|
2� 1 ��4135
<br /> B�rrourer and I�ender cavenan�and agree as fo�lovvs:
<br /> P�yment of Princ�pa�and Interest; �the�-�harges.Barrow��r shall promptly pay vvhen due t�e prin�i�a�of and
<br /> interes�on the deb�aured un�er�h��ontrac�and�ate charges o�r any�th�r fees and charg�s due under the�on�ract.
<br /> Appli�ab�e Law. As used �n th�� Security Instru.men�, the term "Applicable Lavv" shall mean a11 con�ro���ng
<br /> applicable federal, sta�e and �ocal s�a.�.utes, regula�ians, ardina��ces a�d administrat�ve r��es and order� (that have
<br /> the effect�f�av�r�as v�rell as aIl app��cab�e final,non-appea�able judicial op�nx�ns.
<br /> Charges; Lxens. Barrower sha11 pay alI taxes, assessmen�s, charg�s, f ne� and impos�tions attr�bu�alale �o the
<br /> Proper�y which may a�tain pri�rity�ver�his Secur�ty�nstrumen�, and Ieaseho�d paymen�s or ground rex��ts, if any.
<br /> A��he reques��f Lender,Borrower sha��prompt�y furnish�a L��nder receipts evidencing the payments.
<br /> Borrovver sha��proxnptly t�ischarg� any lien which has pri�r��y over�his Securi�y�nstrumen�unless B�rrovver: �a)
<br /> agrees in writing to the payment of�he ob��ga��on secured ��y the lien �n a manner accep�a��e to L�nder; �b}
<br /> c�nt�sts zn good fai�h the lien by, or defends against enforce�-nent �f�he Iien �n, Iegal proceedzngs w��ich in the
<br /> Lender's Qpi.nion operate �o prevent �he eraforcemen� �f the li�n; o�- �c} secures fr�m. the holder of the ��en an
<br /> agreement satisfactoty t�Lender su.bordina�ing the lien to �his Security Ins�rument. If Lender d��ermines�hat any
<br /> part of the Property �s.sub�ec��o a �ien�t7vhich may at�ain prio�-ifiy over th�s Securit�r Ins�rument, Lender may give
<br /> Barravver a natice identifying�he �ien. Borr��rver sha�1 sat�sfy t:he lren ar take �ne or m.ore of th� ac�ion3 �e�for�h
<br /> above,within 1�days of the g�vimg❑f no��ce.
<br /> Hazard or Prupert�Insuranc�. BarraWer sha�i keep�he improverr�en�s now ex�s�ing or herearter erec�red�n the
<br /> Property insured aga�ns��oss by fre,hazards inc�uded wzthin�he term"ex�ended coverage" and �ny o�her hazards,
<br /> including floods or �loodzng, f�r �vhich Lender requires ins��.rar�ce. T�us insurance shall �e main�air�ed in the
<br /> amoun�s and far the periods�hat L��der requ�res. The�nsurance carr�er pr�viding�he insurance sha��be�chosen by
<br /> B�rrav�er sub�ec� to Lender's approval vvhic�a sha�I no� be unreasonably tivithheld. If Borrower fails tc� main�a�n
<br /> coverage described abtive, Ler�der may, a� Lend�r's option, ob�ain coverage to pra�ect Lender's rights in the
<br /> Praper�y in acc�rdance vv�th secti�n txt�ed Protec�fon of Lende�r's Ri�h�s in the Property.
<br /> AlI insurance polici�s and renewa�s sha11 be accep�ab�e ta Le�:zder and sha11 include a s�andaxd martga,�e clause.
<br /> Lender shall have�he righ�t�hold�h�policies and r�nevva�s. �f Lender requzres, Borro�er sha�l prorr�p�Iy give to
<br /> Lender a�1 receip�s af pa�d prer�iums and r�newal no�ices. In t]he cven��f l�ss, Borrawer sha1T grve prompt notice
<br /> �o the insurance carrier and Lender.Lender ma�r mak�proof of loss if nat made promptly by Bor�oWer.
<br /> Un�ess Lender and Borrower otherwise agree in writing, znsiarance proceeds sha�l be applied �o r�st�ra�ian �r
<br /> repa�r af the Praper�y damaged, �f, in Lender's sole d�scretior.�, the restora�zon or repa�r is econ�mica�ly feasib�e
<br /> and Lender's secur��y is na�les�en�d. If, in Lender's sole d�sc��e�ion, the restorati�n or repair is n�t e�onom�cally
<br /> feasib�e ar Lender's security tivould be Iessened,�he insurance proceed�sha�i be app�ied�o�he sums secured by this
<br /> Securit� �ns�rument, vvhe�h�r or no� �hen due, v�rith any excess p�.id ta Borrower. Zf Borro�ver aba�ldons the
<br /> Prapert�r, or does na�answer vvithin�he number�f days pres�ribed by Applicab�e Law as set f�rth.�n a notice franl
<br /> Lender�o Borrov�rer�hat�he�nsurance carrier has aff�r�d to s�:�Ie a claim, then Lender may col�ect�he insurance
<br /> proceeds. Lender may use �he proceeds t� repa�r or res�are the Prop�rty �r�fl pay sums secured by�h�s Securz�y
<br /> �ns�rumen�,whether ar not then due.The periad tif time for Borrotiver ta ansv�rer as se�forth in�he no�i�e,will begin
<br /> W�1eri��1�ri��1Ce I5�IV�11.
<br /> Un�ess Lender and Borrower otherwi�e agree in wri�ing, any app�i�a�i�n flf prflceeds to princ�pal sha���ot extend
<br /> or pos�p�ne�h� due date of�he pa�men�s �ue under�he Confirac�nr�change the amount�f�he paymen�s�. �f u.nder
<br /> the se�tion tit�ed Accel�ration; Rernedxes, �he Pr�perty is acguired by Lender, Borrower's right t� ar�y insurance
<br /> pol�cies and praceeds resultzng fr�m damage �o the Proper�y.�rior to the ac�uisit�an shall pass to Len�der to �he
<br /> extent of the sums secured by this S�curzty�ns�rumen�immedia�ely pr��r to the acquisi�i�n.
<br /> PreServation, Ma�ntenance and �'rotection af �he Prvp�r�ty; B�rrower's Loan ,�pplica��fln; L�aseh�ids.
<br /> Borro�ver shal�nQ�destroy, damag� ar�mpa�r the Property, al��w the Property tfl de��r�ara�e, ar camr�if�was�e on
<br /> the Proper�y.B�rro�v�r shall be in defau�t�f any farfeiture actia3n or proceed�ng,,whether civ�l or�rimina�.,is b�gun
<br /> �hat in Lender`s good faith j udgm�n� could resu�� �n forfeiture af the Pr�p�rty or otherwise ma�eriall�impair the
<br /> lien �reated �y th�s 5ecur�ty Instrumen� or Lender's security in�er�s�. Borrov�er rna� cure such a defau�t an�
<br /> re�nstate, as pro��ded �n secti�n ti�Ied Barrow�r's R�ight �o Re��s�a�e, by causing the activn or proceec3ing�o be
<br /> dzsmissed tivith a ruling tha�,in Lender's goad fai�h determ�.na��t�n,prec�udes forfe�ture of�he Borrav�rer�s�n�eres�in
<br /> the Proper�y or other ma�eriaX �mpairment of the �ien crea�ec� by �h�s Secur��r Instrument �r Lender'� �ecur��y
<br /> interes�.Barrower sha11 a�sa be�n defau�t�f Borro�ver,dur�ng t��e I�an app��ca��on pracess,gave ma�eria�;ly false or
<br /> inaccura�e znforma�ion or ��taternents to Lender �nr fa�led t� pravide Lender with any mater�al infornaation� in
<br /> connec�ion u��th�h� laan evidenced by the Con�rac�. �f�his Se+�urity�ns�rument is on a�easeho].d, Borrawer shall
<br /> comply v�rith a�I the provisions of�he�ease. �f Borrower acqu�r�:s fee��t�e�o the Property,�he leaseh�Id a��d the fee
<br /> �i��e shal�not merge unless Lender agrees�a the merger in wrx�x�zg.
<br /> Prote���on �f Lender's R�ghts �.n the Pr�pertgr. �f B�rra,w��r fails �� perf�rm the covenant� and agreemen�s
<br /> conta�ned in this Secur�ty�nstrumen�, or there is a�egal proc�eding�hat may s�gnifzcan��y affect Len�er'a rights in
<br /> the Property �such as a prac�eding in bankruptCy, prabate, f��Y condemnation or farfe�tu.re or t� enfarce �avvs �r
<br /> regulat�ons}, ther� Lender may d� and pa�r for v�rhatever �s necessar� �o protect �he va�ue of�he Proper� and
<br /> Lender's rights�n the Property. Lender's actions may�nclude p��y�ng any sums secured by a iien��rhich ha�s priority
<br /> over th�s Se�uri�y Instrum�n�, appearing ixi cour�,payin�reasoriab�e a�tarney�'fees and en�ering�n the Property to
<br /> make repairs.A��hough Lender ma�r take ac�i�n under�his secti+�n,Le�der does no�have��do so.
<br /> Cc�2044-2Q�5 Comp�iance Systems,Inc.SC54-�AE7-2415,13,3.14�8
<br /> Cvnsumer ReaI Es�ate-Security Instrument DL203b Page 2 af 5 �vvvw.complia.ncesys�ems.com
<br />
|