|
2� 1 ���887
<br /> Payment�f Prin�ipal and In�er�st; �ther Charges. Bflrrativer sha��pramptly pay vvhen due the princ�pa�af and
<br /> interest an the deb��wed under the�on�ract an�Iate char�es or any�ther fees and charges due und�r�he Cnn�ra�t.
<br /> A.pplieable Law. As used in �his Security Ins�ru.ment, the �erm "App�icable Law" sha�� mean a�� c�n�rollir�g
<br /> applicable fed�ral, sta�e and loca� s�atutes, regu�a�ions, ord�n�nces and administrative r�Ies and orders ��hat have
<br /> th�effect of Iavv}as�rell as aIl appl�cable fina�,n�n-appealable�}udic�al opini�ns.
<br /> �harges; Lie�.s. Borra,wer sha1� pay a1I taxes, assessm�nts, charges, f nes and irnposi�ions at�ributa.bl� to �he
<br /> Praperty�vvh�ch may a�tain prz�r��y aver�his 5ecuri�Instrument, and I�asehold pa�ments or ground rents, if any.
<br /> A�the reques�of Lender,Borr�wer shal�prompt�y furnish�o Lender receip�s evidencing the payme�.ts.
<br /> Borrower shall prflmptly discharge any Iien which has pr�ority��rer this Security�nstrument unless Borrovver: �a}
<br /> agrees in wri�ing �o �ie paymen� of�he obligatian secured b� the Iien in a manner acceptable �o L�nder; tb}
<br /> can�ests in g��d faith the �ien b�, �r defen�s against enfvrcemen� of�he ��en in, legal prnceedings yvh�ch in the
<br /> Lender's apin�on op�rate ta pre�en� �he enforcement of�.he Iien; ar �c} secures from the holder of�ie Iien an
<br /> agreemen�sa�isfac�ory to Lender subardinating the lien tv th�s Secu.�ity�nstrument. If Lender�etermin�s�hat any
<br /> par�of�he Property is subjec�t� a lien vvhiGh may a�tain priflrity over th�s S�curi�y Instrument, Lender may gzve
<br /> B�rro�rer a natice �den�ifya.ng�h.e �ien. Borrower sha��sa�isfy the lien or�ake one �r mare of�ae a��ions set far�h
<br /> ab�ve v���hin 1�days af the giving af not�ce.
<br /> Hazard or Propert►,�Insurance. �3orrovver sha�I ke�p �h� improvements no�r existing�r hereafter er��t�d on the
<br /> Proper�y insured against loss�by fire,hazards included wi��iin�he�erm"extende�coverage" and any other hazards,
<br /> �ncluding floads ar flooding, f�r �vhich Lender requ�res i�.�u.rance. Th�s insurance shall b� ma�n�ained zn the
<br /> amaun�s and far the per��ds�ha�Lender requir�s. The i�suran�e carrier providing�he insurance sha��be chosen by
<br /> Borravver subject to Len�ier's approval ,which shal� n�t l�e unr�aso�ably withheld. If Borrawer fai�s to ma�n�ain
<br /> co�erage described above, Lender may, at Lender's op�ian� o��ain caverage to pr�tec� Lender's rights in the
<br /> Property in accordance with sec�ion�itled Prot�et�on�f Lender's lt�ghts in the Pr�perty.
<br /> AIl insurance polici�s and rene,t�va�s shail be accep�able ��a L�nder and s�a�� includ� a s�andard mortgage �laus�.
<br /> Lender shal�have�h�right to ho�d�he po�zcies and renewals. If Lender requir�s, Borrower shall prom.pt�y give�o
<br /> Lender a�l receip�s of paid premiums and renev�ral not�ces� In�he event of loss, B�rrflWer sha�l give pr�mpt notice
<br /> �a�he insurance carrier anci Lend�r.Lender may ma�e pro�f�f I�ss if not�r�.ade pramp�ly by Barrower.
<br /> Unless Lender and Barr��rer o�herwise agree in �vr-iting, insuranc� prflcee�s shall be app�ied �o res�orati�n or
<br /> repair of�.he Prflperty damaged, if, in Lender's sale discr�e�ion, the res�ora�ian or repa�r is ecanomically feas�ble
<br /> a�d Lender's security is nat Iessened, �f, in Lender's s��e discre�i�n, the resto�ati�n flr repa�r is not ec�nomically
<br /> feas�ble or Len�i�r's security vvould�e�essened,�he insurance��r�nceeds sha�i be app��ed to the sums secured by this
<br /> Security Ins�rumen�, whe�her or no� �hen due, with any ex�ess paid �� Borrotiver. �f Barrower ab�.ndons th�
<br /> Prop�rty, or�i�es no�ansvver wi�hin the numb�r of day�pr�scribed by Applicabl�La�v a�set for�h in a�.oti�e fr�m
<br /> Lender to Borravver that the insuranc� carr�er has �ffered to settle a claim, then Lender may callec��he insurance
<br /> proceeds. Lender m�y use the proceeds ta repair or restore �a.e Praperty or t� pay sums secuared by this 5ecur�ty
<br /> �nstrumen�,whether or not�hen due.The p�ri�d of�ime f�.r B�rrflw�r to an�wer as se�for�h in�he notice vcri�l begin
<br /> vvhen the notice is gi�ren.
<br /> Un�ess Lender and]�orro�ver otherwise agree in wr�tzng, �ny app�ica�ion of pr�ceeds to pr�nczpal shall nat extend
<br /> �r postpone the due€�a�e of th�paymen�s due under the Contrac�or change the amnunt of the payr�.ents. �f under
<br /> the section tit��d AC�e�eration; Remedies, �he Pr�per�y i a ac�u�red by Lender, Borravver's righ��o any insurance
<br /> policies and proc�eds resul�ing from �amage �o �he Prop�i-�y prior t� the acquisi�ion shal� pass �o Lender to �he
<br /> exten�of the sums secured by�hrs Security Instrument imm�.et�iate�y pri�r�o the ac�uisi�ion.
<br /> Preservatian, Main�enance and Prot�c�ion of the Propert�; Borr�wer's Lflan A.pplica�itin; L�as�h�ids.
<br /> Borrfl�rer shal�not des�r�y, damage or zm.pair the Propert5�, allov�th�Proper�y�a deteriora�e, or comm��u�aste on
<br /> �he Proper�y.Barrawer shal�be in default if any forfei�ure acti�r�or proce�ding,tivhether civil or crimxnal,�s begun
<br /> that in Lender's good faith judgment could resul�in farfe�tu�-� �f the Property ar��herwise materially�m.pair the
<br /> ��en created by �his Securi�y Ins�trument or Lender's secur�� �nteres�. B�rrower may cure such a defaul� and
<br /> reinstate, as provided in section�itled Borro�wer's Right �o lZeinstat�, by causing the acti�n�r praceeding�o be
<br /> d�smissed wi�h a ru�ir�g tha�, in Lender's goad fai�h determinatian,prec�ud�s�4rfeitur�of the Barro�rer's i���res��n
<br /> �he Proper�y or o�her mat�rial impairment of�he tien created by �his Seeuri� Ins�rument or Lender�s secu.ri�y
<br /> in�eres�.BarroWer shal�also be zn defaul�if Borrov�rer,durzng�he I�ax�applicat�an process,gave rnaterially false or
<br /> inaccurate informat�on or sta.tements to Lender �or fa��ed �a provide Lender tivith any ma�er�al informatxon� in
<br /> connection�vvith the loan evidenced by the Contrac�. If�his 5ect�rity�nstrument i� on a leaseh�ld, Borr�vver shall
<br /> comply vvi�h alx the p��visions of the lease. If B�rr�wer a�r�uir�s fee ti�1e to�he Pr�perty, �he�easehald and�he fee
<br /> �it�e sha��no�merge unless Lender agrees to the merger in��rri��ng.
<br /> P�otecti�n of Lender'� l�ght� in the Praperty. If Bor.rower fails �o perform �he covenan�s and agreements
<br /> contained in th�s Security Instrum�n�, ar�here is a 1ega1 pr�ce�ding�hat may si�nif can�ly affec�Lender's righ�s in
<br /> �he Property �such as a proceeding in bankruptc�, prabat�, f�r �ondemna�i�n or forfei�ure ar �o enf�rce �aws or
<br /> regulations}, then Le�der may do and pay for �vvhatever is r�ecessary t� pro�ec� �he value of the Praperty and
<br /> Lender's rights zn th�Praperty. L�nder's ac�ions may�nclude p�a.ying any sums secured��a�ien which has priority
<br /> over this Security�ns�rumen�, appearing in cour�,paying r�as�r�able attorneys'fees and en�er�ng on�he�roperty�o
<br /> make repairs.A�thaugh Lender may take act�on under t�is se��ion,Lender does not have�o da s�.
<br /> Any arnounts disbursed by JLender under this section sha�.I becflme addi��ona� debt of�arrav�rer secur�d by this
<br /> Securi�y Instrument. Un�ess Bflrrower an� Lender agree to ��her �erms of payment, �hese a.mounts sha�� bear
<br /> C�2404-�415 G�mpliance Systems,Inc.8C54�9�68-2�15.11.3.1498
<br /> Consumer Real Esrate-Security In�trument DL2436 Pa�e 2�f 5 www.cvmpIiancesystems.com
<br />
|