|
2� 1 ��3�23
<br /> Pa�ment of Principal and In�e�°est; ��her��h�rges.Borrower sh�.�l pramptly pay when due the principal of and
<br /> interes�t on�he debt oWed under the Con�ract tlnd late charges ar any��her fe�s and cha.rges due under�he�an�ract.
<br /> Appli�able Lav�. As used i.n. �hi� Securit� �nstrumen�, the term °'App�icab�e Law" shal� mean a�l cantrnlling
<br /> appl�cable federal, state and loca� s�atutes, r�:gu�atians, ordin�nces and adm�nistrat�ve; ru�es and �rders �tha�have
<br /> the effeCt of Iaw�as v�rell as aIl applicab�e fina.I,nnn-appealable judicial�pini�ns.
<br /> Charges; Li.ens. Borrawer shal� pa�r a1I ta�L�s, assessments, charges, f ne� and im��osi�ions at�ribu�a.ble to the
<br /> Pr�per�y vvhich may a��ain pr�or��y over this ��ecurity�ns�rum�n�, and �easeho�d paymen�s ar ground rer�ts, �f any.
<br /> A��he request af Lender,Borrovver sha��pron�pt�y furnish to Lender rece�pts evidencintg th�paymen�s.
<br /> Borrower shall pramptly discharge any Iien�vhi�h has priar�t��Qver�h�s Securi�y Ins�7rurn�nt unl�ss BorroWer: �a}
<br /> agr�es �n writing �a the payment of the obligation secured �y �e �ien �n a rnanner accep�ab�e �o Lender; �b}
<br /> cantests in good fai�h �he I�en by, �r d�fends a�arns� enf�rcemen� of the Ii�n in, l�gal proceedings vvhich in the
<br /> Lender's opin�on aperate �a prevent the enf��rc�mex�� af�he �ien; or �c} se�ures fro�n the hoZder �f the 1��n an
<br /> agreemen�sat�sfac��ry ta Lender subord�nati��g�.he Iien�a th�� S ecurzty�nstrumen�. If']Lender de�errnines�ha�any
<br /> par� of�he Property is sub�ect�a a x�en whicli may atta�n pr�ority over this Secu.r�ty Instrumen�, Lender �nay give
<br /> Boz-ravver a no�ice ident�fying the �ie�. Borra�we�-shall sat�sfy�he Ii�r�or tak� one or�nore flf�he a��ions se�for�h
<br /> ab��e Wi�hin ��days of�he g�ving�f x�o�ice.
<br /> Ha,�ard or Propertg�InSur�nce. Bo�-roWer sha��keep the impravem�n�s no�v e��stin�;vr hereafter erected on�he
<br /> Property insured agains��oss by fre,hazards included�vithin the term"extended cove�-age" and any o�her hazards,
<br /> �nc�uding flQods ar flooding, for �t7vhich Le��d�r requ�res insuran�e. Th�.s znsurance sha�1 be ma��.�a�.�.ed in the
<br /> amnun�s and far the periods that Lender requires. The in.surance carrier pra�r�dzng�he insurance sha��be chosen�y
<br /> Borrflwer subj ec� �o Lender's approval vvhicl� sha�� na� be ur�reasonably Withheld. If�Borrovver farls to main�azn
<br /> coverage descr�bed abflve, Lender may, a� Lender's option, �btain coverage to pr{�tect Lender's rights zn the
<br /> Property in acco�dance,wi�h sect�on ti�Ied Prate�tifln of LendPr's Rights in�he prop����y.
<br /> AlI �n�urance policxes and rene�va�s shall be acceptable �o Lender and shall zn��ude t� s�andard mar�gage clause.
<br /> Ler�der sha11 have the righ�to hold th.�pol�ci��s and renewals. �f Lender re�uzres,B�rrnvver sha�l pr�mp�ly g��re tv
<br /> Lender a��receipts�f pa�d premiu.ms and r�nvwal notices. �n the even�of�ass, Borro�ver sh�ll give pr�mpt na�ice
<br /> to�h�znsurance carrier and L�nder.Lender may�nake proof af Ioss if nat made promp�.ly by Borro�ver.
<br /> Uniess Lender and Borrawer otherwise agree �n wr���ng, insurance pro�eeds sha11 be applied tv restoration or
<br /> repa�r of the Property damaged, if, xn Lende-r's �ole discret�on, �he restoratian or repaz� is �econ�mzcally feas�ble
<br /> and Lender's security is not lessened. If, in Lend�r's so�e discretion, the res�ara���n �;r repair is not economically
<br /> feasible ar Lender's security would be Iessene��,the�nsurance proceeds sha��be applie�l�a�he sums se�ured by th�s
<br /> Security �nstrument, �rhe�her or not t�er� d��e, wi�h any �xcess pa�d to Borra�rer. If Borrovver abandons the
<br /> Praper�r, or does na�ans�ver wi�hin tk�e numb��r of�.ays prescribed by�4pplicab�e Lavv as set forth�n a nflt�ce fram
<br /> Lender to Borrower�ha�the �nsurance carrier has offered�a s�tt�e a c�a�m, then LendE:r may colle�t�he insura.nce
<br /> proceeds. Lender may use the proceeds to re.pa�r �r res�ore �he Prop�rty �r to pay su:ms secw-ed by�h�s Secu.rzty
<br /> �nstrument,�vvhether or nfl�then due.The per�c�d 4f�irne for Bflrrovver�o ansvver as se�forth in the nat�ce vsrill begxn
<br /> �vhen�he nvtice�s g�ven.
<br /> Unless Lender ar�d Borr��rer otherwzse agree i.n writ�ng, any app��cat�on of proceeds�a principa�sha11 n��e��end
<br /> flr postpone the due date of�he payments due under the �on�rac�or change�he amour��of�he paymen�s. �f under
<br /> the section��t�ed A��elerat��n; I��med���, the �raper�y is acqu�red by Lender, Bflrro��er's right t� any insurance
<br /> policies and praceeds resu��ing from damage �o �he Proper�y prior �o �he ac�uisi��an shali pass �o Lender ta the
<br /> ex�en�of the sums secured by this Security�ns�ru�nent�mmed�ately prior to��i�ac�uisi�ian.
<br /> Preservat�on, IViaxn�enance and Prote��xo�� af the Property; B�rro�wer's Loan App�xcatior�; L�aseho�ds.
<br /> Barrower sha��no�des�rfly, damage or impair th�Property, al�ovv�he Property�a dete�ri�rate, or cammi�waste fln
<br /> �he Proper�y. Borrower sha�X be�n defaul�zf ar�y forfei�ure a�tian�r pr�ceed�ng,�vhe�h��r civi��r cr�minal,�s begun
<br /> that in Lender's good fa�th judgment cou�d resu�t in f�rfeiture of�he Praperty ar othe�-wis� materialXy�mpa�r the
<br /> lien created by �his Se�urity �nstrumen� ar :Le�.der's secur�ty interest. Borrower ma.y cure �uch a defau�t and
<br /> reins�ate, as prvvided in sec�zon t�tled Borrovver's R�gh� �o Reins�a��, by causing�he action or p�-oce�ding to be
<br /> dismzssed tivxth a�-u��ng that,in Lender�s good fai�h de�ermxna�ion,pre�ludes forfe�ture c�f the B orrovver's interest�n
<br /> the Property or a�her ma�erial impairmen� o��'t�e l�en crea�ed by �his 5ecurity Ins�r�ament or Lender's security
<br /> in�erest.Borrower shall a�so be�n defaul�if Borr�wer,during the Ioan app�i�at��n proc{�ss,ga�e materzal�y fa�se or
<br /> inacGura�e inf�rxnati�n or sta�ements �a Len�.er �or fai�ed to provide Lend�r �with ariy ma��rzal infarma�ian� in
<br /> connect�fln vvith�he laan evidenced b�r�he �cn�ract. �f this Serurzfiy Instrumer�t is on ��l�asehold, Borrovver shall
<br /> comp�y urzth al��he pro��sions�f�he�ease. �f�3orrotiver acqu�r�s fee t��le�a th�Properfiy, the Ieasehold and th�fee
<br /> ����e sha��no�merge unless Len�er agrees�o the merger�n writing.
<br /> Protec�ion of Lender'S Rights �n th� Pr�p er�y. If B�rrowPr fai�s to perform the covenants and agreemen�s
<br /> c�n�taxned�n thzs Security Znstrument, or there �s a Iega�procee�.ing�ha�may srgnif can�ly affect L�nder's rzgh�s in
<br /> the Property �such as a proceeding �n bankru���c�, probate, for condemna�ia�� or farfeiture or �o �nf�r�e lativs or
<br /> regu�ations}, then Lender may d❑ and pay fc3r �vha�ever is n�cessary ta pr��ect �he value of th� Property and
<br /> Lender's r�gh�s �n the Propez-�y. Lender�s ac�ior:s may include pay�ng any sums secured��y a��en wh�ch has pr�ority
<br /> over th�s Security Instrument, appearing in coi�r�,paying reasar�ab�e a�.�orneys'fees and ent�ring�n�he Propert�r�o
<br /> make r�pazrs.A�though Lend�r may ta1�e actia�l under�his sec�ian,Lender does no�hav��to d�so.
<br /> Any amaunts d�sbursed by Lender under �hxs se�t�an sha�� be�ame addit�ona� debt of'Borrovver secured by �h�s
<br /> Security �ns�rum.en�. Unless �orrower and L;nder agr�e to a�her terms of payment,, these arno�.u�.�s shal� bear
<br /> Q 2004-2D15 Cornpliance Syster�s,Irtc.SC54-��1F-241 S.�1.3.1498
<br /> �onsumer ReaI Estate-Security Instrument DL2Q36 Page 2 of 5 www,�vmpliancesystems.com
<br />
|