borrov�e�- �therwi�e agree in vvr�ting, insurance pr�ceeds shal� be applied �o res�arat��n or
<br /> repa�r �f the Pr�per� damaged, if, in Lender's sole d�scre�t�on, the res�orat�on or repair is ec�nom�cally feasible
<br /> and Lender's secur��y is n�t lessened. If, in Len�.er�s s�le �iscret��n, �he res��rat�on or re�a�r �� nat econ�mical�y
<br /> feasible�r Lender's secur��y wauld be lessen�d,the insurance proceeds sha�l be applied�o the sums secured by�h�s
<br /> Security rns�rume��, whe�her or nat then due, vvith a�y excess pa�d �a B�rraw�r. �f B�rrov`rer abandans the
<br /> Proper�y, or does n��ansv�er�vit���the nurn�ber of days pr�scribed by Applica��e Lavv as se�for�h�n a notice from
<br /> Lender ta Borrawer tha��he �nsurance �a�-rier has �ffered�o settle a claim, �hen Lender may c�l�ec��he insurance
<br /> pr�ceeds. Lender may use �h� pro��eds �o r�pair or restore the Property or�� pay sums secured by�his Security
<br /> Instrument,whether or no��then due. The period af time for Sarro�ver�o ansvUer as set forth in�he na��ce vvil�begin
<br /> when the notiee is gi�re�.
<br /> Unless Lender and B�rrawer�ther�ise agree in v�ri�ing, any appl�ca��on af proceeds ta principaZ sha�l no�ex�end
<br /> ar�os�.pflne the due date af the payments due under�he Contract ar change�he am�un�af�he payn�ents. �f under
<br /> �h� sectian�i��ed Accelerati�n; Remedies, �he Pr�per�y is acqu�red by L�nder, Borrav�er's right t� an� insurance
<br /> po�icies and proceeds resul��ng from damage t� the Proper�y pri�r �� �he acquxsiti�n shal� pass �o Lender �a �he
<br /> e��ent of�he sums�e�ured by�h�s Secur��y rns�rumen�i�media�ely priar�a�he acqu�s��ion.
<br /> Pre�er�at�on, l�aintenance and Protec�ion af th� Prvper�y; Borr�w�r's L�an Appiicat�on; Leaseh��ds.
<br /> Barrov�er shal�no�destray, d�.mage or impair�he Property, a��ow the Pr�per�y ta deteriara�e, or cornm�i�waste on
<br /> the Praperty. Borrower sha1�be�n default if any forfeiture acti�n ar proceed�ng,whether ci�il or criminal,is begun
<br /> �hat �n Lender's gaod faith j udgment c�uld resul� �n f�rfei�ure of the Pr�per�y or ��herv�ise ma�erial�y impa�r the
<br /> lien �reated b� �his Securi�y �nstru�nent �r Lender's security interes�. Borrawer may cure such �. default and
<br /> re�nsta�e, as provided in sec�i�n����ed Borr�wer's I�ight to R�inState, �b�caus�ng th� ac�ion or pr�ceeding to be
<br /> dismissed w�th a ru�ing�ha�,i�a Lender's g�od fai�h de�ermina��on,prec�udes forfe��ure of the Borraw�r's�nterest in
<br /> �he Property or other ma�eria� �mpairn�ent vf�he lien crea�ed by �his Securi�y �nstrumeri� or Lender's security
<br /> interest. Borrawer shal�also be in default if Borro�nrer,during���.e�oan appticatian process,gav�ma�er�a�ly f�,�se or
<br /> ina�eurate inf�rmati�n �r statements to Lender �or fa��ed �o pravide Lender w��h any ma�er�a� information} in
<br /> conne�t�on�vith�he l�an e�idenced by the �on�ract. If th�s Security I�astrumen� �s on a leasehold, Borrov�er sha��
<br /> ��mp�y wi�h all�h�pravision��f the �ease. �f Borrower acquires fee i���e�o�he Praper�y,the leasehold and�h�fee
<br /> �i�l�shall no�merge�nless L��der agrees�o�he merger�n�vr�ting.
<br /> Pr�t�cti�n of Lend�r's Rights in the Prvperty. �f Borrower fa��s ta perf�rm. the cavenants and agreements
<br /> �antained in th�s Secur.ity�ns�rumen�, ar there is a 1egaX�ro�eedir�g tha�may sign�fcantXy aff�ct Lender's r�gh�s �n
<br /> �he Properry �such as a proceed�ng in bankrup�cy, prQba�e, for c�ndemna�ian ar forfeiture �r �a enfo.rce �av�s ar
<br /> regulations�, the� Lender may d� and pay for whatever is n�cessary �� pr�tec� the value of the Proper�y and
<br /> Lender's r�ghts �n the Praper�y�. Lender's actions may include p�.ying any sums secured by a l�en vs�hich has pr��rity
<br /> over�his Se�urity�ns�rument, appear�ng�n cour�,payrng r�asonable attorneys'fees and entering on�he Pr�perty ta
<br /> make repairs. A�th�ugh Lender may�ake action under this sec��on,Lender does not have�o do sa.
<br /> An� am�unts disburs�d by L�nder under th�s se���on sha�l become add��i�nal debt of Barrower secured by this
<br /> Sec�r��.y �nstrumen�. Un�ess Borrower and L�nder agree to �ther terms of paymen�, these amoun�s sha�I bear
<br /> C�2a�4-ZOI5 Compliance Systems,Inc.SC54-84FF-2015.I 1,3.1 fl98
<br /> �onsumer Real Estate-Se�urity I�strument DL2fl35 Pa�e Z of S www.compIiancesystems.com
<br />
|