|
2� 1 ��55�2
<br /> Bfl�-rower warran�s and u�i�1 defend gener�.11y �the ��t1e to �he Prope�ty �ga.ins� ai� C�aims and dem�.nds, su�jec�to
<br /> any encumbrances of record. �
<br /> Borrouler and�,,en�er c�venar��and agr�e as f��l��vs:
<br /> Payment�f P�incipal and Interest; �th�r Ch�rges.Barrower sha��p�ozx�ptly pay urh�n due�he principa�of and
<br /> xn�erest on�he d.ebt owed under the Cantrac�and late�harges�r an���er f.ees and charges due under the�antrac�.
<br /> .Applicab�e Law. As used iri this 5ecuri�ty Instrument, the term "Applicable Lavv" sha�l mean a�� c�n�ro��ing
<br /> appl�cab�e federa�, s�a�e and Xocal s�atutes, regu�a�i�ns, ordin�.nces �.nd adminis�ra�ive ru�es an�i order� �tha�have
<br /> the effec�of�a,w�as�we��as al�app�icable finai,non-appealable�udicial opinions.
<br /> Charge5; Liens. Bo�-r��ver sha1l pa� a�1 taxes, assessment�, charges, fn�s and xmpas�t�ons a�trtbu�abl� to �he
<br /> Property which may a��a�n priari�y over this Security�ns�rumen�, and leas�ehold payments or ground ren�s, �f any.
<br /> A��he request of Lender,Borrovver sha�1 prompt��furnish to Lender receip�s evidenc�ng�he pa��men�s.
<br /> BorravGrer shall prompt�y discharge any lien v�,�hzch has priar��y ov�r this Secur�ty�nstrument u�less Borro�uer: �a}
<br /> agrees in wri�ing to the payment �f the ob���ation se�ured by �he lien :in a manner acceptab�e t� Lender; �b}
<br /> con�es�s in gaod faith t.�ie �zen by, or defends against enfQrcemen� of t.�.� �ien in, �ega� prviceed�ngs vvhich in the
<br /> L.ender's apini�n operate �o pre�en� the enf�rcement �f�he �ien; or �c� secu.res from �he halder of�he l�en an
<br /> agreemen�satisfactory to Lender sub�rd�na�i�g the �ien�o this Securi��Ins�rumer�t. If Lender detern�ines�ha� any
<br /> par� of�he Property is subj ec��o a Iien v�rhich may a�tain priarity over th�� Securi�y Instrument, Lender may g��e
<br /> Borr�vver a no�ice iden��fying�he Iien. Bor�ro�ver shal� sa�isfy the li�n o�take one ar more of�he a�tions se�farth
<br /> above wi�hin I�da�s af�he giving of no�ic�.
<br /> Hazard or Pr�perty Insuran�e. Borrov��r shall keep �he �mprflvements novv�xisting �r hereafter ere�ted Qn the
<br /> Propert��nsured aga�nst�oss by fire,hazards�ncluded vv�thin�he�erm"ex��nded coverage" and any o�her�azards,
<br /> including floods or fla�d�ng, for which Len.der requires insuranc�e. Thxs �nsuran�e shall be maintained in the
<br /> am�unts an�for�he periflds�ha�Lender requires. The insurance carr�er prov�ding�he insurance sha��b�chosen by
<br /> Sorrovver �ub���� ta Lender's appr�val �vhich sha�� nat be unreaso�ably �vithheld. Zf Borro�ver fai�s to maintain
<br /> coverage described above, �ender may, at L�nder's ap�ion, abtain cov�rage t� protect Lender's r��ht� in the
<br /> Proper�in accordanc��with�ection����ed 1'rot�ction of Lender�s R�ghts in the Property.
<br /> AlI �nsurance palicies and renevvals sha11 be �.cc�p�able to Lender �.�d sh��l �nc�ude a standard mortgage clause.
<br /> Lender sha��have the right to hold�.�p�l�c�es and rene�va�s. �f Lend�r requ�res, Borravver shal�promp�ly give�o
<br /> Lender a��receipts of pa�d premiums and renewa� na�xces. �n the ev�nt of��ass, Borra,wer sha11 give promp�n�tice
<br /> ta the insuranc�carrier and Lender.Lender may make proof of�ass�f not�lade prompt�y by Borravver.
<br /> Unless Lender and Borrav�r�r atherw�se agree �n wri�ing, �nsuranc� proe�eeds sha�1 be app��ed �o res��ration or
<br /> r�pair of the Pr�perty dam.aged, �f, in Lender's so�� d�scretian, the restoratx�n or repair is economi�a���r feas�b�e
<br /> and Lender's securi� �s no� Iessened. If, in L�nder's sole d�scre�ion, �he r�stora���n �r repair is not econamically
<br /> feasib�e or Lend�r's secur�ty wau�d be�essened,the insurance�roceeds sha]L�be applied�o�he sums secuxed by�his
<br /> S e cur��y Instrument, v�hether �r not �hen due, wi�h any excess p aid �� B orrower. If B orro�wer aband�ns the
<br /> Pr�perty, or does no�answer within�he numt�er of days prescribed by App�icab�e Lavv as set forth zn a not�ce from
<br /> Lender to B�rrower tha��he �nsurance carrier has offered to se�tle a c�azmg then Lender may co�lec��he insurance
<br /> prac�eds. Lender may use the proce�ds t� repa�r ar restore the Pr�perty �r t� pay sums secua�ed by�his Secur�ty
<br /> �ns�rumen�,vvh�ther or n���hen due.The perx�d�f�ime f�r Barrower�o an�vver as set fQr�h in the notxce vvi�1 beg�n
<br /> vvhen�he no�ice is g�ven.
<br /> IJn�ess Lender and Borrower a�herwise agre� in wri�ing, an�applicat�on of proceeds�o pr�nc�pa�shall not ex�end
<br /> ar pastpone�he du� da�e af�h.e payments due under�he Confiracti ar change�he amount af the payments. ��under
<br /> �he section tz��ed Ac�e�erat�on; Remedi.es, th� Proper�y is acqu�red by Le:nder, Bor�rovver's right�� any znsurance
<br /> p�Iic�es and proceed� resu�t�ng from dam�ge �o the Proper�y prior �o �he acquis�tzon shal� pass �a Lende� �� the
<br /> ex�ent�f the sums se�ured by�his Security�ns�rument immedia�ely pri�r�o�he acquisition.
<br /> Pr�servation, Ma�n�ena�ce and Pro�e�txo� flf �he Proper��; �3orr�v�►��r's L�an App�i�ativn; Lea5�hOldS.
<br /> B�rro�xrer s�.a�l no� des�r�y, damage or impa�r�he Prap�rty, al�ativ the Prop�rty tQ de��riorate, or comm�t vaas�� on
<br /> the Praperty. B�rr�vtrer sha��be�n defaui�i�'any farfeiture ac�ion�r pr�ceed�ng,�xrhe#her civ��of crim�n�1,is begun
<br /> �ha� �n Lender's gflfld faith�udgment c�uld resu��in farfeiture of th� Property ar athez-vvise ma�er�a��y zmpair�he
<br /> li�n �reated by this 5ecurzty Instrumen� ar �,er�der's secur��y �nterest. Barrav�rer may cure �uch a default and
<br /> rei.nsta�e, as provided in s�c��fln titled Borr���r's �g�t �� Rexnsta��,by causing�he ac�ion�r pr�ceed�ng to be
<br /> dism�ssed uri�h a rulu�.g�hat,�n Lender's�ood�ax�h determinatian,pr�clude:�forfeiture af�he Borroure�'s�n�erest in
<br /> the Property or other ma�erial �mpa�rment of the I�en crea�ed by �his 5ecur�ty Instrumen� or Lender's security
<br /> znterest.Borrav�er sha��alsa be�n defau�t�f Borrav�rer,�uring�he�oan applicatzon process,gav�mater�a�ly false or
<br /> inaccura�e infarmatifln or sta.�ements to Lender �or fax�ed ta pro�ide �ender with any �na�er�a� xnfor�na�i�n} �n
<br /> connec�ion�with the �aan evidenced�by �he �antrac�. Zf�h�s Secur�ty�ns�rument zs on a leasehold, B�rrovsr�r shal�
<br /> comp�y with a��the prov�s�ans�f�he�ease. �f�orrawer acquires f�e�i�Xe�o the Property,the leaseh��d a.nd�he fee
<br /> ti�le sha�X no�merge unless Lender agrees�o�h�r�erger in writxng.
<br /> Protection of Lenderrs Rights �n the Property, �f B�rrovver fai�s �o �erfarm the cQvenan�s and agre�ments
<br /> con�a�ned in this Security�nstrument, or�here �s a l�ga�pr�ceeding that m�.y s�gnificantl�r affec�Lender's rights in
<br /> �he Properry �such as a prflceeding zn ban�r�Zptcy, praba�e, for �ondemnation �r farfe�ture or �o enfor�e Iayvs ar
<br /> regu�a�ions}, �h�n Lender may do and pay for tivha�ever is necessary �o protect the va�ue of the Property and
<br /> Lender's rights�n�he Property. Lender's actions may include paying�ny su�ns secured by a Xxen vvhich has prior��.y
<br /> �2d�4-201 S CompIiance Systems,Inc.8C54-EA25-Z415.11.3.14g8
<br /> Consurner Real Estate-Security Ins�r�ment DL203f� Pa�e 2 vf 5 www.cvrcipliancesyst�ms.cam
<br />
|