|
2� 17��� 12
<br /> Payment of Prir�cipal and J�nt�rest; �ther�harges.�o�rawer sh�11 pr�mp�Iy pay�rhen due�the principal�f an�.
<br /> interest on the debt�we�i under�he Con�ract a�.d la��c�Zar�es�ar a�.y o�her fees and cha.rges due ux�der the�on�ra�t.
<br /> Applicable Law. A5 115�CI ir� this 5ecurity �nstruxne�.t, th� term "��pl�cab�e Law" shall mean a11 control�ing
<br /> applicable federal, ��a�e and local s�a.tutes, regu�ations, ordi��anc�s a�d adm�n�s�ra�iv� rules and �rders ��ha�ha�re
<br /> the effec�af lavv�as vvell as a�l applicable final,non-app�alable�udicial op�nions.
<br /> �harges; Li�ns. Borrov�rer shal� pay a�� taxes, assessments, charg�s, fines and impos��i�ns a��ribu�a.ble ta the
<br /> Pr�per�y tivhich may a�tain p�ri4ri�over�.his Security Ins�rument, and leaseho�d paym�n�s or ground rents, if any.
<br /> At the request af Lender,Borro�rer shall promptly fi�.rn�sh�a Lend�r receip�s evidencing the payments.
<br /> Barrov�rer shal�prompt�y discharge any lien v�rh�ch has pri�r�ity flver�is �ecurity�ns�rument un�ess B�r�-�vver: �a}
<br /> agrees in wri�ing �o �he pa�ment of the obl�ga�ion securecl by �e Iien in a mann�r accep�ab�e t� Le�.der; �b�
<br /> cont�s�s in good fai�h �he �i�n by, or defends aga�ns� �nfor�emen� �f the Iien �n, �egal praceedings which in �he
<br /> Lender's opini�n opera�e �o pr�ven� the enforcement of t�i� 1ien; or �c� secures fr�am �h� halder of�he lien an
<br /> agreemen�sa�isfactory to Lend�r subordinating the ��en to ��s Se�ur��y Ins�rument. �f Lender de�ernlines�ha�any
<br /> part�f�he Proper�y is subject to a lien�vhich may a�tain pr�ar�ty ��er �is 5�cur�ty I�.stru.ment, Lender rna�give
<br /> Barro�ver a nfl�ic� identifying�he �ien. Borrower shal� sa�isf��he �ien ar t�.ke�ne �r rnore �f�he act�ons se�fflr�h
<br /> abnv�wi�thin 1 D days�f�he giving af notice.
<br /> Hazard or Property Insur�nce. Borrotiver shall�eep the improver.�en���flw exis�ing or herea�er erec�ed on the
<br /> Pr�perty insured against los�by f re,hazards included�vi�hi�.the�erm"extended coverage" and any�ther hazards,
<br /> inc�uding floods nr flaodi��, for vtjhich Lender requ�res insuranc�. This ir�suranc� shal� be main�ained in �he
<br /> amounts and for�he periods that Lender re�uires, The i.nsuranc�carrier provid��.g the insurance shall be�h�sen by
<br /> Barrower su�j ect to Lerider's a��r�val vvhich shall not be tznr�as��.ably v�i��e�d, If Bvrr�wer fails to mazntain
<br /> coverage described abav�, Le�ader may, at L�nder's optiio�z, abta�n cov�rag� to �xo�ect Lender's ri�hts �n the
<br /> Property in accordance v�ith sect�on tit�ed Frote��ian vf Len�.er's l�ght�in the Property.
<br /> A�� �nsuranc� po�icies an�r�ne�vals sha11 be accep�able �� Lender a�d �hal� �nclu�e a. standard �nflr�gage clause.
<br /> Lender shall have the r�ght��hold�.he pa�icies and renew�.ls. If L�nd�r requires,Borra�rer sha�1 pr�mpt�y g�ve ta
<br /> Lender a�l receipts of paid prem.iums and reneWa�na�ices. In the ev��t of Ioss, �orrawer sha�I give promp�notice
<br /> to the insurance carr�er and�ender.Lemder may make proof�f loss if not r�ade promptly�by Barra�v�rer.
<br /> Unles� Lender and Borrou�e:r o�hen�rise agree in wri�ing, insuranc� proceeds shal� be applied to resto�atian or
<br /> repair ❑f�he Prop�r�y darn.a�ed, if, in Lender's sale d�scre�ifln, �he restoratiar� or repair is econam�cal�y feasible
<br /> a�.d Lender's securi�y is not les�ened. �f, in Lender's sole discret�on, the r�s�oration ar repair is na� ec�namical�y
<br /> feasible or Lender's securi�y�would be lessened,�he insurance proc�e�s shall be a�plied to the sums se�ur�d by�his
<br /> Security Ins�rument, wheth�r or not �hen du�, vvith any e�cess p�id �o B�rroWer. �f B�rravver abandons the
<br /> Pr�perty, or does not ans�ve�wi�hin th�number of days p��s�ribed b�A.pplicable La�v�r as s�t forth�n a not�ce fr�m
<br /> Lender ta Barrnwer tha�the ins�ranc� carrier has offered to sett�e a c�a�m, �hen Lender n�.ay collect�he insurance
<br /> proceeds. Lender may use �he �raceeds to repair flr res�ore the Pr�pex�ty �r�o pay sums secured by th�s Secur�ty
<br /> �nstrument,wh��her or nat then due.The period of time for Borrou��r to an�wer as se�f�r�h in�he no�ice vvill beg�n
<br /> vvhen the nfltice zs given.
<br /> Un�ess Lender and Barra��t•a�l.ierwise agree i.n�riting, a.ny applic�ti�n�f pr�ceeds to principa�shal�not extend
<br /> or pastpone the due da�e of�:he payments due under�he �an�ract�r change the amoun�af the paymen�s. �f under
<br /> �he sec�ian�itled Ac�e��ratifln; Rem�dies, �he Proper�is a�quired by Lender, Borrovver's righ�to any�nsurance
<br /> pol�cies and proce�ds resul�ing from damage �o th� Propert�r pri�r �o the acqu�sition shal� pass to Lender to �he
<br /> extent of the sums secured by�h.is 5ecu�ity Instrumen��rnmedia�ely prior�a the ac�uisi��fln.
<br /> Preservat�on, Ma�ntenanc� and Pr�t�ction of the Property; l�flrrovYer's L�ar� Applicat�on; LeaSeh�ids,
<br /> Barrov`rer sha�l not destroy, damage ar�mpair the Proper�y, ��1oW th�Proper�y�� deteriorate, flr camm�t�vas�e on
<br /> �he Pr�perty.�orrovver sha�l be�n default if any farfeiture ac�ion or�roceeding,�vhether c�vi1 or criminal,is begun
<br /> tha� �n Lender's gaod faith.j udg�nent could resul� in forfeit�u e of the Proper�y or oth�rwise ma�erial�y�mpair�he
<br /> Iien created by this Sectx�it�� Ins�rument or Lender's securi�y in�eres�. Borrower may cure such a defaul� and
<br /> reins�ate, as pravided in sec�ion ti�l�d�3orrovver's R�ght t� Rein��ate, by causing�h� �.ction or proCeeding�� be
<br /> d�smissed with a ru�ing tha�,��L,e�.der's gaad faith deterrnina�ion,precludes forfei�.ure af the Borrow�r's xnteres�in
<br /> �he Praperty or other materia� �mpairm�n� of�he Iien crea�ed �by this Securi�y �ns��umen� or Lender's �ecuri�y
<br /> int�res�.�.3orrower shal�a�so be in defaul�if Borrower,during�he loan application p�-ocess,gav�ma�erially false ar
<br /> inaccura�e �nformation or s�a.te�ents �� Lender �or failed to provide L�nd�r vcrith any r�aterial informa�ion} �n.
<br /> connection vv��h�he loan eviden�ed by the C�n�ract. If thi� �ecurity�ns�rume�� is nn a Ieasehold, Borrovv�r shal�
<br /> comp�y v�ri�h al1 the pravisians af the lease, If Bflrrower acquires fee�itle��th�Proper�y,�he leaseh��d and th�fee
<br /> title shal�no�merge unless L�nd�r agrees�o the�rzerger in wri�ing.
<br /> Pratection of Lender's l�ghts Yn th� Property. If Borro�ver fails t� �erf�rm. �he c�venan�s and agr�ements
<br /> conta�n.ed in this 5ecuri�y Ins�rumen�, or�here�s a lega�pr�c�eding��at may significa��ly affec�Lender's�.gh�s in
<br /> �he Property �such as a proc�ed�ng in bankrup�ey, probate, far cande�-nna�ion �r farf���.ure or to enforce lavvs or
<br /> regu�a�ions�, �.ien Lender may d� and pay far �vvha�ever is n�cessary t� pro��c� �he vaiu� of the Property and
<br /> Lender's r�gh�s in�he PraperCy.�,enderTs actions may inclu��paying any surns s�cur�d by a�ien v�hich has priori�y
<br /> over this Securit�r Instrumen�, appearing�n caur�,paying r�asonable attQrneys'fees and entering on the Pr�perty to
<br /> make repairs.Al�haugh Lend�r m.ay tak�ac�i�n tu�der this s�ction,L�nder does r�ot have ta do so.
<br /> A.ny amaunts dis�ursed by I.�enc�er under th�s sec��on shall �ecome addi�ional deb� �f Barro�ver secur�d by this
<br /> Security Ins#�umen�. Unless Borzov�rer and Lender agree #o o�h.ex �erm� af paymen�, �hese amaunts sha�� bear
<br /> Q 2004-��15 CompIiance Systems,In�.6�8A-2FA7�24i 5.I 2.3.�.I 115
<br /> �onsumer Real Estat�-Se�urity Instrum�nt DL2�3d Page 2 vf 5 www,compliancesystems.com
<br />
|