|
2� 1 ��2871
<br /> Payment of Prin�ipal and Inter�s�; �th�r Charges.Borrativer shall pr�mpt�y pay vvh�n due�he principal of and
<br /> in�erest on the debt oWed under the�antrac�and�ate charges€�r a�xy ather fees and charges due under the�an�ract.
<br /> Appli�able Lavv, As used in �his Security Ins�rument, the term "Appl�cab�e Law" �ha�l m�an aII controlling
<br /> app�icab�e federal, sta�e and Iocal statutes, regu�at�ons, ordin��nces �nd adm�nistrative ru.Ies and arders (tha�have
<br /> the effect of Ia�v}as WeI�as a11 applicable f nal,nan-appea�ab�e judicxa�opinions.
<br /> �harges; L�e�.s. Borrovver sha�� pay al� taxes, assessments, charg�s, fines and �mp�si�iflns a�tribu�.ble ta �he
<br /> Property�vh�ch may at�ain przor��y over�h�s 5ecur�ty Ins�rum�nt, and leaseha�d payments or g��und ren�s, �f any.
<br /> At the reques�of Lender,Borravver shall prompt�y furn�sh to I�ender rece�pts ev�dencing the pa��ments.
<br /> Borravver shai�promptl�dzscharge any Izen wh�ch has pri�rity ouer�his S�curity�ns�rum�nt unless B�rravver: �a}
<br /> agrees in writing �o the payment of�he ob�igation secured by �he I�en in a manner acceptable �n Lender; ��}
<br /> con�es�s in gofld faith the �ien by, or defends a�ainst enforcf;men� of the lien in, I�ga� proce�dings which in �he
<br /> Lender's apinion operate t� preven� the enforcemen� of the lien; �r ��} secures fr�m �he h�lder of��h� l�en an
<br /> agreement satisfact�ry to Lender subordi.xra�ing�he Iien to �ii� SecUri�y Instrurnent. If Lender de�er�nines that any
<br /> part �f the Property is subj ect to a ��en tivhich may at�ain pricarity av�r �his Security�nstrument, Lender may g�ve
<br /> Borrotiver a notzce identifyzng the 1ien. Borrovver shal� sat�sfy the Ix�n or�ake one or m�re of t�ie ac�ians set forth
<br /> abave w��hin ��days of�he givfng of no�ic�.
<br /> Hazard or Property InsuranCe. �orrovver sha�l ke�p �he �mprovements no�v e��sting�r hereaf�er erer�ed on�he
<br /> Property insured agains�loss by fire,ha2ards included,wi�h�n��he tern�"extended coverage" and any��her hazards,
<br /> �ncluding fl�ods flr flood�ng, for which Lender requires in,�uranc�. This �nsurance shall be main�ained �n �he
<br /> amou.nts and f�r the periods that Lender requires. The insu.ra�j�e ca�-z�r providing the�nsurance shal�be chos�n by
<br /> Borro�vver sul��ec� �o Lender's approval Wh�ch s�al1 na� be u��.reaso��.l��y withheld. If Borrov�rer fai�s �o main�ain
<br /> caverage described above, Lend�r may, a� Lender's �ptiQn;, Qbtain coverag� �� pro�ec� Lender's ri2�h�s in �he
<br /> Prop�rty�n aceardance wi�h sect�on tit�ed Prot�c���n af Lender°s Righ�s in the Property.
<br /> A�I insurance policxes and rene�va�s sha�� be acceptab�e �o L��nder and shall �nclude a s�andar�. m�r�gage clause.
<br /> Lender shal�have the right�o hald�he p�licies a.nd r�r�evvals. If Lender reyuires, B�rro�ver shall promptly give�o
<br /> Lender aI�receip�s of paid premiums and renewal notices. �n�he ev�,�t of l�ss, Barrawer shall give pro�mp�nfltice
<br /> to the insuran�e�arrier and Lender. Lender may make praaf o:�Iass if nvt made praxnptly by B��ro�rer.
<br /> Un�ess Lender and Borrovver otherwrse agree i� writ�ng, �n.�uran�� proceeds shall b� applied �o res�torat�on or
<br /> repair �f�he Proper�y�damaged, if, in Lender'� �ole discre�ion, the r�storation or repair is ec�nnm�cal.ly feasible
<br /> and Lender's security is not�essened. �f, in Lender's sale dis�:retion, the restoration or repair i� not ec�nnmically
<br /> feasible ar Lender's s��urity�v�rould be Iessened,the insurance��roceeds shall be app�ied�o the s�.ms secured by this
<br /> Securi�y �nstrument, whether or no� then due, with an�r ex,vess paa.d ta B�rravver. �f Borrc}vver ab��ndons �he
<br /> Proper�y,�r d�es n�t ansv�er uri�hin the number�f days prescr�ibed by.�.pplicable Law as se�for�h in a rlotxce fr�m
<br /> Lender to Borr�wer that�he�nsurance carr�er has off�red tn settle a claim, �hen Lender may collect th�: insurance
<br /> proceeds. Lender may use the proc�eds �o repa�r or rest�re �le Pr�per�y or t� pay surr�s secw-��d hy this Security
<br /> �nstrument,vvhether or na�then due.The period of t�me for Ba�rrowe��o ansvcrer as set for�h in the not�ce will begin
<br /> �vhen the na�ice�s g�ven.
<br /> Un�ess Le�.der and B�rro�rer atherw�se agree in�rr�ting, a�,y;�pplication�f proceeds t�pr�xci�al shall n��ex�end
<br /> ar pastp�ne the due date �f the paymen�s due under the Con�-ac�or change the amnunt of t�.e�aymen�s. �f under
<br /> the sec�ion�i��ed Acce�eration; Remedi�es, �he Properfiy is ac��uired by Lender, Borro�wer's rig�t ta any insurance
<br /> pa��cies and pro�eeds resu�ting fr�m damage to �e Prope�-ty pri�r to the acc�uisiti�on shall pass t� Lex�der to the
<br /> ex�ent of the sums secured by th�s Security Znstrum�n��rnmed���ely przar���he acquis��ion.
<br /> Preserva��on, �Vlain�enance and Pr�te�txon of �he Proper�y; Bvrrovverts JLoan App��c���on; L�easelaolds.
<br /> Borrower sha�l not destray, damage or impa�r�h�Propez-�y, al1�w�he Proper�y to de�eriorate, �r commi:�waste �n
<br /> �he Property. Borr��ver sha��be in default i�any forfeiture ac�i��n�r proceed�ng,vvhether�ivil ar crimina.l,is begun
<br /> �ha� �n Lender's good fa�th judgm�nt cauld resui�in forfe�tur�y flf th� Properry ar othe��rise materially�mpair th�
<br /> �ien created by this Securi�y In�trumen� or Lender's securit:y intere:s�. Borrower may cure such a defau�� and
<br /> reinstate, as provzded in sec�ion ti��ed Bnrrower'� Righ� �o p�eins�atQ, by causing the ac�ion�r proceeding�� be
<br /> dismissed vvith a ru�ing�ha�, in Lender's go�d faith de��rmination,pr�cludes forfe�ture of�he Barro�wer's�nteres��n
<br /> the Proper�y �r other ma�eria� �rnpairment af�h.e lien crea�e� by this Secur��y �nstrumen� ar Lender's security
<br /> �n�erest. B�rrov�er shall also be in defaul�if Borrav�r�r,dur�ng t:he Ioan app��cation process,gave mater�a��y false or
<br /> inaccurate infarmati�n or s�a.�emen�s to Lender �ar failed to pro��de Lender W�th any material infor�nation� in
<br /> connec�ion�r�th�he Ioan ��idenced by the Can�rac�. �f this S�fcur��y�nstrument is �n a Ieaseh�Id, Borr�vt�er sha��
<br /> comply vv�th aII�he provisians of�he �ease. If Borravver acquir�s fee ti�Ie to�he Praperty, �he Ieasehald a.nd the fee
<br /> ti��e shall no�merge ua��ess Lender agrees t��he merger zn wr�ti:ng.
<br /> Pr�tec�ian vf Lender'� Rights in the Prflpe��y. �f Borro�rer fails �4 perform the ��venan�s and agreem�n�s
<br /> contained in this Security Ins�rument, or there is��egal prace��ding�hat xnay significantly affect Lender°s rights in
<br /> the Praperty �such as a pr�ceeding in banl�ruptcy, proba�e, fc�r condemna�i on or forfeiture or �� enforce �av�rs or
<br /> regula�ivns}, th�n Len�er may do and pay for �vhate�er �s r.�ecessary to pr��ect the va�ue of�he PrQperty and
<br /> Lender's righ�s in the Pr�perty. Lender's actions may znclude paying�ny sums secured b�a lien which h��pr�or�ty
<br /> over th�s �e�urity Ins�rumen�, appear�.ng in�our�,pay�ng rea�o:�ab�e at�orneys'fees and en�ering on�he F'roperty�o
<br /> make repairs.A�though Lender may take action under this secti on,L�nder do�s not hav�to do sa.
<br /> Any amounts disbursed by L,end�r under th�s section shall b�:cQxm.e addi�ianal debt of B�rrovv�r secur�ed by th�s
<br /> Securi�y Instrumen�. Un�ess Barrow�r and Lender agree t� other �erms of payment, �hese amoun�s sha�� bear
<br /> Q 2afl4-2415 Comptiance Systems,Inc.8C54-�5 I 8-Z415,l I,3,1 a98
<br /> Cansumer Real Estate-Security Tnstr-ument DL203d Pa�e 2 of 5 www.compli�ncesystems.com
<br />
|