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2� 1 ��2231
<br /> Payment of Prin�ipa�and:�nterest; �ther�harg�s.B�rrovver s�.a��prorn.p�Iy pay wh�n due the pr�ncipal of and
<br /> interest on the debt�w�d un;der the�ont�r-act and late charges flr any o�her fees and charges due unde:r�he Cantrac�.
<br /> Applicabie Law. As used �n this 5ecur�ty Instrumen�, �he tern� "Applicab�e Law" shall mean aIl con�ro�l�ng
<br /> applicable federal, s�a�e and. local statu�es, regulations, ordinances and admin�s�ra��ve ru�es and ar�Lers �that have
<br /> the effec�of law}as vve1l as��.�1 applicable final,non-appea�able judicia�apinians.
<br /> �harges; Li.ens. Borrou��r sha�l pay aI� taxes, assessmen�s, charges, fines and impasi�ians at�r�butable to the
<br /> Fraperty vvh�.ch may a�ta�n��ri�rit�over�his Secur�ty I�s�rument, and �easeho�d payments ar gr�un��r�nts, if any.
<br /> A�the request af Lender,Borrawer sha1�promp�ly furnish��Lender receipts evidencing�he payment�.
<br /> Borro�ver shal�promptly dis�charge any�ien wh�ch has p�i�r�ty ov�r this Securi�}r Ins�rumen�unless Borrovver: �a}
<br /> agrees in wri�ing �o the pa.�ment of�he ob�iga�ion secured by t.�ie ��en in a manner accep�able �o Lender; (b}
<br /> cantes�s in good fai�h �he �ien by, or defends agains� enf�rcement of the �ien in, legal proceed�ngil which in �he
<br /> Lender's opinion apera�e �� prevent the enforcement �f�h� �ien; ar �c� secures fram the holder r�f the 1�en an
<br /> agreement satisfactory�o Le�nder sub�rdz�.a�ing the �ien�o th�s Security Instru.men�. If Lender de�ermines tha�any
<br /> par��f�he Praperty�s subj ect�a a Iien which may a��ain pri�ri�ty o�er this Securit���.strument, Le��der may g�ve
<br /> Borrower a nat�ce id�n��fy�n.g the l�en. Barrovver shall satisfy the �ien or take one ar more of the ac��ans se�for�h
<br /> ab�ve�vi�hin �a days�f the;��ving of natice. `
<br /> Hazard or Property Insur;�nc�. B�rrower sha�l keep �he improvements now ex.�st�ng or hereafter ��rec�ed on�he
<br /> Proper�y�nsured aga�nst�osC��by f re,hazards�ncluded within the��rm"ex�ended c�verage" and any�other ha�ards,
<br /> �nc�uding �loods or f�oadin;�, f�r vsrhich Lender requires insurance. This insuranc� sha1l be mai���a.z�.ed �n the
<br /> amoun�s and for the peri�ds�hat Lender r�quires. The insurance carrier praviding the�nsurance sha11 be ch�sen by
<br /> Borrov�rer subj ect �o Lender's appro�al which sha�l no� b� unreasonab�y v�rithheld. If Borravver fai:[s to maintain
<br /> coverage descr�bed above, Lender may, a� Lend�r's op�i�n, �btain coverage to pro��ct Lender's righ�s in the
<br /> Pr�perty in accardance w�th section�i�led Prot�ction�f Lender's l�ights in the PrvpQrty.
<br /> AlI insurance po��cies and r{:ne�rals shail be acceptable t❑ Lender and shal� inc�ude a standard mo:r�gage clause.
<br /> Lender shall have the rzgh���o hold the polxcies and renewa�s. If Lender requ�res,Borr�v�rer sha�l pra�mpt�y gi�re�o
<br /> Lender all receipt�flf paid premiwms and renevval no�ices. In th� even�of l�ss,B�rroyver sha�1 g�ve promp�notic�
<br /> tn�he�nsurance carrier and Iaender.Len�er may make pro�f of Ioss if not made promptly by Borro�ver.
<br /> Uriless Lender and Borr�u���r otherwise agree in writ�ng, insurance praceeds shall be appliet� ta res�orat�on or
<br /> repair �f the Property da.ma;�ed, if, �n Lender's so�e discreti�n, �h� res�oration or repair is economically feasible
<br /> and Lender's security �s not Tessened. If, in Lender's sole dzscre��an, the res�oratzon or repa�r�s n��t econnmically
<br /> feas�b�e or Lender'�secur�ty�wot�Id be Ie�sened,the insurance pro��eds shal�be applied�o�he sums s�cured by�i.is
<br /> S e curity �nstrument, Whe�he:r ar not �hen due, wi�h any exc ess paid to B arro�ver. �f B orrotiver aband�ns the
<br /> Proper�y, or does n��ans�ver wi�hin�he r�umber of days prescr�bed by Applicable Law as set for�h in a no�i�e frarn
<br /> Lender ta Borrflwer that�he insurance carrier has offered�a settle a c�aim, tihen Lend�r may co��ect the �nsurance
<br /> proceeds. Lender may use t��e praceeds to repair or restore th� Proper�y or�o pay sums secured by�this 5ecurity
<br /> �nstrurn.ent,whether or not�hen due, The perin d of�ime for B orrower to answer as set far�h in�he notic�vvz�l b egin
<br /> tivhen the nn�ice is given.
<br /> Un�ess Lend�r and Barr�vve�•otherw�se agree in wri�ing, any appl��a�ion of prflceeds to princ�pa�shal�not extend
<br /> �r past�aane the due da�e of�:he payments due under#he ��n�ract�r�hange �he amount af the paym�entis. If under
<br /> th� sec�i�n�i�1ed AC�e�erat�t�n; Remedies, �he Pr�pert�r is acquired by Lender, Borrower's rzgh��fl any insurance
<br /> pfllicies and proceeds resulting from damage �o �he Property priar to �he acquis�t�vn shall pass �o ]:�ender to �he
<br /> ex�ent�f the sums secur�d b�r�his Securi�y�ns�rument irnm�dia�e�y pri�r to�h�acquisi���n.
<br /> Preser-vat�an, IVlaintenanc�: a�d Frfltecti�n of �he Propert�; �orrawer's Loa� Appli�ation; Leaseh��ds.
<br /> Borra�ver shall n��des�roy, ��am.age or impair the Pr�perty, allo�v the Proper�y to deteriorate, or cozr�xnit v�as�e on
<br /> �he Proper�y.Barro�ver shall be in default if any farfeiture action or proceeding,whether civil ar�riminal,is begun
<br /> that in Lender's good fa��h�t�dgment could result in forfeitur� �f t�e Proper�y ar o�herwise materially impa�r the
<br /> �ien created by th�s Secur�t�r Instrumen� or Lender's security in��.res�. Borrov�er rnay cure such �. default and
<br /> r�ins�a�e, as provided in sect:�on titled Borro�ver's Right t� Reins�ate, by causing th� ac�ion�r pro�eed�ng�o b�
<br /> dism�ssed u�i�h a rulir�g tha�,i.n Lender's gaod fai�h de�ermina�ion,precludes farfeiture of�he Borrovver's in�eres��n
<br /> �h� Proper�y or a�her m�.�erial �mpairmen� of the lien cr�ated by �hzs Secur��r Ins�rument or Lenr�er's se�urity
<br /> �n�erest.Borrower shall also��e in default if Borrower,during th�I�an applicat�on process,gave mate:ria�iy false or
<br /> inaccura�e informa�i�n or s���ements ta Lender [or failed to provide Lender uri�h any mater�a� in�:ormat�on} in
<br /> connec�ion with the laan evlc�enced�y the ��ntract. If�his Security�nstrument is on a �easehold, B�rrower shall
<br /> comp�y�ui�h a�1�he pr�vis��ns of the�ease. If B�rro�ver acquires fee t���e tv the Proper�y, �he�easeha�d and the fee
<br /> �it�e sha�I nv�merge uniess L��nder agrees�o the merger in wri�ing.
<br /> Prot�ctiQn af Lender'� Rights in the �roperty. �f Borrov�er fails �o perform �he co�enants and agreements
<br /> Contained zn this Security Ins�rum.ent, �r there is a�egal pr�ceeding that may sign�f cantl�affect Lender's righ�s in
<br /> the Property �such as a p�oc�.eding in bankruptcy, prabate, for condemna��on or farfei�ure �r to enf�rce �aws or
<br /> regula�i�ns}, �hen Lender m��y do and pay fQr wha�tever is necessary ta protect �he value af the :Proper�y and
<br /> L�nder's rights in the Proper��. Lender's ac�ions may incTud�paying any sums secured by a�ien vvhich has pr�arity
<br /> over this Securzty Ins�rume�t, appear�ng�n cour�,pay�ng reasonable a��orneys'fees and entering an�he Pr�perty to
<br /> make repairs.A�though Lend�;r n-�ay take action under this s�c�ian,L�nder daes not ha�e to do so.
<br /> Any arnou.ntis d�sbursed �y Lender under �h�s sectian shall ]�ecome additiona� del�� �f Borravver secured by �his
<br /> Security �nstru�men�. Unless Bflrrovver and Lender agree �� oth�r �erms of paymen�, �hese am�unts shall bear
<br /> 02�04-2�t5 Cvmpliance Systems,Inc.SC54-12�'3-2�15,11,3.I498
<br /> Cansumer Rea�Estate-Security Instru�nen�DL2��36 Pa�e 2 af 5 www.compIiar�cesystems.�am
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